þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
20-1480589
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(IRS Employer
Identification No.)
|
150 North Riverside Plaza
8th Floor, Chicago, Illinois
|
60606
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of Each Class
|
Name of Each Exchange on Which Registered
|
Class A Common Stock, $0.01 par value
|
New York Stock Exchange
|
Large accelerated filer
þ
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
|
Emerging growth company
¨
|
|
|
PART I
|
|
|
|
|
|
|
|
||
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 1B.
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
|
|
||
|
|
|
|
|
|
PART II
|
|
|
|
|
|
|
Item 5.
|
||
|
Item 6.
|
||
|
Item 7.
|
||
|
Item 7A.
|
||
|
Item 8.
|
||
|
Item 9.
|
||
|
Item 9A.
|
||
|
Item 9B.
|
||
|
|
|
|
|
|
PART III
|
|
|
|
|
|
|
Item 10.
|
||
|
Item 11.
|
||
|
Item 12.
|
||
|
Item 13.
|
||
|
Item 14.
|
||
|
|
|
|
|
|
PART IV
|
|
|
|
|
|
|
Item 15.
|
||
|
Item 16.
|
||
|
|
|
|
|
•
|
the factors discussed in this annual report set forth under the sections titled "Risk Factors" in Part I, Item 1A, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7;
|
•
|
general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth;
|
•
|
the rate and the pace of economic recovery following economic downturns;
|
•
|
levels of spending in business and leisure segments as well as consumer confidence;
|
•
|
declines in occupancy and average daily rate ("ADR");
|
•
|
limited visibility with respect to future bookings;
|
•
|
loss of key personnel;
|
•
|
hostilities, or fear of hostilities, including future terrorist attacks, that affect travel;
|
•
|
travel-related accidents;
|
•
|
natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks;
|
•
|
our ability to successfully achieve certain levels of operating profits at hotels that have performance guarantees in favor of our third-party owners;
|
•
|
the impact of hotel renovations and redevelopments;
|
•
|
risks associated with our capital allocation plans and common stock repurchase program and other forms of shareholder capital return, including the risk that our common stock repurchase program could increase volatility and fail to enhance shareholder value;
|
•
|
our intention to pay a quarterly cash dividend and the amounts thereof, if any;
|
•
|
the seasonal and cyclical nature of the real estate and hospitality businesses;
|
•
|
changes in distribution arrangements, such as through internet travel intermediaries;
|
•
|
changes in the tastes and preferences of our customers;
|
•
|
relationships with colleagues and labor unions and changes in labor laws;
|
•
|
the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners;
|
•
|
the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth;
|
•
|
risks associated with potential acquisitions and dispositions and the introduction of new brand concepts;
|
•
|
the timing of acquisitions and dispositions;
|
•
|
failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals);
|
•
|
our ability to successfully execute on our strategy to reduce our real estate asset base within targeted timeframes and at expected values;
|
•
|
declines in the value of our real estate assets;
|
•
|
unforeseen terminations of our management or franchise agreements;
|
•
|
changes in federal, state, local, or foreign tax law;
|
•
|
the impact of changes in the tax code as a result of recent U.S. federal income tax reform and uncertainty as to how some of those changes may be applied;
|
•
|
increases in interest rates and operating costs;
|
•
|
foreign exchange rate fluctuations or currency restructurings;
|
•
|
lack of acceptance of new brands or innovation;
|
•
|
general volatility of the capital markets and our ability to access such markets;
|
•
|
changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate;
|
•
|
our ability to successfully grow the World of Hyatt loyalty program and the level of acceptance of the program by our guests;
|
•
|
cyber incidents and information technology failures;
|
•
|
outcomes of legal or administrative proceedings; and
|
•
|
violations of regulations or laws related to our franchising business.
|
•
|
Maximize Our Core Business:
We will continue to grow and run our core business to the best of our ability in order to be best-in-class while generating profits to fuel our growth.
|
•
|
Integrate New Growth Platforms:
We are identifying new opportunities and areas to invest in that our guests care about and that provide additional paths for growth (including wellness and alternative accommodations).
|
•
|
Optimize Capital Deployment:
We are taking a comprehensive and disciplined approach to our deployment of capital, including selling a portion of our owned properties, which we believe will allow us to fuel the growth of our core business, invest in new platforms, and return capital to our shareholders.
|
o
|
Increase Market Presence.
We focus our expansion efforts on under-penetrated markets where we already have an established presence and on locations where our guests are traveling but where we do not have a presence. We intend to expand our presence by increasing the number of hotels in the Hyatt portfolio, primarily by entering into new management and franchise agreements. We believe our intense focus on each customer group that we serve and our understanding of how we can serve them in new locations will result in quality growth. Over the past few years, we have made significant progress in expanding our presence through development of new hotels and conversion of existing hotels. Additionally, we are focused on continued growth of our development pipeline. We have expanded our pipeline by an average of 12% per year since the time of our IPO in 2009. Since 2009, we have also entered 188 new markets and 17 new countries. Expansion in dynamic markets like Greater China and India is central to our growth strategy as representation in key cities and resort destinations provides us with the opportunity to drive preference for our brands as we serve a broader base of guests in these high growth and under-penetrated markets. At
December 31, 2017
, there were over 140 hotels open or under development in Greater China in markets such as Beijing, Hong Kong, Shanghai, and Shenzhen. In India, there were over 50 hotels open or under development at
December 31, 2017
. In addition to Greater China and India, we have also announced further
|
o
|
Expand Select Service Presence
. We continue to expand the Hyatt Place and Hyatt House brands, which we believe will support our overall growth and enhance the performance of all of our brands. We intend to grow our select service presence through third-party construction of new franchised properties, conversion and renovation of existing non-Hyatt properties, and in limited cases, participation in the development of new managed properties. We believe that the opportunity for properties that provide a select offering of services at a lower price point than full service hotels is particularly compelling in certain markets, including Greater China, India, and the Middle East, where there is a large and growing middle class along with a meaningful number of local business travelers. At
December 31, 2017
, we had 38 Hyatt Place hotels operating outside of the United States in 17 countries, throughout Asia, Europe, Africa, and Latin America. In addition to these hotels, we have announced new management agreements for select service properties currently under development in Canada, Greater China, India, Saudi Arabia, and Thailand.
|
o
|
Increase Focus on Franchising.
We continue to increase our franchised hotel presence, primarily in the United States. By increasing our focus on franchising, we believe that we will gain access to capital from developers and property owners that specifically target franchise business opportunities. We have an internal team dedicated to supporting our franchise owners and to driving the expansion of our franchised hotel presence. We plan to expand existing relationships and develop new relationships with franchisees who demonstrate an ability to provide excellent customer service and maintain our brand standards. In support of our strategy, over the past several years, we sold a number of individual full service hotels and portfolios of select service hotels subject to long-term franchise agreements with the purchasers.
|
o
|
Utilize our Capital and Asset Base for Targeted Growth.
The combination of our significant liquidity and strong capital position coupled with our high quality asset base provides a unique platform to support our growth strategy. We take a comprehensive approach to our efforts to dispose of or recycle certain hotel real estate assets and to manage capital deployment in furtherance of our expansion plans. Capital deployment will continue with an objective to maximize long-term shareholder value and we will assess and balance liquidity, value, and strategic importance in each instance. We will continue to commit capital to fund the renovation of certain assets and to maintain some level of hotel ownership over time in our owned portfolio. We recently committed to supplement our asset recycling strategy with a targeted reduction in our owned real estate portfolio that is expected to generate approximately $1.5 billion in gross cash proceeds by the end of 2020. The proceeds will be used to unlock shareholder value, provide funds for future growth investments, return capital to shareholders, and accelerate the evolution of our earnings profile to be less capital intensive. These anticipated dispositions will be in addition to the execution of our asset recycling strategy—selling certain hotels, maintaining presence in markets by entering into new management or franchise agreements, and re-investing sale proceeds into new hotels and other growth opportunities, including investments in hospitality ventures. During the fourth quarter of 2017, we realized gross proceeds of approximately $305 million on the sale of two hotel properties that are part of this announced $1.5 billion sell-down. This asset recycling strategy has allowed us to grow and build our brands while improving the quality of our owned portfolio over time.
|
o
|
Pursue Strategic Acquisitions and Alliances.
We expect to continue to evaluate potential acquisitions of other brands or hospitality management or franchising companies as a part of our efforts to expand our presence. These acquisitions may include hotel real estate. We expect to focus on acquisitions that complement our ability to serve our existing customer base and enhance customer preference by providing a greater selection of locations, properties, and services. Furthermore, we may pursue these opportunities in alliance with existing or prospective owners of managed or franchised properties to strengthen our brand presence.
|
o
|
Extend the Hyatt Brand Beyond Traditional Hotel Stays.
By integrating Miraval and exhale into the Hyatt portfolio, we continue our commitment to a holistic health and wellness strategy as an extension of our purpose. Miraval and exhale provide an opportunity to build a greater depth of expertise in wellness and mindfulness that can be extended to our hotel business. In 2017, we also made a strategic minority investment in Oasis Luxury Rentals, Inc., a private accommodations company that offers high-end short-term rentals. Extending the Hyatt brand beyond traditional hotel stays is an important part of our growth strategy and reflects our commitment to finding new ways to understand and care for our guests, particularly the high-end traveler.
|
Brand
|
|
Segment
|
|
Customer Base
|
|
December 31, 2017 Rooms (1)
|
|
Primary Selected
Competitors |
|
Key Locations
|
||||||
% of Our
Managed and Franchised Properties (1) |
|
Americas Region
|
|
ASPAC Region
|
|
EAME/SW Asia Region
|
|
|||||||||
|
|
Full
Service/
Luxury
|
|
Individual business and leisure travelers; small meetings
|
|
4%
|
|
1,622
|
|
3,342
|
|
2,630
|
|
Four Seasons,
Ritz-Carlton,
Peninsula,
St. Regis,
Mandarin Oriental
|
|
Bangkok, Buenos Aires, Chicago, Dubai,
New York, Paris, Shanghai, Sydney, Washington D.C.
|
|
|
Wellness
|
|
Individual leisure travelers
|
|
<1%
|
|
399
|
|
—
|
|
—
|
|
Cal-a-vie, Canyon Ranch, Golden Door
|
|
Tucson
|
|
|
Full
Service/ Luxury |
|
Individual business and leisure travelers; large and small meetings, social events
|
|
14%
|
|
11,259
|
|
12,585
|
|
3,493
|
|
Mandarin Oriental,
Shangri-La, InterContinental, Fairmont |
|
Beijing, Berlin, Dubai, Hong Kong, Nassau, New York, Rio de Janeiro, Tokyo
|
|
|
Full
Service/ Upper-Upscale |
|
Conventions, business and leisure travelers; large and small meetings, social events; associations
|
|
43%
|
|
55,554
|
|
13,357
|
|
12,084
|
|
Marriott, Sheraton,
Hilton, Renaissance, Westin |
|
Boston,
Delhi, London, Los Angeles, Mexico City, Orlando, San Francisco |
|
|
Full
Service/ Upper-Upscale |
|
Business and leisure travelers; small meetings
|
|
2%
|
|
1,681
|
|
363
|
|
1,321
|
|
Marriott,
Hilton, InterContinental, Westin, independent and boutique hotels |
|
Abu Dhabi, New York,
Seattle |
|
|
Full
Service/ Luxury |
|
Individual business and leisure travelers; small meetings
|
|
2%
|
|
2,196
|
|
812
|
|
790
|
|
W, Mondrian,
The Standard
|
|
Amsterdam, London, Los Angeles, Maui, New York, Shanghai, Singapore, Tokyo
|
|
|
Full
Service/ Upper-Upscale |
|
Business and leisure travelers; small meetings
|
|
2%
|
|
3,346
|
|
—
|
|
307
|
|
Canopy, Kimpton, Renaissance, Joie de Vivre, independent and boutique hotels
|
|
Chicago, Long Beach, Madrid, Miami, Montevideo, New York, Park City
|
|
|
Full
Service/ Upper-Upscale |
|
Individual business and leisure travelers; small meetings
|
|
1%
|
|
1,132
|
|
—
|
|
177
|
|
Autograph Collection,
Luxury Collection,
Curio,
Tribute Portfolio
|
|
Austin, Carmelo, Miami Beach, Paris, Phoenix
|
|
|
Select
Service/
Upscale
|
|
Individual business and leisure travelers; small meetings
|
|
22%
|
|
38,014
|
|
2,091
|
|
2,325
|
|
Courtyard by
Marriott, Hilton
Garden Inn
|
|
Atlanta, Chicago, Dallas,
Dubai, Houston,
London, Miami, Phoenix, Santiago
|
Brand
|
|
Segment
|
|
Customer Base
|
|
December 31, 2017 Rooms (1)
|
|
Primary Selected
Competitors |
|
Key Locations
|
||||||
% of Our
Managed and Franchised Properties (1) |
|
Americas Region
|
|
ASPAC Region
|
|
EAME/SW Asia Region
|
|
|||||||||
|
|
Select
Service/
Upscale
|
|
Extended stay guests; individual business and leisure travelers;
families; small
meetings/trainings
|
|
7%
|
|
11,730
|
|
442
|
|
260
|
|
Residence Inn
by Marriott,
Homewood
Suites
|
|
Austin, Boston,
Dallas, Mexico City, Miami,
San Francisco
|
|
|
All Inclusive
|
|
Leisure travelers; families; small meetings
|
|
1%
|
|
1,860
|
|
—
|
|
—
|
|
Beaches,
Club Med, Sandals
|
|
Cancun, Puerto Vallarta, Rose Hall, San Jose del Cabo
|
|
|
All Inclusive
|
|
Leisure travelers; adult-only; small meetings
|
|
<1%
|
|
541
|
|
—
|
|
—
|
|
Beaches,
Club Med, Sandals
|
|
Cancun, Rose Hall
|
|
|
Vacation
Ownership/
Branded
Residential
|
|
Owners of
vacation units, repeat Hyatt business and leisure guests
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Hilton Vacation
Club, Marriott
Vacation Club,
Starwood Vacation
Ownership
|
|
Aspen, Beaver Creek, Beijing, Carmel, Danang,
Dubai, Key West, Maui, Park City
|
|
|
Wellness
|
|
Wellness-minded individuals
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Bliss, Pure Barre, Soul Cycle, Yoga Works
|
|
Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York
|
•
|
Owned and leased hotels, which consists of our owned and leased full service and select service hotels and, for purposes of segment Adjusted EBITDA, our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture;
|
•
|
Americas management and franchising ("Americas"), which consists of our management and franchising of properties located in the United States, Latin America, Canada, and the Caribbean;
|
•
|
ASPAC management and franchising ("ASPAC"), which consists of our management and franchising of properties located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan, and Micronesia; and
|
•
|
EAME/SW Asia management and franchising ("EAME/SW Asia"), which consists of our management and franchising of properties located in Europe, Africa, the Middle East, India, Central Asia, and Nepal.
|
|
Assuming no renewal options are exercised by either party:
|
|
Including exercise of extension options that are in Hyatt's sole discretion:
|
Full service management agreements:
|
|
|
|
Americas
|
13 years
|
|
21 years
|
EAME/SW Asia
|
16 years
|
|
20 years
|
ASPAC
|
13 years
|
|
14 years
|
|
|
|
|
Select service management agreements:
|
|
|
|
Americas
|
13 years
|
|
29 years
|
EAME/SW Asia
|
21 years
|
|
34 years
|
ASPAC
|
18 years
|
|
26 years
|
•
|
effect or seek, offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (a) any acquisition of any of our or our subsidiaries' securities (or beneficial ownership thereof) (except through the proper exercise of preemptive rights granted under the 2007 Stockholders' Agreement), or rights or options to acquire any of our or our subsidiaries' securities (or beneficial ownership thereof), or any of our or our subsidiaries' or affiliates' assets, indebtedness or businesses, (b) any tender or exchange offer, merger, or other business combination involving us or any of our subsidiaries or affiliates or any assets constituting a significant portion of our consolidated assets, (c) any recapitalization, restructuring, liquidation, dissolution, or other extraordinary transaction with respect to us or any of our subsidiaries or affiliates, or (d) any "solicitation" of "proxies" (as such terms are used in the proxy rules under the Exchange Act) or written consents with respect to any of our or our affiliates' voting securities. For this purpose, the term "affiliates" means our affiliates primarily engaged in the hospitality, lodging, and/or gaming industries;
|
•
|
form, join or in any way participate in a "group" (within the meaning of Section 13(d) of the Exchange Act) with respect to us where such group seeks to acquire any of our equity securities;
|
•
|
otherwise act, alone or in concert with others, to seek representation on or to control or influence our or our subsidiaries' management, board of directors, or policies;
|
•
|
take any action which would or would reasonably be expected to force us to make a public announcement regarding any of the types of matters set forth in the first bullet point above;
|
•
|
own more than 12% of the issued and outstanding common stock, unless such ownership arises as a result of any action not taken by or on behalf of such stockholder or a related person of such stockholder; or
|
•
|
request that we or any of our representatives, directly or indirectly, amend or waive any of the foregoing provisions.
|
•
|
changes and volatility in general economic conditions, including the severity and duration of any downturn in the U.S., Europe, or global economy and financial markets;
|
•
|
war, civil unrest, terrorist activities or threats, and heightened travel security measures instituted in response to these events;
|
•
|
fear of outbreaks or outbreaks of pandemic or contagious diseases;
|
•
|
climate change and resource scarcity, such as water and energy scarcity;
|
•
|
natural or man-made disasters, such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, and nuclear incidents;
|
•
|
changes in the desirability of particular locations or travel patterns of customers;
|
•
|
decreased corporate budgets and spending and cancellations, deferrals, or renegotiations of group business;
|
•
|
low consumer confidence, high levels of unemployment, and depressed housing prices;
|
•
|
the financial condition of the airline, automotive, and other transportation-related industries and its impact on travel;
|
•
|
decreased airline capacities and routes;
|
•
|
travel-related accidents;
|
•
|
oil prices and travel costs;
|
•
|
statements, actions, or interventions by governmental officials related to travel and corporate travel-related activities, and the resulting negative public perception of such travel and activities;
|
•
|
domestic and international political and geo-political conditions, including changes in trade policy;
|
•
|
changes in taxes (including as a result of the implementation of recent U.S. federal income tax reform) and governmental regulations that influence or set wages, prices, interest rates, or construction and maintenance procedures and costs;
|
•
|
the costs and administrative burdens associated with compliance with applicable laws and regulations;
|
•
|
changes in operating costs, including, but not limited to, labor (including minimum wage increases), energy, food, workers' compensation, benefits, insurance, and unanticipated costs resulting from force majeure events;
|
•
|
significant increases in cost for healthcare coverage for employees and potential government regulation with respect to health coverage;
|
•
|
the lack of availability, or increase in the cost, of capital for us or our existing and potential property owners;
|
•
|
the attractiveness of our properties and services to consumers and potential owners and competition from other hotels and alternative lodging marketplaces, including online accommodation search and/or reservation services;
|
•
|
cyclical over-building in the hotel, all inclusive, and vacation ownership industries; and
|
•
|
organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of group business for our hotels generally as a result of certain labor tactics.
|
•
|
the costs of complying with laws, regulations, and policies (including taxation policies) of foreign governments relating to investments and operations, the costs or desirability of complying with local practices and customs, and the impact of various anti-corruption and other laws affecting the activities of U.S. companies abroad;
|
•
|
currency exchange rate fluctuations or currency restructurings;
|
•
|
U.S. taxation of income earned abroad (including the impact of recent changes under U.S. federal income tax reform);
|
•
|
limitations/penalties on the repatriation of non-U.S. earnings;
|
•
|
import and export licensing requirements and regulations, as well as unforeseen changes in regulatory requirements, including imposition of tariffs or embargoes, export regulations, and controls and other trade restrictions;
|
•
|
political and economic instability;
|
•
|
the difficulty of managing an organization doing business in many jurisdictions;
|
•
|
uncertainties as to local laws and enforcement of contract and intellectual property rights and occasional requirements for onerous contract clauses; and
|
•
|
rapid changes in government, economic and political policies, political or civil unrest, acts of terrorism, or the threat of international boycotts or U.S. anti-boycott legislation.
|
•
|
governmental regulations relating to real estate ownership;
|
•
|
real estate, insurance, zoning, tax, environmental, and eminent domain laws;
|
•
|
the ongoing need for owner funded capital improvements and expenditures to maintain or upgrade properties;
|
•
|
risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels and the availability of replacement financing;
|
•
|
risks associated with the possibility that cost increases will outpace revenue increases and that in the event of an economic slowdown, the high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues;
|
•
|
fluctuations in real estate values or potential impairments in the value of our assets; and
|
•
|
the relative illiquidity of real estate compared to some other assets.
|
•
|
spending cash and incurring debt;
|
•
|
assuming contingent liabilities;
|
•
|
contributing properties or related assets to hospitality ventures that could result in recognition of losses;
|
•
|
creating additional transactional and operating expenses; or
|
•
|
issuing shares of stock that could dilute the interests of our existing shareholders.
|
•
|
coordinating sales, distribution, and marketing functions;
|
•
|
integrating technology information systems; and
|
•
|
preserving the important licensing, distribution, marketing, customer, labor, and other relationships of the acquired assets.
|
•
|
go bankrupt or otherwise are unable to meet their capital contribution obligations;
|
•
|
have economic or business interests or goals that are or become inconsistent with our business interests or goals;
|
•
|
are in a position to take action contrary to our instructions, our requests, our policies, our objectives, or applicable laws;
|
•
|
subject the property to liabilities exceeding those contemplated;
|
•
|
take actions that reduce our return on investment; or
|
•
|
take actions that harm our reputation or restrict our ability to run our business.
|
•
|
construction delays or cost overruns (including labor and materials) that may increase project costs;
|
•
|
obtaining zoning, occupancy, and other required permits or authorizations;
|
•
|
changes in economic conditions that may result in weakened or lack of demand or negative project returns;
|
•
|
governmental restrictions on the size or kind of development;
|
•
|
multi-year urban redevelopment projects, including temporary hotel closures, that may significantly disrupt hotel profits;
|
•
|
force majeure events, including earthquakes, tornadoes, hurricanes, floods, wildfires, or tsunamis; and
|
•
|
design defects that could increase costs.
|
•
|
a risk that cash flow from operations will be insufficient to meet required payments of principal and interest;
|
•
|
restrictive covenants, including covenants related to certain financial ratios. See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" for further information related to restrictions under our financial covenants; and
|
•
|
the risk that any increase in the interest rate applicable to any borrowings under our revolving credit facility could reduce our cash flows available for other corporate purposes, including investments in our portfolio, could limit our ability to refinance existing debt when it matures or could increase interest costs on any debt that is refinanced.
|
•
|
health and safety;
|
•
|
the use, management, storage, and disposal of hazardous substances and wastes;
|
•
|
discharges of waste materials into the environment, such as refuse or sewage;
|
•
|
water discharge and supply; and
|
•
|
air emissions.
|
•
|
be expensive and time consuming to defend;
|
•
|
force us to stop providing products or services that use the intellectual property that is being challenged;
|
•
|
force us to redesign or rebrand our products or services;
|
•
|
divert our management's attention and resources;
|
•
|
force us to enter into royalty or licensing agreements to obtain the right to use a third-party's intellectual property; or
|
•
|
force us to pay significant damages.
|
•
|
quarterly variations in our operating results compared to market expectations;
|
•
|
annual variations in our operating results compared to our guidance;
|
•
|
announcements of acquisitions of or investments in other businesses and properties or dispositions;
|
•
|
announcements of new services or products or significant price reductions by us or our competitors;
|
•
|
size of our public float;
|
•
|
future conversions to and sales of our Class A common stock by current holders of Class B common stock in the public market, or the perception in the market that the holders of a large number of shares of Class B common stock intend to sell shares;
|
•
|
stock price performance of our competitors;
|
•
|
fluctuations in stock market prices and volumes in the U.S. and abroad;
|
•
|
low investor confidence;
|
•
|
default on our indebtedness or foreclosure of our properties;
|
•
|
changes in senior management or key personnel;
|
•
|
downgrades or changes in financial estimates by securities analysts or negative reports published by securities analysts about our business or the hospitality industry in general;
|
•
|
negative earnings or other announcements by us or other hospitality companies;
|
•
|
downgrades in our credit ratings or the credit ratings of our competitors;
|
•
|
issuances or repurchases of equity or debt securities;
|
•
|
a decision to pay or not to pay dividends;
|
•
|
terrorist activities or threats of such activities, civil or political unrest, or war; and
|
•
|
global economic, legal, and regulatory factors unrelated to our performance.
|
•
|
Our amended and restated certificate of incorporation provides for a dual class ownership structure, in which our Class B common stock is entitled to ten votes per share and our Class A common stock is entitled to one vote per share. As a result of this structure, our major stockholders have significant influence or actual control over matters requiring stockholder approval.
|
•
|
Voting agreements entered into with or among our major stockholders require these stockholders to vote their shares consistent with the recommendation of our board of directors, assuming in certain instances that a majority
|
•
|
Lock-up agreements entered into with stockholders party to our 2007 Stockholders' Agreement limit the ability of these stockholders to sell their shares to any person who would be required to file a Schedule 13D with the SEC disclosing an intent to acquire the shares other than for investment purposes and, in certain instances, to competitors of ours in the hospitality, lodging, or gaming industries.
|
•
|
Stockholders party to our 2007 Stockholders' Agreement have agreed, subject to certain limited exceptions, to "standstill" provisions that prevent the stockholders from acquiring additional shares of our common stock, making or participating in acquisition proposals for us or soliciting proxies in connection with meetings of our stockholders, unless the stockholders are invited to do so by our board of directors.
|
•
|
Our board of directors is divided into three classes, with each class serving for a staggered three-year term, which prevents stockholders from electing an entirely new board of directors at an annual meeting.
|
•
|
Our directors may be removed only for cause, which prevents stockholders from being able to remove directors without cause other than those directors who are being elected at an annual meeting.
|
•
|
Our amended and restated certificate of incorporation does not provide for cumulative voting in the election of directors. As a result, holders of our Class B common stock will control the election of directors and the ability of holders of our Class A common stock to elect director candidates will be limited.
|
•
|
Vacancies on our board of directors, and any newly created director positions created by the expansion of the board of directors, may be filled only by a majority of remaining directors then in office.
|
•
|
Actions to be taken by our stockholders may only be effected at an annual or special meeting of our stockholders and not by written consent.
|
•
|
Special meetings of our stockholders can be called only by the Chairman of the Board or by our corporate secretary at the direction of our board of directors.
|
•
|
Advance notice procedures that stockholders must comply with in order to nominate candidates to our board of directors and propose matters to be brought before an annual meeting of our stockholders may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of our company.
|
•
|
Our board of directors may, without stockholder approval, issue series of preferred stock, or rights to acquire preferred stock, that could dilute the interest of, or impair the voting power of, holders of our common stock or could also be used as a method of discouraging, delaying, or preventing a change of control.
|
•
|
An affirmative vote of the holders of at least 80% of the voting power of our outstanding capital stock entitled to vote is required to amend any provision of our certificate of incorporation or bylaws.
|
Time Period
|
Number of Shares*
|
During the 12 month period from November 5, 2017 through November 4, 2018
|
19,689,235
|
During the 12 month period from November 5, 2018 through November 4, 2019
|
15,980,129
|
During the 12 month period from November 5, 2019 through November 4, 2020
|
10,602,497
|
During the 12 month period from November 5, 2020 through November 4, 2021
|
6,419,886
|
During the 12 month period from November 5, 2021 through November 4, 2022
|
6,419,886
|
During the 12 month period from November 5, 2022 through November 4, 2023
|
6,271,290
|
During the 12 month period from November 5, 2023 through November 4, 2024
|
3,001,963
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
Owned and Leased Hotels
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Full Service
|
|
|
|
|
|
|
|
|
|||
Americas Owned:
|
|
|
|
|
|
|
|
|
|||
Park Hyatt Chicago
|
|
Chicago, IL
|
|
198
|
|
|
|
|
100
|
%
|
|
Park Hyatt New York
|
|
New York, NY
|
|
210
|
|
|
|
|
100
|
%
|
|
Grand Hyatt New York (4)
|
|
New York, NY
|
|
1,298
|
|
|
|
|
100
|
%
|
|
Grand Hyatt Rio de Janeiro
|
|
Rio de Janeiro, Brazil
|
|
436
|
|
|
|
|
100
|
%
|
|
Grand Hyatt San Antonio (4)
|
|
San Antonio, TX
|
|
1,003
|
|
|
|
|
100
|
%
|
|
Grand Hyatt San Francisco
|
|
San Francisco, CA
|
|
660
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Aruba Resort Spa and Casino (4)
|
|
Palm Beach, Aruba, Dutch Caribbean
|
|
357
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Atlanta
|
|
Atlanta, GA
|
|
1,260
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Baltimore Inner Harbor (4)
|
|
Baltimore, MD
|
|
488
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Coconut Point Resort and Spa
|
|
Bonita Springs, FL
|
|
454
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Green Bay
|
|
Green Bay, WI
|
|
241
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Greenwich
|
|
Old Greenwich, CT
|
|
373
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Lake Tahoe Resort, Spa and Casino
|
|
Incline Village, NV
|
|
422
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Long Beach (4)
|
|
Long Beach, CA
|
|
528
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Lost Pines Resort and Spa
|
|
Lost Pines, TX
|
|
491
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Mexico City
|
|
Mexico City, Mexico
|
|
755
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Miami (4)
|
|
Miami, FL
|
|
615
|
|
|
|
|
100
|
%
|
|
Hyatt Regency O'Hare
|
|
Rosemont, IL
|
|
1,095
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Orlando
|
|
Orlando, FL
|
|
1,641
|
|
|
|
|
100
|
%
|
|
Hyatt Regency San Antonio Riverwalk (4)
|
|
San Antonio, TX
|
|
630
|
|
|
|
|
100
|
%
|
|
Andaz Maui at Wailea Resort
|
|
Wailea, HI
|
|
301
|
|
|
|
|
100
|
%
|
|
Hyatt Centric The Pike Long Beach (4)
|
|
Long Beach, CA
|
|
138
|
|
|
|
|
100
|
%
|
|
The Confidante Miami Beach
|
|
Miami Beach, FL
|
|
363
|
|
|
|
|
100
|
%
|
|
The Driskill (4)
|
|
Austin, TX
|
|
189
|
|
|
|
|
100
|
%
|
|
Americas Owned
|
|
|
|
14,146
|
|
|
24
|
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
Americas Leased:
|
|
|
|
|
|
|
|
|
|||
Hyatt Regency San Francisco (3) (6)
|
|
San Francisco, CA
|
|
804
|
|
|
|
|
—
|
%
|
|
Andaz West Hollywood (3) (6)
|
|
West Hollywood, CA
|
|
239
|
|
|
|
|
—
|
%
|
|
Americas Leased
|
|
|
|
1,043
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Americas Owned and Leased Hotels
|
|
|
|
15,189
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Owned:
|
|
|
|
|
|
|
|
|
|||
Park Hyatt Paris-Vendôme
|
|
Paris, France
|
|
153
|
|
|
|
|
100
|
%
|
|
Park Hyatt Zurich (4)
|
|
Zurich, Switzerland
|
|
138
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Baku
|
|
Baku, Azerbaijan
|
|
159
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Bishkek (4)
|
|
Bishkek, Kyrgyz Republic
|
|
178
|
|
|
|
|
98
|
%
|
|
Andaz London Liverpool Street (7)
|
|
London, England
|
|
267
|
|
|
|
|
100
|
%
|
|
EAME/SW Asia Owned
|
|
|
|
895
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Leased:
|
|
|
|
|
|
|
|
|
|||
Grand Hyatt Berlin (3) (6)
|
|
Berlin, Germany
|
|
342
|
|
|
|
|
—
|
%
|
|
Hyatt Regency Cologne (3) (6)
|
|
Cologne, Germany
|
|
306
|
|
|
|
|
—
|
%
|
|
Hyatt Regency Mainz (3) (6)
|
|
Mainz, Germany
|
|
268
|
|
|
|
|
—
|
%
|
|
Andaz Amsterdam, Prinsengracht (3) (6)
|
|
Amsterdam, The Netherlands
|
|
122
|
|
|
|
|
—
|
%
|
|
EAME/SW Asia Leased
|
|
|
|
1,038
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total EAME/SW Asia Owned and Leased Hotels
|
|
|
|
1,933
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ASPAC Owned:
|
|
|
|
|
|
|
|
|
|||
Grand Hyatt Seoul
|
|
Seoul, South Korea
|
|
601
|
|
|
|
|
100
|
%
|
|
ASPAC Owned
|
|
|
|
601
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Full Service Owned and Leased Hotels
|
|
|
|
17,723
|
|
|
36
|
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
Select Service
|
|
|
|
|
|
|
|
|
|||
Owned:
|
|
|
|
|
|
|
|
|
|||
Hyatt House Irvine/John Wayne Airport
|
|
Anaheim/Santa Ana, CA
|
|
149
|
|
|
|
|
100
|
%
|
|
Select Service Owned:
|
|
|
|
149
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Leased:
|
|
|
|
|
|
|
|
|
|||
Hyatt Place Amsterdam Airport (3) (6)
|
|
Amsterdam, The Netherlands
|
|
330
|
|
|
|
|
—
|
%
|
|
Hyatt Place Atlanta/Buckhead (2)
|
|
Atlanta, GA
|
|
171
|
|
|
|
|
—
|
%
|
|
Select Service Leased:
|
|
|
|
501
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Select Service Owned and Leased Hotels
|
|
|
|
650
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wellness
|
|
|
|
|
|
|
|
|
|||
Travaasa Austin
|
|
Austin, TX
|
|
120
|
|
|
|
|
100
|
%
|
|
Cranwell Spa & Golf Resort
|
|
Lenox, MA
|
|
148
|
|
|
|
|
95
|
%
|
|
Miraval Arizona Resort and Spa (8)
|
|
Tucson, AZ
|
|
131
|
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|||
Total Wellness Owned and Leased
|
|
|
|
399
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unconsolidated Hospitality Venture Hotels
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
Full Service
|
|
|
|
|
|
|
|
|
|||
Americas Unconsolidated Hospitality Ventures:
|
|
|
|
|
|
|
|
|
|||
Grand Hyatt São Paulo
|
|
São Paulo, Brazil
|
|
467
|
|
|
|
|
50
|
%
|
|
Hyatt Regency Andares Guadalajara
|
|
Zapopan, Mexico
|
|
257
|
|
|
|
|
50
|
%
|
|
Hyatt Regency Columbus (4)
|
|
Columbus, OH
|
|
633
|
|
|
|
|
24
|
%
|
|
Hyatt Regency Crystal City at Reagan National Airport
|
|
Arlington, VA
|
|
686
|
|
|
|
|
50
|
%
|
|
Hyatt Regency Huntington Beach Resort and Spa
|
|
Huntington Beach, CA
|
|
517
|
|
|
|
|
40
|
%
|
|
Hyatt Regency Jersey City on the Hudson
|
|
Jersey City, NJ
|
|
351
|
|
|
|
|
50
|
%
|
|
Hyatt Regency Minneapolis
|
|
Minneapolis, MN
|
|
645
|
|
|
|
|
50
|
%
|
|
Hyatt at The Bellevue
|
|
Philadelphia, PA
|
|
172
|
|
|
|
|
50
|
%
|
|
Andaz Mayakoba Resort Riviera Maya
|
|
Playa del Carmen, Mexico
|
|
214
|
|
|
|
|
40
|
%
|
|
Americas Unconsolidated Hospitality Ventures
|
|
|
|
3,942
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Unconsolidated Hospitality Ventures:
|
|
|
|
|
|
|
|
|
|||
Park Hyatt Hamburg (3) (5)
|
|
Hamburg, Germany
|
|
252
|
|
|
|
|
—
|
%
|
|
Park Hyatt Milan
|
|
Milan, Italy
|
|
106
|
|
|
|
|
30
|
%
|
|
Grand Hyatt Mumbai
|
|
Mumbai, India
|
|
547
|
|
|
|
|
50
|
%
|
|
Hyatt Regency Ahmedabad
|
|
Ahmedabad, India
|
|
210
|
|
|
|
|
50
|
%
|
|
Andaz Delhi
|
|
New Delhi, India
|
|
401
|
|
|
|
|
50
|
%
|
|
EAME/SW Asia Unconsolidated Hospitality Ventures
|
|
|
|
1,516
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
ASPAC Unconsolidated Hospitality Ventures:
|
|
|
|
|
|
|
|
|
|||
Grand Hyatt Bali
|
|
Bali, Indonesia
|
|
636
|
|
|
|
|
10
|
%
|
|
ASPAC Unconsolidated Hospitality Ventures
|
|
|
|
636
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Full Service Unconsolidated Hospitality Ventures
|
|
|
|
6,094
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Select Service Unconsolidated Hospitality Ventures
|
|
|
|
|
|
|
|
|
|||
Hyatt Place Celaya
|
|
Celaya, Mexico
|
|
145
|
|
|
|
|
50
|
%
|
|
Hyatt Place Ciudad del Carmen
|
|
Ciudad del Carmen, Mexico
|
|
140
|
|
|
|
|
50
|
%
|
|
Hyatt Place Denver/Downtown
|
|
Denver, CO
|
|
248
|
|
|
|
|
50
|
%
|
|
Hyatt Place Fair Lawn/Paramus
|
|
Fair Lawn, NJ
|
|
143
|
|
|
|
|
40
|
%
|
|
Hyatt Place La Paz
|
|
La Paz, Mexico
|
|
151
|
|
|
|
|
50
|
%
|
|
Hyatt Place Los Cabos
|
|
San Jose del Cabo, Mexico
|
|
157
|
|
|
|
|
50
|
%
|
|
Hyatt Place Panama City/Downtown
|
|
Panama City, Panama
|
|
165
|
|
|
|
|
29
|
%
|
|
Hyatt Place São José do Rio Preto
|
|
São José do Rio Preto, Brazil
|
|
152
|
|
|
|
|
70
|
%
|
|
Hyatt Place San Juan/City Center
|
|
San Juan, Puerto Rico
|
|
149
|
|
|
|
|
50
|
%
|
|
Hyatt Place Tijuana
|
|
Tijuana, Mexico
|
|
145
|
|
|
|
|
50
|
%
|
|
Hyatt House Boston/Waltham
|
|
Waltham, MA
|
|
135
|
|
|
|
|
40
|
%
|
|
Hyatt House Denver/Downtown
|
|
Denver, CO
|
|
113
|
|
|
|
|
50
|
%
|
|
Total Select Service Unconsolidated Hospitality Ventures
|
|
|
|
1,843
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Unconsolidated Hospitality Ventures
|
|
|
|
7,937
|
|
|
27
|
|
|
|
(1)
|
Unless otherwise indicated, ownership percentages include both the property and the underlying land.
|
(2)
|
Property is accounted for as a capital lease.
|
(3)
|
Property is accounted for as an operating lease.
|
(4)
|
Our ownership interest in the property is subject to a third-party ground lease on the land.
|
(5)
|
We own a 50% interest in the entity that is the operating lessee and it is an unconsolidated hospitality venture.
|
(6)
|
We own a 100% interest in the entity that is the operating lessee.
|
(7)
|
Our ownership interest is derived through a long leasehold interest in the hotel building, with a nominal annual rental payment.
|
(8)
|
The ownership structure is comprised of common and preferred shareholders. We own 100% of the common, voting shares, while 26% of the total outstanding shares are preferred shares owned by independent third parties.
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
||||||
Americas Management and Franchising -
Full and Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
118
|
|
|
61,154
|
|
|
120
|
|
|
60,806
|
|
|
115
|
|
|
60,388
|
|
Franchised
|
52
|
|
|
15,636
|
|
|
46
|
|
|
13,837
|
|
|
40
|
|
|
12,191
|
|
Full Service Hotels
|
170
|
|
|
76,790
|
|
|
166
|
|
|
74,643
|
|
|
155
|
|
|
72,579
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
64
|
|
|
9,137
|
|
|
65
|
|
|
9,237
|
|
|
59
|
|
|
8,329
|
|
Franchised
|
293
|
|
|
40,607
|
|
|
260
|
|
|
35,869
|
|
|
236
|
|
|
32,126
|
|
Select Service Hotels
|
357
|
|
|
49,744
|
|
|
325
|
|
|
45,106
|
|
|
295
|
|
|
40,455
|
|
ASPAC Management and Franchising
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
80
|
|
|
29,173
|
|
|
75
|
|
|
27,669
|
|
|
68
|
|
|
24,848
|
|
Franchised
|
3
|
|
|
1,286
|
|
|
3
|
|
|
1,286
|
|
|
3
|
|
|
1,284
|
|
Full Service Hotels
|
83
|
|
|
30,459
|
|
|
78
|
|
|
28,955
|
|
|
71
|
|
|
26,132
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
15
|
|
|
2,533
|
|
|
5
|
|
|
826
|
|
|
1
|
|
|
144
|
|
Select Service Hotels
|
15
|
|
|
2,533
|
|
|
5
|
|
|
826
|
|
|
1
|
|
|
144
|
|
EAME/SW Asia Management and Franchising
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
76
|
|
|
20,654
|
|
|
71
|
|
|
19,519
|
|
|
67
|
|
|
18,466
|
|
Franchised
|
2
|
|
|
148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Full Service Hotels
|
78
|
|
|
20,802
|
|
|
71
|
|
|
19,519
|
|
|
67
|
|
|
18,466
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
14
|
|
|
2,134
|
|
|
11
|
|
|
1,726
|
|
|
10
|
|
|
1,560
|
|
Franchised
|
2
|
|
|
451
|
|
|
1
|
|
|
358
|
|
|
—
|
|
|
—
|
|
Select Service Hotels
|
16
|
|
|
2,585
|
|
|
12
|
|
|
2,084
|
|
|
10
|
|
|
1,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Full and Select Service Hotels
|
719
|
|
|
182,913
|
|
|
657
|
|
|
171,133
|
|
|
599
|
|
|
159,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas Management and Franchising - All inclusive
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All inclusive
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Franchised
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
All inclusive
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wellness
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
3
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Wellness
|
3
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Managed and Franchised
|
728
|
|
|
185,713
|
|
|
663
|
|
|
173,534
|
|
|
605
|
|
|
161,737
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
||||||
Owned and Leased Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
23
|
|
|
13,641
|
|
|
28
|
|
|
16,012
|
|
|
26
|
|
|
15,415
|
|
Other Americas
|
3
|
|
|
1,548
|
|
|
3
|
|
|
1,548
|
|
|
2
|
|
|
1,112
|
|
ASPAC
|
1
|
|
|
601
|
|
|
1
|
|
|
601
|
|
|
1
|
|
|
601
|
|
EAME/SW Asia
|
9
|
|
|
1,933
|
|
|
9
|
|
|
1,933
|
|
|
10
|
|
|
2,252
|
|
Select Service hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
2
|
|
|
320
|
|
|
1
|
|
|
171
|
|
|
1
|
|
|
171
|
|
EAME/SW Asia
|
1
|
|
|
330
|
|
|
1
|
|
|
330
|
|
|
1
|
|
|
330
|
|
Total Full and Select Service Hotels
|
39
|
|
|
18,373
|
|
|
43
|
|
|
20,595
|
|
|
41
|
|
|
19,881
|
|
Wellness
|
3
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Owned and Leased
|
42
|
|
|
18,772
|
|
|
43
|
|
|
20,595
|
|
|
41
|
|
|
19,881
|
|
Name
|
|
Age
|
|
Position
|
Thomas J. Pritzker
|
|
67
|
|
Executive Chairman of the Board
|
Mark S. Hoplamazian
|
|
54
|
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
Patrick J. Grismer
|
|
56
|
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
|
Maryam Banikarim
|
|
49
|
|
Executive Vice President, Global Chief Marketing Officer
|
Margaret C. Egan
|
|
48
|
|
Executive Vice President, General Counsel and Secretary
|
H. Charles Floyd
|
|
58
|
|
Executive Vice President, Global President of Operations
|
Peter Fulton
|
|
60
|
|
Executive Vice President, Group President—EAME/SW Asia
|
Malaika L. Myers
|
|
50
|
|
Executive Vice President, Chief Human Resources Officer
|
Peter J. Sears
|
|
53
|
|
Executive Vice President, Group President—Americas
|
David Udell
|
|
57
|
|
Executive Vice President, Group President—ASPAC
|
Mark R. Vondrasek
|
|
50
|
|
Executive Vice President, Global Head of Loyalty and New Business Platforms
|
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.
|
Fiscal Year end December 31, 2017
|
High
|
|
Low
|
First Quarter
|
$57.46
|
|
$50.21
|
Second Quarter
|
$59.30
|
|
$52.72
|
Third Quarter
|
$62.08
|
|
$54.38
|
Fourth Quarter
|
$74.32
|
|
$60.23
|
|
|
|
|
Fiscal Year end December 31, 2016
|
|
|
|
First Quarter
|
$49.82
|
|
$34.06
|
Second Quarter
|
$50.94
|
|
$44.30
|
Third Quarter
|
$54.82
|
|
$47.85
|
Fourth Quarter
|
$58.05
|
|
$47.96
|
|
12/31/2012
|
12/31/2013
|
12/31/2014
|
12/31/2015
|
12/31/2016
|
12/31/2017
|
Hyatt Hotels Corporation
|
100.0
|
128.2
|
156.1
|
121.9
|
143.3
|
190.7
|
S&P 500
|
100.0
|
132.4
|
150.4
|
152.5
|
170.7
|
207.9
|
Russell 1000 Hotel
|
100.0
|
147.7
|
165.7
|
139.2
|
175.8
|
281.5
|
|
|
Total number of shares purchased (1)
|
|
Weighted average price paid per share
|
|
|
Total number of shares purchased as part of publicly announced plans
|
|
Maximum number (or approximate dollar value) of shares that may yet be purchased under the program
|
||||||
October 1 to October 31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
$
|
301,603,830
|
|
November 1 to November 30, 2017 (2)
|
|
2,693,579
|
|
|
68.29
|
|
|
|
2,693,579
|
|
|
$
|
113,551,344
|
|
|
December 1 to December 31, 2017
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
$
|
863,551,344
|
|
|
Total
|
|
2,693,579
|
|
|
$
|
68.29
|
|
|
|
2,693,579
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||
Consolidated statements of income data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owned and leased hotels
|
$
|
2,192
|
|
|
$
|
2,108
|
|
|
$
|
2,079
|
|
|
$
|
2,246
|
|
|
$
|
2,142
|
|
Management and franchise fees
|
505
|
|
|
448
|
|
|
427
|
|
|
387
|
|
|
342
|
|
|||||
Other revenues
|
70
|
|
|
40
|
|
|
36
|
|
|
75
|
|
|
78
|
|
|||||
Other revenues from managed and franchised properties (1)
|
1,918
|
|
|
1,833
|
|
|
1,786
|
|
|
1,707
|
|
|
1,622
|
|
|||||
Total revenues
|
4,685
|
|
|
4,429
|
|
|
4,328
|
|
|
4,415
|
|
|
4,184
|
|
|||||
Direct and selling, general, and administrative expenses
|
4,383
|
|
|
4,130
|
|
|
4,005
|
|
|
4,136
|
|
|
3,951
|
|
|||||
Income from continuing operations
|
250
|
|
|
204
|
|
|
124
|
|
|
346
|
|
|
205
|
|
|||||
Net (income) loss and accretion attributable to noncontrolling interests
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
2
|
|
|||||
Net income attributable to Hyatt Hotels Corporation
|
249
|
|
|
204
|
|
|
124
|
|
|
344
|
|
|
207
|
|
|||||
Income from continuing operations per common share - basic
|
$
|
2.00
|
|
|
$
|
1.53
|
|
|
$
|
0.87
|
|
|
$
|
2.26
|
|
|
$
|
1.29
|
|
Income from continuing operations per common share - diluted
|
$
|
1.98
|
|
|
$
|
1.52
|
|
|
$
|
0.86
|
|
|
$
|
2.24
|
|
|
$
|
1.29
|
|
|
At December 31,
|
||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||
Consolidated balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
503
|
|
|
$
|
482
|
|
|
$
|
457
|
|
|
$
|
685
|
|
|
$
|
454
|
|
Total current assets
|
1,327
|
|
|
1,139
|
|
|
1,124
|
|
|
1,709
|
|
|
1,163
|
|
|||||
Property and equipment, net
|
4,034
|
|
|
4,270
|
|
|
4,031
|
|
|
4,186
|
|
|
4,671
|
|
|||||
Intangibles, net
|
683
|
|
|
599
|
|
|
547
|
|
|
552
|
|
|
591
|
|
|||||
Total assets
|
7,672
|
|
|
7,749
|
|
|
7,591
|
|
|
8,137
|
|
|
8,170
|
|
|||||
Total current liabilities
|
966
|
|
|
924
|
|
|
1,107
|
|
|
730
|
|
|
871
|
|
|||||
Long-term debt
|
1,440
|
|
|
1,445
|
|
|
1,042
|
|
|
1,375
|
|
|
1,282
|
|
|||||
Other long-term liabilities
|
1,725
|
|
|
1,472
|
|
|
1,447
|
|
|
1,401
|
|
|
1,240
|
|
|||||
Total liabilities
|
4,131
|
|
|
3,841
|
|
|
3,596
|
|
|
3,506
|
|
|
3,393
|
|
|||||
Total stockholders’ equity
|
3,525
|
|
|
3,903
|
|
|
3,991
|
|
|
4,627
|
|
|
4,769
|
|
|||||
Total liabilities, redeemable noncontrolling interest, and equity
|
$
|
7,672
|
|
|
$
|
7,749
|
|
|
$
|
7,591
|
|
|
$
|
8,137
|
|
|
$
|
8,170
|
|
(1)
|
Represents revenues we receive from third-party property owners who reimburse us for costs we incur on their behalf, with no added margin. These costs relate primarily to payroll at managed properties where we are the employer, as well as reservations, sales, marketing, loyalty program, and technology costs at both managed and franchised properties. As a result, these revenues have no effect on our profit, although they do increase our total revenues and the corresponding costs increase our total expenses.
|
•
|
305
managed properties (
99,114
rooms), all of which we operate under management agreements with third-party property owners;
|
•
|
348
franchised properties (
57,489
rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;
|
•
|
31
owned properties (
15,791
rooms) (including
1
consolidated hospitality venture),
1
capital leased property (
171
rooms), and
7
operating leased properties (
2,411
rooms), all of which we manage; and
|
•
|
23
managed properties and
4
franchised properties owned or leased by unconsolidated hospitality ventures (
7,937
rooms).
|
•
|
3
destination wellness resorts (
399
rooms), all of which we own and operate (including 1 consolidated hospitality venture);
|
•
|
6
all inclusive resorts (
2,401
rooms), all of which are owned by a third party in which we hold common shares and which operates the resorts under franchise agreements with us;
|
•
|
16
vacation ownership properties, all of which are licensed by ILG under the Hyatt Residence Club brand and operated by third parties, including ILG and its affiliates; and
|
•
|
20
residential properties, which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.
|
•
|
interest expense;
|
•
|
provision for income taxes;
|
•
|
depreciation and amortization;
|
•
|
equity earnings (losses) from unconsolidated hospitality ventures;
|
•
|
stock-based compensation expense;
|
•
|
gains (losses) on sales of real estate;
|
•
|
asset impairments; and
|
•
|
other income (loss), net.
|
(Comparable locations)
|
|
|
RevPAR
|
||||||||||||
|
|
Year Ended December 31,
|
|||||||||||||
Number of comparable hotels (1)
|
|
2017
|
|
2016
|
|
Change
|
|
Change (in constant $)
|
|||||||
Systemwide hotels
|
589
|
|
$
|
137
|
|
|
$
|
133
|
|
|
3.3
|
%
|
|
3.3
|
%
|
Owned and leased hotels
|
35
|
|
$
|
176
|
|
|
$
|
174
|
|
|
1.0
|
%
|
|
0.9
|
%
|
Americas full service hotels
|
150
|
|
$
|
155
|
|
|
$
|
151
|
|
|
2.4
|
%
|
|
2.4
|
%
|
Americas select service hotels
|
296
|
|
$
|
108
|
|
|
$
|
105
|
|
|
2.9
|
%
|
|
2.9
|
%
|
ASPAC full service hotels
|
69
|
|
$
|
148
|
|
|
$
|
140
|
|
|
5.4
|
%
|
|
5.8
|
%
|
EAME/SW Asia full service hotels
|
63
|
|
$
|
123
|
|
|
$
|
117
|
|
|
4.5
|
%
|
|
3.9
|
%
|
EAME/SW Asia select service hotels
|
10
|
|
$
|
71
|
|
|
$
|
63
|
|
|
12.0
|
%
|
|
10.3
|
%
|
•
|
sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa as a portfolio for a net sales price of
$296 million
and entered into a long-term management agreement with the purchaser for each property;
|
•
|
sold Hyatt Regency Grand Cypress for a net sales price of
$202 million
and entered into a long-term management agreement with the purchaser of the hotel;
|
•
|
sold Hyatt Regency Louisville for a net sales price of
$65 million
and entered into a long-term franchise agreement with the purchaser of the hotel;
|
•
|
sold Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course for a net sales price of
$58 million
and entered into a long-term franchise agreement with the purchaser of the hotel; and
|
•
|
acquired Miraval, the renowned provider of wellness and mindfulness experiences, for
$237 million
.
|
•
|
acquired Thompson Miami Beach for a purchase price of approximately
$238 million
. The hotel was subsequently rebranded as The Confidante Miami Beach, and added to The Unbound Collection by Hyatt;
|
•
|
acquired our partners' share in Andaz Maui at Wailea Resort for a net purchase price of approximately
$136 million
. We accounted for the transaction as a step acquisition and recognized a gain through equity earnings (losses) from unconsolidated hospitality ventures of
$14 million
. Additionally, prior to the acquisition the unconsolidated hospitality venture repaid $121 million of third-party debt;
|
•
|
acquired Royal Palms Resort and Spa in Phoenix, Arizona for a net purchase price of approximately
$86 million
and added the hotel to The Unbound Collection by Hyatt;
|
•
|
sold Andaz 5th Avenue for a net sales price of
$240 million
and entered into a long-term management agreement with the purchaser of the hotel; and
|
•
|
sold the shares of the company that owns Hyatt Regency Birmingham (U.K.) for a net sales price of approximately
$49 million
and entered into a long-term management agreement with the purchaser of the hotel.
|
•
|
sold Hyatt Regency Indianapolis for a net sales price of
$69 million
and entered into a long-term franchise agreement with the purchaser of the hotel; and
|
•
|
sold an entity which held an interest in one of our foreign currency denominated equity method investments, for which we received proceeds of
$3 million
. In connection with the sale, we released
$21 million
of accumulated foreign currency translation losses.
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2017
|
|
2016
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
1,832
|
|
|
$
|
1,812
|
|
|
$
|
20
|
|
|
1.1
|
%
|
|
$
|
3
|
|
Non-comparable owned and leased hotels revenues
|
360
|
|
|
296
|
|
|
64
|
|
|
21.3
|
%
|
|
(1
|
)
|
||||
Total owned and leased hotels revenues
|
$
|
2,192
|
|
|
$
|
2,108
|
|
|
$
|
84
|
|
|
3.9
|
%
|
|
$
|
2
|
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2016
|
|
2015
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
2,018
|
|
|
$
|
2,017
|
|
|
$
|
1
|
|
|
—
|
%
|
|
$
|
(23
|
)
|
Non-comparable owned and leased hotels revenues
|
90
|
|
|
62
|
|
|
28
|
|
|
45.2
|
%
|
|
(2
|
)
|
||||
Total owned and leased hotels revenues
|
$
|
2,108
|
|
|
$
|
2,079
|
|
|
$
|
29
|
|
|
1.4
|
%
|
|
$
|
(25
|
)
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015
|
||||||||||||||||
Base management fees
|
$
|
202
|
|
|
$
|
190
|
|
|
$
|
187
|
|
|
$
|
12
|
|
|
6.3
|
%
|
|
$
|
3
|
|
|
1.6
|
%
|
Incentive management fees
|
135
|
|
|
117
|
|
|
113
|
|
|
18
|
|
|
15.7
|
%
|
|
4
|
|
|
3.5
|
%
|
|||||
Franchise fees
|
115
|
|
|
104
|
|
|
88
|
|
|
11
|
|
|
10.8
|
%
|
|
16
|
|
|
18.2
|
%
|
|||||
Other fee revenues
|
53
|
|
|
37
|
|
|
39
|
|
|
16
|
|
|
42.3
|
%
|
|
(2
|
)
|
|
(5.1
|
)%
|
|||||
Total management and franchise fees
|
$
|
505
|
|
|
$
|
448
|
|
|
$
|
427
|
|
|
$
|
57
|
|
|
12.8
|
%
|
|
$
|
21
|
|
|
4.9
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Change
2017 vs 2016 |
|
Change
2016 vs 2015 |
||||||||||||||||
Other revenues from managed and franchised properties
|
$
|
1,918
|
|
|
$
|
1,833
|
|
|
$
|
1,786
|
|
|
$
|
85
|
|
|
4.7
|
%
|
|
$
|
47
|
|
|
2.6
|
%
|
Less: rabbi trust impact
|
(22
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
(167.8
|
)%
|
|
(7
|
)
|
|
(700.0
|
)%
|
|||||
Other revenues from managed and franchised properties excluding rabbi trust impact
|
$
|
1,896
|
|
|
$
|
1,825
|
|
|
$
|
1,785
|
|
|
$
|
71
|
|
|
4.0
|
%
|
|
$
|
40
|
|
|
2.2
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|
Better / (Worse)
|
|||||||||
Comparable owned and leased hotels expense
|
$
|
1,388
|
|
|
$
|
1,369
|
|
|
$
|
(19
|
)
|
|
(1.4
|
)%
|
Non-comparable owned and leased hotels expense
|
278
|
|
|
238
|
|
|
(40
|
)
|
|
(16.5
|
)%
|
|||
Rabbi trust impact
|
8
|
|
|
3
|
|
|
(5
|
)
|
|
(167.8
|
)%
|
|||
Total owned and leased hotels expense
|
$
|
1,674
|
|
|
$
|
1,610
|
|
|
$
|
(64
|
)
|
|
(3.9
|
)%
|
|
Year Ended December 31,
|
|||||||||||||
|
2016
|
|
2015
|
|
Better / (Worse)
|
|||||||||
Comparable owned and leased hotels expense
|
$
|
1,520
|
|
|
$
|
1,512
|
|
|
$
|
(8
|
)
|
|
(0.5
|
)%
|
Non-comparable owned and leased hotels expense
|
87
|
|
|
49
|
|
|
(38
|
)
|
|
(77.6
|
)%
|
|||
Rabbi trust impact
|
3
|
|
|
1
|
|
|
(2
|
)
|
|
(200.0
|
)%
|
|||
Total owned and leased hotels expense
|
$
|
1,610
|
|
|
$
|
1,562
|
|
|
$
|
(48
|
)
|
|
(3.1
|
)%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Change
2017 vs 2016 |
|
Change
2016 vs 2015 |
||||||||||||||||
Selling, general, and administrative expenses
|
$
|
379
|
|
|
$
|
315
|
|
|
$
|
308
|
|
|
$
|
64
|
|
|
20.5
|
%
|
|
$
|
7
|
|
|
2.3
|
%
|
Less: rabbi trust impact
|
(37
|
)
|
|
(14
|
)
|
|
(2
|
)
|
|
(23
|
)
|
|
(165.6
|
)%
|
|
(12
|
)
|
|
(600.0
|
)%
|
|||||
Less: stock-based compensation expense
|
(29
|
)
|
|
(25
|
)
|
|
(23
|
)
|
|
(4
|
)
|
|
(15.9
|
)%
|
|
(2
|
)
|
|
(8.7
|
)%
|
|||||
Adjusted selling, general, and administrative expenses
|
$
|
313
|
|
|
$
|
276
|
|
|
$
|
283
|
|
|
$
|
37
|
|
|
13.4
|
%
|
|
$
|
(7
|
)
|
|
(2.5
|
)%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016 |
|
Better / (Worse)
2016 vs 2015 |
||||||||||||||||
Rabbi trust impact allocated to selling, general, and administrative expenses
|
$
|
37
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
23
|
|
|
165.6
|
%
|
|
$
|
12
|
|
|
600.0
|
%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
8
|
|
|
3
|
|
|
1
|
|
|
5
|
|
|
167.8
|
%
|
|
2
|
|
|
200.0
|
%
|
|||||
Net gains and interest income from marketable securities held to fund the loyalty program allocated to owned and leased hotels revenues
|
2
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
(15.3
|
)%
|
|
1
|
|
|
100.0
|
%
|
|||||
Net gains and interest income from marketable securities held to fund operating programs
|
$
|
47
|
|
|
$
|
19
|
|
|
$
|
4
|
|
|
$
|
28
|
|
|
148.5
|
%
|
|
$
|
15
|
|
|
375.0
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016 |
|
Better / (Worse)
2016 vs 2015 |
||||||||||||||||
Equity earnings (losses) from unconsolidated hospitality ventures
|
$
|
220
|
|
|
$
|
68
|
|
|
$
|
(64
|
)
|
|
$
|
152
|
|
|
225.6
|
%
|
|
$
|
132
|
|
|
206.3
|
%
|
•
|
$37 million decrease as 2016 included earnings attributable to distributions from three of our unconsolidated hospitality ventures primarily related to debt refinancings;
|
•
|
$14 million
decrease as 2016 included a gain related to the acquisition of our partners' share in Andaz Maui at Wailea Resort that was recorded as a step acquisition; and
|
•
|
$7 million decrease as 2016 included earnings related to a forfeited deposit on a sale of hotels by an unconsolidated hospitality venture that did not close.
|
•
|
$42 million increase in earnings attributable to distributions from three of our unconsolidated hospitality ventures primarily related to debt refinancings;
|
•
|
$35 million increase due to foreign currency volatility at one of our unconsolidated hospitality ventures which holds loans denominated in a currency other than its functional currency. During the year ended December 31, 2016, we recognized foreign currency gains of $7 million compared to the year ended December 31, 2015 in which we recognized foreign currency losses of $28 million. A portion of the loan balance was refinanced at the end of 2015 and therefore we anticipate decreased exposure in future periods as compared to 2015;
|
•
|
$14 million aforementioned gain on the Andaz Maui at Wailea Resort acquisition;
|
•
|
$21 million increase as a result of losses recognized during the year ended December 31, 2015 related to the sale of an entity that held an interest in one of our foreign currency denominated unconsolidated hospitality ventures and the release of accumulated foreign currency translation losses upon sale;
|
•
|
$13 million increase primarily attributable to expenses recognized in the year ended December 31, 2015 related to debt repayment guarantees entered into on behalf of our unconsolidated hospitality ventures; and
|
•
|
$9 million decrease related to impairment charges recorded related to four unconsolidated hospitality ventures during the year ended December 31, 2016.
|
•
|
$94 million
of interest income and
$40 million
of realized losses related to the redemption of our preferred shares in Playa Hotels & Resorts B.V. ("Playa"). See Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note
4
to the Consolidated Financial Statements" for additional information;
|
•
|
$18 million
of pre-condemnation income in exchange for the relinquishment of subterranean space at an owned hotel;
|
•
|
$15 million decrease in performance guarantee liability amortization income primarily related to four managed hotels in France that are subject to a performance guarantee ("the four managed hotels in France"). See Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note
14
to the Consolidated Financial Statements" for further detail;
|
•
|
$21 million
cease use liability related to the relocation of our corporate headquarters; and
|
•
|
$14 million increase in performance guarantee expense, net. The increase primarily relates to the four managed hotels in France for which we recognized
$76 million
and
$64 million
during the years ended December 31, 2017 and December 31, 2016, respectively. Due to ongoing renovations, we expect to recognize approximately $65 to $75 million of expense in 2018 related to this guarantee.
|
•
|
$22 million increase in performance guarantee liability amortization income recognized primarily related to the four managed hotels in France;
|
•
|
$15 million increase primarily due to foreign currency volatility of the Brazilian real largely related to a construction loan for Grand Hyatt Rio de Janeiro;
|
•
|
$13 million increase in depreciation recovery related to expense recovered from our managed and franchised hotels;
|
•
|
$12 million of interest income related to the early redemption of a portion of our Playa preferred shares. We also recognized a $6 million realized loss in conjunction with the redemption; and
|
•
|
$36 million increase in performance guarantee expense, net. We recognized expenses of $64 million and $28 million during the years ended December 31, 2016 and December 31, 2015, respectively, related to the performance guarantee for the four managed hotels in France.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016 |
|
Better / (Worse)
2016 vs 2015 |
||||||||||
Income before income taxes
|
$
|
573
|
|
|
$
|
289
|
|
|
$
|
194
|
|
|
$
|
284
|
|
|
$
|
95
|
|
Income tax expense
|
(323
|
)
|
|
(85
|
)
|
|
(70
|
)
|
|
(238
|
)
|
|
(15
|
)
|
|||||
Effective tax rate
|
56.3
|
%
|
|
29.5
|
%
|
|
36.2
|
%
|
|
(26.8
|
)%
|
|
6.7
|
%
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2017
|
|
2016
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
1,841
|
|
|
$
|
1,823
|
|
|
$
|
18
|
|
|
1.0
|
%
|
|
$
|
3
|
|
Non-comparable owned and leased hotels revenues
|
296
|
|
|
296
|
|
|
—
|
|
|
(0.1
|
)%
|
|
(1
|
)
|
||||
Total owned and leased hotels revenues
|
2,137
|
|
|
2,119
|
|
|
18
|
|
|
0.8
|
%
|
|
2
|
|
||||
Other revenues
|
13
|
|
|
—
|
|
|
13
|
|
|
NM
|
|
|
—
|
|
||||
Total segment revenues
|
$
|
2,150
|
|
|
$
|
2,119
|
|
|
$
|
31
|
|
|
1.5
|
%
|
|
$
|
2
|
|
•
|
Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Hyatt Regency Louisville, and Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course in 2017; and
|
•
|
Andaz 5th Avenue and Hyatt Regency Birmingham (U.K.) in 2016.
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
|
RevPAR
|
|
Occupancy
|
|
ADR
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Better /
(Worse) |
|
Better / (Worse) Constant $
|
|
2017
|
|
2016
|
|
Change in
Occ % pts
|
|
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|||||||||||||||
Comparable owned and leased hotels
|
$
|
176
|
|
|
$
|
174
|
|
|
1.0
|
%
|
|
0.9
|
%
|
|
76.7
|
%
|
|
76.9
|
%
|
|
(0.2
|
)%
|
|
$
|
229
|
|
|
$
|
226
|
|
|
1.3
|
%
|
|
1.2
|
%
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2016
|
|
2015
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
2,029
|
|
|
$
|
2,017
|
|
|
$
|
12
|
|
|
0.6
|
%
|
|
$
|
(23
|
)
|
Non-comparable owned and leased hotels revenues
|
90
|
|
|
62
|
|
|
28
|
|
|
45.2
|
%
|
|
(2
|
)
|
||||
Total owned and leased hotels revenues
|
$
|
2,119
|
|
|
$
|
2,079
|
|
|
$
|
40
|
|
|
1.9
|
%
|
|
$
|
(25
|
)
|
•
|
the opening of Grand Hyatt Rio de Janeiro;
|
•
|
the acquisitions of The Confidante Miami Beach and Royal Palms Resort and Spa; and
|
•
|
the acquisition of our partners' interest in Andaz Maui at Wailea Resort.
|
•
|
the dispositions of Andaz 5th Avenue and Hyatt Regency Birmingham (U.K.).
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
|
RevPAR
|
|
Occupancy
|
|
ADR
|
|||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2016
|
|
2015
|
|
Change in
Occ % pts
|
|
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|||||||||||||||
Comparable owned and leased hotels
|
$
|
170
|
|
|
$
|
168
|
|
|
1.2
|
%
|
|
2.2
|
%
|
|
76.7
|
%
|
|
76.1
|
%
|
|
0.6
|
%
|
|
$
|
222
|
|
|
$
|
221
|
|
|
0.3
|
%
|
|
1.4
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015 |
||||||||||||||||
Owned and leased hotels Adjusted EBITDA
|
$
|
417
|
|
|
$
|
416
|
|
|
$
|
413
|
|
|
$
|
1
|
|
|
0.2
|
%
|
|
$
|
3
|
|
|
0.7
|
%
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
73
|
|
|
100
|
|
|
80
|
|
|
(27
|
)
|
|
(28.0
|
)%
|
|
20
|
|
|
25.0
|
%
|
|||||
Segment Adjusted EBITDA
|
$
|
490
|
|
|
$
|
516
|
|
|
$
|
493
|
|
|
$
|
(26
|
)
|
|
(5.3
|
)%
|
|
$
|
23
|
|
|
4.7
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015
|
||||||||||||||||
Segment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Management, franchise, and other fees
|
$
|
403
|
|
|
$
|
371
|
|
|
$
|
354
|
|
|
$
|
32
|
|
|
8.6
|
%
|
|
$
|
17
|
|
|
4.8
|
%
|
Other revenues from managed and franchised properties
|
1,730
|
|
|
1,670
|
|
|
1,641
|
|
|
60
|
|
|
3.6
|
%
|
|
29
|
|
|
1.8
|
%
|
|||||
Total segment revenues
|
$
|
2,133
|
|
|
$
|
2,041
|
|
|
$
|
1,995
|
|
|
$
|
92
|
|
|
4.5
|
%
|
|
$
|
46
|
|
|
2.3
|
%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2017
|
|
2016
|
|
Change in
Occ % pts
|
|
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
Americas full service
|
$
|
155
|
|
|
$
|
151
|
|
|
2.4
|
%
|
|
2.4
|
%
|
|
75.8
|
%
|
|
75.3
|
%
|
|
0.5
|
%
|
|
$
|
204
|
|
|
$
|
201
|
|
|
1.7
|
%
|
|
1.7
|
%
|
Americas select service
|
$
|
108
|
|
|
$
|
105
|
|
|
2.9
|
%
|
|
2.9
|
%
|
|
78.4
|
%
|
|
77.3
|
%
|
|
1.1
|
%
|
|
$
|
137
|
|
|
$
|
135
|
|
|
1.5
|
%
|
|
1.5
|
%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2016
|
|
2015
|
|
Change in
Occ % pts
|
|
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
Americas full service
|
$
|
151
|
|
|
$
|
148
|
|
|
2.3
|
%
|
|
2.8
|
%
|
|
75.3
|
%
|
|
75.5
|
%
|
|
(0.2
|
)%
|
|
$
|
200
|
|
|
$
|
195
|
|
|
2.5
|
%
|
|
3.1
|
%
|
Americas select service
|
$
|
104
|
|
|
$
|
99
|
|
|
5.3
|
%
|
|
5.4
|
%
|
|
78.1
|
%
|
|
76.7
|
%
|
|
1.4
|
%
|
|
$
|
134
|
|
|
$
|
129
|
|
|
3.4
|
%
|
|
3.4
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015
|
||||||||||||||||
Segment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Management, franchise, and other fees
|
$
|
112
|
|
|
$
|
96
|
|
|
$
|
91
|
|
|
$
|
16
|
|
|
17.3
|
%
|
|
$
|
5
|
|
|
5.5
|
%
|
Other revenues from managed and franchised properties
|
114
|
|
|
98
|
|
|
87
|
|
|
16
|
|
|
15.6
|
%
|
|
11
|
|
|
12.6
|
%
|
|||||
Total segment revenues
|
$
|
226
|
|
|
$
|
194
|
|
|
$
|
178
|
|
|
$
|
32
|
|
|
16.5
|
%
|
|
$
|
16
|
|
|
9.0
|
%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2017
|
|
2016
|
|
Change in
Occ % pts
|
|
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
ASPAC full service
|
$
|
148
|
|
|
$
|
140
|
|
|
5.4
|
%
|
|
5.8
|
%
|
|
72.7
|
%
|
|
68.4
|
%
|
|
4.3
|
%
|
|
$
|
203
|
|
|
$
|
205
|
|
|
(0.9
|
)%
|
|
(0.5
|
)%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2016
|
|
2015
|
|
Change in
Occ % pts
|
|
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
ASPAC full service
|
$
|
147
|
|
|
$
|
145
|
|
|
1.9
|
%
|
|
2.2
|
%
|
|
70.8
|
%
|
|
67.9
|
%
|
|
2.9
|
%
|
|
$
|
208
|
|
|
$
|
213
|
|
|
(2.3
|
)%
|
|
(2.0
|
)%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015
|
||||||||||||||||
Segment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Management, franchise, and other fees
|
$
|
72
|
|
|
$
|
65
|
|
|
$
|
67
|
|
|
$
|
7
|
|
|
9.6
|
%
|
|
$
|
(2
|
)
|
|
(3.0
|
)%
|
Other revenues from managed and franchised properties
|
74
|
|
|
65
|
|
|
58
|
|
|
9
|
|
|
15.5
|
%
|
|
7
|
|
|
12.1
|
%
|
|||||
Total segment revenues
|
$
|
146
|
|
|
$
|
130
|
|
|
$
|
125
|
|
|
$
|
16
|
|
|
12.5
|
%
|
|
$
|
5
|
|
|
4.0
|
%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2017
|
|
2016
|
|
Change in
Occ % pts
|
|
2017
|
|
2016
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
EAME/SW Asia full service
|
$
|
123
|
|
|
$
|
117
|
|
|
4.5
|
%
|
|
3.9
|
%
|
|
66.7
|
%
|
|
64.0
|
%
|
|
2.7
|
%
|
|
$
|
184
|
|
|
$
|
183
|
|
|
0.4
|
%
|
|
(0.2
|
)%
|
EAME/SW Asia select service
|
$
|
71
|
|
|
$
|
63
|
|
|
12.0
|
%
|
|
10.3
|
%
|
|
72.9
|
%
|
|
66.8
|
%
|
|
6.1
|
%
|
|
$
|
97
|
|
|
$
|
95
|
|
|
2.5
|
%
|
|
1.0
|
%
|
(Comparable Systemwide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||||||||||||||||||||
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
|
2016
|
|
2015
|
|
Change in
Occ % pts
|
|
2016
|
|
2015
|
|
Better /
(Worse)
|
|
Better / (Worse) Constant $
|
||||||||||||||||
EAME/SW Asia full service
|
$
|
119
|
|
|
$
|
129
|
|
|
(7.6
|
)%
|
|
(4.6
|
)%
|
|
63.4
|
%
|
|
63.5
|
%
|
|
(0.1
|
)%
|
|
$
|
188
|
|
|
$
|
203
|
|
|
(7.5
|
)%
|
|
(4.4
|
)%
|
EAME/SW Asia select service
|
$
|
70
|
|
|
$
|
65
|
|
|
8.6
|
%
|
|
9.4
|
%
|
|
71.9
|
%
|
|
64.3
|
%
|
|
7.6
|
%
|
|
$
|
98
|
|
|
$
|
100
|
|
|
(2.8
|
)%
|
|
(2.1
|
)%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
Better / (Worse)
2017 vs 2016
|
|
Better / (Worse)
2016 vs 2015
|
|||||||||||||||||
Corporate and other revenues
|
$
|
125
|
|
|
$
|
43
|
|
|
$
|
40
|
|
|
$
|
82
|
|
|
186.9
|
%
|
|
$
|
3
|
|
|
7.5
|
%
|
Corporate and other Adjusted EBITDA
|
$
|
(137
|
)
|
|
$
|
(139
|
)
|
|
$
|
(131
|
)
|
|
$
|
2
|
|
|
1.8
|
%
|
|
$
|
(8
|
)
|
|
(6.1
|
)%
|
•
|
increase of $64 million due to the acquisition of Miraval;
|
•
|
increase of $10 million due to the acquisition of exhale; and
|
•
|
increase of $7 million in revenues from our co-branded credit card program as a result of increased point sales and our new agreement that took effect in the second quarter of 2017.
|
|
Year Ended December 31,
|
||||||||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
Change
2017 vs 2016 |
|
Change
2016 vs 2015 |
|||||||||||||||||
Net income attributable to Hyatt Hotels Corporation
|
$
|
249
|
|
|
$
|
204
|
|
|
$
|
124
|
|
|
$
|
45
|
|
|
22.3
|
%
|
|
$
|
80
|
|
|
64.5
|
%
|
Interest expense
|
80
|
|
|
76
|
|
|
68
|
|
|
4
|
|
|
5.4
|
%
|
|
8
|
|
|
11.8
|
%
|
|||||
Provision for income taxes
|
323
|
|
|
85
|
|
|
70
|
|
|
238
|
|
|
279.4
|
%
|
|
15
|
|
|
21.4
|
%
|
|||||
Depreciation and amortization
|
366
|
|
|
342
|
|
|
320
|
|
|
24
|
|
|
7.1
|
%
|
|
22
|
|
|
6.9
|
%
|
|||||
EBITDA
|
1,018
|
|
|
707
|
|
|
582
|
|
|
311
|
|
|
44.1
|
%
|
|
125
|
|
|
21.5
|
%
|
|||||
Equity (earnings) losses from unconsolidated hospitality ventures
|
(220
|
)
|
|
(68
|
)
|
|
64
|
|
|
(152
|
)
|
|
(225.6
|
)%
|
|
(132
|
)
|
|
(206.3
|
)%
|
|||||
Stock-based compensation expense
|
29
|
|
|
25
|
|
|
23
|
|
|
4
|
|
|
15.9
|
%
|
|
2
|
|
|
8.7
|
%
|
|||||
(Gains) losses on sales of real estate
|
(51
|
)
|
|
23
|
|
|
(9
|
)
|
|
(74
|
)
|
|
(323.8
|
)%
|
|
32
|
|
|
355.6
|
%
|
|||||
Asset impairments
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
NM
|
|
|
(5
|
)
|
|
NM
|
|
|||||
Other (income) loss, net
|
(33
|
)
|
|
(2
|
)
|
|
5
|
|
|
(31
|
)
|
|
NM
|
|
|
(7
|
)
|
|
(140.0
|
)%
|
|||||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
73
|
|
|
100
|
|
|
80
|
|
|
(27
|
)
|
|
(28.0
|
)%
|
|
20
|
|
|
25.0
|
%
|
|||||
Adjusted EBITDA
|
$
|
816
|
|
|
$
|
785
|
|
|
$
|
750
|
|
|
$
|
31
|
|
|
3.9
|
%
|
|
$
|
35
|
|
|
4.7
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
620
|
|
|
$
|
489
|
|
|
$
|
538
|
|
Investing activities
|
266
|
|
|
(380
|
)
|
|
(47
|
)
|
|||
Financing activities
|
(858
|
)
|
|
(96
|
)
|
|
(715
|
)
|
|||
Effect of exchange rate changes on cash
|
(7
|
)
|
|
12
|
|
|
(4
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
21
|
|
|
$
|
25
|
|
|
$
|
(228
|
)
|
•
|
We sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa for approximately $
296 million
. Proceeds from the sale of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch of
$207 million
are held as restricted for use in a potential like-kind exchange.
|
•
|
We received a
$217 million
liquidating distribution from the sale of Avendra to Aramark.
|
•
|
We sold Hyatt Regency Grand Cypress for approximately $202 million; the proceeds were initially recorded as restricted cash pursuant to a like-kind exchange and were subsequently released.
|
•
|
We received $196 million related to the redemption of our Playa preferred shares.
|
•
|
We sold Hyatt Regency Louisville for approximately $65 million; the proceeds were initially recorded as restricted cash pursuant to a like-kind exchange and were subsequently released.
|
•
|
We sold Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course for approximately $
58 million
.
|
•
|
We released $33 million from restricted cash related to the finalization of tax regulatory review in connection with the disposition of Hyatt Regency Vancouver in 2014.
|
•
|
We sold land and construction in progress to an unconsolidated hospitality venture, in which we have a 50% ownership interest for approximately $29 million.
|
•
|
We received pre-condemnation proceeds of $15 million primarily related to a relinquishment of subterranean space at an owned hotel.
|
•
|
We invested
$298 million
in capital expenditures (see "—Capital Expenditures").
|
•
|
We acquired Miraval for approximately $237 million.
|
•
|
We contributed a total of $89 million in investments and held-to-maturity ("HTM") debt securities.
|
•
|
We acquired exhale for approximately $16 million.
|
•
|
We acquired Thompson Miami Beach for approximately
$238 million
.
|
•
|
We invested $211 million in capital expenditures (see "—Capital Expenditures").
|
•
|
We purchased our partners' interest in Andaz Maui at Wailea Resort for
$136 million
, net of cash acquired. Additionally, prior to the acquisition we contributed $71 million to the unconsolidated hospitality venture and provided $37 million of financing receivables to our partners to repay the venture's third-party debt. Our partners repaid the financing receivables during 2016.
|
•
|
We invested $33 million in unconsolidated hospitality ventures, excluding our contribution to Andaz Maui at Wailea Resort discussed above.
|
•
|
We acquired Royal Palms Resort and Spa for a net purchase price of approximately
$86 million
.
|
•
|
We acquired land for
$25 million
for future development in Philadelphia.
|
•
|
We sold Andaz 5th Avenue for approximately
$240 million
, net of closing costs and proration adjustments.
|
•
|
We received distributions of $132 million from unconsolidated hospitality ventures.
|
•
|
We sold the shares of the company that owns Hyatt Regency Birmingham (U.K.) for approximately
$49 million
, net of closing costs and proration adjustments.
|
•
|
We released $29 million from restricted cash related to the finalization of a tax regulatory review in connection with the disposition of Park Hyatt Toronto in 2014.
|
•
|
We invested $269 million in capital expenditures (see "—Capital Expenditures").
|
•
|
We had net purchases of $121 million of marketable securities and short-term investments related to the loyalty program and our captive insurance companies.
|
•
|
We invested a total of $37 million in investments which includes $35 million in unconsolidated hospitality ventures.
|
•
|
We released
$143 million
from escrow to cash and cash equivalents related to release of proceeds from like-kind exchanges.
|
•
|
We received net proceeds of $100 million from the maturity of time deposits.
|
•
|
We sold Hyatt Regency Indianapolis for approximately $69 million.
|
•
|
We received proceeds of $28 million from financing receivables.
|
•
|
We released $19 million from restricted cash related to the development of a hotel in Brazil.
|
•
|
Two unconsolidated hospitality ventures, which are classified as equity method investments, sold two select service properties to third parties for total proceeds of $16 million.
|
•
|
We sold land and construction in progress for approximately $14 million.
|
•
|
We sold a Hyatt House hotel for approximately $5 million.
|
•
|
We drew and repaid
$670 million
and
$770 million
, respectively, on our revolving credit facility.
|
•
|
We repurchased
12,186,308
shares of Class A and Class B common stock for an aggregate purchase price of
$723 million
. Included in the repurchases are
8,213,057
shares repurchased under the ASR programs for an aggregate purchase price of
$480 million
. Subsequent to
December 31, 2017
, the remaining
$20 million
of shares under the November 2017 ASR was settled. See Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 15 to our Consolidated Financial Statements" for further detail.
|
•
|
In conjunction with the acquisition of Miraval, we issued
$9 million
of redeemable preferred shares of a subsidiary.
|
•
|
We received net proceeds of
$396 million
from the issuance of our 2026 Notes, after deducting discounts and offering expenses of approximately
$4 million
. Additionally, all of our outstanding
2016
Notes were redeemed for $250 million.
|
•
|
We repaid the senior secured term loan of
$64 million
related to Hyatt Regency Lost Pines Resort and Spa.
|
•
|
We repurchased
5,631,557
shares of Class A and Class B common stock for an aggregate purchase price of
$272 million
.
|
•
|
We drew and repaid
$210 million
and
$110 million
, respectively, on our revolving credit facility.
|
•
|
Excluding the effects of currency, we drew
$13 million
on the construction loan for the development of the Grand Hyatt Rio de Janeiro.
|
•
|
We repurchased
13,199,811
shares of Class A and Class B common stock for an aggregate purchase price of
$715 million
.
|
•
|
Excluding the effects of currency, we drew
$12 million
on the construction loan for the development of the Grand Hyatt Rio de Janeiro.
|
|
|
|
|
||||
|
December 31, 2017
|
|
December 31, 2016
|
||||
Consolidated debt (1)
|
$
|
1,451
|
|
|
$
|
1,564
|
|
Stockholders’ equity
|
3,525
|
|
|
3,903
|
|
||
Total capital
|
4,976
|
|
|
5,467
|
|
||
Total debt to total capital
|
29.2
|
%
|
|
28.6
|
%
|
||
Consolidated debt (1)
|
1,451
|
|
|
1,564
|
|
||
Less: Cash and cash equivalents and short-term investments
|
552
|
|
|
538
|
|
||
Net consolidated debt
|
899
|
|
|
1,026
|
|
||
Net debt to total capital
|
18.1
|
%
|
|
18.8
|
%
|
(1)
|
Excludes approximately
$580 million
and $745 million of our share of unconsolidated hospitality venture indebtedness at
December 31, 2017
and
December 31, 2016
, respectively, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant to separate agreements. The decrease from December 31, 2016 is primarily attributable to Playa, which is no longer an unconsolidated hospitality venture as discussed in Part IV, Item 15 "Exhibits and Financial Statement Schedule—Note 4 to our Consolidated Financial Statements."
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Maintenance and technology
|
$
|
80
|
|
|
$
|
68
|
|
|
$
|
110
|
|
Enhancements to existing properties
|
166
|
|
|
72
|
|
|
59
|
|
|||
Investment in new properties under development or recently owned
|
52
|
|
|
71
|
|
|
100
|
|
|||
Total capital expenditures
|
$
|
298
|
|
|
$
|
211
|
|
|
$
|
269
|
|
Description
|
|
Principal
amount
|
||
2019 Notes
|
|
$
|
196
|
|
2021 Notes
|
|
250
|
|
|
2023 Notes
|
|
350
|
|
|
2026 Notes
|
|
400
|
|
|
Total
|
|
$
|
1,196
|
|
•
|
create any liens on our principal properties, or on the capital stock or debt of our subsidiaries that own or lease principal properties, to secure debt without also effectively providing that the Senior Notes are secured equally and ratably with such debt for so long as such debt is so secured; or
|
•
|
enter into any sale and leaseback transactions with respect to our principal properties.
|
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|||||||||||||||
Debt (1)
|
$
|
1,934
|
|
|
$
|
83
|
|
|
$
|
278
|
|
|
$
|
68
|
|
|
$
|
318
|
|
|
$
|
54
|
|
|
$
|
1,133
|
|
Capital lease obligations (1)
|
17
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
7
|
|
|||||||
Operating lease obligations
|
629
|
|
|
36
|
|
|
42
|
|
|
39
|
|
|
36
|
|
|
35
|
|
|
441
|
|
|||||||
Purchase obligations
|
37
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other long-term liabilities (2)
|
425
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
418
|
|
|||||||
Total contractual obligations
|
$
|
3,042
|
|
|
$
|
160
|
|
|
$
|
324
|
|
|
$
|
110
|
|
|
$
|
357
|
|
|
$
|
92
|
|
|
$
|
1,999
|
|
(1)
|
Includes principal and interest payments; assumes constant foreign exchange rates at
December 31, 2017
for floating rate debt and international debt.
|
(2)
|
Primarily consists of deferred compensation plan liabilities; excludes
$107 million
in long-term tax positions due to the uncertainty related to the timing of the reversal of those positions
.
|
|
|
|
Amount of Guarantee Commitments Expiration by Period
|
||||||||||||||||||||||||
Total amounts committed
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|||||||||||||||
Performance guarantees (1)
|
$
|
323
|
|
|
$
|
77
|
|
|
$
|
40
|
|
|
$
|
173
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
23
|
|
Debt repayment and other guarantees (2)
|
708
|
|
|
140
|
|
|
25
|
|
|
504
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|||||||
Total guarantee commitments
|
$
|
1,031
|
|
|
$
|
217
|
|
|
$
|
65
|
|
|
$
|
677
|
|
|
$
|
44
|
|
|
$
|
5
|
|
|
$
|
23
|
|
(1)
|
Consists of contractual agreements with third-party owners which require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels.
|
(2)
|
Consists of various debt repayment and other guarantees related to our unconsolidated hospitality ventures, managed and franchised hotels, and other properties. Certain of these underlying debt agreements have extension periods which are not reflected in the table above. With respect to certain of these debt repayment guarantees we have agreements with either our unconsolidated hospitality venture partner, the respective hotel owners, or other third parties which reduce our maximum guarantee which are not reflected in the table above
.
|
|
|
|
Amount of Investment Commitments Expected Funding by Period
|
||||||||||||||||||||||||
Total amounts committed
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|||||||||||||||
Investment commitments
|
$
|
452
|
|
|
$
|
216
|
|
|
$
|
202
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
12
|
|
|
$
|
17
|
|
|
Maturities by period
|
|
|
|
|
||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total carrying amount
|
|
Total fair value
|
||||||||||||||||
Fixed-rate debt (1)
|
$
|
4
|
|
|
$
|
200
|
|
|
$
|
5
|
|
|
$
|
255
|
|
|
$
|
5
|
|
|
$
|
913
|
|
|
$
|
1,382
|
|
|
$
|
1,459
|
|
Average interest rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
4.88
|
%
|
|
|
|||||||||||||||
Floating-rate debt (3)
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
42
|
|
|
$
|
70
|
|
|
$
|
87
|
|
Average interest rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
7.94
|
%
|
|
|
Item 10.
|
Directors, Executive Officers, and Corporate Governance.
|
Item 11.
|
Executive Compensation.
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Plan category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
|
Weighted average exercise price of outstanding options
|
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)
|
|
|||
Equity Compensation Plans Approved by Security Holders
|
|
5,409,593
|
|
(1)
|
|
$47.07
|
(2)
|
|
4,751,206
|
|
(3)
|
|
Equity Compensation Plans Not Approved by Security Holders
|
|
—
|
|
|
|
—
|
|
|
|
1,469,195
|
|
(4)
|
Total
|
|
5,409,593
|
|
|
|
$47.07
|
|
|
6,220,401
|
|
|
Item 14.
|
Principal Accountant Fees and Services.
|
Item 15.
|
Exhibits and Financial Statement Schedule.
|
(a)
|
Financial Statements
|
|
Page
|
F- 1
|
|
F- 2
|
|
F- 3
|
|
F- 4
|
|
F- 5
|
|
F- 6
|
|
F- 7
|
|
F- 9
|
|
F- 10
|
(b)
|
Financial Statement Schedule
|
(c)
|
Exhibits
|
Item 16.
|
Form 10-K Summary.
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
By:
|
/s/ Mark S. Hoplamazian
|
|
|
Mark S. Hoplamazian
|
|
|
President and Chief Executive Officer
|
|
|
|
Date: February 15, 2018
|
|
|
Signature
|
Titles
|
Date
|
|
|
|
/s/ Mark S. Hoplamazian
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
February 15, 2018
|
Mark S. Hoplamazian
|
||
/s/ Patrick J. Grismer
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
|
February 15, 2018
|
Patrick J. Grismer
|
||
/s/ Elizabeth M. Bauer
|
Senior Vice President, Corporate Controller (Principal Accounting Officer)
|
February 15, 2018
|
Elizabeth M. Bauer
|
||
/s/ Thomas J. Pritzker
|
Executive Chairman of the Board
|
February 15, 2018
|
Thomas J. Pritzker
|
|
|
/s/ Paul D. Ballew
|
Director
|
February 15, 2018
|
Paul D. Ballew
|
|
|
/s/ Richard A. Friedman
|
Director
|
February 15, 2018
|
Richard A. Friedman
|
|
|
/s/ Susan D. Kronick
|
Director
|
February 15, 2018
|
Susan D. Kronick
|
|
|
/s/ Mackey J. McDonald
|
Director
|
February 15, 2018
|
Mackey J. McDonald
|
|
|
/s/ Cary D. McMillan
|
Director
|
February 15, 2018
|
Cary D. McMillan
|
|
|
/s/ Pamela M. Nicholson
|
Director
|
February 15, 2018
|
Pamela M. Nicholson
|
|
|
/s/ Jason Pritzker
|
Director
|
February 15, 2018
|
Jason Pritzker
|
|
|
/s/ Michael A. Rocca
|
Director
|
February 15, 2018
|
Michael A. Rocca
|
|
|
/s/ Richard C. Tuttle
|
Director
|
February 15, 2018
|
Richard C. Tuttle
|
|
|
/s/ James H. Wooten, Jr.
|
Director
|
February 15, 2018
|
James H. Wooten, Jr.
|
|
/s/ Mark S. Hoplamazian
|
Mark S. Hoplamazian
President & Chief Executive Officer
|
/s/ Patrick J. Grismer
|
Patrick J. Grismer
Executive Vice President, Chief Financial Officer
|
|
2017
|
|
2016
|
|
2015
|
||||||
REVENUES:
|
|
|
|
|
|
||||||
Owned and leased hotels
|
$
|
2,192
|
|
|
$
|
2,108
|
|
|
$
|
2,079
|
|
Management and franchise fees
|
505
|
|
|
448
|
|
|
427
|
|
|||
Other revenues
|
70
|
|
|
40
|
|
|
36
|
|
|||
Other revenues from managed and franchised properties
|
1,918
|
|
|
1,833
|
|
|
1,786
|
|
|||
Total revenues
|
4,685
|
|
|
4,429
|
|
|
4,328
|
|
|||
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
||||||
Owned and leased hotels
|
1,674
|
|
|
1,610
|
|
|
1,562
|
|
|||
Depreciation and amortization
|
366
|
|
|
342
|
|
|
320
|
|
|||
Other direct costs
|
46
|
|
|
30
|
|
|
29
|
|
|||
Selling, general, and administrative
|
379
|
|
|
315
|
|
|
308
|
|
|||
Other costs from managed and franchised properties
|
1,918
|
|
|
1,833
|
|
|
1,786
|
|
|||
Direct and selling, general, and administrative expenses
|
4,383
|
|
|
4,130
|
|
|
4,005
|
|
|||
Net gains and interest income from marketable securities held to fund operating programs
|
47
|
|
|
19
|
|
|
4
|
|
|||
Equity earnings (losses) from unconsolidated hospitality ventures
|
220
|
|
|
68
|
|
|
(64
|
)
|
|||
Interest expense
|
(80
|
)
|
|
(76
|
)
|
|
(68
|
)
|
|||
Gains (losses) on sales of real estate
|
51
|
|
|
(23
|
)
|
|
9
|
|
|||
Asset impairments
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||
Other income (loss), net
|
33
|
|
|
2
|
|
|
(5
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
573
|
|
|
289
|
|
|
194
|
|
|||
PROVISION FOR INCOME TAXES
|
(323
|
)
|
|
(85
|
)
|
|
(70
|
)
|
|||
NET INCOME
|
250
|
|
|
204
|
|
|
124
|
|
|||
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
$
|
249
|
|
|
$
|
204
|
|
|
$
|
124
|
|
EARNINGS PER SHARE—Basic
|
|
|
|
|
|
||||||
Net income
|
$
|
2.00
|
|
|
$
|
1.53
|
|
|
$
|
0.87
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
1.99
|
|
|
$
|
1.53
|
|
|
$
|
0.87
|
|
EARNINGS PER SHARE—Diluted
|
|
|
|
|
|
||||||
Net income
|
$
|
1.98
|
|
|
$
|
1.52
|
|
|
$
|
0.86
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
1.97
|
|
|
$
|
1.52
|
|
|
$
|
0.86
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
250
|
|
|
$
|
204
|
|
|
$
|
124
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, net of tax expense (benefit) of $1, $-, and $(2) for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, respectively
|
56
|
|
|
(42
|
)
|
|
(102
|
)
|
|||
Unrealized gains (losses) on available-for-sale securities, net of tax expense (benefit) of $23, $(4), and $21 for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, respectively
|
35
|
|
|
(6
|
)
|
|
33
|
|
|||
Unrecognized pension cost, net of tax benefit of $- for each of the years ended December 31, 2017, December 31, 2016, and December 31, 2015
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Unrealized gains on derivative activity, net of tax expense of $-, $1, and $1 for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, respectively
|
1
|
|
|
1
|
|
|
1
|
|
|||
Other comprehensive income (loss)
|
92
|
|
|
(47
|
)
|
|
(70
|
)
|
|||
COMPREHENSIVE INCOME
|
342
|
|
|
157
|
|
|
54
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
$
|
341
|
|
|
$
|
157
|
|
|
$
|
54
|
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
503
|
|
|
$
|
482
|
|
Restricted cash
|
234
|
|
|
76
|
|
||
Short-term investments
|
49
|
|
|
56
|
|
||
Receivables, net of allowances of $21 and $18 at December 31, 2017 and December 31, 2016, respectively
|
350
|
|
|
304
|
|
||
Inventories
|
14
|
|
|
28
|
|
||
Prepaids and other assets
|
153
|
|
|
153
|
|
||
Prepaid income taxes
|
24
|
|
|
40
|
|
||
Total current assets
|
1,327
|
|
|
1,139
|
|
||
Investments
|
211
|
|
|
186
|
|
||
Property and equipment, net
|
4,034
|
|
|
4,270
|
|
||
Financing receivables, net of allowances
|
19
|
|
|
19
|
|
||
Goodwill
|
150
|
|
|
125
|
|
||
Intangibles, net
|
683
|
|
|
599
|
|
||
Deferred tax assets
|
242
|
|
|
313
|
|
||
Other assets
|
1,006
|
|
|
1,098
|
|
||
TOTAL ASSETS
|
$
|
7,672
|
|
|
$
|
7,749
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
11
|
|
|
$
|
119
|
|
Accounts payable
|
175
|
|
|
162
|
|
||
Accrued expenses and other current liabilities
|
635
|
|
|
514
|
|
||
Accrued compensation and benefits
|
145
|
|
|
129
|
|
||
Total current liabilities
|
966
|
|
|
924
|
|
||
Long-term debt
|
1,440
|
|
|
1,445
|
|
||
Other long-term liabilities
|
1,725
|
|
|
1,472
|
|
||
Total liabilities
|
4,131
|
|
|
3,841
|
|
||
Commitments and contingencies (see Note 14)
|
|
|
|
||||
Redeemable noncontrolling interest in preferred shares of a subsidiary
|
10
|
|
|
—
|
|
||
EQUITY:
|
|
|
|
||||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2017 and December 31, 2016
|
—
|
|
|
—
|
|
||
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 48,231,149 issued and outstanding at December 31, 2017, and Class B common stock, $0.01 par value per share, 402,748,249 shares authorized, 70,753,837 shares issued and outstanding at December 31, 2017. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,952,061 issued and outstanding at December 31, 2016, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,863,209 shares issued and outstanding at December 31, 2016
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
967
|
|
|
1,686
|
|
||
Retained earnings
|
2,742
|
|
|
2,493
|
|
||
Accumulated other comprehensive loss
|
(185
|
)
|
|
(277
|
)
|
||
Total stockholders’ equity
|
3,525
|
|
|
3,903
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
6
|
|
|
5
|
|
||
Total equity
|
3,531
|
|
|
3,908
|
|
||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
|
$
|
7,672
|
|
|
$
|
7,749
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
250
|
|
|
$
|
204
|
|
|
$
|
124
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
366
|
|
|
342
|
|
|
320
|
|
|||
Amortization of share awards
|
32
|
|
|
26
|
|
|
26
|
|
|||
Deferred income taxes
|
47
|
|
|
(3
|
)
|
|
(103
|
)
|
|||
Equity (earnings) losses from unconsolidated hospitality ventures
|
(220
|
)
|
|
(68
|
)
|
|
64
|
|
|||
(Gains) losses on sales of real estate
|
(51
|
)
|
|
23
|
|
|
(9
|
)
|
|||
Realized losses from marketable securities
|
40
|
|
|
6
|
|
|
—
|
|
|||
Distributions from unconsolidated hospitality ventures
|
29
|
|
|
35
|
|
|
36
|
|
|||
Other
|
1
|
|
|
(44
|
)
|
|
55
|
|
|||
Increase (decrease) in cash attributable to changes in assets and liabilities
|
|
|
|
|
|
||||||
Restricted cash
|
13
|
|
|
(4
|
)
|
|
78
|
|
|||
Receivables, net
|
(37
|
)
|
|
(14
|
)
|
|
29
|
|
|||
Inventories
|
12
|
|
|
2
|
|
|
1
|
|
|||
Prepaid income taxes
|
14
|
|
|
21
|
|
|
(16
|
)
|
|||
Accounts payable, accrued expenses, and other current liabilities
|
95
|
|
|
7
|
|
|
(7
|
)
|
|||
Accrued compensation and benefits
|
22
|
|
|
7
|
|
|
5
|
|
|||
Other long-term liabilities
|
24
|
|
|
10
|
|
|
1
|
|
|||
Other, net
|
(17
|
)
|
|
(61
|
)
|
|
(66
|
)
|
|||
Net cash provided by operating activities
|
620
|
|
|
489
|
|
|
538
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Purchases of marketable securities and short-term investments
|
|
$
|
(469
|
)
|
|
$
|
(464
|
)
|
|
$
|
(530
|
)
|
Proceeds from marketable securities and short-term investments
|
|
480
|
|
|
457
|
|
|
521
|
|
|||
Contributions to investments
|
|
(89
|
)
|
|
(107
|
)
|
|
(37
|
)
|
|||
Return of investments
|
|
425
|
|
|
132
|
|
|
19
|
|
|||
Acquisitions, net of cash acquired
|
|
(259
|
)
|
|
(492
|
)
|
|
(3
|
)
|
|||
Capital expenditures
|
|
(298
|
)
|
|
(211
|
)
|
|
(269
|
)
|
|||
Issuance of financing receivables
|
|
—
|
|
|
(38
|
)
|
|
(8
|
)
|
|||
Proceeds from financing receivables
|
|
—
|
|
|
38
|
|
|
28
|
|
|||
Proceeds from sales of real estate, net of cash disposed
|
|
663
|
|
|
289
|
|
|
88
|
|
|||
Sales proceeds transferred to escrow as restricted cash
|
|
(474
|
)
|
|
—
|
|
|
—
|
|
|||
Sales proceeds transferred from escrow to cash and cash equivalents
|
|
300
|
|
|
29
|
|
|
143
|
|
|||
Pre-condemnation proceeds
|
|
15
|
|
|
—
|
|
|
—
|
|
|||
Other investing activities
|
|
(28
|
)
|
|
(13
|
)
|
|
1
|
|
|||
Net cash provided by (used in) investing activities
|
|
266
|
|
|
(380
|
)
|
|
(47
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Proceeds from debt, net of issuance costs of $-, $4, and $-, respectively
|
|
670
|
|
|
620
|
|
|
12
|
|
|||
Repayments of debt
|
|
(782
|
)
|
|
(438
|
)
|
|
(5
|
)
|
|||
Repurchase of common stock
|
|
(743
|
)
|
|
(272
|
)
|
|
(715
|
)
|
|||
Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary
|
|
9
|
|
|
—
|
|
|
—
|
|
|||
Other financing activities
|
|
(12
|
)
|
|
(6
|
)
|
|
(7
|
)
|
|||
Net cash used in financing activities
|
|
(858
|
)
|
|
(96
|
)
|
|
(715
|
)
|
|||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
(7
|
)
|
|
12
|
|
|
(4
|
)
|
|||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
21
|
|
|
25
|
|
|
(228
|
)
|
|||
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR
|
|
482
|
|
|
457
|
|
|
685
|
|
|||
CASH AND CASH EQUIVALENTS—END OF PERIOD
|
|
$
|
503
|
|
|
$
|
482
|
|
|
$
|
457
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
||||||
Cash paid during the period for interest
|
|
$
|
80
|
|
|
$
|
75
|
|
|
$
|
69
|
|
Cash paid during the period for income taxes
|
|
$
|
175
|
|
|
$
|
95
|
|
|
$
|
145
|
|
Non-cash investing and financing activities are as follows:
|
|
|
|
|
|
|
||||||
Non-cash contributions to investments
|
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
17
|
|
Non-cash management and franchise agreement intangibles
|
|
$
|
3
|
|
|
$
|
47
|
|
|
$
|
3
|
|
Change in accrued capital expenditures
|
|
$
|
9
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
Total
|
|
Common Stock Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Treasury Stock Amount
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests in Consolidated Subsidiaries
|
||||||||||||||
BALANCE—January 1, 2015
|
$
|
4,631
|
|
|
$
|
2
|
|
|
$
|
2,621
|
|
|
$
|
2,165
|
|
|
$
|
(1
|
)
|
|
$
|
(160
|
)
|
|
$
|
4
|
|
Total comprehensive income
|
54
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
(70
|
)
|
|
—
|
|
|||||||
Repurchase of common stock
|
(715
|
)
|
|
(1
|
)
|
|
(714
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Directors compensation
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Employee stock plan issuance
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based payment activity
|
20
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||
BALANCE—December 31, 2015
|
$
|
3,995
|
|
|
$
|
1
|
|
|
$
|
1,931
|
|
|
$
|
2,289
|
|
|
$
|
—
|
|
|
$
|
(230
|
)
|
|
$
|
4
|
|
Total comprehensive income
|
157
|
|
|
—
|
|
|
—
|
|
|
204
|
|
|
—
|
|
|
(47
|
)
|
|
—
|
|
|||||||
Contributions from noncontrolling interests
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Repurchase of common stock
|
(272
|
)
|
|
—
|
|
|
(272
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Directors compensation
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Employee stock plan issuance
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based payment activity
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
BALANCE—December 31, 2016
|
$
|
3,908
|
|
|
$
|
1
|
|
|
$
|
1,686
|
|
|
$
|
2,493
|
|
|
$
|
—
|
|
|
$
|
(277
|
)
|
|
$
|
5
|
|
Total comprehensive income
|
341
|
|
|
—
|
|
|
—
|
|
|
249
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|||||||
Contributions from noncontrolling interests
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Repurchase of common stock
|
(743
|
)
|
|
—
|
|
|
(743
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Directors compensation
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Employee stock plan issuance
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share-based payment activity
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
BALANCE—December 31, 2017
|
$
|
3,531
|
|
|
$
|
1
|
|
|
$
|
967
|
|
|
$
|
2,742
|
|
|
$
|
—
|
|
|
$
|
(185
|
)
|
|
$
|
6
|
|
•
|
Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased properties and are recognized when rooms are occupied and services have been rendered. Sales and occupancy taxes are recorded on a net basis in our
consolidated statements of income
.
|
•
|
Management and franchise fees earned from hotels managed and franchised worldwide:
|
–
|
Management fees primarily consist of a base fee, which is generally computed as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Base fee revenues are recognized when earned in accordance with the terms of the contract. We recognize incentive fees that would be due as if the contract were to terminate at that date, exclusive of any termination fees payable or receivable by us.
|
–
|
Realized gains from the sale of hotel real estate assets where we maintain substantial continuing involvement in the form of a
long-
term management contract are deferred and recognized as management fee revenue over the term of the underlying management contract.
|
–
|
Franchise fees consist of an initial application fee and continuing royalty fees calculated based on a percentage of gross room revenues and in certain circumstances, food and beverage revenues. Fees are recognized as they are earned and become due from the franchisee and when all material services have been substantially performed or satisfied by the franchisor.
|
•
|
Other revenues include revenues from our co-branded credit card and exhale. We recognize revenue from our co-branded credit card upon: (1) the sale of points to our third-party partner and (2) the fulfillment or expiration of a card member's promotional awards.
|
•
|
Other revenues from managed and franchised properties represent the reimbursement of costs incurred on behalf of the owners of hotel properties we manage and franchise. These costs relate primarily to payroll costs at managed properties where we are the employer, as well as reservations, sales, marketing, technology, and loyalty program costs at managed and franchised properties. Since the reimbursements are made based upon the costs incurred with no added margin, these revenues and corresponding expenses have no effect on our net income.
|
•
|
$207 million
at
December 31, 2017
related to sale proceeds from the disposition of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch pursuant to a like-kind exchange (see Note
7
);
|
•
|
$12 million
and
$14 million
, respectively, related to debt service on bonds acquired in connection with the acquisition of the entity that owned Grand Hyatt San Antonio (see Note
9
); in addition, we have
$11 million
recorded in other assets in both periods;
|
•
|
$9 million
related to our captive insurance subsidiary for minimum capital and surplus requirements in accordance with local insurance regulations (see Note
14
); and
|
•
|
$40 million
at
December 31, 2016
related to sales proceeds from the 2014 dispositions of
two
Canadian hotels, as the Canadian tax regulations required a portion of the proceeds be classified as restricted until completion of regulatory review.
|
•
|
Trading securities—recorded at fair value based on listed market prices or dealer price quotations where available. Realized gains and losses on trading securities are reflected in net gains and interest income from marketable securities held to fund operating programs on our consolidated statements of income.
|
•
|
AFS securities—recorded at fair value as described in Note 4. Unrealized gains and losses on AFS securities are reported as part of accumulated other comprehensive loss on our consolidated balance sheets. Realized gains and losses on AFS securities are recognized in
other income (loss), net
on our consolidated statements of income.
|
•
|
HTM securities—debt security investments which we have the ability to hold until maturity and are recorded at amortized cost.
|
•
|
SARs
—Each vested SAR gives the holder the right to the difference between the value of one share of our Class A common stock at the exercise date and the value of one share of our Class A common stock at the grant date. Vested SARs can be exercised over their life as determined in accordance with the LTIP. All SARs have a
10
-year contractual term, are settled in shares of our Class A common stock, and are accounted for as equity instruments.
|
•
|
RSUs
—Each vested RSU will generally be settled by delivery of a single share of our Class A common stock and therefore is accounted for as an equity instrument. In certain situations, we also grant a limited number of cash-settled RSUs, which are recorded as a liability instrument. The cash-settled RSUs represent an insignificant portion of certain previous grants.
|
•
|
PSs
—The Company has granted PSs to certain executive officers. The number of PSs that will ultimately vest with no further restrictions on transfer depends upon the performance of the Company at the end of the applicable three-year performance period relative to the applicable performance target. The PSs vest in full if the maximum performance metric is achieved and are generally subject to continued employment through the applicable performance period. At the end of the performance period, the PSs that do not vest will be forfeited. The PSs will vest at the end of the performance period only if the performance threshold is met and continued service requirements are satisfied; there is no interim performance metric except in the case of certain change in control transactions. PSs will be settled in shares of our Class A common stock.
|
•
|
PSUs
—The Company has granted PSUs to certain executive officers. PSUs vest and are settled in Class A common stock based upon the performance of the Company through the end of the applicable three-year performance period relative to the applicable performance target and are generally subject to continued employment through the applicable performance period. The PSUs will vest at the end of the performance period only if the performance threshold is met and continued service requirements are satisfied; there is no interim performance metric except in the case of certain change in control transactions.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Current assets
|
$
|
171
|
|
|
$
|
150
|
|
Noncurrent assets
|
298
|
|
|
296
|
|
||
Total assets
|
$
|
469
|
|
|
$
|
446
|
|
|
|
|
|
||||
Current liabilities
|
$
|
171
|
|
|
$
|
150
|
|
Noncurrent liabilities
|
298
|
|
|
296
|
|
||
Total liabilities
|
$
|
469
|
|
|
$
|
446
|
|
•
|
Under existing guidance, gains on sales of real estate are deferred when we maintain substantial continuing involvement and are amortized into management and franchise fee revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer within gains (losses) on sales of real estate on our consolidated statements of income. As a result, we expect a reduction in management and franchise fee income in future periods, but in periods in which we dispose of a property, we expect to recognize the gain upon sale which would increase net income in the period of sale. Any remaining unamortized deferred gains at the date of adoption will be included as an adjustment to retained earnings. For the years ended December 31, 2017 and December 31, 2016, we recognized
$25 million
and
$21 million
, respectively, of management and franchise fee revenues related to the amortization of these deferred gains on our consolidated statements of income.
|
•
|
Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles will meet the definition of consideration paid to a customer and therefore, the amortization will be recorded as contra-revenue within management and franchise fee revenues on our consolidated statements of income following the same timing and recognition pattern as existing guidance. For the years ended December 31, 2017 and December 31, 2016, we recognized
$18 million
and
$16 million
, respectively, of amortization expense related to management and franchise agreement intangibles that will meet the definition of consideration paid to a customer upon adoption of ASU 2014-09. As a result, we expect an equal and offsetting reduction in both revenues and amortization expense in future periods, such that there is no impact to net income.
|
•
|
Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of quarterly recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fee recognition on a full-year basis.
|
•
|
Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, franchise application fees will be recognized over the initial term of the franchise agreement. We do not expect this change to materially impact our consolidated financial statements.
|
•
|
Under existing guidance, revenues include the reimbursement of costs incurred to operate our sales, reservations, technology, and marketing programs on behalf of the owners of managed and franchised properties and are recognized when costs are incurred with no added margins. Upon adoption of ASU 2014-09, we anticipate that the timing of
|
•
|
Under existing guidance, revenues related to loyalty program award redemptions are deferred and recognized on a gross basis upon redemption. Upon adoption of ASU 2014-09, we anticipate recognizing revenue related to the loyalty program upon redemption, net of any reward reimbursement paid to a third party. We are still evaluating additional quantitative impacts of the new standard on our consolidated statements of income.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Equity method investments
|
$
|
184
|
|
|
$
|
180
|
|
Cost method investments
|
27
|
|
|
6
|
|
||
Total investments
|
$
|
211
|
|
|
$
|
186
|
|
|
Ownership interests
|
|
Investment balance
|
|||||||
December 31, 2017
|
|
December 31, 2016
|
||||||||
Juniper Hotels Private Limited
|
50.0
|
%
|
|
$
|
26
|
|
|
$
|
37
|
|
Macae Partners SARL
|
70.0
|
%
|
|
17
|
|
|
7
|
|
||
San Jose Hotel Partners, LLC
|
40.0
|
%
|
|
16
|
|
|
15
|
|
||
Four One Five, LLC
|
44.7
|
%
|
|
16
|
|
|
15
|
|
||
Hotel Am Belvedere GmbH & Co KG
|
50.0
|
%
|
|
15
|
|
|
12
|
|
||
Hotel Hoyo Uno, S. de R.L. de C.V.
|
40.0
|
%
|
|
15
|
|
|
13
|
|
||
Rio Preto Partners SARL
|
70.0
|
%
|
|
13
|
|
|
14
|
|
||
Desarrolladora Hotelera Acueducto, S. de R.L. de C.V.
|
50.0
|
%
|
|
13
|
|
|
13
|
|
||
HH Nashville JV Holdings, LLC
|
50.0
|
%
|
|
12
|
|
|
7
|
|
||
Glendale Hotel Properties, LLC
|
50.0
|
%
|
|
11
|
|
|
—
|
|
||
Playa Hotels & Resorts BV
|
—
|
%
|
|
—
|
|
|
23
|
|
||
Other
|
|
|
30
|
|
|
24
|
|
|||
Total
|
|
|
$
|
184
|
|
|
$
|
180
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Total revenues
|
$
|
832
|
|
|
$
|
1,229
|
|
|
$
|
1,079
|
|
Gross operating profit
|
289
|
|
|
398
|
|
|
312
|
|
|||
Income from continuing operations
|
54
|
|
|
160
|
|
|
33
|
|
|||
Net income
|
54
|
|
|
160
|
|
|
33
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Current assets
|
$
|
215
|
|
|
$
|
443
|
|
Noncurrent assets
|
1,308
|
|
|
2,701
|
|
||
Total assets
|
$
|
1,523
|
|
|
$
|
3,144
|
|
|
|
|
|
||||
Current liabilities
|
$
|
156
|
|
|
$
|
385
|
|
Noncurrent liabilities
|
1,224
|
|
|
2,037
|
|
||
Total liabilities
|
$
|
1,380
|
|
|
$
|
2,422
|
|
•
|
In conjunction with the sale of Avendra, an equity method investment within our Americas management and franchising segment, to Aramark, we received net proceeds of approximately
$217 million
. We recorded a gain of
$217 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
We sold our ownership interest in an equity method investment within our owned and leased hotels segment for which we received proceeds of
$8 million
. We recorded a gain of
$3 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
Two
unconsolidated hospitality ventures, which are classified as equity method investments within our owned and leased hotels segment, sold
two
Hyatt Place hotels. We received proceeds of
$4 million
and recorded a gain of
$3 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
We purchased our partners' interests in Andaz Maui at Wailea Resort. The transaction was accounted for as a step acquisition, and we recorded a gain of
$14 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income. See Note
7
for further discussion of our acquisition.
|
•
|
We sold our ownership interest in an equity method investment within our owned and leased hotels segment for which we received proceeds of
$4 million
. We recorded a gain of
$3 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
Two
unconsolidated hospitality ventures, which are classified as equity method investments within our owned and leased hotels segment, sold
five
Hyatt Place hotels, for which we received combined proceeds of
$15 million
. We recorded gains of
$7 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
Unconsolidated hospitality ventures, which are classified as equity method investments within our owned and leased hotels segment, sold
two
Hyatt Place hotels for which we received proceeds of
$16 million
. We recorded gains of
$13 million
in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
We sold an entity which held an interest in one of our foreign currency denominated equity method investments within our owned and leased hotels segment, for which we received proceeds of
$3 million
. In connection with the sale, we released
$21 million
of accumulated foreign currency translation losses to equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Loyalty program (Note 2)
|
$
|
403
|
|
|
$
|
394
|
|
Deferred compensation plans held in rabbi trusts (Note 11)
|
402
|
|
|
352
|
|
||
Captive insurance companies
|
111
|
|
|
65
|
|
||
Total marketable securities held to fund operating programs
|
$
|
916
|
|
|
$
|
811
|
|
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets
|
(156
|
)
|
|
(109
|
)
|
||
Marketable securities held to fund operating programs included in other assets
|
$
|
760
|
|
|
$
|
702
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Loyalty program
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Deferred compensation plans held in rabbi trusts
|
45
|
|
|
17
|
|
|
3
|
|
|||
Total net gains and interest income from marketable securities held to fund operating programs
|
$
|
47
|
|
|
$
|
19
|
|
|
$
|
4
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Interest bearing money market funds
|
$
|
26
|
|
|
$
|
106
|
|
Time deposits
|
37
|
|
|
45
|
|
||
Preferred shares
|
—
|
|
|
290
|
|
||
Common shares
|
131
|
|
|
—
|
|
||
Total marketable securities held for investment purposes
|
$
|
194
|
|
|
$
|
441
|
|
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments
|
(63
|
)
|
|
(151
|
)
|
||
Marketable securities held for investment purposes included in other assets
|
$
|
131
|
|
|
$
|
290
|
|
|
2017
|
|
2016
|
||||
Fair value at January 1
|
$
|
290
|
|
|
$
|
335
|
|
Gross unrealized gains
|
—
|
|
|
19
|
|
||
Gross unrealized losses
|
(54
|
)
|
|
(29
|
)
|
||
Realized losses
|
(40
|
)
|
|
(6
|
)
|
||
Interest income
|
94
|
|
|
12
|
|
||
Cash redemption
|
(290
|
)
|
|
(41
|
)
|
||
Fair value at December 31
|
$
|
—
|
|
|
$
|
290
|
|
|
December 31, 2016
|
|
Expected term
|
1 year
|
|
Risk-free interest rate
|
0.85
|
%
|
Volatility
|
46.5
|
%
|
Dividend yield
|
12.0
|
%
|
|
December 31, 2017
|
|
Cash and cash equivalents
|
|
Short-term investments
|
|
Prepaids and other assets
|
|
Other assets
|
||||||||||
Level One - Quoted Prices in Active Markets for Identical Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing money market funds
|
$
|
75
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
402
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
402
|
|
|||||
Common Shares
|
131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|||||
Level Two - Significant Other Observable Inputs
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
50
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
11
|
|
|||||
U.S. government obligations
|
158
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
120
|
|
|||||
U.S. government agencies
|
47
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
38
|
|
|||||
Corporate debt securities
|
179
|
|
|
—
|
|
|
8
|
|
|
33
|
|
|
138
|
|
|||||
Mortgage-backed securities
|
25
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
19
|
|
|||||
Asset-backed securities
|
40
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
30
|
|
|||||
Municipal and provincial notes and bonds
|
3
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|||||
Total
|
$
|
1,110
|
|
|
$
|
75
|
|
|
$
|
49
|
|
|
$
|
95
|
|
|
$
|
891
|
|
|
December 31, 2016
|
|
Cash and cash equivalents
|
|
Short-term investments
|
|
Prepaids and other assets
|
|
Other assets
|
||||||||||
Level One - Quoted Prices in Active Markets for Identical Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest bearing money market funds
|
$
|
114
|
|
|
$
|
114
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
352
|
|
|||||
Level Two - Significant Other Observable Inputs
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
59
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
13
|
|
|||||
U.S. government obligations
|
142
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
109
|
|
|||||
U.S. government agencies
|
53
|
|
|
—
|
|
|
9
|
|
|
8
|
|
|
36
|
|
|||||
Corporate debt securities
|
181
|
|
|
—
|
|
|
1
|
|
|
35
|
|
|
145
|
|
|||||
Mortgage-backed securities
|
22
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
17
|
|
|||||
Asset-backed securities
|
34
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
26
|
|
|||||
Municipal and provincial notes and bonds
|
5
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|||||
Level Three - Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred shares
|
290
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
290
|
|
|||||
Total
|
$
|
1,252
|
|
|
$
|
114
|
|
|
$
|
56
|
|
|
$
|
90
|
|
|
$
|
992
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Land
|
$
|
916
|
|
|
$
|
901
|
|
Buildings
|
3,880
|
|
|
4,125
|
|
||
Leasehold improvements
|
210
|
|
|
202
|
|
||
Furniture, equipment, and computers
|
1,204
|
|
|
1,316
|
|
||
Construction in progress
|
122
|
|
|
90
|
|
||
|
6,332
|
|
|
6,634
|
|
||
Accumulated depreciation
|
(2,298
|
)
|
|
(2,364
|
)
|
||
Total property and equipment, net
|
$
|
4,034
|
|
|
$
|
4,270
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Depreciation expense
|
$
|
335
|
|
|
$
|
315
|
|
|
$
|
289
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Unsecured financing to hotel owners
|
$
|
127
|
|
|
$
|
119
|
|
Less allowance for losses
|
(108
|
)
|
|
(100
|
)
|
||
Financing receivables, net of allowances
|
$
|
19
|
|
|
$
|
19
|
|
|
2017
|
|
2016
|
||||
Allowance at January 1
|
$
|
100
|
|
|
$
|
98
|
|
Provisions
|
6
|
|
|
10
|
|
||
Write-offs
|
—
|
|
|
(8
|
)
|
||
Other adjustments
|
2
|
|
|
—
|
|
||
Allowance at December 31
|
$
|
108
|
|
|
$
|
100
|
|
|
December 31, 2017
|
||||||||||||||
|
Gross loan balance (principal and interest)
|
|
Related allowance
|
|
Net financing receivables
|
|
Gross receivables on non-accrual status
|
||||||||
Loans
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
—
|
|
Impaired loans (1)
|
59
|
|
|
(59
|
)
|
|
—
|
|
|
59
|
|
||||
Total loans
|
72
|
|
|
(59
|
)
|
|
13
|
|
|
59
|
|
||||
Other financing arrangements
|
55
|
|
|
(49
|
)
|
|
6
|
|
|
49
|
|
||||
Total unsecured financing receivables
|
$
|
127
|
|
|
$
|
(108
|
)
|
|
$
|
19
|
|
|
$
|
108
|
|
|
December 31, 2016
|
||||||||||||||
|
Gross loan balance (principal and interest)
|
|
Related allowance
|
|
Net financing receivables
|
|
Gross receivables on non-accrual status
|
||||||||
Loans
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
—
|
|
Impaired loans (2)
|
56
|
|
|
(56
|
)
|
|
—
|
|
|
56
|
|
||||
Total loans
|
69
|
|
|
(56
|
)
|
|
13
|
|
|
56
|
|
||||
Other financing arrangements
|
50
|
|
|
(44
|
)
|
|
6
|
|
|
44
|
|
||||
Total unsecured financing receivables
|
$
|
119
|
|
|
$
|
(100
|
)
|
|
$
|
19
|
|
|
$
|
100
|
|
Current assets, net of cash acquired
|
$
|
1
|
|
Property and equipment
|
173
|
|
|
Indefinite-lived intangibles (1)
|
37
|
|
|
Management agreement intangibles (2)
|
14
|
|
|
Goodwill (3)
|
19
|
|
|
Other definite-lived intangibles (4)
|
7
|
|
|
Total assets
|
$
|
251
|
|
|
|
||
Current liabilities
|
$
|
12
|
|
Deferred tax liabilities
|
3
|
|
|
Total liabilities
|
15
|
|
|
Total net assets acquired attributable to Hyatt Hotels Corporation
|
236
|
|
|
Total net assets acquired attributable to noncontrolling interests
|
1
|
|
|
Total net assets acquired
|
$
|
237
|
|
|
|
Cash and cash equivalents
|
$
|
12
|
|
Receivables
|
3
|
|
|
Inventories
|
13
|
|
|
Prepaids and other assets
|
1
|
|
|
Property and equipment
|
323
|
|
|
Total assets
|
$
|
352
|
|
|
|
||
Current liabilities
|
$
|
10
|
|
Total liabilities
|
10
|
|
|
Total net assets acquired
|
$
|
342
|
|
|
Owned and Leased Hotels
|
|
Americas Management and Franchising
|
|
Corporate and Other
|
|
Total
|
||||||||
Balance at January 1, 2016
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
191
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
224
|
|
Accumulated impairment losses
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
||||
Goodwill, net
|
$
|
96
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
129
|
|
Activity during the year
|
|
|
|
|
|
|
|
||||||||
Foreign exchange (1)
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
Balance at December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
187
|
|
|
33
|
|
|
—
|
|
|
220
|
|
||||
Accumulated impairment losses
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
||||
Goodwill, net
|
$
|
92
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
125
|
|
Activity during the year
|
|
|
|
|
|
|
|
||||||||
Additions
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
||||
Foreign exchange (1)
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Balance at December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
189
|
|
|
33
|
|
|
23
|
|
|
245
|
|
||||
Accumulated impairment losses
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
||||
Goodwill, net
|
$
|
94
|
|
|
$
|
33
|
|
|
$
|
23
|
|
|
$
|
150
|
|
|
December 31, 2017
|
|
Weighted average useful lives
|
|
December 31, 2016
|
|||||
Management and franchise agreement intangibles
|
$
|
653
|
|
|
24
|
|
|
$
|
589
|
|
Lease related intangibles
|
127
|
|
|
110
|
|
|
115
|
|
||
Brand and other indefinite-lived intangibles
|
53
|
|
|
—
|
|
|
16
|
|
||
Advanced booking intangibles
|
9
|
|
|
6
|
|
|
11
|
|
||
Other definite-lived intangibles
|
9
|
|
|
11
|
|
|
6
|
|
||
|
851
|
|
|
|
|
737
|
|
|||
Accumulated amortization
|
(168
|
)
|
|
|
|
(138
|
)
|
|||
Intangibles, net
|
$
|
683
|
|
|
|
|
$
|
599
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Amortization expense
|
$
|
31
|
|
|
$
|
27
|
|
|
$
|
31
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
$196 million senior unsecured notes maturing in 2019—6.875%
|
$
|
196
|
|
|
$
|
196
|
|
$250 million senior unsecured notes maturing in 2021—5.375%
|
250
|
|
|
250
|
|
||
$350 million senior unsecured notes maturing in 2023—3.375%
|
350
|
|
|
350
|
|
||
$400 million senior unsecured notes maturing in 2026—4.850%
|
400
|
|
|
400
|
|
||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A
|
130
|
|
|
130
|
|
||
Contract Revenue Bonds, Senior Taxable Series 2005B
|
55
|
|
|
59
|
|
||
Floating average rate construction loan
|
70
|
|
|
79
|
|
||
Revolving credit facility
|
—
|
|
|
100
|
|
||
Other
|
1
|
|
|
1
|
|
||
Long-term debt before capital lease obligations
|
1,452
|
|
|
1,565
|
|
||
Capital lease obligations
|
13
|
|
|
15
|
|
||
Total long-term debt
|
1,465
|
|
|
1,580
|
|
||
Less current maturities
|
(11
|
)
|
|
(119
|
)
|
||
Less unamortized discounts and deferred financing fees
|
(14
|
)
|
|
(16
|
)
|
||
Total long-term debt, net of current maturities
|
$
|
1,440
|
|
|
$
|
1,445
|
|
•
|
In 2009, we issued
$250 million
of
6.875%
senior notes due 2019, at an issue price of
99.864%
(the "2019 Notes"). Following a cash tender offer during the year ended December 31, 2013,
$196 million
aggregate principal amount of 2019 Notes remains outstanding.
|
•
|
In 2011, we issued
$250 million
of
5.375%
senior notes due 2021, at an issue price of
99.846%
(the "2021 Notes").
|
•
|
In 2013, we issued
$350 million
of
3.375%
senior notes due 2023 at an issue price of
99.498%
(the "2023 Notes").
|
•
|
In 2016, we issued
$400 million
of
4.850%
senior notes due 2026, at an issue price of
99.920%
(the "2026 Notes"). We received net proceeds of
$396 million
from the sale of the 2026 Notes, after deducting discounts and offering expenses of approximately
$4 million
. We used a portion of the net proceeds to pay for the redemption of the 2016 Notes (as described below), with the remaining proceeds intended to be used for general corporate purposes.
|
•
|
During the year ended
December 31, 2016
, we fully redeemed
$250 million
of
3.875%
senior notes due 2016 (the "2016 Notes"), which represented the aggregate principal amount outstanding. The redemption price, which was calculated in accordance with the terms of the 2016 Notes and included principal and accrued interest plus a make-whole premium, was
$254 million
. The make-whole premium was recorded within other income (loss), net on our consolidated statements of income, see Note
20
.
|
|
December 31, 2017
|
||||||||||||||||||
|
Carrying value
|
|
Fair value
|
|
Quoted prices in active markets for identical assets (level one)
|
|
Significant other observable inputs (level two)
|
|
Significant unobservable inputs (level three)
|
||||||||||
Debt (1)
|
$
|
1,452
|
|
|
$
|
1,546
|
|
|
$
|
—
|
|
|
$
|
1,459
|
|
|
$
|
87
|
|
|
December 31, 2016
|
||||||||||||||||||
|
Carrying value
|
|
Fair value
|
|
Quoted prices in active markets for identical assets (level one)
|
|
Significant other observable inputs (level two)
|
|
Significant unobservable inputs (level three)
|
||||||||||
Debt (2)
|
$
|
1,565
|
|
|
$
|
1,642
|
|
|
$
|
—
|
|
|
$
|
1,450
|
|
|
$
|
192
|
|
Years Ending December 31,
|
Operating leases
|
|
Capital leases
|
||||
2018
|
$
|
36
|
|
|
$
|
2
|
|
2019
|
42
|
|
|
2
|
|
||
2020
|
39
|
|
|
2
|
|
||
2021
|
36
|
|
|
2
|
|
||
2022
|
35
|
|
|
2
|
|
||
Thereafter
|
441
|
|
|
7
|
|
||
Total minimum lease payments
|
$
|
629
|
|
|
$
|
17
|
|
Less amount representing interest
|
|
|
4
|
|
|||
Present value of minimum lease payments
|
|
|
$
|
13
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Minimum rentals
|
$
|
42
|
|
|
$
|
37
|
|
|
$
|
34
|
|
Contingent rentals
|
52
|
|
|
53
|
|
|
53
|
|
|||
Total
|
$
|
94
|
|
|
$
|
90
|
|
|
$
|
87
|
|
Years Ending December 31,
|
|
||
2018
|
$
|
23
|
|
2019
|
16
|
|
|
2020
|
15
|
|
|
2021
|
13
|
|
|
2022
|
13
|
|
|
Thereafter
|
59
|
|
|
Total minimum lease receipts
|
$
|
139
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Deferred gains on sales of hotel properties
|
$
|
523
|
|
|
$
|
363
|
|
Deferred compensation plans (see Note 11)
|
402
|
|
|
352
|
|
||
Loyalty program liability (see Note 2)
|
298
|
|
|
296
|
|
||
Other accrued income taxes (see Note 13)
|
107
|
|
|
100
|
|
||
Guarantee liabilities (see Note 14)
|
104
|
|
|
124
|
|
||
Deferred income taxes (see Note 13)
|
62
|
|
|
57
|
|
||
Other
|
229
|
|
|
180
|
|
||
Total
|
$
|
1,725
|
|
|
$
|
1,472
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
U.S. income before tax
|
$
|
500
|
|
|
$
|
180
|
|
|
$
|
119
|
|
Foreign income before tax
|
73
|
|
|
109
|
|
|
75
|
|
|||
Income before income taxes
|
$
|
573
|
|
|
$
|
289
|
|
|
$
|
194
|
|
|
Years Ended December 31,
|
|||||||
2017
|
|
2016
|
|
2015
|
||||
Statutory U.S. federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes—net of federal tax benefit
|
3.4
|
|
|
3.4
|
|
|
3.5
|
|
Impact of foreign operations (excluding unconsolidated hospitality ventures losses)
|
(6.8
|
)
|
|
(5.4
|
)
|
|
(13.8
|
)
|
Tax Act deferred rate change
|
16.9
|
|
|
—
|
|
|
—
|
|
Tax Act deemed repatriation tax
|
2.3
|
|
|
—
|
|
|
—
|
|
Change in valuation allowances
|
3.8
|
|
|
3.6
|
|
|
3.1
|
|
Foreign unconsolidated hospitality ventures
|
1.1
|
|
|
1.2
|
|
|
10.0
|
|
Playa foreign tax credit benefit
|
(1.3
|
)
|
|
(2.6
|
)
|
|
—
|
|
Tax contingencies
|
1.3
|
|
|
(5.2
|
)
|
|
(1.5
|
)
|
Equity based compensation
|
0.7
|
|
|
0.4
|
|
|
(0.5
|
)
|
General business credits
|
(0.4
|
)
|
|
(0.8
|
)
|
|
(1.9
|
)
|
Other
|
0.3
|
|
|
(0.1
|
)
|
|
2.3
|
|
Effective income tax rate
|
56.3
|
%
|
|
29.5
|
%
|
|
36.2
|
%
|
•
|
The Tax Act reduces the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. We recorded a provisional expense of
$97 million
with a corresponding decrease to our net deferred tax assets. Our estimated impact may be affected by other analyses related to the Tax Act which are not complete, including, but not limited to, our calculation of deemed repatriation of deferred foreign income.
|
•
|
We estimated the deemed repatriation tax, including state tax impacts, and recorded a provisional expense of
$13 million
. The deemed repatriation tax is a tax on previously untaxed earnings and profits of certain foreign subsidiaries. To determine the amount of the tax, we must determine, in addition to other factors, the amount of earnings and profits subject to U.S. tax for the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. We are continuing to gather additional information to more precisely compute the amount of deemed repatriation tax, inclusive of state tax implications, which may be impacted by further legislative technical corrections, amendments, and/or revised earnings and profits computations.
|
•
|
We must assess whether our valuation allowances are affected by various aspects of the Tax Act (e.g., deemed repatriation of deferred foreign income, GILTI inclusions, and new categories of FTCs). Therefore, any corresponding changes in our valuation allowances are also provisional. We recorded a provisional valuation allowance of
$15 million
related to FTCs that are not expected to be utilized in the future as a result of our interpretation of the Tax Act.
|
•
|
Under U.S. GAAP, we are allowed to make an accounting policy election to treat taxes due as a current period expense when incurred or to factor such amounts into our measurement of our deferred taxes. Our accounting policy election with respect to the new GILTI rules will depend, in part, on completing an analysis of our global income to determine whether we expect to have future U.S. inclusions in taxable income related to GILTI and the expected impact. Whether we expect to have future U.S. inclusions in taxable income related to GILTI depends not only on our current structure and estimated future global results, but also on our intent and ability to modify our structure and/or our business. We are not yet able to reasonably estimate the effect of this provision of the Tax Act. As a result, we have not made adjustments related to potential GILTI tax in our financial statements and have not made a policy election.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Deferred tax assets related to:
|
|
|
|
||||
Employee benefits
|
$
|
128
|
|
|
$
|
202
|
|
Foreign and state net operating losses and credit carryforwards
|
65
|
|
|
46
|
|
||
Investments
|
36
|
|
|
55
|
|
||
Allowance for uncollectible assets
|
31
|
|
|
36
|
|
||
Deferred gains on sales of hotel properties
|
132
|
|
|
134
|
|
||
Loyalty program
|
58
|
|
|
81
|
|
||
Interest and state benefits
|
1
|
|
|
2
|
|
||
Unrealized losses
|
2
|
|
|
5
|
|
||
Other
|
40
|
|
|
54
|
|
||
Valuation allowance
|
(51
|
)
|
|
(27
|
)
|
||
Total deferred tax asset
|
$
|
442
|
|
|
$
|
588
|
|
Deferred tax liabilities related to:
|
|
|
|
||||
Property and equipment
|
$
|
(157
|
)
|
|
$
|
(224
|
)
|
Investments
|
(19
|
)
|
|
(28
|
)
|
||
Intangibles
|
(32
|
)
|
|
(14
|
)
|
||
Unrealized gains
|
(35
|
)
|
|
(39
|
)
|
||
Prepaid expenses
|
(8
|
)
|
|
(12
|
)
|
||
Other
|
(11
|
)
|
|
(15
|
)
|
||
Total deferred tax liabilities
|
$
|
(262
|
)
|
|
$
|
(332
|
)
|
Net deferred tax assets
|
$
|
180
|
|
|
$
|
256
|
|
Recognized in the balance sheet as:
|
|
|
|
||||
Deferred tax assets—noncurrent
|
$
|
242
|
|
|
$
|
313
|
|
Deferred tax liabilities—noncurrent
|
(62
|
)
|
|
(57
|
)
|
||
Total
|
$
|
180
|
|
|
$
|
256
|
|
|
2017
|
|
2016
|
||||
Unrecognized tax benefits—beginning balance
|
$
|
86
|
|
|
$
|
110
|
|
Total increases—current period tax positions
|
11
|
|
|
2
|
|
||
Total decreases—prior period tax positions
|
(1
|
)
|
|
(21
|
)
|
||
Lapse of statute of limitations
|
(3
|
)
|
|
(5
|
)
|
||
Foreign currency fluctuation
|
1
|
|
|
—
|
|
||
Unrecognized tax benefits—ending balance
|
$
|
94
|
|
|
$
|
86
|
|
|
|
The four managed hotels in France
|
|
Other performance guarantees
|
|
All performance guarantees
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Beginning balance, January 1
|
|
$
|
66
|
|
|
$
|
93
|
|
|
$
|
13
|
|
|
$
|
4
|
|
|
$
|
79
|
|
|
$
|
97
|
|
Initial guarantee obligation liability
|
|
—
|
|
|
—
|
|
|
3
|
|
|
9
|
|
|
3
|
|
|
9
|
|
||||||
Amortization of initial guarantee obligation liability into income
|
|
(15
|
)
|
|
(33
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(19
|
)
|
|
(34
|
)
|
||||||
Performance guarantee expense (income), net
|
|
76
|
|
|
64
|
|
|
1
|
|
|
(1
|
)
|
|
77
|
|
|
63
|
|
||||||
Net (payments) receipts during the year
|
|
(78
|
)
|
|
(57
|
)
|
|
—
|
|
|
2
|
|
|
(78
|
)
|
|
(55
|
)
|
||||||
Foreign currency exchange, net
|
|
9
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(1
|
)
|
||||||
Ending balance, December 31
|
|
$
|
58
|
|
|
$
|
66
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
71
|
|
|
$
|
79
|
|
Property description
|
|
Maximum potential future payments
|
|
Maximum exposure net of recoverability from third parties
|
|
Other long-term liabilities recorded at December 31, 2017
|
|
Other long-term liabilities recorded at December 31, 2016
|
|
Year of guarantee expiration
|
||||||||
Hotel property in Washington State
(1), (3), (4), (5)
|
|
$
|
215
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
35
|
|
|
2020
|
Hotel properties in India (2), (3)
|
|
188
|
|
|
188
|
|
|
17
|
|
|
21
|
|
|
2020
|
||||
Hotel and residential properties in Brazil (1), (4)
|
|
97
|
|
|
40
|
|
|
4
|
|
|
3
|
|
|
various, through 2021
|
||||
Hotel property in Massachusetts (6)
|
|
107
|
|
|
107
|
|
|
1
|
|
|
—
|
|
|
2020
|
||||
Hotel properties in California (1)
|
|
31
|
|
|
13
|
|
|
6
|
|
|
6
|
|
|
various, through 2021
|
||||
Hotel property in Minnesota
|
|
25
|
|
|
25
|
|
|
2
|
|
|
2
|
|
|
2021
|
||||
Hotel property in Arizona (1), (4)
|
|
25
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
2019
|
||||
Other (1)
|
|
20
|
|
|
14
|
|
|
2
|
|
|
—
|
|
|
various, through 2021
|
||||
Total
|
|
$
|
708
|
|
|
$
|
387
|
|
|
$
|
59
|
|
|
$
|
69
|
|
|
|
|
Total number of shares repurchased (1)
|
|
Weighted-average price per share
|
|
Total cash paid
|
|||||
March 2017
|
5,393,669
|
|
|
$
|
55.62
|
|
|
$
|
300
|
|
August 2017
|
1,666,484
|
|
|
$
|
60.01
|
|
|
$
|
100
|
|
November 2017 (2)
|
1,152,904
|
|
|
$
|
69.39
|
|
|
$
|
100
|
|
|
Balance at
January 1, 2017
|
|
Current period other comprehensive income (loss) before reclassification
|
|
Amount reclassified from accumulated other comprehensive loss
|
|
Balance at
December 31, 2017
|
||||||||
Foreign currency translation adjustments
|
$
|
(299
|
)
|
|
$
|
56
|
|
|
$
|
—
|
|
|
$
|
(243
|
)
|
Unrealized gains on AFS securities
|
33
|
|
|
35
|
|
|
—
|
|
|
68
|
|
||||
Unrecognized pension cost
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
Unrealized gains (losses) on derivative instruments
|
(4
|
)
|
|
1
|
|
|
—
|
|
|
(3
|
)
|
||||
Accumulated other comprehensive income (loss)
|
$
|
(277
|
)
|
|
$
|
92
|
|
|
$
|
—
|
|
|
$
|
(185
|
)
|
|
|||||||||||||||
|
Balance at
January 1, 2016
|
|
Current period other comprehensive income (loss) before reclassification
|
|
Amount reclassified from accumulated other comprehensive loss (a)
|
|
Balance at
December 31, 2016
|
||||||||
Foreign currency translation adjustments
|
$
|
(257
|
)
|
|
$
|
(45
|
)
|
|
$
|
3
|
|
|
$
|
(299
|
)
|
Unrealized gains (losses) on AFS securities
|
39
|
|
|
(6
|
)
|
|
—
|
|
|
33
|
|
||||
Unrecognized pension cost
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||
Unrealized gains (losses) on derivative instruments
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
(4
|
)
|
||||
Accumulated other comprehensive income (loss)
|
$
|
(230
|
)
|
|
$
|
(50
|
)
|
|
$
|
3
|
|
|
$
|
(277
|
)
|
(a) The amount reclassified from accumulated other comprehensive loss related to the sale of the shares of the company that owns Hyatt Regency Birmingham (U.K.) and was recorded within other long-term liabilities on our consolidated balance sheets.
|
Grant Date
|
|
Granted
|
|
Value at date of grant
|
|
Vesting period
|
|
Vesting start month
|
||||
September 2017
|
|
20,139
|
|
|
$
|
18.62
|
|
|
25
|
% annually
|
|
September 2018
|
March 2017
|
|
605,601
|
|
|
16.35
|
|
|
25
|
% annually
|
|
March 2018
|
|
March 2016
|
|
45,710
|
|
|
14.22
|
|
|
33
|
% annually
|
|
March 2017
|
|
March 2016
|
|
878,714
|
|
|
14.54
|
|
|
25
|
% annually
|
|
March 2017
|
|
March 2015
|
|
380,604
|
|
|
20.64
|
|
|
25
|
% annually
|
|
March 2016
|
|
March 2015
|
|
41,373
|
|
|
24.17
|
|
|
50
|
% annually
|
|
March 2018
|
|
February 2015
|
|
39,401
|
|
|
25.38
|
|
|
100
|
% at vest
|
|
March 2018
|
|
2017
|
|
2016
|
|
2015
|
||||||
Exercise price
|
$
|
52.93
|
|
|
$
|
47.36
|
|
|
$
|
56.57
|
|
Expected life in years
|
6.24
|
|
|
6.23
|
|
|
6.31
|
|
|||
Risk-free interest rate
|
2.11
|
%
|
|
1.55
|
%
|
|
1.63
|
%
|
|||
Expected volatility
|
26.56
|
%
|
|
27.72
|
%
|
|
35.39
|
%
|
|||
Annual dividend yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
SAR units
|
|
Weighted average exercise price (in whole dollars)
|
|
Weighted average remaining contractual term
|
|||
Outstanding at December 31, 2016:
|
4,453,987
|
|
|
$
|
47.88
|
|
|
5.25
|
Granted
|
625,740
|
|
|
52.93
|
|
|
|
|
Exercised
|
(764,417
|
)
|
|
42.66
|
|
|
|
|
Forfeited or expired
|
(715,355
|
)
|
|
61.83
|
|
|
|
|
Outstanding at December 31, 2017:
|
3,599,955
|
|
|
$
|
47.09
|
|
|
6.30
|
Exercisable at December 31, 2017:
|
2,003,976
|
|
|
$
|
43.88
|
|
|
4.67
|
Grant Date
|
|
RSUs
|
|
Value
|
|
Total value
|
|
Vesting period
|
|||||
December 2017
|
|
9,238
|
|
|
$
|
70.35
|
|
|
$
|
1
|
|
|
various
|
September 2017
|
|
22,357
|
|
|
61.50
|
|
|
1
|
|
|
various
|
||
September 2017
|
|
43,151
|
|
|
60.48
|
|
|
3
|
|
|
various
|
||
May 2017
|
|
1,390
|
|
|
57.51
|
|
|
—
|
|
|
4 years
|
||
March 2017
|
|
416,404
|
|
|
52.65
|
|
|
22
|
|
|
various
|
||
December 2016
|
|
40,633
|
|
|
56.60
|
|
|
2
|
|
|
4 years
|
||
March 2016
|
|
444,629
|
|
|
47.36
|
|
|
21
|
|
|
4 years
|
||
December 2015
|
|
4,089
|
|
|
48.90
|
|
|
—
|
|
|
4 years
|
||
September 2015
|
|
3,898
|
|
|
51.30
|
|
|
—
|
|
|
3 years
|
||
September 2015
|
|
8,576
|
|
|
51.30
|
|
|
—
|
|
|
4 years
|
||
May 2015
|
|
23,746
|
|
|
58.95
|
|
|
1
|
|
|
4 years
|
||
March 2015
|
|
380,939
|
|
|
56.27
|
|
|
21
|
|
|
4 years
|
||
February 2015
|
|
29,278
|
|
|
59.77
|
|
|
2
|
|
|
4 years
|
|
Restricted Stock
Units
|
|
Weighted average grant date fair value
|
|||
Nonvested at December 31, 2016:
|
1,016,177
|
|
|
$
|
50.15
|
|
Granted
|
492,540
|
|
|
54.08
|
|
|
Vested
|
(378,432
|
)
|
|
48.97
|
|
|
Forfeited or canceled
|
(100,701
|
)
|
|
52.59
|
|
|
Nonvested at December 31, 2017:
|
1,029,584
|
|
|
$
|
52.22
|
|
Year Granted
|
|
Granted
|
|
Weighted average grant date fair value
|
|
Performance period
|
|
Performance period start date
|
|||
2017 PSUs
|
|
102,115
|
|
|
$
|
52.65
|
|
|
3 years
|
|
January 1, 2017
|
2016 PSUs
|
|
111,620
|
|
|
$
|
47.36
|
|
|
3 years
|
|
January 1, 2016
|
2015 PSs
|
|
146,902
|
|
|
$
|
56.27
|
|
|
3 years
|
|
January 1, 2015
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Total
|
||||||||||
SARs
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
5
|
|
RSUs
|
8
|
|
|
5
|
|
|
2
|
|
|
1
|
|
|
16
|
|
|||||
PSUs and PSs
|
3
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Total
|
$
|
13
|
|
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
25
|
|
•
|
Owned and leased hotels
—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States, but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card and are eliminated in consolidation.
|
•
|
Americas management and franchising
—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada, and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer, as well as reservations, sales, marketing, loyalty program, and technology costs. These revenues and costs are recorded within other revenues from managed and franchised properties and other costs from managed and franchised properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels and are eliminated in consolidation.
|
•
|
ASPAC management and franchising
—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan, and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, sales, marketing, and technology costs. These revenues and costs are recorded within other revenues from managed and franchised properties and other costs from managed and franchised properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels and are eliminated in consolidation.
|
•
|
EAME/SW Asia management and franchising
—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, sales, marketing, and technology costs. These revenues and costs are recorded within other revenues from managed and franchised properties and other costs from managed and franchised properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels and are eliminated in consolidation.
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Owned and leased hotels
|
|
|
|
|
|
||||||
Owned and leased hotels revenues
|
$
|
2,137
|
|
|
$
|
2,119
|
|
|
$
|
2,079
|
|
Other revenues
|
13
|
|
|
—
|
|
|
—
|
|
|||
Intersegment revenues (a)
|
9
|
|
|
11
|
|
|
—
|
|
|||
Adjusted EBITDA
|
490
|
|
|
516
|
|
|
493
|
|
|||
Depreciation and amortization
|
295
|
|
|
285
|
|
|
277
|
|
|||
Capital expenditures
|
195
|
|
|
200
|
|
|
225
|
|
|||
Americas management and franchising
|
|
|
|
|
|
||||||
Management and franchise fees revenues
|
403
|
|
|
371
|
|
|
354
|
|
|||
Other revenues from managed and franchised properties
|
1,730
|
|
|
1,670
|
|
|
1,641
|
|
|||
Intersegment revenues (a)
|
74
|
|
|
75
|
|
|
74
|
|
|||
Adjusted EBITDA
|
350
|
|
|
318
|
|
|
300
|
|
|||
Depreciation and amortization
|
19
|
|
|
18
|
|
|
19
|
|
|||
Capital expenditures
|
—
|
|
|
—
|
|
|
—
|
|
|||
ASPAC management and franchising
|
|
|
|
|
|
||||||
Management and franchise fees revenues
|
112
|
|
|
96
|
|
|
91
|
|
|||
Other revenues from managed and franchised properties
|
114
|
|
|
98
|
|
|
87
|
|
|||
Intersegment revenues (a)
|
2
|
|
|
2
|
|
|
2
|
|
|||
Adjusted EBITDA
|
70
|
|
|
57
|
|
|
55
|
|
|||
Depreciation and amortization
|
2
|
|
|
1
|
|
|
1
|
|
|||
Capital expenditures
|
1
|
|
|
1
|
|
|
1
|
|
|||
EAME/SW Asia management and franchising
|
|
|
|
|
|
||||||
Management and franchise fees revenues
|
72
|
|
|
65
|
|
|
67
|
|
|||
Other revenues from managed and franchised properties
|
74
|
|
|
65
|
|
|
58
|
|
|||
Intersegment revenues (a)
|
10
|
|
|
10
|
|
|
13
|
|
|||
Adjusted EBITDA
|
40
|
|
|
33
|
|
|
33
|
|
|||
Depreciation and amortization
|
5
|
|
|
5
|
|
|
5
|
|
|||
Capital expenditures
|
1
|
|
|
1
|
|
|
—
|
|
|||
Corporate and other
|
|
|
|
|
|
||||||
Revenues
|
125
|
|
|
43
|
|
|
40
|
|
|||
Adjusted EBITDA
|
(137
|
)
|
|
(139
|
)
|
|
(131
|
)
|
|||
Depreciation and amortization
|
45
|
|
|
33
|
|
|
18
|
|
|||
Capital expenditures
|
101
|
|
|
9
|
|
|
43
|
|
|||
Eliminations (a)
|
|
|
|
|
|
||||||
Revenues
|
(95
|
)
|
|
(98
|
)
|
|
(89
|
)
|
|||
Adjusted EBITDA
|
3
|
|
|
—
|
|
|
—
|
|
|||
TOTAL
|
|
|
|
|
|
||||||
Revenues
|
$
|
4,685
|
|
|
$
|
4,429
|
|
|
$
|
4,328
|
|
Adjusted EBITDA
|
816
|
|
|
785
|
|
|
750
|
|
|||
Depreciation and amortization
|
366
|
|
|
342
|
|
|
320
|
|
|||
Capital expenditures
|
298
|
|
|
211
|
|
|
269
|
|
(a)
|
Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and eliminated in Eliminations.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Owned and leased hotels
|
$
|
4,842
|
|
|
$
|
5,393
|
|
Americas management and franchising
|
524
|
|
|
564
|
|
||
ASPAC management and franchising
|
121
|
|
|
128
|
|
||
EAME/SW Asia management and franchising
|
196
|
|
|
186
|
|
||
Corporate and other
|
1,989
|
|
|
1,478
|
|
||
TOTAL
|
$
|
7,672
|
|
|
$
|
7,749
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Revenues:
|
|
|
|
|
|
||||||
United States
|
$
|
3,771
|
|
|
$
|
3,571
|
|
|
$
|
3,494
|
|
All foreign
|
914
|
|
|
858
|
|
|
834
|
|
|||
Total
|
$
|
4,685
|
|
|
$
|
4,429
|
|
|
$
|
4,328
|
|
|
|
|
|
|
|
||||||
|
December 31, 2017
|
|
December 31, 2016
|
|
|
||||||
Property and equipment, net, Intangibles, net, and Goodwill:
|
|
|
|
|
|
||||||
United States
|
$
|
3,743
|
|
|
$
|
3,915
|
|
|
|
||
All foreign
|
1,124
|
|
|
1,079
|
|
|
|
||||
Total
|
$
|
4,867
|
|
|
$
|
4,994
|
|
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Net income attributable to Hyatt Hotels Corporation
|
$
|
249
|
|
|
$
|
204
|
|
|
$
|
124
|
|
Interest expense
|
80
|
|
|
76
|
|
|
68
|
|
|||
Provision for income taxes
|
323
|
|
|
85
|
|
|
70
|
|
|||
Depreciation and amortization
|
366
|
|
|
342
|
|
|
320
|
|
|||
EBITDA
|
1,018
|
|
|
707
|
|
|
582
|
|
|||
Equity (earnings) losses from unconsolidated hospitality ventures
|
(220
|
)
|
|
(68
|
)
|
|
64
|
|
|||
Stock-based compensation expense
|
29
|
|
|
25
|
|
|
23
|
|
|||
(Gains) losses on sales of real estate
|
(51
|
)
|
|
23
|
|
|
(9
|
)
|
|||
Asset impairments
|
—
|
|
|
—
|
|
|
5
|
|
|||
Other (income) loss, net
|
(33
|
)
|
|
(2
|
)
|
|
5
|
|
|||
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
73
|
|
|
100
|
|
|
80
|
|
|||
Adjusted EBITDA
|
$
|
816
|
|
|
$
|
785
|
|
|
$
|
750
|
|
|
Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
250
|
|
|
$
|
204
|
|
|
$
|
124
|
|
Net income and accretion attributable to noncontrolling interests
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
249
|
|
|
$
|
204
|
|
|
$
|
124
|
|
Denominator:
|
|
|
|
|
|
||||||
Basic weighted average shares outstanding
|
124,836,917
|
|
|
132,930,578
|
|
|
142,814,868
|
|
|||
Share-based compensation and equity-classified forward contract
|
1,509,986
|
|
|
1,008,753
|
|
|
1,184,455
|
|
|||
Diluted weighted average shares outstanding
|
126,346,903
|
|
|
133,939,331
|
|
|
143,999,323
|
|
|||
Basic Earnings Per Share:
|
|
|
|
|
|
||||||
Net income
|
$
|
2.00
|
|
|
$
|
1.53
|
|
|
$
|
0.87
|
|
Net income and accretion attributable to noncontrolling interests
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
1.99
|
|
|
$
|
1.53
|
|
|
$
|
0.87
|
|
Diluted Earnings Per Share:
|
|
|
|
|
|
||||||
Net income
|
$
|
1.98
|
|
|
$
|
1.52
|
|
|
$
|
0.86
|
|
Net income and accretion attributable to noncontrolling interests
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
1.97
|
|
|
$
|
1.52
|
|
|
$
|
0.86
|
|
|
For the Three Months Ended
|
||||||||||||||||||||||||||||||
December 31, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
|
June 30, 2016
|
|
March 31, 2016
|
|||||||||||||||||
Consolidated statements of income data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Owned and leased hotels
|
$
|
525
|
|
|
$
|
518
|
|
|
$
|
577
|
|
|
$
|
572
|
|
|
$
|
514
|
|
|
$
|
519
|
|
|
$
|
559
|
|
|
$
|
516
|
|
Management and franchise fees
|
131
|
|
|
122
|
|
|
130
|
|
|
122
|
|
|
116
|
|
|
110
|
|
|
115
|
|
|
107
|
|
||||||||
Other revenues
|
17
|
|
|
16
|
|
|
15
|
|
|
22
|
|
|
9
|
|
|
11
|
|
|
11
|
|
|
9
|
|
||||||||
Other revenues from managed and franchised properties
|
511
|
|
|
463
|
|
|
473
|
|
|
471
|
|
|
448
|
|
|
448
|
|
|
480
|
|
|
457
|
|
||||||||
Total revenues
|
1,184
|
|
|
1,119
|
|
|
1,195
|
|
|
1,187
|
|
|
1,087
|
|
|
1,088
|
|
|
1,165
|
|
|
1,089
|
|
||||||||
Direct and selling, general, and administrative expenses
|
1,124
|
|
|
1,062
|
|
|
1,090
|
|
|
1,107
|
|
|
1,027
|
|
|
1,019
|
|
|
1,063
|
|
|
1,021
|
|
||||||||
Net income
|
76
|
|
|
17
|
|
|
87
|
|
|
70
|
|
|
41
|
|
|
62
|
|
|
67
|
|
|
34
|
|
||||||||
Net income attributable to Hyatt Hotels Corporation
|
$
|
76
|
|
|
$
|
16
|
|
|
$
|
87
|
|
|
$
|
70
|
|
|
$
|
41
|
|
|
$
|
62
|
|
|
$
|
67
|
|
|
$
|
34
|
|
Net income per common share, basic
|
$
|
0.63
|
|
|
$
|
0.14
|
|
|
$
|
0.69
|
|
|
$
|
0.54
|
|
|
$
|
0.31
|
|
|
$
|
0.48
|
|
|
$
|
0.50
|
|
|
$
|
0.25
|
|
Net income per common share, diluted
|
$
|
0.62
|
|
|
$
|
0.14
|
|
|
$
|
0.68
|
|
|
$
|
0.54
|
|
|
$
|
0.31
|
|
|
$
|
0.47
|
|
|
$
|
0.49
|
|
|
$
|
0.25
|
|
|
|
Column A
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
||||||||||
Description
|
|
Balance at beginning of period
|
|
Additions charged to revenues, costs and expenses
|
|
Additions charged to other accounts
|
|
Deductions
|
|
Balance at end of period
|
||||||||||
Year Ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade receivables—allowance for doubtful accounts
|
|
$
|
18
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
21
|
|
Financing receivables—allowance for losses
|
|
100
|
|
|
6
|
|
|
2
|
|
A
|
—
|
|
|
108
|
|
|||||
Deferred tax assets—valuation allowance
|
|
27
|
|
|
24
|
|
B
|
—
|
|
|
—
|
|
|
51
|
|
|||||
Year Ended December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade receivables—allowance for doubtful accounts
|
|
15
|
|
|
6
|
|
|
—
|
|
|
(3
|
)
|
|
18
|
|
|||||
Financing receivables—allowance for losses
|
|
98
|
|
|
10
|
|
|
—
|
|
|
(8
|
)
|
|
100
|
|
|||||
Deferred tax assets—valuation allowance
|
|
17
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|||||
Year Ended December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade receivables—allowance for doubtful accounts
|
|
13
|
|
|
5
|
|
|
—
|
|
|
(3
|
)
|
|
15
|
|
|||||
Financing receivables—allowance for losses
|
|
100
|
|
|
10
|
|
|
(2
|
)
|
A
|
(10
|
)
|
|
98
|
|
|||||
Deferred tax assets—valuation allowance
|
|
15
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
17
|
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
4.9
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
4.10
|
|
|
|
|
|
4.11
|
|
|
|
|
|
4.12
|
|
|
|
|
|
4.13
|
|
|
|
|
|
4.14
|
|
|
|
|
|
4.15
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
+10.4
|
|
|
|
|
|
+10.5
|
|
|
|
|
|
+10.6
|
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
+10.7
|
|
|
|
|
|
+10.8
|
|
|
|
|
|
+10.9
|
|
|
|
|
|
+10.10
|
|
|
|
|
|
+10.11
|
|
|
|
|
|
+10.12
|
|
|
|
|
|
+10.13
|
|
|
|
|
|
+10.14
|
|
|
|
|
|
+10.15
|
|
|
|
|
|
+10.16
|
|
|
|
|
|
+10.17
|
|
|
|
|
|
+10.18
|
|
|
|
|
|
+10.19
|
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
+10.20
|
|
|
|
|
|
+10.21
|
|
|
|
|
|
+10.22
|
|
|
|
|
|
+10.23
|
|
|
|
|
|
+10.24
|
|
|
|
|
|
+10.25
|
|
|
|
|
|
+10.26
|
|
|
|
|
|
+10.27
|
|
|
|
|
|
+10.28
|
|
|
|
|
|
+10.29
|
|
|
|
|
|
+10.30
|
|
|
|
|
|
+10.31
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
+10.32
|
|
|
|
|
|
+10.33
|
|
|
|
|
|
10.34
|
|
|
|
|
|
10.35
|
|
|
|
|
|
10.36
|
|
|
|
|
|
10.37
|
|
|
|
|
|
12.1
|
|
|
|
|
|
14.1
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
32.2
|
|
|
|
|
|
99.1
|
|
|
|
|
|
99.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
+
|
Management contract or compensatory plan or arrangement.
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Harmit J. Singh
|
|
|
|
Harmit J. Singh
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Susan T. Smith
|
|
|
|
Susan T. Smith
|
|
|
|
General Counsel, Senior Vice President and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Harmit J. Singh
|
|
|
|
Harmit J. Singh
|
|
|
|
Executive Vice President, Chief Financial Officer
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
|
HYATT HOTELS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Rena Hozore Reiss
|
|
|
|
Rena Hozore Reiss
|
|
|
|
Executive Vice President, General Counsel and Secretary
|
|
|
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pretax income from continuing operations before adjustment for equity earnings (losses) from unconsolidated hospitality ventures
|
$
|
353
|
|
|
$
|
221
|
|
|
$
|
258
|
|
|
$
|
500
|
|
|
$
|
322
|
|
Fixed charges
|
196
|
|
|
176
|
|
|
133
|
|
|
129
|
|
|
105
|
|
|||||
Distributed income of equity method unconsolidated hospitality ventures
|
23
|
|
|
25
|
|
|
25
|
|
|
70
|
|
|
39
|
|
|||||
Subtract: interest capitalized net of amortization
|
6
|
|
|
4
|
|
|
6
|
|
|
4
|
|
|
5
|
|
|||||
Subtract: noncontrolling interest loss with no fixed charges
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|||||
Total earnings
|
$
|
565
|
|
|
$
|
418
|
|
|
$
|
410
|
|
|
$
|
696
|
|
|
$
|
463
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
88
|
|
|
$
|
83
|
|
|
$
|
77
|
|
|
$
|
78
|
|
|
$
|
74
|
|
Interest within rent expense
|
31
|
|
|
30
|
|
|
29
|
|
|
28
|
|
|
26
|
|
|||||
Performance guarantee expense, net
|
77
|
|
|
63
|
|
|
27
|
|
|
23
|
|
|
5
|
|
|||||
Total fixed charges
|
$
|
196
|
|
|
$
|
176
|
|
|
$
|
133
|
|
|
$
|
129
|
|
|
$
|
105
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
(1)
|
2.9x
|
|
|
2.4x
|
|
|
3.1x
|
|
|
5.4x
|
|
|
4.4x
|
|
(1)
|
For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax earnings before adjustments for equity earnings (losses) from unconsolidated hospitality ventures; and fixed charges include: interest (expenses and capitalized), amortized premiums, discounts and capitalized expenses related to indebtedness, the interest portion of rent expense that is deemed to be representative of the interest factor, and performance guarantee expense, net. Our performance guarantee arrangements are primarily subject to annual performance guarantee metrics.
|
Name
|
Jurisdiction of
Incorporation or Organization |
1379919 ALBERTA INC.
|
Alberta, Canada
|
319168 ONTARIO LIMITED
|
Ontario, Canada
|
3385434 CANADA INC.
|
Canada
|
ADMINISTRACION DE PERSONAL ANDARES, S. DE R.L. DE C.V.
|
Mexico
|
AIC HOLDING CO.
|
Delaware
|
AIRPORT PLAZA ASSOCIATES LIMITED PARTNERSHIP
|
Virginia
|
AIRPORT PLAZA HOTEL LLC
|
Delaware
|
AIRPORT PLAZA OFFICE BUILDING LIMITED PARTNERSHIP
|
Virginia
|
AMERISUITES FRANCHISING L.L.C.
|
Delaware
|
ARANCIA LIMITED
|
Hong Kong (PRC)
|
ARUBA BEACHFRONT RESORTS LIMITED PARTNERSHIP
|
Illinois
|
ARUBA BEACHFRONT RESORTS N.V.
|
Aruba
|
ASIA HOSPITALITY, INC.
|
Cayman Islands
|
ASIA HOSPITALITY INVESTORS B.V.
|
Netherlands
|
ASIAN HOTEL N.V.
|
Curacao
|
ATRIUM HOTEL, L.L.C.
|
Delaware
|
AUSTIN RESORT BEVERAGE, LLC
|
Texas
|
BAKU HOTEL COMPANY - AZERI
|
Azerbaijan
|
BAKU HOTEL COMPANY - CAYMAN
|
Cayman Islands
|
BASTROP MARKETING, L.L.C.
|
Texas
|
BAY II INVESTOR, INC.
|
Nevada
|
BELLEVUE ASSOCIATES
|
Pennsylvania
|
BH PLAZA, LLC
|
Delaware
|
BRE/AMERISUITES PROPERTIES L.L.C.
|
Delaware
|
BRE/AMERISUITES TXNC GP L.L.C.
|
Delaware
|
BRE/AMERISUITES TXNC PROPERTIES L.P.
|
Delaware
|
BURVAN HOTEL ASSOCIATES
|
Ontario, Canada
|
CAL-HARBOR SO. PIER URBAN RENEWAL ASSOCIATES L.P.
|
New Jersey
|
CELAYA RESORTS, S. DE R.L. DE C.V.
|
Mexico
|
CHANCELLOR STREET CONDOMINIUM ASSOCIATION, INC.
|
Pennsylvania
|
CHESAPEAKE COMMUNITIES, LLC
|
Maryland
|
CHESAPEAKE RESORT, LLC
|
Maryland
|
CIUDAD DEL CARMEN DIAMANTE RESORT, S. DE R.L. DE C.V
|
Mexico
|
COAST BEACH, L.L.C.
|
Delaware
|
COMPAGNIE HOTELIERE DE LAGON BLEU
|
Papeete French Polynesia
|
CPM SEATTLE HOTELS, L.L.C.
|
Washington
|
CRW INVESTMENT, LLC
|
Delaware
|
CTR INTEREST HOLDCO, INC.
|
Delaware
|
DALLAS REGENCY, LLC
|
Texas
|
DENVER DOWNTOWN HOTEL PARTNERS LLC
|
Delaware
|
DESARROLLADORA HOTELERA ACUEDUCTO, S. DE R.L. DE C.V.
|
Mexico
|
DH BEVERAGE, LLC
|
Texas
|
DIAMANTE RESORT LA PAZ, S. DE R.L. DE C.V.
|
Mexico
|
DISTRICT HOTEL PARTNERS, LLC
|
Puerto Rico
|
EXHALE ENTERPRISES, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES II, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES III, INC.
|
Delaware
|
EXHALE ENTERPRISES IV, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES V, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES VIII, INC.
|
Delaware
|
EXHALE ENTERPRISES X, INC.
|
Delaware
|
EXHALE ENTERPRISES XII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XIV, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XV, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XV TCI LTD.
|
Turks & Caicos
|
EXHALE ENTERPRISES XVI, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XVII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XVIII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XIX, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XX, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXI, INC.
|
Delaware
|
EXHALE ENTERPRISES XXIV, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXV, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXVI, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXVII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXVIII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXXI, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXXII, L.L.C.
|
Delaware
|
EXHALE ENTERPRISES XXXIII, INC.
|
Delaware
|
EXHALE ENTERPRISES GIFT SERVICES COMPANY
|
Virginia
|
FAN PIER, L.L.C.
|
Delaware
|
FAR EAST HOTELS, INC.
|
Bahamas
|
G.E.H. PROPERTIES LIMITED
|
United Kingdom
|
GAINEY DRIVE ASSOCIATES
|
Arizona
|
GALAXY AEROSPACE COMPANY, LLC
|
Delaware
|
GHE HOLDINGS LIMITED
|
Hong Kong (PRC)
|
GLENDALE HOTEL PROPERTIES, L.L.C.
|
Delaware
|
GRAND HYATT BERLIN GMBH
|
Germany
|
GRAND HYATT DFW BEVERAGE, LLC
|
Texas
|
GRAND HYATT SAN ANTONIO, L.L.C.
|
Delaware
|
GRAND HYATT SF, L.L.C.
|
Delaware
|
GRAND RIVERWALK BEVERAGE, LLC
|
Texas
|
GRAND TORONTO CORP.
|
Delaware
|
GRAND TORONTO VENTURE, L.P.
|
Delaware
|
GREENWICH HOTEL LIMITED PARTNERSHIP
|
Connecticut
|
H.E. ATLANTA CENTENNIAL PARK HOLDINGS, L.L.C.
|
Delaware
|
H.E. AUSTIN, L.L.C.
|
Delaware
|
H.E. BERMUDA, L.L.C.
|
Delaware
|
H.E. CAP CANA, L.L.C.
|
Delaware
|
H.E. DRISKILL, LLC
|
Delaware
|
H.E. GRAND CYPRESS, L.L.C.
|
Delaware
|
H.E. IRVINE, L.L.C.
|
Delaware
|
H.E. KANSAS CITY, L.L.C.
|
Delaware
|
H.E. LENOX, L.L.C.
|
Delaware
|
H.E. NASHVILLE, L.L.C.
|
Delaware
|
H.E. NEWPORT, L.L.C.
|
Delaware
|
H.E. ORLANDO, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA HC HOLDINGS, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA HC HOTEL, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA HC PARKING, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA HC RETAIL, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA SANSOM, L.L.C.
|
Delaware
|
H.E. PORTLAND, L.L.C.
|
Delaware
|
H.E. PORTLAND HC, L.L.C.
|
Delaware
|
H.E. PROPERTIES HOLDING, L.L.C.
|
Delaware
|
H.E. PROPERTIES, L.L.C.
|
Delaware
|
H.E. SAN ANTONIO, L.L.C.
|
Delaware
|
H.E. SAN ANTONIO I, L.L.C.
|
Delaware
|
H.E. TUCSON HOLDINGS, L.L.C.
|
Delaware
|
H.E. TUCSON JV, L.L.C.
|
Delaware
|
H.E. TUCSON JV HOLDINGS, L.L.C.
|
Delaware
|
H.E. TUCSON OWNER, L.L.C.
|
Delaware
|
HAPP INVESTOR, LTD.
|
British Virgin Islands
|
HARBORSIDE HOTEL LLC
|
Delaware
|
HARBORSIDE LAND, LLC
|
Delaware
|
HC PORTLAND JV HOLDINGS, L.L.C.
|
Delaware
|
HC ROYAL PALMS, L.L.C.
|
Delaware
|
HCV CINCINNATI HOTEL, L.L.C.
|
Delaware
|
HE ORLANDO HOTEL, LLC
|
Delaware
|
HGP (TRAVEL) LIMITED
|
Hong Kong (PRC)
|
HH NASHVILLE HOLDINGS, L.L.C.
|
Delaware
|
HH NASHVILLE JV HOLDINGS, L.L.C.
|
Delaware
|
HH PORTLAND, L.L.C.
|
Delaware
|
HHMA BURLINGTON BEVERAGE, L.L.C.
|
Massachusetts
|
HI HOLDINGS (SWITZERLAND) GMBH
|
Switzerland
|
HI HOLDINGS BAJA B.V.
|
Netherlands
|
HI HOLDINGS BRAZIL S.A.R.L.
|
Luxembourg
|
HI HOLDINGS CELAYA B.V.
|
Netherlands
|
HI HOLDINGS CIUDAD DEL CARMEN B.V.
|
Netherlands
|
HI HOLDINGS CYPRUS LIMITED
|
Cyprus
|
HI HOLDINGS CYPRUS-INDIA LIMITED
|
Cyprus
|
HI HOLDINGS GUADALAJARA B.V.
|
Netherlands
|
HI HOLDINGS HP CABO B.V.
|
Netherlands
|
HI HOLDINGS HP TIJUANA HOTEL B.V.
|
Netherlands
|
HI HOLDINGS KYOTO CO.
|
Delaware
|
HI HOLDINGS LA PAZ B.V.
|
Netherlands
|
HI HOLDINGS LATIN AMERICA B.V.
|
Netherlands
|
HI HOLDINGS NETHERLANDS B.V.
|
Netherlands
|
HI HOLDINGS PLAYA B.V.
|
Netherlands
|
HI HOLDINGS RIO S.A.R.L.
|
Luxembourg
|
HI HOLDINGS RIVIERA MAYA B.V.
|
Netherlands
|
HI HOLDINGS VIENNA S.A.R.L.
|
Luxembourg
|
HI HOLDINGS ZURICH S.A.R.L.
|
Luxembourg
|
HI HOTEL ADVISORY SERVICES GMBH
|
Switzerland
|
HI HOTEL INVESTORS CYPRUS LIMITED
|
Cyprus
|
HIHCL AMSTERDAM B.V.
|
Netherlands
|
HIHCL HP AMSTERDAM AIRPORT B.V.
|
Netherlands
|
HIHCL HR AMSTERDAM B.V.
|
Netherlands
|
HILP HOTEL SERVICE PROVIDER LLC
|
Delaware
|
HOTEL AM BELVEDERE HOLDING GMBH
|
Austria
|
HOTEL AM BELVEDERE HOLDING GMBH & CO KG
|
Austria
|
HOTEL INVESTMENTS, L.L.C.
|
Delaware
|
HOTEL INVESTMENTS HOLDING CO LLC
|
Delaware
|
HOTEL INVESTORS I, INC.
|
Luxembourg
|
HOTEL INVESTORS II, INC.
|
Cayman Islands
|
HOTEL PROJECT SYSTEMS PTE LTD
|
Singapore
|
HOTEL SERVICES CIUDAD DEL CARMEN, S. DE R.L. DE C.V.
|
Mexico
|
HOTELS CS CELAYA S. DE R.L. DE C.V.
|
Mexico
|
HP ATLANTA CENTENNIAL PARK JV LLC
|
Delaware
|
HP AUSTIN, L.L.C.
|
Delaware
|
HP BEVERAGE DALLAS DFW AIRPORT, LLC
|
Texas
|
HP BEVERAGE SUGAR LAND, LLC
|
Texas
|
HP BOSTON HOLDINGS, L.L.C.
|
Delaware
|
HP GLENDALE, L.L.C.
|
Delaware
|
HP GLENDALE JV HOLDINGS, L.L.C.
|
Delaware
|
HP INDIA HOLDINGS LIMITED
|
Mauritius
|
HP LAS VEGAS BEVERAGE, L.L.C.
|
Nevada
|
HP M STREET, L.L.C.
|
Delaware
|
HP ROUTE 46 TEXAS, LLC
|
Texas
|
HP SAN FRANCISCO, L.L.C.
|
Delaware
|
HP SAN JUAN, L.L.C.
|
Delaware
|
HP TEN TEXAS, LLC
|
Texas
|
HPHH ATLANTA, L.L.C.
|
Delaware
|
HPHH DENVER, L.L.C.
|
Delaware
|
HPHH SAN JOSE, L.L.C.
|
Delaware
|
HPHH SAN JOSE JV HOLDINGS, L.L.C.
|
Delaware
|
HQ CHESAPEAKE, LLC
|
Maryland
|
HR LOST PINES RESORT LLC
|
Delaware
|
HR MC HOTEL COMPANY, S. DE R.L. DE C.V.
|
Mexico
|
HR MC SERVICES, S. DE R.L. DE C.V.
|
Mexico
|
HR MC SERVICES II, S. DE R.L. DE C.V.
|
Mexico
|
HRHC, LLC
|
Texas
|
HT-AVENDRA GROUP HOLDINGS, L.L.C.
|
Delaware
|
HT-AVENDRA, L.L.C.
|
Delaware
|
HT-CHESAPEAKE COMMUNITIES, INC.
|
Delaware
|
HT-CHESAPEAKE RESORT, INC.
|
Delaware
|
HT-HOTEL EQUITIES, INC.
|
Delaware
|
HT-HUNTINGTON BEACH, INC.
|
Delaware
|
HT-JERSEY PIER, INC.
|
Delaware
|
HT-JERSEY PIER, L.P.
|
Delaware
|
HT-JERSEY PIER, LLC
|
Delaware
|
HTLB, L.L.C.
|
Delaware
|
HT-LONG BEACH, L.L.C.
|
Delaware
|
HT-MIAMI BEACH, L.L.C.
|
Delaware
|
HT-PARK 57, INC.
|
Delaware
|
HTS-ASPEN, L.L.C.
|
Delaware
|
HTS-BC, INC.
|
Delaware
|
HT-SEATTLE, LLC
|
Delaware
|
HT-SEATTLE HOLDINGS, LLC
|
Delaware
|
HTSF, L.L.C.
|
Delaware
|
HT-SIERRA, L.L.C.
|
Delaware
|
HTS-INVESTMENT, L,L.C.
|
Delaware
|
HTS - NS, L.L.C.
|
Delaware
|
HTS - NY, L.L.C.
|
Delaware
|
HT-VANCOUVER INC.
|
Ontario, Canada
|
HTW BEVERAGE, LLC
|
Texas
|
HT- WAILEA, LLC
|
Delaware
|
HY LONG BEACH HOTEL, LLC
|
Delaware
|
HYATT (BARBADOS) CORPORATION
|
Barbados
|
HYATT (JAPAN) CO., LTD.
|
Japan
|
HYATT (THAILAND) LIMITED
|
Thailand
|
HYATT ARUBA N.V.
|
Aruba
|
HYATT ASIA PACIFIC HOLDINGS LIMITED
|
Hong Kong (PRC)
|
HYATT AUSTRALIA HOTEL MANAGEMENT PTY LIMITED
|
Australia
|
HYATT AUSTRIA GMBH
|
Austria
|
HYATT BEACH FRONT N.V.
|
Aruba
|
HYATT BORNEO MANAGEMENT SERVICES LIMITED
|
Hong Kong (PRC)
|
HYATT BRITANNIA CORPORATION LTD.
|
Cayman
|
HYATT CC OFFICE CORP.
|
Delaware
|
HYATT CHAIN SERVICES LIMITED
|
Hong Kong (PRC)
|
HYATT CORPORATION
|
Delaware
|
HYATT CRYSTAL CITY, LLC.
|
Delaware
|
HYATT CURACAO, N.V.
|
Curacao
|
HYATT DISASTER RELIEF FUND
|
Illinois
|
HYATT DO BRASIL PARTICIPACOES LTDA
|
Brazil
|
HYATT EQUITIES, L.L.C.
|
Delaware
|
HYATT FOREIGN EMPLOYMENT SERVICES, INC.
|
Delaware
|
HYATT FRANCHISING, L.L.C.
|
Delaware
|
HYATT FRANCHISING CANADA CORP.
|
Delaware
|
HYATT FRANCHISING LATIN AMERICA, L.L.C.
|
Delaware
|
HYATT FULFILLMENT OF MARYLAND, INC.
|
Maryland
|
HYATT GLOBAL SERVICES, INC.
|
Delaware
|
HYATT GTLD, L.L.C.
|
Delaware
|
HYATT HOC, INC.
|
Delaware
|
HYATT HOLDINGS (UK) LIMITED
|
United Kingdom
|
HYATT HOSPITALITY SERVICES, L.L.C.
|
Delaware
|
HYATT HOTELS CONSULTANCY SERVICES ASIA PACIFIC LIMITED
|
Hong Kong (PRC)
|
HYATT HOTEL MANAGEMENT LIMITED
|
Hong Kong (PRC)
|
HYATT HOTELS CORPORATION OF KANSAS
|
Kansas
|
HYATT HOTELS CORPORATION OF MARYLAND
|
Maryland
|
HYATT HOTELS FOUNDATION
|
Delaware
|
HYATT HOTELS MANAGEMENT CORPORATION
|
Delaware
|
HYATT HOTELS OF CANADA, INC.
|
Delaware
|
HYATT HOTELS OF FLORIDA, INC.
|
Delaware
|
HYATT HOTELS OF PUERTO RICO, INC.
|
Delaware
|
HYATT HOUSE CANADA, INC.
|
Delaware
|
HYATT HOUSE FRANCHISING, L.L.C.
|
Kansas
|
HYATT HOUSE HOTEL HOLDING COMPANY, L.L.C.
|
Delaware
|
HYATT INDIA CONSULTANCY PRIVATE LIMITED
|
India
|
HYATT INTERNATIONAL (ASIA) LIMITED
|
Hong Kong (PRC)
|
HYATT INTERNATIONAL (EUROPE AFRICA MIDDLE EAST) LLC
|
Switzerland
|
HYATT INTERNATIONAL MILAN, L.L.C.
|
Delaware
|
HYATT INTERNATIONAL CORPORATION
|
Delaware
|
HYATT INTERNATIONAL HOLDINGS CO.
|
Delaware
|
HYATT INTERNATIONAL HOTEL MANAGEMENT (BEIJING) CO. LTD.
|
People’s Republic of China
|
HYATT INTERNATIONAL PROPERTY MANAGEMENT (BEIJING) CO. LTD.
|
People’s Republic of China
|
HYATT INTERNATIONAL TECHNICAL SERVICES, INC.
|
Delaware
|
HYATT INTERNATIONAL -ASIA PACIFIC, LIMITED
|
Hong Kong (PRC)
|
HYATT INTERNATIONAL - JAPAN, LIMITED
|
Hong Kong (PRC)
|
HYATT INTERNATIONAL -SEA, (PTE) LIMITED
|
Singapore
|
HYATT INTERNATIONAL - SOUTHWEST ASIA, LIMITED
|
Dubai
|
HYATT JV HOLDINGS, L.L.C.
|
Delaware
|
HYATT LACSA SERVICES, INC.
|
Delaware
|
HYATT LOUISIANA, L.L.C.
|
Delaware
|
HYATT MAINZ GMBH
|
Germany
|
HYATT MARKETING SERVICES, INC.
|
Delaware
|
HYATT MINNEAPOLIS, LLC
|
Delaware
|
HYATT MARKETING SERVICES NIGERIA COMPANY LIMITED
|
Nigeria
|
HYATT MINORITY INVESTMENTS, INC.
|
Delaware
|
HYATT MSS, L.L.C.
|
Delaware
|
HYATT NORTH AMERICA MANAGEMENT SERVICES, INC.
|
Delaware
|
HYATT OF AUSTRALIA LIMITED
|
Hong Kong (PRC)
|
HYATT OF BAJA S. DE R.L. DE C.V.
|
Mexico
|
HYATT OF CHINA LIMITED
|
Hong Kong (PRC)
|
HYATT OF FRANCE S.A.R.L.
|
France
|
HYATT OF GUAM LIMITED
|
Hong Kong (PRC)
|
HYATT OF ITALY S.R.L.
|
Italy
|
HYATT OF LATIN AMERICA AND CARIBBEAN, L.L.C.
|
Delaware
|
HYATT OF LATIN AMERICA, S.A. DE C.V.
|
Mexico
|
HYATT OF MACAU LIMITED
|
Hong Kong (PRC)
|
HYATT OF MEXICO, S.A. DE C.V.
|
Mexico
|
HYATT OF PHILIPPINES LIMITED
|
Hong Kong (PRC)
|
HYATT PARTNERSHIP INTERESTS, L.L.C.
|
Delaware
|
HYATT PLACE ANNE ARUNDEL BEVERAGE, INC.
|
Maryland
|
HYATT PLACE CANADA CORPORATION
|
Delaware
|
HYATT PLACE FRANCHISING, L.L.C.
|
Delaware
|
HYATT PLACE OF MARYLAND, INC.
|
Maryland
|
HYATT REGENCY COLOGNE GMBH
|
Germany
|
HYATT REGENCY CORPORATION PTY. LIMITED
|
Australia
|
HYATT SERVICES AUSTRALIA PTY LIMITED
|
Australia
|
HYATT SERVICES CANADA, INC.
|
Ontario, Canada
|
HYATT SERVICES CARIBBEAN, L.L.C.
|
Delaware
|
HYATT SERVICES GMBH
|
Germany
|
HYATT SERVICES INDIA PRIVATE LIMITED
|
India
|
HYATT SHARED SERVICE CENTER, L.L.C.
|
Delaware
|
HYATT TRINIDAD LIMITED
|
Trinidad and Tobago
|
HYCANADA INC.
|
Alberta, Canada
|
HYCARD, INC.
|
Delaware
|
HYSTAR, L.L.C.
|
Delaware
|
INFORMATION SERVICES LIMITED
|
Hong Kong (PRC)
|
INTERNATIONAL RESERVATIONS LIMITED
|
Hong Kong (PRC)
|
JOINT VENTURE ITALKYR CLOSED JOINT STOCK COMPANY
|
Kyrgyz Republic
|
JUNIPER HOTELS PRIVATE LIMITED
|
India
|
KSA MANAGEMENT, INC.
|
Kansas
|
KYOTO HOLDING CO.
|
Cayman Islands
|
LHR-PARTNERS, LTD.
|
Kentucky
|
LORING PARK ASSOCIATES, LIMITED PARTNERSHIP
|
Minnesota
|
LOST PINES BEVERAGE, LLC
|
Texas
|
MACAE PARTNERS S.A.R.L.
|
Luxembourg
|
MAHIMA HOLDINGS PRIVATE LIMITED
|
India
|
MARION RESERVATION CENTER, L.L.C.
|
Delaware
|
MIRAVAL ARIZONA GUARANTOR, LLC
|
Delaware
|
MIRAVAL GROUP, LLC
|
Delaware
|
MIRAVAL RESORT ARIZONA, LLC
|
Delaware
|
MIRAVAL RESORT ARIZONA HOLDINGS, LLC
|
Delaware
|
MIRAVAL RESORT ARIZONA OPERATING CO., INC.
|
Delaware
|
MIRAVAL RESORT TUCSON, LLC
|
Delaware
|
MEXICO CITY HOTEL INVESTMENTS B.V.
|
Netherlands
|
MILAN HOTEL INVESTMENTS B.V.
|
Netherlands
|
MONROE MR HOLDINGS, LLC
|
Delaware
|
MONROE MR HOLDINGS I, LLC
|
Delaware
|
MONROE MR HOLDINGS II, LLC
|
Delaware
|
MONROE MR HOLDINGS III, LLC
|
Delaware
|
MONROE MR HOLDINGS TRUST
|
Maryland
|
MRG ATX BEVERAGE HOLDINGS, LLC
|
Delaware
|
MRG ATX HOLDINGS, LLC
|
Delaware
|
MRG ATX HOLDINGS II, LLC
|
Delaware
|
MRG ATX INVESTMENT, LLC
|
Delaware
|
MRG ATX MANAGEMENT I, LLC
|
Delaware
|
MRG ATX MANAGEMENT II, LLC
|
Delaware
|
MRG ATX OPERATIONS, LLC
|
Delaware
|
MRG CRW HOLDINGS, LLC
|
Delaware
|
MRG CRW MANAGEMENT I, LLC
|
Delaware
|
MRG CRW MANAGEMENT II, LLC
|
Delaware
|
MRG CRW OPERATIONS, LLC
|
Delaware
|
MUNICH OPCO GMBH
|
Germany
|
OASIS LUXURY RENTALS INCORPORATED
|
British Virgin Islands
|
PHMC RESIDENCIAS, S. DE R.L. DE C.V.
|
Mexico
|
PT HYATT INDONESIA
|
Indonesia
|
PARIS HOTEL COMPANY B.V.
|
Netherlands
|
PARK HYATT HAMBURG GMBH
|
Germany
|
PARK HYATT HOTEL GMBH
|
Switzerland
|
PARK HYATT WATER TOWER ASSOCIATES, L.L.C.
|
Illinois
|
PH NEW YORK L.L.C.
|
Delaware
|
POLK SMITH REGENCY, LLC
|
Texas
|
PVD INVESTMENT COMPANY S.A.R.L.
|
Luxembourg
|
RCG PROPERTIES, LLC
|
Georgia
|
REGENCY BEVERAGE COMPANY, LLC
|
Texas
|
REGENCY RIVERWALK BEVERAGE, LLC
|
Texas
|
RESERVATIONS CENTER, L.L.C.
|
Delaware
|
RIO JV PARTNERS PARTICIPACOES LTDA.
|
Brazil
|
RIO PRETO PARTNERS HOTEIS LTDA.
|
Brazil
|
RIO PRETO PARTNERS S.A.R.L.
|
Luxembourg
|
ROSEMONT PROJECT MANAGEMENT, L.L.C.
|
Delaware
|
ROUTE 46 MANAGEMENT ASSOCIATES CORP.
|
Delaware
|
RUNWAY, L.L.C.
|
Texas
|
RUNWAY HOLDING, L.L.C.
|
Delaware
|
SAO PAULO INVESTMENT COMPANY INC.
|
Panama
|
SAO PAULO INVESTORS LIMITED
|
Bahamas
|
SASIH
|
France
|
SDI EQUITIES INVESTOR, L.L.C.
|
Nevada
|
SDI SECURITIES 11, LLC
|
Nevada
|
SDI SECURITIES 6, LLC
|
Nevada
|
SDI, INC.
|
Nevada
|
SELECT HOTELS GROUP, L.L.C.
|
Delaware
|
SELECT JV HOLDINGS, L.L.C.
|
Delaware
|
SEOUL MIRAMAR CORPORATION
|
Korea
|
SERVICIOS DE HOTELERIA SAN JOSE, S. DE R.L. DE C.V.
|
Mexico
|
SERVICIOS HOTELEROS LA PAZ, S. DE R.L. DE C.V.
|
Mexico
|
SETTLEMENT INVESTORS INC.
|
Bahamas
|
SHG PUERTO RICO, INC.
|
Delaware
|
SIERRA HEALTHSTYLES LLC
|
Delaware
|
SJC DESARROLLOS, S. DE R.L. DE C.V.
|
Mexico
|
SKS CORP. N.V.
|
Curacao
|
SMC HOTELS B.V.
|
Netherlands
|
SOROCABA PARTNERS HOTEIS LTDA
|
Brazil
|
SOROCABA PARTNERS S.A.R.L.
|
Luxembourg
|
STANHOPE, L.L.C.
|
Delaware
|
STARHILL LORING PARK, L.L.C.
|
Delaware
|
SUGAR LAND/HP, LLC
|
Delaware
|
THE GREAT EASTERN HOTEL COMPANY LIMITED
|
England and Wales
|
THE GREAT EASTERN HOTEL HOLDING COMPANY LIMITED
|
England and Wales
|
TIJUANA PARTNERS, S. DE R.L. DE C.V.
|
Mexico
|
TR MANAGEMENT INVESTMENT, LLC
|
Delaware
|
TUCSON VILLAS, LLC
|
Delaware
|
TUCSON VILLAS HOLDINGS, LLC
|
Delaware
|
TWO SEAS HOLDINGS LIMITED
|
Mauritius
|
WAILEA HOTEL & BEACH RESORT, L.L.C.
|
Delaware
|
WAILEA HOTEL HOLDINGS, L.L.C.
|
Delaware
|
WAILEA MANAGEMENT ASSOCIATION, L.L.C.
|
Delaware
|
WAILEA RESORT VILLAS, L.L.C.
|
Delaware
|
WAILEA RESORT VILLAS HOLDINGS, L.L.C.
|
Delaware
|
WEST END RESIDENCES, L.L.C.
|
Delaware
|
XENIA ASSURANCE COMPANY, INC.
|
Arizona
|
XENIA ASSURANCE COMPANY OF ILLINOIS
|
Illinois
|
ZURICH ESCHERWIESE HOTEL GMBH
|
Switzerland
|
ZURICH HOTEL INVESTMENTS B.V.
|
Netherlands
|
|
|
||
SUBSIDIARY: ARUBA BEACHFRONT RESORTS LIMITED PARTNERSHIP
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Aruba Resort Spa and Casino
|
||
|
|
||
SUBSIDIARY: BAKU HOTEL COMPANY
|
Names under which such subsidiary does business:
|
||
|
Baku Office Tower
|
||
|
Hyatt Regency Baku
|
||
|
Baku Residential Tower
|
||
|
|
||
SUBSIDIARY: HIHCL AMSTERDAM B.V.
|
Names under which such subsidiary does business:
|
||
|
Andaz Amsterdam Prinsengracht
|
||
|
|
||
SUBSIDIARY: HIHCL HP AMSTERDAM AIRPORT B.V.
|
Names under which such subsidiary does business:
|
||
|
Hyatt Place Amsterdam Airport
|
||
|
|
||
SUBSIDIARY: GRAND HYATT BERLIN GMBH
|
Names under which such subsidiary does business:
|
||
|
Grand Hyatt Berlin
|
||
|
|
||
SUBSIDIARY: HR MC SERVICES, S. DE R.L. DE C.V.
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Mexico City
|
||
|
|
||
|
|
||
SUBSIDIARY: HYATT DO BRASIL PARTICIPAÇÕES LTDA.
|
Names under which such subsidiary does business:
|
||
|
Grand Hyatt Rio de Janeiro
|
||
|
|
||
SUBSIDIARY: HYATT CORPORATION
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Phoenix
|
||
|
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch
|
||
|
Park Hyatt Aviara Resort, Golf Club & Spa
|
||
|
Andaz Scottsdale Resort & Spa
|
||
|
Royal Palms Resort and Spa
|
||
|
Hyatt Regency Indian Wells Resort & Spa
|
||
|
Hyatt Regency Huntington Beach Resort and Spa
|
||
|
Hyatt Regency La Jolla at Aventine
|
||
|
Hyatt Centric The Pike Long Beach
|
||
|
Hyatt Regency Long Beach
|
||
|
Hyatt Regency Mission Bay Spa and Marina
|
||
|
Andaz Napa
|
||
|
Hyatt Regency Orange County
|
||
|
Hyatt Regency Sacramento
|
||
|
Andaz San Diego
|
||
|
Manchester Grand Hyatt San Diego
|
||
|
Grand Hyatt San Francisco
|
||
|
Hyatt Regency San Francisco
|
||
|
Hyatt Regency San Francisco Airport
|
||
|
Hyatt Regency Santa Clara
|
||
|
Andaz West Hollywood
|
||
|
Park Hyatt Beaver Creek Resort and Spa
|
||
|
Grand Hyatt Denver
|
|
Hyatt Regency Denver at Colorado Convention Center
|
||
|
Hyatt Regency Greenwich
|
||
|
Grand Hyatt Washington
|
||
|
Hyatt Regency Washington on Capitol Hill
|
||
|
Park Hyatt Washington D.C.
|
||
|
Hyatt Regency Coconut Point Resort and Spa
|
||
|
Hyatt Regency Coral Gables
|
||
|
Hyatt Regency Clearwater Beach Resort and Spa
|
||
|
Hyatt Regency Grand Cypress
|
||
|
Hyatt Regency Jacksonville Riverfront
|
||
|
Hyatt Centric Key West Resort & Spa
|
||
|
Hyatt Regency Miami
|
||
|
Hyatt Regency Orlando International Airport
|
||
|
Grand Hyatt Tampa Bay
|
||
|
The Confidante Miami Beach
|
||
|
Grand Hyatt Atlanta in Buckhead
|
||
|
Hyatt Regency Atlanta
|
||
|
Andaz Savannah
|
||
|
Hyatt Regency Savannah
|
||
|
Grand Hyatt Kauai Resort and Spa
|
||
|
Hyatt Regency Maui Resort and Spa
|
||
|
Hyatt Regency Waikiki Beach Resort and Spa
|
||
|
Andaz Maui at Wailea Resort
|
||
|
Hyatt Regency Chicago
|
||
|
Park Hyatt Chicago
|
||
|
The Hyatt Lodge at McDonald’s Campus
|
||
|
Hyatt Regency McCormick Place
|
||
|
Hyatt Regency O’Hare
|
||
|
Hyatt Regency New Orleans
|
||
|
Hyatt Regency Chesapeake Bay Golf Resort, Spa and Marina
|
||
|
Hyatt Regency Boston
|
||
|
Hyatt Regency Cambridge, Overlooking Boston
|
||
|
Hyatt Regency Boston Harbor
|
||
|
Hyatt Regency Minneapolis
|
||
|
Hyatt Regency St. Louis at The Arch
|
||
|
Hyatt Regency Lake Tahoe Resort, Spa and Casino
|
||
|
Hyatt Regency Jersey City on the Hudson
|
||
|
Hyatt Regency Morristown
|
||
|
Hyatt Regency New Brunswick
|
||
|
Hyatt Regency Tamaya Resort and Spa
|
||
|
Andaz 5th Avenue
|
||
|
Hyatt Regency Buffalo/Hotel and Conference Center
|
||
|
Grand Hyatt New York
|
||
|
Hyatt Centric Times Square New York
|
||
|
Andaz Wall Street
|
||
|
Park Hyatt New York
|
||
|
Hyatt Regency Cleveland at The Arcade
|
||
|
Hyatt Regency Columbus
|
||
|
Hyatt at The Bellevue
|
||
|
Hyatt Regency Austin
|
||
|
Hyatt Regency Dallas
|
||
|
Grand Hyatt DFW
|
||
|
Hyatt Regency DFW International Airport
|
||
|
Hyatt Regency Hill Country Resort and Spa
|
|
The Driskill
|
||
|
Hyatt Regency Houston
|
||
|
Hyatt Regency Lost Pines Resort and Spa
|
||
|
Grand Hyatt San Antonio
|
||
|
Hyatt Regency San Antonio Riverwalk
|
||
|
Hyatt Centric The Woodlands
|
||
|
Hyatt Centric Park City
|
||
|
Hyatt Regency Crystal City at Reagan National Airport
|
||
|
Hyatt Regency Dulles
|
||
|
Hyatt Regency Reston
|
||
|
Hyatt Regency Tysons Corner Center
|
||
|
Hyatt Regency Bellevue on Seattle’s Eastside
|
||
|
Hyatt at Olive 8
|
||
|
Grand Hyatt Seattle
|
||
|
Hyatt Regency Lake Washington at Seattle's Southport
|
||
|
Hyatt Regency Green Bay
|
||
|
Hyatt Regency Orlando
|
||
|
Travaasa Austin
|
||
|
Cranwell Spa & Golf Resort
|
||
|
Miraval Arizona Resort & Spa
|
||
|
|
||
SUBSIDIARY: HYATT HOTELS CORPORATION OF MARYLAND
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Baltimore Inner Harbor
|
||
|
|
||
SUBSIDIARY: HYATT MAINZ GMBH
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Mainz
|
||
|
|
||
SUBSIDIARY: HYATT REGENCY COLOGNE GMBH
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Cologne
|
||
|
|
||
SUBSIDIARY: JOINT VENTURE ITALKYR CLOSED JOINT STOCK COMPANY
|
Names under which such subsidiary does business:
|
||
|
Hyatt Regency Bishkek
|
||
|
|
||
SUBSIDIARY: PARK HYATT HOTEL GMBH
|
Names under which such subsidiary does business:
|
||
|
Park Hyatt Zurich
|
||
|
|
||
SUBSIDIARY: SASIH
|
Names under which such subsidiary does business:
|
||
|
Park Hyatt Paris - Vendome
|
||
|
|
||
SUBSIDIARY: SEOUL MIRAMAR CORPORATION
|
Names under which such subsidiary does business:
|
||
|
Grand Hyatt Seoul
|
||
|
|
||
SUBSIDIARY: SELECT HOTELS GROUP, L.L.C.
|
Names under which such subsidiary does business:
|
||
|
Hyatt Place Phoenix-North
|
||
|
Hyatt Place Scottsdale/Old Town
|
||
|
Hyatt Place Tempe/Phoenix Airport
|
||
|
Hyatt Place Tucson Airport
|
||
|
Hyatt House Cypress/Anaheim
|
||
|
Hyatt House Emeryville/San Francisco Bay Area
|
||
|
Hyatt Place Fremont/Silicon Valley
|
||
|
Hyatt House Irvine/John Wayne Airport
|
||
|
Hyatt House San Diego/Sorrento Mesa
|
||
|
Hyatt House San Jose/Silicon Valley
|
|
Hyatt House San Ramon
|
||
|
Hyatt House Santa Clara
|
||
|
Hyatt Place Colorado Springs/Garden of the Gods
|
||
|
Hyatt Place Denver-South/Park Meadows
|
||
|
Hyatt Place Denver Tech Center
|
||
|
Hyatt House Denver Tech Center
|
||
|
Hyatt Place Orlando Airport
|
||
|
Hyatt Place Orlando/Convention Center
|
||
|
Hyatt Place Orlando / Universal
|
||
|
Hyatt Place Atlanta Airport-South
|
||
|
Hyatt Place Atlanta/Buckhead
|
||
|
Hyatt Place Atlanta/Cobb Galleria
|
||
|
Hyatt Place Atlanta/Duluth/Gwinnett Mall
|
||
|
Hyatt Place Chicago/Hoffman Estates
|
||
|
Hyatt Place Chicago/Lombard/Oak Brook
|
||
|
Hyatt Place Fort Wayne
|
||
|
Hyatt Place Indianapolis Airport
|
||
|
Hyatt Place Kansas City/Overland Park/Convention Center
|
||
|
Hyatt House New Orleans/Downtown
|
||
|
Hyatt Place Baltimore/Owings Mills
|
||
|
Hyatt Place Detroit/Utica
|
||
|
Hyatt Place Minneapolis/Downtown
|
||
|
Hyatt Place Kansas City Airport
|
||
|
Hyatt Place Mt. Laurel
|
||
|
Hyatt House Charlotte/Center City
|
||
|
Hyatt Place Charlotte Airport/Lake Pointe
|
||
|
Hyatt Place Columbus/Dublin
|
||
|
Hyatt House Portland/Downtown
|
||
|
Hyatt House San Juan
|
||
|
Hyatt Place San Juan/Bayamón
|
||
|
Hyatt Place San Juan/City Center
|
||
|
Hyatt Place Manati
|
||
|
Hyatt House Charleston/Historic District
|
||
|
Hyatt Place Charleston/Historic District
|
||
|
Hyatt Place Nashville/Hendersonville
|
||
|
Hyatt Place Austin-North Central
|
||
|
Hyatt Place Dallas/Arlington
|
||
|
Hyatt Place Dallas-North/by the Galleria
|
||
|
Hyatt Place DFW
|
||
|
Hyatt Place El Paso Airport
|
||
|
Hyatt Place Houston/Sugar Land
|
||
|
Hyatt Place San Antonio/Riverwalk
|
||
|
Hyatt Place Chantilly/Dulles Airport-South
|
||
|
Hyatt Place Sterling/Dulles Airport-North
|
||
|
Hyatt Place Madison/Downtown
|
||
|
|
||
SUBSIDIARY: THE GREAT EASTERN HOTEL COMPANY LIMITED
|
Names under which such subsidiary does business:
|
||
|
Andaz London Liverpool Street
|
1.
|
I have reviewed this annual report on Form 10-K of Hyatt Hotels Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
|
Date: February 15, 2018
|
/s/ Mark S. Hoplamazian
|
|
Mark S. Hoplamazian
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this annual report on Form 10-K of Hyatt Hotels Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
|
Date: February 15, 2018
|
/s/ Patrick J. Grismer
|
|
Patrick J. Grismer
|
|
Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
/s/ Mark S. Hoplamazian
|
|
Name:
|
Mark S. Hoplamazian
|
Title:
|
President and Chief Executive Officer
(Principal Executive Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
/s/ Patrick J. Grismer
|
|
Name:
|
Patrick J. Grismer
|
Title:
|
Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
|
TRUSTEES:
|
/s/ Thomas J. Pritzker
|
Thomas J. Pritzker
|
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
|
/s/ Karl J. Breyer
|
Karl J. Breyer
|
|
ADULT BENEFICIARIES:
|
/s/ Nicholas J. Pritzker
|
Nicholas J. Pritzker
|
|
/s/ Thomas J. Pritzker
|
Thomas J. Pritzker
|
|
/s/ James N. Pritzker
|
James N. Pritzker
|
|
/s/ John A. Pritzker
|
John A. Pritzker
|
|
/s/ Linda Pritzker
|
Linda Pritzker
|
|
/s/ Karen L. Pritzker
|
Karen L. Pritzker
|
|
/s/ Penny Pritzker
|
Penny Pritzker
|
/s/ Anthony N. Pritzker
|
Anthony N. Pritzker
|
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
|
/s/ Jay Robert Pritzker
|
Jay Robert Pritzker
|
|
/s/ Joseph B. Pritzker
|
Joseph B. Pritzker
|
|
/s/ Regan Pritzker
|
Regan Pritzker
|
|
/s/ Rachel Pritzker Hunter
|
Rachel Pritzker Hunter
|
|
/s/ Roland Bacon Pritzker
|
Roland Bacon Pritzker
|
|
/s/ Jason N. Pritzker
|
Jason N. Pritzker
|
|
/s/ Benjamin T. Pritzker
|
Benjamin T. Pritzker
|
|
/s/ Rosemary Pritzker
|
Rosemary Pritzker
|
|
/s/ Tal Hava Pritzker
|
Tal Hava Pritzker
|
|
/s/ Jacob N. Pritzker
|
Jacob N. Pritzker
|
|
/s/ David T. Pritzker
|
David T. Pritzker
|
/s/ Allison Pritzker Schwartz
|
Allison Pritzker Schwartz
|
|
/s/ Adam Pritzker
|
Adam Pritzker
|
|
/s/ Isaac Pritzker
|
Isaac Pritzker
|
|
/s/ Noah Pritzker
|
Noah Pritzker
|
|
/s/ Dana Jean Pritzker Schwartz
|
Dana Jean Pritzker Schwartz
|
|
/s/ Donald Pritzker Traubert
|
Donald Pritzker Traubert
|
A.N.P. TRUST # 1
|
A.N.P. TRUST # 2
|
A.N.P. TRUST # 3
|
A.N.P. TRUST # 4-DANIEL
|
A.N.P. TRUST # 4-JOHN
|
A.N.P. TRUST # 5-DANIEL
|
A.N.P. TRUST # 5-JEAN
|
A.N.P. TRUST # 6
|
A.N.P. TRUST # 7A
|
A.N.P. TRUST # 7B
|
A.N.P. TRUST # 7C
|
A.N.P. TRUST # 7D
|
A.N.P. TRUST # 8
|
A.N.P. TRUST # 9
|
A.N.P. TRUST #10
|
A.N.P. TRUST #11
|
A.N.P. TRUST #12
|
A.N.P. TRUST #13A
|
A.N.P. TRUST #13B
|
A.N.P. TRUST #13C
|
A.N.P. TRUST #13D
|
A.N.P. TRUST #14
|
A.N.P. TRUST #15
|
A.N.P. TRUST #16
|
A.N.P. TRUST #17
|
A.N.P. TRUST #18-JOHN
|
A.N.P. TRUST #18-THOMAS
|
A.N.P. TRUST #19
|
A.N.P. TRUST #20
|
A.N.P. TRUST #21
|
A.N.P. TRUST #22-JAMES
|
A.N.P. TRUST #22-LINDA
|
A.N.P. TRUST #23-KAREN
|
A.N.P. TRUST #23-LINDA
|
A.N.P. TRUST #24-JAMES
|
A.N.P. TRUST #24-KAREN
|
A.N.P. TRUST #25
|
A.N.P. TRUST #26
|
A.N.P. TRUST #27
|
A.N.P. TRUST #28-JAMES
|
A.N.P. TRUST #28-LINDA
|
A.N.P. TRUST #29-KAREN
|
A.N.P. TRUST #29-LINDA
|
A.N.P. TRUST #30-JAMES
|
A.N.P. TRUST #30-KAREN
|
A.N.P. TRUST #31
|
A.N.P. TRUST #32
|
A.N.P. TRUST #33
|
A.N.P. TRUST #34-ANTHONY
|
A.N.P. TRUST #34-PENNY
|
A.N.P. TRUST #35-ANTHONY
|
A.N.P. TRUST #35-JAY ROBERT
|
A.N.P. TRUST #36-JAY ROBERT
|
A.N.P. TRUST #36-PENNY
|
A.N.P. TRUST #37
|
A.N.P. TRUST #38
|
A.N.P. TRUST #39
|
A.N.P. TRUST #40-ANTHONY
|
A.N.P. TRUST #40-PENNY
|
A.N.P. TRUST #41-ANTHONY
|
A.N.P. TRUST #41-JAY ROBERT
|
A.N.P. TRUST #42-JAY ROBERT
|
A.N.P. TRUST #42-PENNY
|
AMARILLO RESIDUARY TRUST # 1
|
AMARILLO RESIDUARY TRUST # 2
|
AMARILLO RESIDUARY TRUST # 3
|
AMARILLO RESIDUARY TRUST # 4
|
AMARILLO RESIDUARY TRUST # 5
|
AMARILLO RESIDUARY TRUST # 6
|
AMARILLO RESIDUARY TRUST # 7
|
AMARILLO RESIDUARY TRUST # 8
|
AMARILLO RESIDUARY TRUST # 9
|
AMARILLO RESIDUARY TRUST #10
|
DNP RESIDUARY TRUST #1
|
DNP RESIDUARY TRUST #2
|
DNP RESIDUARY TRUST #3
|
DNP RESIDUARY TRUST #4
|
DNP RESIDUARY TRUST #5
|
DNP RESIDUARY TRUST #6
|
DNP RESIDUARY TRUST #7
|
DNP RESIDUARY TRUST #8
|
DNP RESIDUARY TRUST #9
|
DON G.C. TRUST #1
|
DON G.C. TRUST #2
|
DON G.C. TRUST #3
|
DON G.C. TRUST #4
|
DON G.C. TRUST #5
|
DON G.C. TRUST #6
|
DON G.C. TRUST #7
|
DON G.C. TRUST #8
|
DON G.C. TRUST #9
|
DON G.C. TRUST #10
|
DON TRUST NO. 25
|
ECI FAMILY TRUST #1
|
ECI FAMILY TRUST #2
|
ECI FAMILY TRUST #3
|
ECI FAMILY TRUST #4
|
ECI FAMILY TRUST #5
|
ECI FAMILY TRUST #6
|
ECI QSST TRUST #1
|
ECI QSST TRUST #2
|
ECI QSST TRUST #3
|
ECI QSST TRUST #4
|
ECI QSST TRUST #5
|
ECI QSST TRUST #6
|
F. L. P. RESIDUARY TRUST # 1
|
F. L. P. RESIDUARY TRUST # 5
|
F. L. P. RESIDUARY TRUST # 6
|
F. L. P. RESIDUARY TRUST # 9
|
F. L. P. RESIDUARY TRUST #11
|
F. L. P. RESIDUARY TRUST #12
|
F. L. P. RESIDUARY TRUST #13
|
F. L. P. RESIDUARY TRUST #14
|
F. L. P. RESIDUARY TRUST #15
|
F. L. P. RESIDUARY TRUST #16
|
F. L. P. RESIDUARY TRUST #17
|
F. L. P. RESIDUARY TRUST #18
|
F. L. P. RESIDUARY TRUST #19
|
F. L. P. RESIDUARY TRUST #20
|
F. L. P. RESIDUARY TRUST #21
|
F. L. P. RESIDUARY TRUST #22
|
F. L. P. RESIDUARY TRUST #23
|
F. L. P. RESIDUARY TRUST #24
|
F. L. P. RESIDUARY TRUST #25
|
F. L. P. RESIDUARY TRUST #26
|
F. L. P. RESIDUARY TRUST #27
|
F. L. P. RESIDUARY TRUST #28
|
F. L. P. RESIDUARY TRUST #29
|
F. L. P. RESIDUARY TRUST #30
|
F. L. P. RESIDUARY TRUST #31
|
F. L. P. RESIDUARY TRUST #32
|
F. L. P. RESIDUARY TRUST #33
|
F. L. P. RESIDUARY TRUST #34
|
F. L. P. RESIDUARY TRUST #35
|
F. L. P. RESIDUARY TRUST #36
|
F. L. P. RESIDUARY TRUST #37
|
F. L. P. RESIDUARY TRUST #38
|
F. L. P. RESIDUARY TRUST #39
|
F. L. P. RESIDUARY TRUST #40
|
F. L. P. RESIDUARY TRUST #41
|
F. L. P. RESIDUARY TRUST #42
|
F. L. P. RESIDUARY TRUST #43
|
F. L. P. RESIDUARY TRUST #44
|
F. L. P. RESIDUARY TRUST #45
|
F. L. P. RESIDUARY TRUST #46
|
F. L. P. RESIDUARY TRUST #47
|
F. L. P. RESIDUARY TRUST #48
|
F. L. P. RESIDUARY TRUST #49
|
F. L. P. RESIDUARY TRUST #50
|
F. L. P. RESIDUARY TRUST #51
|
F. L. P. RESIDUARY TRUST #52
|
F. L. P. RESIDUARY TRUST #53
|
F. L. P. RESIDUARY TRUST #54
|
F. L. P. RESIDUARY TRUST #55
|
F. L. P. RESIDUARY TRUST #56
|
F. L. P. TRUST NO. 10
|
F. L. P. TRUST NO. 11
|
F. L. P. TRUST NO. 12
|
F. L. P. TRUST NO. 13
|
F. L. P. TRUST NO. 14
|
F. L. P. TRUST NO. 15
|
F. L. P. TRUST NO. 16
|
F. L. P. TRUST NO. 17
|
F. L. P. TRUST NO. 19
|
F. L. P. TRUST NO. 20
|
F. L. P. TRUST NO. 21
|
LA SALLE G.C. TRUST #2
|
LA SALLE G.C. TRUST #3
|
LA SALLE G.C. TRUST #4
|
LA SALLE G.C. TRUST #5
|
LA SALLE G.C. TRUST #6
|
LA SALLE G.C. TRUST #7
|
LA SALLE G.C. TRUST #8
|
LA SALLE G.C. TRUST #9
|
LA SALLE G.C. TRUST #10
|
LA SALLE G.C. TRUST #11
|
LA SALLE TRUST #13
|
LA SALLE TRUST #14
|
LA SALLE TRUST #15
|
LA SALLE TRUST #17
|
LA SALLE TRUST #18
|
LA SALLE TRUST #19
|
LA SALLE TRUST #27
|
LA SALLE TRUST #41
|
LA SALLE TRUST #42
|
LA SALLE TRUST #43
|
LA SALLE TRUST #44
|
LA SALLE TRUST #45
|
LA SALLE TRUST #46
|
LA SALLE TRUST #47
|
LA SALLE TRUST #48
|
LA SALLE TRUST #49
|
LA SALLE TRUST #50
|
LA SALLE TRUST #51
|
LA SALLE TRUST #52
|
LA SALLE TRUST #53
|
LA SALLE TRUST #54
|
LA SALLE TRUST #55
|
LA SALLE TRUST #56
|
LA SALLE TRUST #57
|
LA SALLE TRUST #58
|
LA SALLE TRUST #59
|
LA SALLE TRUST #60
|
LA SALLE TRUST #61
|
LA SALLE TRUST # 62
|
LA SALLE TRUST NO. 63
|
LA SALLE TRUST NO. 64
|
N.F.P. QSST TRUST NO. 21
|
BANDON TRUST-OREGON # 1
|
BARVIEW TRUST-OREGON # 2
|
BROWNSVILLE TRUST-OREGON # 3
|
CARLTON TRUST-OREGON # 4
|
CLAKAMAS TRUST-OREGON # 5
|
CLATSKANIE TRUST-OREGON # 6
|
CRESWELL TRUST-OREGON # 7
|
DRAIN TRUST-OREGON # 8
|
EASTSIDE TRUST-OREGON # 9
|
ELGIN TRUST-OREGON # 10
|
ENTERPRISE TRUST-OREGON # 11
|
ESTACADA TRUST-OREGON # 12
|
FAIRVIEW TRUST-OREGON # 13
|
GARIBALDI TRUST-OREGON # 14
|
GREEN TRUST-OREGON # 15
|
HARRISBURG TRUST-OREGON # 16
|
FOSSIL TRUST-OREGON # 17
|
GARDINER TRUST-OREGON # 18
|
GEARHART TRUST-OREGON # 19
|
GERVAIS TRUST-OREGON # 20
|
GILCHRIST TRUST-OREGON # 21
|
GLENDALE TRUST-OREGON # 22
|
GLENMORRIE TRUST-OREGON # 23
|
GLIDE TRUST-OREGON # 24
|
HARBOR TRUST-OREGON # 25
|
HUBBARD TRUST-OREGON # 26
|
HUNTINGTON TRUST-OREGON # 27
|
JOSEPH TRUST-OREGON # 28
|
KINZUA TRUST-OREGON # 29
|
LAFAYETTE TRUST-OREGON # 30
|
LEWISBURG TRUST-OREGON # 31
|
LOWELL TRUST-OREGON # 32
|
AMITY TRUST-OREGON # 33
|
APPLEGATE TRUST-OREGON # 34
|
ATHENA TRUST-OREGON # 35
|
AUMSVILLE TRUST-OREGON # 36
|
BELLEVIEW TRUST-OREGON # 37
|
BLY TRUST-OREGON # 38
|
CANYONVILLE TRUST-OREGON # 39
|
CHARLESTON TRUST-OREGON # 40
|
CHILOQUIN TRUST-OREGON # 41
|
COBURG TRUST-OREGON # 42
|
CONDON TRUST-OREGON # 43
|
DAYTON TRUST-OREGON # 44
|
DILLARD TRUST-OREGON # 45
|
DUNDEE TRUST-OREGON # 46
|
DUNES TRUST-OREGON # 47
|
ELMIRA TRUST-OREGON # 48
|
CANYON TRUST-OREGON # 49
|
BEECH TRUST-OREGON # 50
|
BATTLE TRUST-OREGON # 51
|
BLUE TRUST-OREGON # 52
|
SEBASTIAN TRUST-OREGON # 53
|
CAMAS TRUST-OREGON # 54
|
LOW TRUST-OREGON # 55
|
ALSEA TRUST-OREGON # 56
|
BROGAN TRUST-OREGON # 57
|
BURNT TRUST-OREGON # 58
|
HAYES TRUST-OREGON # 59
|
PARKER TRUST-OREGON # 60
|
GRASS TRUST-OREGON # 61
|
NECANIUM TRUST-OREGON # 62
|
SISKIYOU TRUST-OREGON # 63
|
WILLAMETTE TRUST-OREGON # 64
|
BEAVERTON TRUST-OREGON # 65
|
CORVALLIS TRUST-OREGON # 66
|
EUGENE TRUST-OREGON # 67
|
MEDFORD TRUST-OREGON # 68
|
PARKROSE TRUST-OREGON # 69
|
PORTLAND TRUST-OREGON # 70
|
SALEM TRUST-OREGON # 71
|
SPRINGFIELD TRUST-OREGON # 72
|
ALBANY TRUST-OREGON # 73
|
ALTAMONT TRUST-OREGON # 74
|
BEND TRUST-OREGON # 75
|
GRESHAM TRUST-OREGON # 76
|
HILLSBORO TRUST-OREGON # 77
|
KEIZER TRUST-OREGON # 78
|
MILWAUKIE TRUST-OREGON # 79
|
PENDLETON TRUST-OREGON # 80
|
DALLAS TRUST-OREGON # 81
|
GLADESTONE TRUST-OREGON # 82
|
HAYESVILLE TRUST-OREGON # 83
|
LEBANON TRUST-OREGON # 84
|
NEWBERG TRUST-OREGON # 85
|
POWELLHURST TRUST-OREGON # 86
|
ROCKWOOD TRUST-OREGON # 87
|
WOODBURN TRUST-OREGON # 88
|
ANTELOPE TRUST-OREGON # 89
|
DREWSEY TRUST-OREGON # 90
|
GRANITE TRUST-OREGON # 91
|
GREENHORN TRUST-OREGON # 92
|
HARDMAN TRUST-OREGON # 93
|
JUNTURA TRUST-OREGON # 94
|
LONEROCK TRUST-OREGON # 95
|
SHANIKO TRUST-OREGON # 96
|
ARAGO TRUST-OREGON # 97
|
BAYSHORE TRUST-OREGON # 98
|
BEATTY TRUST-OREGON # 99
|
BIRKENFELD TRUST-OREGON #100
|
BLODGETT TRUST-OREGON #101
|
BROADBENT TRUST-OREGON #102
|
BURLINGTON TRUST-OREGON #103
|
CHESHIRE TRUST-OREGON #104
|
COOSTON TRUST-OREGON #105
|
DODSON TRUST-OREGON #106
|
DREW TRUST-OREGON #107
|
DURKEE TRUST-OREGON #108
|
ENGLEWOOD TRUST-OREGON #109
|
FIRWOOD TRUST-OREGON #110
|
HARPER TRUST-OREGON #111
|
JAMIESON TRUST-OREGON #112
|
ALOHA TRUST-OREGON #113
|
BATTIN TRUST-OREGON #114
|
BROOKINGS TRUST-OREGON #115
|
BURNS TRUST-OREGON #116
|
CANBY TRUST-OREGON #117
|
COQUILLE TRUST-OREGON #118
|
GILBERT TRUST-OREGON #119
|
GLENDOVEER TRUST-OREGON #120
|
HAZELWOOD TRUST-OREGON #121
|
HERMISTON TRUST-OREGON #122
|
KENDALL TRUST-OREGON #123
|
METZGER TRUST-OREGON #124
|
MONMOUTH TRUST-OREGON #125
|
NEWPORT TRUST-OREGON #126
|
OAKRIDGE TRUST-OREGON #127
|
ONTARIO TRUST-OREGON #128
|
BAKER TRUST-OREGON #129
|
BENTON TRUST-OREGON #130
|
CURRY TRUST-OREGON #131
|
DOUGLAS TRUST-OREGON #132
|
GRANT TRUST-OREGON #133
|
LAKE TRUST-OREGON #134
|
MARION TRUST-OREGON #135
|
POLK TRUST-OREGON #136
|
COLUMBIA TRUST-OREGON #137
|
GILLIAM TRUST-OREGON #138
|
CLERK TRUST-OREGON #139
|
JACKSON TRUST-OREGON #140
|
JEFFERSON TRUST-OREGON #141
|
KLAMATH TRUST-OREGON #142
|
LINN TRUST-OREGON #143
|
MORROW TRUST-OREGON #144
|
CLATSOP TRUST-OREGON #145
|
COOS TRUST-OREGON #146
|
JOSEPHINE TRUST-OREGON #147
|
LANE TRUST-OREGON #148
|
MALHEUR TRUST-OREGON #149
|
SHERMAN TRUST-OREGON #150
|
UNION TRUST-OREGON #151
|
WASCO TRUST-OREGON #152
|
CRESCENT TRUST-OREGON #153
|
SUMMIT TRUST-OREGON #154
|
MILLER TRUST-OREGON #155
|
DAVIS TRUST-OREGON #156
|
OWYHEE TRUST-OREGON #157
|
COW TRUST-OREGON #158
|
MAGONE TRUST-OREGON #159
|
OSWEGO TRUST-OREGON #160
|
RIDER TRUST-OREGON #161
|
WALLOWA TRUST-OREGON #162
|
HARNEY TRUST-OREGON #163
|
YOUNG TRUST-OREGON #164
|
CRATER TRUST-OREGON #165
|
SUMMER TRUST-OREGON #166
|
ABERT TRUST-OREGON #167
|
ALKALI TRUST-OREGON #168
|
ADAMS TRUST-OREGON #169
|
ADRIAN TRUST-OREGON #170
|
ALVADORE TRUST-OREGON #171
|
AZALEA TRUST-OREGON #172
|
BALLSTON TRUST-OREGON #173
|
BARLOW TRUST-OREGON #174
|
BEAVER TRUST-OREGON #175
|
BECK TRUST-OREGON #176
|
BONNEVILLE TRUST-OREGON #177
|
BORING TRUST-OREGON #178
|
BRICKERVILLE TRUST-OREGON #179
|
BRIDGE TRUST-OREGON #180
|
BRIGHTWOOD TRUST-OREGON #181
|
OPHELIA TRUST-OREGON #182
|
BUXTON TRUST-OREGON #183
|
CARVER TRUST-OREGON #184
|
ASTORIA TRUST-OREGON #185
|
PRINEVILLE TRUST-OREGON #186
|
ROSEBURG TRUST-OREGON #187
|
LAKEVIEW TRUST-OREGON #188
|
VALE TRUST-OREGON #189
|
HEPPNER TRUST-OREGON #190
|
MORO TRUST-OREGON #191
|
TILLAMOOK TRUST-OREGON #192
|
IDANHA TRUST-OREGON #193
|
IDAVILLE TRUST-OREGON #194
|
IMBLER TRUST-OREGON #195
|
INDEPENDENCE TRUST-OREGON #196
|
INTERLACHEN TRUST-OREGON #197
|
IONE TRUST-OREGON #198
|
IRRIGON TRUST-OREGON #199
|
IRVING TRUST-OREGON #200
|
OAKLAND TRUST-OREGON #201
|
OCEANSIDE TRUST-OREGON #202
|
ODELL TRUST-OREGON #203
|
OLNEY TRUST-OREGON #204
|
OPHIR TRUST-OREGON #205
|
ORENCO TRUST-OREGON #206
|
ORIENT TRUST-OREGON #207
|
OXBOW TRUST-OREGON #208
|
P. G. - DANIEL TRUST
|
P. G. - DON #3 TRUST
|
P. G. - JEAN TRUST
|
P. G. - JIM TRUST
|
P. G. - JOHNNY TRUST
|
P. G. - KAREN TRUST
|
P. G. - LINDA TRUST
|
P. G. - NICHOLAS TRUST
|
P. G. - PENNY TRUST
|
P. G. - TOM TRUST
|
P. G. - TONY TRUST
|
P.P.C. TRUST #2- GIGI
|
P.P.C. TRUST #2- TOM
|
P.P.C. TRUST #3- JAY ROBERT
|
P.P.C. TRUST #3- LINDA
|
P.P.C. TRUST #4- ANTHONY
|
P.P.C. TRUST #4- JAY ROBERT
|
P.P.C. TRUST #4- JIM
|
P.P.C. TRUST #5- ANTHONY
|
P.P.C. TRUST #5- KAREN
|
P.P.C. TRUST #6- ANTHONY
|
P.P.C. TRUST #6- DANIEL
|
P.P.C. TRUST #6- GIGI
|
P.P.C. TRUST #6- PENNY
|
P.P.C. TRUST #7- JOHN
|
P.P.C. TRUST #7- PENNY
|
R. A. TRUST NO. 25
|
R.A. G.C. TRUST #1
|
R.A. G.C. TRUST #2
|
R.A. G.C. TRUST #3
|
R.A. G.C. TRUST #4
|
R.A. G.C. TRUST #5
|
R.A. G.C. TRUST #6
|
R.A. G.C. TRUST #7
|
R.A. G.C. TRUST #8
|
R.A. G.C. TRUST #9
|
R.A. G.C. TRUST #10
|
RAINER TRUST-WASHINGTON # 1
|
SLIDE TRUST-WASHINGTON # 2
|
CRYSTAL TRUST-WASHINGTON # 3
|
ELLIS TRUST-WASHINGTON # 4
|
OLYMPUS TRUST-WASHINGTON # 5
|
CARRIE TRUST-WASHINGTON # 6
|
ELK TRUST-WASHINGTON # 7
|
CONSTANCE TRUST-WASHINGTON # 8
|
HENDERSON TRUST-WASHINGTON # 9
|
ANDERSON TRUST-WASHINGTON # 10
|
TWIN TRUST-WASHINGTON # 11
|
HAYSTACK TRUST-WASHINGTON # 12
|
PILCHUCK TRUST-WASHINGTON # 13
|
INDEX TRUST-WASHINGTON # 14
|
BEARHEAD TRUST-WASHINGTON # 15
|
STRAWBERRY TRUST-WASHINGTON # 16
|
SIMCOE TRUST-WASHINGTON # 17
|
CLIFTY TRUST-WASHINGTON # 18
|
CASHMERE TRUST-WASHINGTON # 19
|
CLARK TRUST-WASHINGTON # 20
|
BONANZA TRUST-WASHINGTON # 21
|
GOODE TRUST-WASHINGTON # 22
|
LOGAN TRUST-WASHINGTON # 23
|
JACK TRUST-WASHINGTON # 24
|
OKANOGAN TRUST-WASHINGTON # 25
|
COLVILLE TRUST-WASHINGTON # 26
|
KANIKSU TRUST-WASHINGTON # 27
|
UMATILLA TRUST-WASHINGTON # 28
|
PINCHOT TRUST-WASHINGTON # 29
|
GIFFORD TRUST-WASHINGTON # 30
|
LATHROP TRUST-WASHINGTON # 31
|
ROSS TRUST-WASHINGTON # 32
|
OLYMPIC TRUST-WASHINGTON # 33
|
BREMERTON TRUST-WASHINGTON # 34
|
VANCOUVER TRUST-WASHINGTON # 35
|
DARRINGTON TRUST-WASHINGTON # 36
|
KEECHELUS TRUST-WASHINGTON # 37
|
FEDERATION TRUST-WASHINGTON # 38
|
HANFORD TRUST-WASHINGTON # 39
|
PAULS TRUST-WASHINGTON # 40
|
BUTTE TRUST-WASHINGTON # 41
|
STEPTOE TRUST-WASHINGTON # 42
|
FAIRCHILD TRUST-WASHINGTON # 43
|
COULEE TRUST-WASHINGTON # 44
|
VERNON TRUST-WASHINGTON # 45
|
MCNARY TRUST-WASHINGTON # 46
|
MARYHILL TRUST-WASHINGTON # 47
|
PASTIME TRUST-WASHINGTON # 48
|
CHELAN TRUST-WASHINGTON # 49
|
MOSES TRUST-WASHINGTON # 50
|
ENTIAT TRUST-WASHINGTON # 51
|
WALLOLA TRUST-WASHINGTON # 52
|
BANKS TRUST-WASHINGTON # 53
|
RIFFE TRUST-WASHINGTON # 54
|
SACAJEWEA TRUST-WASHINGTON # 55
|
BRYAN TRUST-WASHINGTON # 56
|
NEWMAN TRUST-WASHINGTON # 57
|
ROCK TRUST-WASHINGTON # 58
|
ROOSEVELT TRUST-WASHINGTON # 59
|
SHANNON TRUST-WASHINGTON # 60
|
STEVENS TRUST-WASHINGTON # 61
|
SPECTACLE TRUST-WASHINGTON # 62
|
GALISPELL TRUST-WASHINGTON # 63
|
WEST TRUST-WASHINGTON # 64
|
MARENGO TRUST-WASHINGTON # 65
|
SPANGLE TRUST-WASHINGTON # 66
|
PACKWOOD TRUST-WASHINGTON # 67
|
MOORE TRUST-WASHINGTON # 68
|
ALMIRA TRUST-WASHINGTON # 69
|
GRANDVIEW TRUST-WASHINGTON # 70
|
MALDEN TRUST-WASHINGTON# 71
|
TEKOA TRUST-WASHINGTON # 72
|
PACK TRUST-WASHINGTON # 73
|
FAIRFIELD TRUST-WASHINGTON # 74
|
RITZVILLE TRUST-WASHINGTON # 75
|
WARDEN TRUST-WASHINGTON # 76
|
BRIDGEPORT TRUST-WASHINGTON # 77
|
QUINCY TRUST-WASHINGTON # 78
|
PENAWOWA TRUST-WASHINGTON # 79
|
ALMOTA TRUST-WASHINGTON # 80
|
QUIET TRUST-WASHINGTON # 81
|
LEMEI TRUST-WASHINGTON # 82
|
SODA TRUST-WASHINGTON # 83
|
BOISTFORD TRUST-WASHINGTON # 84
|
SNAG TRUST-WASHINGTON # 85
|
WINDY TRUST-WASHINGTON # 86
|
MICA TRUST-WASHINGTON # 87
|
GYPSY TRUST-WASHINGTON # 88
|
GLACIER TRUST-WASHINGTON # 89
|
MONTE CRISTO TRUST-WASHINGTON # 90
|
WENATCHEE TRUST-WASHINGTON # 91
|
VESPER TRUST-WASHINGTON # 92
|
GUNN TRUST-WASHINGTON # 93
|
PYRAMID TRUST-WASHINGTON # 94
|
MISSION TRUST-WASHINGTON # 95
|
SIGNAL TRUST-WASHINGTON # 96
|
UNDER TRUST-WASHINGTON # 97
|
SADDLE TRUST-WASHINGTON # 98
|
ABERCROMBIE TRUST-WASHINGTON # 99
|
HALL TRUST-WASHINGTON #100
|
MOLYBENITE TRUST-WASHINGTON #101
|
CHEWELAH TRUST-WASHINGTON #102
|
BOYER TRUST-WASHINGTON #103
|
COUGAR TRUST-WASHINGTON #104
|
REDTOP TRUST-WASHINGTON #105
|
CHIMNEY TRUST-WASHINGTON #106
|
JULY TRUST-WASHINGTON #107
|
STAR TRUST-WASHINGTON #108
|
PINNACLE TRUST-WASHINGTON #109
|
REMMEL TRUST-WASHINGTON #110
|
MILE TRUST-WASHINGTON #111
|
ZEBRA TRUST-WASHINGTON #112
|
IRON TRUST-WASHINGTON #113
|
FOOT TRUST-WASHINGTON #114
|
BELLS TRUST-WASHINGTON #115
|
BADGER TRUST-WASHINGTON #116
|
YEARLING TRUST-WASHINGTON #117
|
KING TRUST-WASHINGTON #118
|
ANT TRUST-WASHINGTON #119
|
AIX TRUST-WASHINGTON #120
|
SNOQUALMIE TRUST-WASHINGTON #121
|
TWISP TRUST-WASHINGTON #122
|
RAINY TRUST-WASHINGTON #123
|
WASHINGTON TRUST-WASHINGTON #124
|
HARTS TRUST-WASHINGTON #125
|
CASCADE TRUST-WASHINGTON #126
|
AUSTIN TRUST-WASHINGTON #127
|
STAMPEDE TRUST-WASHINGTON #128
|
SWAUK TRUST-WASHINGTON #129
|
BLEWITT TRUST-WASHINGTON #130
|
CAYUSE TRUST-WASHINGTON #131
|
BY TRUST-WASHINGTON #132
|
OVER TRUST-WASHINGTON #133
|
SATUS TRUST-WASHINGTON #134
|
COPPER TRUST-WASHINGTON #135
|
SNOWY TRUST-WASHINGTON #136
|
OZETTE TRUST-WASHINGTON #137
|
SKOKOMICH TRUST-WASHINGTON #138
|
CHEROKEE TRUST-WASHINGTON #139
|
SPOKANE TRUST-WASHINGTON #140
|
LUMMI TRUST-WASHINGTON #141
|
SHOALWATER TRUST-WASHINGTON #142
|
HOH TRUST-WASHINGTON #143
|
QUILLAYUTE TRUST-WASHINGTON #144
|
NOOKSACK TRUST-WASHINGTON #145
|
SUIATTLE TRUST-WASHINGTON #146
|
WHITE TRUST-WASHINGTON #147
|
ICICLE TRUST-WASHINGTON #148
|
KLICKITAT TRUST-WASHINGTON #149
|
WILLAPA TRUST-WASHINGTON #150
|
SNOW TRUST-WASHINGTON #151
|
DICKEY TRUST-WASHINGTON #152
|
TOUTLE TRUST-WASHINGTON #153
|
SALMON TRUST-WASHINGTON #154
|
YELLOW TRUST-WASHINGTON #155
|
CHEHALIS TRUST-WASHINGTON #156
|
WYNOOCHEE TRUST-WASHINGTON #157
|
QUIMALT TRUST-WASHINGTON #158
|
QUEETS TRUST-WASHINGTON #159
|
WIND TRUST-WASHINGTON #160
|
MARYSVILLE TRUST-WASHINGTON #161
|
LYNWOOD TRUST-WASHINGTON #162
|
EDMONDS TRUST-WASHINGTON #163
|
WINE TRUST-WASHINGTON #164
|
SEATTLE TRUST-WASHINGTON #165
|
BURIEN TRUST-WASHINGTON #166
|
TOWNSEND TRUST-WASHINGTON #167
|
FLAGLER TRUST-WASHINGTON #168
|
ANGELES TRUST-WASHINGTON #169
|
ABERDEEN TRUST-WASHINGTON #170
|
HOQUIAM TRUST-WASHINGTON #171
|
ZESTY TRUST-WASHINGTON #172
|
BELLINGHAM TRUST-WASHINGTON #173
|
BLAINE TRUST-WASHINGTON #174
|
CHUCKANUT TRUST-WASHINGTON #175
|
ANACORTES TRUST-WASHINGTON #176
|
CURRENT ADULT BENEFICIARIES
|
|
Nicholas J. Pritzker
|
Thomas J. Pritzker
|
James N. Pritzker
|
John A. Pritzker
|
Linda Pritzker
|
Karen L. Pritzker
|
Penny Pritzker
|
Daniel F. Pritzker
|
Anthony N. Pritzker
|
Gigi Pritzker Pucker
|
Jay Robert Pritzker
|
Trustees
:
|
|
Thomas J. Pritzker
|
The Pritzker Organization, LLC
|
71 S. Wacker Drive, Suite 4700
|
Chicago, IL 60606
|
(312) 873-4900 (Telephone)
|
(312) 873-4983 (Facsimile)
|
|
Mr. Karl J. Breyer
|
4535 IDS Center
|
80 S. 8th Street
|
Minneapolis, MN 55402
|
(612) 851-2085 (Telephone)
|
(612) 851-2086 (Facsimile)
|
|
Mr. Marshall E. Eisenberg
|
Neal Gerber & Eisenberg LLP
|
Two North LaSalle St.
|
Suite 2200
|
Chicago, IL 60602
|
(312) 269-8020 (Telephone)
|
(312) 269-0260 (Facsimile)
|
Adult Beneficiaries
:
|
|
Mr. Adam Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Allison Pritzker Schwartz
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Mr. Anthony N. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Mr. Benjamin T. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
Ms. Dana Jean Pritzker Schwartz
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Mr. Daniel F. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
and
|
|
Mr. Daniel F. Pritzker
|
c/o Timmons Advisors, LLC
|
3555 Timmons Lane
|
Suite 800
|
Houston, TX 77027
|
(713) 961-1600 (Telephone)
|
(713) 623-2317 (Facsimile)
|
|
Mr. David T. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
Mr. Donald P. Traubert
|
c/o Mr. J. Kevin Poorman
|
Pritzker Realty Group LP
|
71 S. Wacker Drive
|
47
th
Floor
|
Chicago, IL 60606
|
(312) 873-4802 (Telephone)
|
(312) 873-4891 (Facsimile)
|
|
Ms. Gigi Pritzker Pucker
|
c/o Ms. Karen MacKay
|
Burke Warren MacKay & Serritella PC
|
330 N. Wabash Avenue
|
22
nd
Floor
|
Chicago, IL 60611-3607
|
(312) 840-7009 (Telephone)
|
(312) 840-7900 (Facsimile)
|
|
Mr. Isaac Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
|
Mr. Jacob N. Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
Mr. James N. Pritzker
|
c/o Mr. Charles E. Dobrusin
|
Charles E. Dobrusin & Associates, Ltd.
|
104 S. Michigan Avenue
|
Suite 900
|
Chicago, IL 60603-5906
|
(312) 436-1202 (Telephone)
|
(312) 436-1201 (Facsimile)
|
|
and
|
|
Mr. James N. Pritzker
|
c/o Mr. Harry B. Rosenberg
|
Reed Smith Sachnoff & Weaver
|
10 South Wacker Drive
|
40
th
Floor
|
Chicago, IL 60606-7507
|
(312) 207-1000 (Telephone)
|
(312) 207-6400 (Facsimile)
|
|
Mr. Jason N. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
|
Mr. Jay Robert Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
Mr. John A. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Mr. Joseph B. Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
|
Ms. Karen L. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Ms. Linda Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Ms. Nancy Marie Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
Mr. Nicholas J. Pritzker
|
c/o Mr. Marshall Eisenberg
|
Neal Gerber & Eisenberg LLP
|
Two North LaSalle St.
|
Suite 2200
|
Chicago, IL 60602
|
(312) 269-8020 (Telephone)
|
(312) 269-0260 (Facsimile)
|
|
Mr. Noah Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Penny Pritzker
|
c/o Mr. J. Kevin Poorman
|
Pritzker Realty Group LP
|
71 S. Wacker Drive
|
47
th
Floor
|
Chicago, IL 60606
|
(312) 873-4802 (Telephone)
|
(312) 873-4891 (Facsimile)
|
|
Ms. Rachel Pritzker Hunter
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
Ms. Regan Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
|
Mr. Roland Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Rosemary Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Tal Hava Pritzker
|
c/o Mr. Charles E. Dobrusin
|
Charles E. Dobrusin & Associates, Ltd.
|
104 S. Michigan Avenue
|
Suite 900
|
Chicago, IL 60603-5906
|
(312) 436-1202 (Telephone)
|
(312) 436-1201 (Facsimile)
|
Mr. Thomas J. Pritzker
|
c/o Mr. Marshall Eisenberg
|
Neal Gerber & Eisenberg LLP
|
Two North LaSalle St.
|
Suite 2200
|
Chicago, IL 60602
|
(312) 269-8020 (Telephone)
|
(312) 269-0260 (Facsimile)
|
|
Mr. Zachary Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Nicholas J. Pritzker
|
Nicholas J. Pritzker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John Kevin Poorman
|
John Kevin Poorman, Trustee
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Edward W. Rabin
|
Edward W. Rabin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Charles E. Dobrusin
|
Charles E. Dobrusin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Charles E. Dobrusin
|
Charles E. Dobrusin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Charles E. Dobrusin
|
Charles E. Dobrusin
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Harry B. Rosenberg
|
Harry B. Rosenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Harry B. Rosenberg
|
Harry B. Rosenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Harry B. Rosenberg
|
Harry B. Rosenberg
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Jane E. Feerer
|
Jane E. Feerer
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Walter W. Simmers
|
Walter W. Simmers
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Jane E. Feerer
|
Jane E. Feerer
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Aaron Stern
|
Aaron Stern
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by G14M2 HHC of Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by T11M2 HHC of Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
/s/ Abigail Pritzker Pucker
|
Abigail Pritzker Pucker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Lawrence I. Richman
|
Lawrence I. Richman
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ Nicholas J. Pritzker
|
Nicholas J. Pritzker
|
/s/ Andrew A. N, Pri zker
|
Andrew A. N, Pritzker
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by GHHC of Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by THHC of Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Recipient Trusts of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Recipient Trusts of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
/s/ Lewis M. Linn
|
Lewis M. Linn
|
/s/ Rose Pritzker Traubert
|
Rose Pritzker Traubert
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Recipient Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Recipient Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by the Recipient Trust of shares of Hyatt Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with the receipt by Paratrooper of Common Stock, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Contemporaneously with her appointment as trustee of the Recipient Trusts, joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller,
|
John A. Miller,
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder in the form hereof.
|
/s/ John A. Miller
|
John A. Miller
|
1.
|
Acknowledges receipt and review of the A/R Global Hyatt Agreement;
|
2.
|
Joins in and agrees to be bound by the terms and conditions of the A/R Global Hyatt Agreement; and
|
3.
|
Agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation, Class A Common Stock and Class B Common Stock, to any Pritzker or Foreign Pritzker (or other successor that the A/R Global Hyatt Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee(s) thereof) signs and delivers to the parties to the A/R Global Hyatt Agreement a written Joinder Agreement in the form hereof.
|
Horton Trust Company, LLC, solely as trustee of the Recipient Trusts
|
By: /s/ John Kevin Poorman
|
Name: John Kevin Poorman
|
Title: President
|
P19M2 Investors, L.L.C.
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
/s/ Lawrence Richman
|
Lawrence Richman, not individually but solely as trustee of each of the separate and distinct trusts set forth on
Schedule A
|
Name of Trust / Assignor
|
|
Certificate Number
|
|
Number of Shares
|
|
Date of Trust
|
N.F.P. QSST TRUST NO. 21
|
|
619
|
|
2,960.000
|
|
04-18-1972
|
R.A. TRUST #25
|
|
618
|
|
192,777.000
|
|
12-30-1964
|
CHILOQUIN TRUST -
OREGON TRUST #41
|
|
620
|
|
6,219.000
|
|
02-01-1980
|
COBURG TRUST -
OREGON TRUST #42
|
|
621
|
|
6,219.000
|
|
02-01-1980
|
CONDON TRUST -
OREGON TRUST #43
|
|
622
|
|
6,219.000
|
|
02-01-1980
|
DAYTON TRUST -
OREGON TRUST #44
|
|
623
|
|
6,219.000
|
|
02-01-1980
|
DILLARD TRUST -
OREGON TRUST #45
|
|
624
|
|
6,219.000
|
|
02-01-1980
|
DUNDEE TRUST -
OREGON TRUST #46
|
|
625
|
|
6,219.000
|
|
02-01-1980
|
DUNES TRUST -
OREGON TRUST #47
|
|
626
|
|
6,218.000
|
|
02-01-1980
|
ELMIRA TRUST -
OREGON TRUST #48
|
|
627
|
|
6,218.000
|
|
02-01-1980
|
OAKLAND TRUST -
OREGON TRUST #201
|
|
631
|
|
6,219.000
|
|
02-01-1980
|
OCEANSIDE TRUST -
OREGON TRUST #202
|
|
632
|
|
6,219.000
|
|
02-01-1980
|
ODELL TRUST -
OREGON TRUST #203
|
|
633
|
|
6,219.000
|
|
02-01-1980
|
OLNEY TRUST -
OREGON TRUST #204
|
|
634
|
|
6,219.000
|
|
02-01-1980
|
OPHIR TRUST -
OREGON TRUST #205
|
|
635
|
|
6,219.000
|
|
02-01-1980
|
ORENCO TRUST -
OREGON TRUST #206
|
|
636
|
|
6,219.000
|
|
02-01-1980
|
ORIENT TRUST -
OREGON TRUST #207
|
|
637
|
|
6,218.000
|
|
02-01-1980
|
OXBOW TRUST -
OREGON TRUST #208
|
|
638
|
|
6,218.000
|
|
02-01-1980
|
/s/ Lewis Linn
|
Lewis Linn, not individually but solely as co-trustee of each of the separate and distinct trusts set forth on
Schedule A
|
/s/ Aaron Stern
|
Aaron Stern, not individually but solely as co-trustee of each of the separate and distinct trusts set forth on
Schedule A
|
Name of Trust / Assignor
|
|
Certificate Number
|
|
Number of Shares
|
|
Date of Trust
|
BURLINGTON TRUST - OREGON
TRUST #103
|
|
628
|
|
3,779.000
|
|
02-01-1980
|
CARVER TRUST - OREGON TRUST #184
|
|
629
|
|
5,146.000
|
|
02-01-1980
|
SIGNAL TRUST - WASHINGTON TRUST #96
|
|
639
|
|
4,038.000
|
|
02-01-1980
|
MILE TRUST - WASHINGTON TRUST #111
|
|
640
|
|
3,592.000
|
|
02-01-1980
|
SALMON TRUST - WASHINGTON TRUST #154
|
|
641
|
|
1,544.000
|
|
02-01-1980
|
YELLOW TRUST - WASHINGTON TRUST #155
|
|
642
|
|
1,544.000
|
|
02-01-1980
|
CHEHALIS TRUST - WASHINGTON TRUST #156
|
|
643
|
|
1,544.000
|
|
02-01-1980
|
WYNOOCHEE TRUST - WASHINGTON TRUST #157
|
|
644
|
|
1,544.000
|
|
02-01-1980
|
QUIMALT TRUST - WASHINGTON TRUST #158
|
|
645
|
|
1,544.000
|
|
02-01-1980
|
QUEETS TRUST - WASHINGTON TRUST #159
|
|
646
|
|
1,544.000
|
|
02-01-1980
|
WIND TRUST - WASHINGTON TRUST #160
|
|
647
|
|
1,561.000
|
|
02-01-1980
|
ABERDEEN TRUST - WASHINGTON TRUST #170
|
|
648
|
|
1,561.000
|
|
02-01-1980
|
HOQUIAM TRUST - WASHINGTON TRUST #171
|
|
649
|
|
1,561.000
|
|
02-01-1980
|
ZESTY TRUST - WASHINGTON TRUST #172
|
|
650
|
|
1,561.000
|
|
02-01-1980
|
BELLINGHAM TRUST - WASHINGTON TRUST #173
|
|
651
|
|
1,561.000
|
|
02-01-1980
|
BLAINE TRUST - WASHINGTON TRUST #174
|
|
652
|
|
1,561.000
|
|
02-01-1980
|
CHUCKANUT TRUST - WASHINGTON TRUST #175
|
|
653
|
|
1,561.000
|
|
02-01-1980
|
ANACORTES TRUST - WASHINGTON TRUST #176
|
|
654
|
|
1,561.000
|
|
02-01-1980
|
/s/ Charles Dobrusin
|
Charles Dobrusin, not individually but solely as co-trustee of each of the separate and distinct trusts set forth on
Schedule A
|
/s/ Harry Rosenberg
|
Harry Rosenberg, not individually but solely as co-trustee of each of the separate and distinct trusts set forth on
Schedule A
|
Name of Trust / Assignor
|
|
Certificate Number
|
|
Number of Shares
|
|
Date of Trust
|
LASALLE TRUST #50
|
|
616
|
|
6,750.000
|
|
03-15-1966
|
LASALLE TRUST #55
|
|
617
|
|
6,751.000
|
|
03-15-1966
|
LASALLE G.C. TRUST #6
|
|
659
|
|
155,507.000
|
|
01-03-1991
|
DON G.C. TRUST #5
|
|
655
|
|
58,254.000
|
|
01-03-1991
|
R.A. G.C. TRUST #5
|
|
656
|
|
43,639.000
|
|
01-03-1991
|
A.N.P. TRUST #22 - JAMES
|
|
660
|
|
301,200.000
|
|
01-01-1989
|
A.N.P. TRUST #24 - JAMES
|
|
661
|
|
305,494.000
|
|
01-01-1989
|
A.N.P. TRUST #28 - JAMES
|
|
662
|
|
305,495.000
|
|
01-01-1989
|
A.N.P. TRUST #30 - JAMES
|
|
663
|
|
305,407.000
|
|
01-01-1989
|
/s/ Lewis Linn
|
Lewis Linn, not individually but solely as trustee of each of the separate and distinct trusts set forth on
Schedule A
|
Name of Trust / Assignor
|
|
Certificate Number
|
|
Number of Shares
|
|
Date of Trust
|
LASALLE G.C. TRUST #3
|
|
658
|
|
64,941.000
|
|
01-02-1993
|
/s/ Nicholas J. Pritzker
|
Nicholas J. Pritzker, Trustee
|
By: TGFJ GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
By: 8-26-22 GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
By: Julytoon Investments GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
LCI H COMPANY LP
:
|
|
|
|
By: Julytoon Investments GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
By: 8-26-22 GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
FLP11 HHC, L.L.C.
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
FLP14 HHC, L.L.C.
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
By: Julytoon Investments GP LLC, its General Partner
|
|
|
|
By:
|
/s/ Lewis M. Linn
|
Name:
|
Lewis M. Linn
|
Title:
|
Manager
|
|
|
By:
|
/s/ Ronald D. Wray
|
Name:
|
Ronald D. Wray
|
Title:
|
Vice President
|
T11M5 Investors, L.L.C.
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg, not individually but solely as trustee of each of the separate and distinct trusts set forth on
Schedule A
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
By: /s/ John Kevin Poorman
|
Name: John Kevin Poorman
|
Title: President
|
1740 #40FD-D
|
1740 #40FD-R
|
1740 #34FD2
|
T-551-10FD2
|
/s/ Thomas J. Pritzker
|
Thomas J. Pritzker, not individually but solely as co-trustee of TJP Revocable Trust
|
/s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg, not individually but solely as co-trustee of TJP Revocable Trust
|
Title:
|
Chief Operating Officer of Horton Trust Company LLC
|
By:
|
Tao Capital Partners LLC,
|
Its:
|
Managing Member
|
ADULT BENEFICIARIES:
|
/s/ Nicholas J. Pritzker
|
Nicholas J. Pritzker
|
/s/ Thomas J. Pritzker
|
Thomas J. Pritzker
|
/s/ James N. Pritzker
|
James N. Pritzker
|
/s/ John A. Pritzker
|
John A. Pritzker
|
/s/ Linda Pritzker
|
Linda Pritzker
|
/s/ Karen L. Pritzker
|
Karen L. Pritzker
|
/s/ Penny Pritzker
|
Penny Pritzker
|
/s/ Anthony N. Pritzker
|
Anthony N. Pritzker
|
/s/ Gigi Pritzker Pucker
|
Gigi Pritzker Pucker
|
/s/ Jay Robert Pritzker
|
Jay Robert Pritzker
|
/s/ Joseph B. Pritzker
|
Joseph B. Pritzker
|
/s/ Regan Pritzker
|
Regan Pritzker
|
/s/ Rachel Pritzker Hunter
|
Rachel Pritzker Hunter
|
/s/ Roland Bacon Pritzker
|
Roland Bacon Pritzker
|
/s/ Jason N. Pritzker
|
Jason N. Pritzker
|
/s/ Benjamin T. Pritzker
|
Benjamin T. Pritzker
|
/s/ Rosemary Pritzker
|
Rosemary Pritzker
|
/s/ Tal Hava Pritzker
|
Tal Hava Pritzker
|
/s/ Jacob N. Pritzker
|
Jacob N. Pritzker
|
/s/ David T. Pritzker
|
David T. Pritzker
|
/s/ Allison Pritzker Schwartz
|
Allison Pritzker Schwartz
|
/s/ Adam Pritzker
|
Adam Pritzker
|
/s/ Isaac Pritzker
|
Isaac Pritzker
|
/s/ Noah Pritzker
|
Noah Pritzker
|
/s/ Dana Jean
|
Dana Jean Pritzker Schwartz
|
/s/ Donald Pritzker Traubert
|
Donald Pritzker Traubert
|
Settlement T-551-1
|
Settlement T-551-2
|
Settlement T-551-3
|
Settlement T-551-4
|
Settlement T-551-5
|
Settlement T-551-6
|
Settlement T-551-7
|
Settlement T-551-10
|
Settlement T-551-11
|
Settlement T-551-12
|
Settlement 1740 Trust #14
|
Settlement 1740 Trust #15
|
RP 1740 #17 Apex Trust
|
Settlement 1740 Trust #22
|
Settlement 1740 Trust #23
|
Settlement 1740 Trust #24
|
Settlement 1740 Trust #25
|
Settlement 1740 Trust #26A
|
Settlement 1740 Trust #26B
|
Settlement 1740 Trust #26C
|
Settlement 1740 Trust #26D
|
Settlement 1740 Trust #27
|
Settlement 1740 Trust #28
|
Settlement 1740 Trust #29
|
Settlement 1740 Trust #30
|
Settlement 1740 Trust #31
|
Settlement 1740 Trust #32
|
Settlement 1740 Trust #33
|
Settlement 1740 Trust #34
|
Settlement 1740 Trust #35
|
Settlement 1740 Trust #36
|
Settlement 1740 Trust #37
|
Settlement 1740 Trust #38
|
Settlement 1740 Trust #39
|
Settlement 1740 Trust #40
|
Settlement T-2043
|
Settlement T-577
|
Settlement T-2390-A
|
Settlement T-2390-B
|
Settlement T-2390-C
|
CURRENT ADULT BENEFICIARIES
|
|
Nicholas J. Pritzker
|
Thomas J. Pritzker
|
James N. Pritzker
|
John A. Pritzker
|
Linda Pritzker
|
Karen L. Pritzker
|
Penny Pritzker
|
Daniel F. Pritzker
|
Anthony N. Pritzker
|
Gigi Pritzker Pucker
|
Jay Robert Pritzker
|
Adult Beneficiaries
:
|
|
Mr. Adam Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Allison Pritzker Schwartz
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
Mr. Anthony N. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Mr. Benjamin T. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
|
Ms. Dana Jean Pritzker Schwartz
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Mr. Daniel F. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
and
|
|
Mr. Daniel F. Pritzker
|
c/o Timmons Advisors, LLC
|
3555 Timmons Lane
|
Suite 800
|
Houston, TX 77027
|
(713) 961-1600 (Telephone)
|
(713) 623-2317 (Facsimile)
|
Mr. David T. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
|
Mr. Donald P. Traubert
|
c/o Mr. J. Kevin Poorman
|
Pritzker Realty Group LP
|
71 S. Wacker Drive
|
47th Floor
|
Chicago, IL 60606
|
(312) 873-4802 (Telephone)
|
(312) 873-4891 (Facsimile)
|
|
Ms. Gigi Pritzker Pucker
|
c/o Ms. Karen MacKay
|
Burke Warren MacKay & Serritella PC
|
330 N. Wabash Avenue
|
22nd Floor
|
Chicago, IL 60611-3607
|
(312) 840-7009 (Telephone)
|
(312) 840-7900 (Facsimile)
|
|
Mr. Isaac Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
|
Mr. Jacob N. Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
Mr. James N. Pritzker
|
c/o Mr. Charles E. Dobrusin
|
Charles E. Dobrusin & Associates, Ltd.
|
104 S. Michigan Avenue
|
Suite 900
|
Chicago, IL 60603-5906
|
(312) 436-1202 (Telephone)
|
(312) 436-1201 (Facsimile)
|
|
and
|
|
Mr. James N. Pritzker
|
c/o Mr. Harry B. Rosenberg
|
Reed Smith Sachnoff & Weaver
|
10 South Wacker Drive
|
40th Floor
|
Chicago, IL 60606-7507
|
(312) 207-1000 (Telephone)
|
(312) 207-6400 (Facsimile)
|
|
Mr. Jason N. Pritzker
|
c/o Mr. Joel S. Rothman
|
Rothman Law Group
|
135 S. LaSalle Street
|
Suite 2810
|
Chicago, IL 60603
|
(312) 578-0900 (Telephone)
|
(312) 578-0905 (Facsimile)
|
|
Mr. Jay Robert Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
Mr. John A. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Mr. Joseph B. Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
|
Ms. Karen L. Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Ms. Linda Pritzker
|
c/o Mr. Ivan Deutsch
|
Sullivan & Cromwell LLP
|
125 Broad Street
|
New York, NY 10004
|
(212) 558-3750 (Telephone)
|
(212) 558-3588 (Facsimile)
|
|
Ms. Nancy Marie Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
Mr. Nicholas J. Pritzker
|
c/o Mr. Marshall Eisenberg
|
Neal Gerber & Eisenberg LLP
|
Two North LaSalle St.
|
Suite 2200
|
Chicago, IL 60602
|
(312) 269-8020 (Telephone)
|
(312) 269-0260 (Facsimile)
|
|
Mr. Noah Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Penny Pritzker
|
c/o Mr. J. Kevin Poorman
|
Pritzker Realty Group LP
|
71 S. Wacker Drive
|
47th Floor
|
Chicago, IL 60606
|
(312) 873-4802 (Telephone)
|
(312) 873-4891 (Facsimile)
|
|
Ms. Rachel Pritzker Hunter
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Regan Pritzker
|
c/o Mr. Thomas Dykstra
|
N Pritzker Capital Management, LLC
|
10 S. Wacker Dr.
|
Suite 1860
|
Chicago, IL 60606
|
(312) 896-1717 (Telephone)
|
(312) 896-1720 (Facsimile)
|
Mr. Roland Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Rosemary Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
|
Ms. Tal Hava Pritzker
|
c/o Mr. Charles E. Dobrusin
|
Charles E. Dobrusin & Associates, Ltd.
|
104 S. Michigan Avenue
|
Suite 900
|
Chicago, IL 60603-5906
|
(312) 436-1202 (Telephone)
|
(312) 436-1201 (Facsimile)
|
|
Mr. Thomas J. Pritzker
|
c/o Mr. Marshall Eisenberg
|
Neal Gerber & Eisenberg LLP
|
Two North LaSalle St.
|
Suite 2200
|
Chicago, IL 60602
|
(312) 269-8020 (Telephone)
|
(312) 269-0260 (Facsimile)
|
|
Mr. Zachary Pritzker
|
c/o Mr. Eric D. Brandfonbrener
|
Perkins Coie, LLP
|
131 S. Dearborn St.
|
Suite 1700
|
Chicago, IL 60603
|
(312) 324-8602 (Telephone)
|
(312) 324-9602 (Facsimile)
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of each of the separate and distinct trusts listed on
Annex A attached hereto |
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
IHE, INC., a Bahamian International Business Company |
By: /s/ Michelle Gibson
|
Name: Commerce Services Limited
|
Title: Director
|
By: /s/ Carlis E. Chisholm
|
Name: Corporate Associates Limited
|
Title: Director
|
LUXURY LODGING, INC., a Bahamian International Business Company |
By: /s/ Michelle Gibson
|
Name: Commerce Services Limited
|
Title: Director
|
By: /s/ Carlis E. Chisholm
|
Name: Corporate Associates Limited
|
Title: Director
|
HOSPITALITY HOTELS, INC., a Bahamian International Business Company |
By: /s/ Michelle Gibson
|
Name: Commerce Services Limited
|
Title: Director
|
By: /s/ Carlis E. Chisholm
|
Name: Corporate Associates Limited
|
Title: Director
|
WW HOTELS, INC., a Bahamian International Business Company |
By: /s/ Michelle Gibson
|
Name: Commerce Services Limited
|
Title: Director
|
By: /s/ Carlis E. Chisholm
|
Name: Corporate Associates Limited
|
Title: Director
|
Settlement 1740 Trust #14
|
Settlement 1740 Trust #15
|
RP 1740 #17 Apex Trust
|
Settlement 1740 Trust #22
|
Settlement 1740 Trust #23
|
Settlement 1740 Trust #24
|
Settlement 1740 Trust #25
|
Settlement 1740 Trust #26A
|
Settlement 1740 Trust #26B
|
Settlement 1740 Trust #26C
|
Settlement 1740 Trust #26D
|
Settlement 1740 Trust #27
|
Settlement 1740 Trust #28
|
Settlement 1740 Trust #29
|
Settlement 1740 Trust #30
|
Settlement 1740 Trust #31
|
Settlement 1740 Trust #32
|
Settlement 1740 Trust #33
|
Settlement 1740 Trust #34
|
Settlement 1740 Trust #35
|
Settlement 1740 Trust #36
|
Settlement 1740 Trust #37
|
Settlement 1740 Trust #38
|
Settlement T-551-1
|
Settlement T-551-2
|
Settlement T-551-3
|
Settlement T-551-4
|
Settlement T-551-5
|
Settlement T-551-6
|
Settlement T-551-7
|
Settlement T-551-10
|
Settlement T-551-11
|
Settlement T-551-12
|
Settlement T-577
|
Settlement 1740 Trust #39
|
Settlement 1740 Trust #40
|
Settlement T-2043
|
Settlement T-2390-A
|
Settlement T-2390-B
|
Settlement T-2390-C
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Schevon Miller
|
Name: Schevon Miller
|
Title: Manager, Private Banking
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Schevon Miller
|
Name: Schevon Miller
|
Title: Manager, Private Banking
|
BOMBAY HOTEL CORPORATION
, a Cayman Islands corporation
|
By: /s/ Wendy Bush
|
Name: Commerce Advisory Services Limited
|
Title: Secretary
|
Settlement T-2390-A
|
Settlement T-2390-B
|
Settlement T-2390-C
|
CPC, INC., a Bahamian International Business Company
|
By: /s/ Schevon Miller
|
Name: Commerce Services Limited
|
Title: Director
|
By: /s/ Carlis E. Chisholm
|
Name: Corporate Associates Limited
|
Title: Director
|
Settlement T-2390-A
|
Settlement T-2390-B
|
Settlement T-2390-C
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk, solely as trustee of the Trust
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Andrew D. Wingate
|
Andrew D. Wingate, solely as trustee of the Trust
|
/s/ Walter W. Simmers
|
Walter W. Simmers, solely as trustee of the Trust
|
/s/ Lucinda S. Falk
|
Lucinda S. Falk, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Thomas J. Muenster
|
Thomas J. Muenster, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
JPMORGAN TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Marsya Cates
|
Name: Marsya Cates
|
Title: Vice President
|
By: /s/ Cameron A. Carey
|
Name: Cameron A. Carey
|
Title: Associate
|
JPMORGAN TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Marsya Cates
|
Name: Marsya Cates
|
Title: Vice President
|
By: /s/ Cameron A. Carey
|
Name: Cameron A. Carey
|
Title: Associate
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Trust
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: General Manager
|
By: /s/ Michelle Gibson
|
Name: Michelle Gibson
|
Title: Trust Officer
|
/s/ Leonard J. Loventhal
|
Leonard J. Loventhal, solely as trustee of the Trust
|
G14M2 HHC, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President, Treasurer & Secretary
|
T11M2 HHC, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President, Treasurer & Secretary
|
/s/ Abigail Pritzker Pucker
|
Abigail Pritzker Pucker
|
Nicholas J. Pritzker, not individually but solely as co-trustee of the Trust
|
By: /s/ Nicholas J. Pritzker
|
Lawrence I. Richman, not individually but solely as co-trustee of the Trust
|
By: /s/ Lawrence I. Richman
|
/s/ Andrew A. N. Pritzker
|
Andrew A. N. Pritzker
|
GHHC, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President, Treasurer & Secretary
|
THHC, L.L.C
.,
a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President, Treasurer & Secretary
|
/s/ Rose Pritzker Traubert
|
Rose Pritzker Traubert
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Recipient Trusts
|
By: /s/ Schevon Miller
|
Name: Schevon Miller
|
Title: Authorized Signatory
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: Authorized Signatory
|
1740 Trust #40-AJ
|
1740 Trust #40-AB
|
1740 Trust #40-AD
|
1740 Trust #40-Locust
|
1740 Trust #40-Francis
|
1740 Trust #40-Sangdu
|
1740 Trust #40-LaDini B
|
1740 Trust #40-Jaybird B
|
1740 Trust #40-Jon Jacob B
|
1740 Trust #40-Banana B
|
1740 Trust #40-ZAP B
|
1740 Trust #40-FDA
|
1740 Trust #40-FDM
|
1740 Trust #40-FDJ
|
1740 Trust #40-THP
|
1740 Trust #40-AANP
|
1740 Trust #40-WJGP
|
1740 Trust #40-AS
|
1740 Trust #40-DS
|
1740 Trust #40-JV
|
1740 Trust #40-TV
|
1740 Trust #40-Festus Bahamas
|
1740 Trust #40-Scorpion Nassau
|
1740 Trust #40-Vered Island
|
1740 Trust #40-37D
|
1740 Trust #40-37R
|
1740 Trust #40-Evpatoria
|
1740 Trust #40-Izyum
|
1740 Trust #40-Nikopol
|
1740 Trust #40-Alushta
|
1740 Trust #40-RAPN
|
Trust 2043-AJ
|
Trust 2043-AB
|
Trust 2043-AD
|
Trust 2043-Locust
|
Trust 2043-Francis
|
Trust 2043-Sangdu
|
Trust 2043-LaDini B
|
Trust 2043-Jaybird B
|
Trust 2043-Jon Jacob B
|
Trust 2043-Banana B
|
Trust 2043-ZAP B
|
Trust 2043-FDA
|
Trust 2043-FDM
|
Trust 2043-FDJ
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of 1740 Trust RSP
|
By: /s/ Schevon Miller
|
Name: Schevon Miller
|
Title: Authorized Signatory
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: Authorized Signatory
|
Westamerica Bank, solely as trustee of 1740 Trust RSP
|
By: /s/ Sherry Graziano
|
Name: Sherry Graziano
|
Title: VP / Trust Officer
|
/s/ Lewis M. Linn
|
Lewis M. Linn, not individually but solely as trustee of Banana Trust
|
/s/ Lewis M. Linn
|
Lewis M. Linn, not individually but solely as trustee of Jaybird Trust
|
/s/ Lewis M. Linn
|
Lewis M. Linn, not individually but solely as trustee of Jon Jacob Trust
|
/s/ Lewis M. Linn
|
Lewis M. Linn, not individually but solely as trustee of LaDini Trust
|
/s/ Lewis M. Linn
|
Lewis M. Linn, not individually but solely as trustee of ZAP Trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH
Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
F.L.P. Trust #19M2 is the sole member of P19M2 Investors, L.L.C., a Delaware limited liability company (the “LLC”).
|
4.
|
Contemporaneously with the receipt by the LLC of shares of Hyatt Common Stock, the LLC hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The LLC further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
P19M2 Investors, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “Foreign GH Agreement”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
F.L.P. Trust #11M5 is the sole member of T11M5 Investors, L.L.C., a Delaware limited liability company (the “LLC”).
|
4.
|
Contemporaneously with the receipt by the LLC of shares of Hyatt Common Stock, the LLC hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The LLC further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
T11M5 Investors, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “Foreign GH Agreement”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
F.L.P. Trust #11M2 is the sole member of T11M2 Investors, L.L.C., a Delaware limited liability company (the “LLC”).
|
4.
|
Contemporaneously with the receipt by the LLC of shares of Hyatt Common Stock, the LLC hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The LLC further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
T11M2 Investors, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “Foreign GH Agreement”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Nicholas J. Pritzker is Trustee (the “Trustee”) of the NJP 2012 Annuity Trust (the “Recipient Trust”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or
|
Nicholas J. Pritzker, not individually, but solely as
Trustee of the NJP 2012 Annuity Trust |
/s/ Nicholas J. Pritzker
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
F.L.P. Trust #19M2 is the sole member of P19M2 Investors II, L.L.C., a Delaware limited liability company (the “
LLC
”).
|
4.
|
Contemporaneously with the receipt by the LLC of shares of Hyatt Common Stock, the LLC hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The LLC further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
P19M2 Investors II, L.L.C., a Delaware limited liability company
|
By: /s/ Ronald D. Wray
|
Name: Ronald D. Wray
|
Title: Vice President
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
CIBC TRUST COMPANY (BAHAMAS) LIMITED, solely as trustee of the Recipient Trusts
|
By: /s/ Helen M. Carroll
|
Name: Helen M. Carroll
|
Title: Authorized Signatory
|
By: /s/ Carlis E. Chisholm
|
Name: Carlis E. Chisholm
|
Title: Authorized Signatory
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Horton Trust Company LLC is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Trustee as trustee of the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly
|
Horton Trust Company LLC, not individually but solely as trustee of each of the separate and distinct trusts set forth on Schedule A
|
By: /s/ John Kevin Poorman
|
Name: John Kevin Poorman
|
Title: President
|
1740 #40FD-D
|
1740 #40FD-R
|
1740 #34FD2
|
T-551-10FD2
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Thomas J. Pritzker and Marshall E. Eisenberg are Co-Trustees (the “
Co-Trustees
”) of TJP Revocable Trust (the “
Recipient Trust
”).
|
4.
|
The Co-Trustees acknowledge (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Co-Trustees hereby join in and agree to be bound by the terms and conditions of the Foreign GH Agreement. The Co-Trustees further agree not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly
|
By: /s/ Thomas J. Pritzker
|
Thomas J. Pritzker, not individually but solely as co-trustee of TJP Revocable Trust
|
By: /s/ Marshall E. Eisenberg
|
Marshall E. Eisenberg, not individually but solely as co-trustee of TJP Revocable Trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof..
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
Trust 551-E
|
Trust 1740-E
|
Trust 1740-F
|
Trust 1740-G
|
Trust 1740-H
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Penny Pritzker is Trustee (the “
Trustee
”) of the Penny Pritzker Revocable Trust (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
Trust 551-A
|
Trust 1740-A
|
Trust 1740-B
|
Trust 1740-C
|
Trust 1740-D
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Maroon Private Trust Company, LLC has been appointed and has consented to serve as trustee (the “
Trustee
”) of F.L.P. Trust #11, the controlling member of THHC, L.L.C.
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with becoming the trustee of F.L.P. Trust #11, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Thomas J. Pritzker is the Trustee (the “
Trustee
”) of Maroon Trust, the member of Maroon Private Trust Company, LLC. Maroon Private Trust Company, LLC has been appointed and has consented to serve as the trustee of F.L.P. Trust #11, the controlling member of THHC, L.L.C.
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with Maroon Private Trust Company, LLC becoming the trustee of F.L.P. Trust #11, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees, to the extent applicable, not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
UDQ Private Trust Company, LLC has been appointed and has consented to serve as trustee (the “
Trustee
”) of F.L.P. Trust #14, the controlling member of GHHC, L.L.C.
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with becoming the trustee of F.L.P. Trust #14, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Gigi Pritzker Pucker is the Trustee (the “
Trustee
”) of UDQ Trust, the member of UDQ Private Trust Company, LLC. UDQ Private Trust Company, LLC has been appointed and has consented to serve as the trustee of F.L.P. Trust #14, the controlling member of GHHC, L.L.C.
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with UDQ Private Trust Company, LLC becoming the trustee of F.L.P. Trust #14, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees, to the extent applicable, not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Anthony Pritzker Family Foundation, an Illinois not-for-profit corporation (“
APFF
”) will be receiving shares of Hyatt Common Stock.
|
4.
|
In connection with the receipt by APFF of shares of Hyatt Common Stock, APFF hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. APFF further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
The Pritzker Family Foundation, an Illinois not-for-profit corporation (“
PFF
”) will be receiving shares of Hyatt Common Stock.
|
4.
|
In connection with the receipt by PFF of shares of Hyatt Common Stock, PFF hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. PFF further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof..
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
Trust 2015-GHC1
|
Trust 2015-GHC2
|
Trust A-2015F
|
Trust M-2015G
|
Trust J-2015H
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof..
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
Trust 2015-THC1
|
Trust 2015-THC2
|
Trust J-2015B
|
Trust B-2015C
|
Trust D-2015D
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
1922 Trust Company LTA is the trustee (the “
Trustee
”) of TGFJ Trust 1 (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
1922 Trust Company LTA is the trustee (the “
Trustee
”) of Jay Arthur Trust (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Paul A. Bible is the trustee (the “
Trustee
”) of Second Universe Trust (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Nicholas J. Pritzker is the trustee (the “
Trustee
”) of the Nicholas J. Pritzker Revocable (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
J.P. Morgan Trust Company (Bahamas) Limited is the trustee (the “
Trustee
”) of 2010 N3 Purpose Trust (the “
Recipient Trust
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trust of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
Tao Capital Partners LLC is the managing member of Tao Invest LLC (the “
Recipient Company
”).
|
4.
|
Contemporaneously with the receipt by the Recipient Company of the shares of Hyatt Common Stock, the Recipient Company hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Recipient Company further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
5.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
6.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
7.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
By:
|
Tao Capital Partners LLC,
|
Its:
|
Managing Member
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof..
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
Trust GPP-PTA
|
Trust GPP-PTB
|
Trust APP-NPT
|
Trust MPP-NPT
|
Trust JPP-NPT
|
1.
|
Reference is made to the Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, by and among each of the Adult Beneficiaries from time to time signatories thereto (as amended from time to time, the “
Foreign GH Agreement
”).
|
2.
|
Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
|
3.
|
CIBC Trust Company (Bahamas) Limited is Trustee (the “
Trustee
”) of the trusts set forth on
Schedule A
hereto (the “
Recipient Trusts
”).
|
4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with the receipt by the Recipient Trusts of the shares of Hyatt Common Stock, the Trustee hereby joins in and agrees to be bound by the terms and conditions of the Foreign GH Agreement. The Trustee further agrees not to distribute, transfer or otherwise dispose of any shares of Hyatt Common Stock, including without limitation Class A Common Stock and Class B Common Stock, to any Pritzker or Domestic Pritzker (or other successor that the Foreign GH Agreement provides is to be bound by any provision thereof) unless such distributee or transferee (including, if the distributee or transferee is a trust, such trust and the trustee thereof) signs and delivers to the parties to the Foreign GH Agreement a written Acknowledgement and Joinder in the form hereof.
|
6.
|
This Acknowledgement and Joinder is solely for the benefit of all parties to the Foreign GH Agreement from and after the date hereof, and no other Persons shall be third party beneficiaries hereof.
|
7.
|
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS DOCUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.
|
8.
|
This Acknowledgement and Joinder may be executed in one or more counterparts, each of which shall be deemed to constitute an original and all of which together shall constitute one document.
|
9.
|
When this Acknowledgement and Joinder is executed by a trustee of a trust, such execution is by the trustee, not individually, but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing contained in this Acknowledgement and Joinder shall be construed as imposing any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such personal liability, if any, having been expressly waived by the parties by their execution hereof. Any liability of a trust hereunder shall not be a personal liability of any trustee, grantor or beneficiary thereof and any recourse against a trustee shall be solely against the assets of the pertinent trust.
|
Trust TJP-PTA
|
Trust TJP-PTB
|
Trust JNP-NPT
|
Trust BTP-NPT
|
Trust DTP-NPT
|