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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-1480589
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(State or Other Jurisdiction of
Incorporation or Organization) |
(IRS Employer
Identification No.) |
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150 North Riverside Plaza
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8th Floor,
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Chicago,
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Illinois
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60606
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Class A Common Stock, $0.01 par value
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H
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New York Stock Exchange
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Large accelerated filer
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☑
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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•
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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;
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general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth;
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the rate and the pace of economic recovery following economic downturns;
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levels of spending in business and leisure segments as well as consumer confidence;
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declines in occupancy and average daily rate ("ADR");
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limited visibility with respect to future bookings;
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loss of key personnel;
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domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy;
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hostilities, or fear of hostilities, including future terrorist attacks, that affect travel;
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travel-related accidents;
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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, such as the recent coronavirus (COVID-19) outbreak;
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our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners;
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the impact of hotel renovations and redevelopments;
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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;
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our intention to pay a quarterly cash dividend and the amounts thereof, if any;
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the seasonal and cyclical nature of the real estate and hospitality businesses;
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changes in distribution arrangements, such as through internet travel intermediaries;
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changes in the tastes and preferences of our customers;
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relationships with colleagues and labor unions and changes in labor laws;
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the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners;
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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;
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risks associated with potential acquisitions and dispositions and the introduction of new brand concepts;
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the timing of acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations;
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failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals);
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our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values;
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declines in the value of our real estate assets;
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unforeseen terminations of our management or franchise agreements;
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changes in federal, state, local, or foreign tax law;
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increases in interest rates and operating costs;
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foreign exchange rate fluctuations or currency restructurings;
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lack of acceptance of new brands or innovation;
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general volatility of the capital markets and our ability to access such markets;
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changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate;
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our ability to successfully grow the World of Hyatt loyalty program;
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cyber incidents and information technology failures;
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outcomes of legal or administrative proceedings; and
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violations of regulations or laws related to our franchising business.
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Maximize Our Core Business: We continue to grow and operate our core business with excellence in order to be best-in-class while generating profits to fuel our growth.
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Integrate New Growth Platforms: We seek to identify and integrate new opportunities to advance care for our guests and provide additional paths for growth.
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Optimize Capital Deployment: We take a comprehensive and disciplined approach to our deployment of capital to expand our management and franchising business, invest in new growth platforms, and return capital to our shareholders.
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Increase Market Presence. We target 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, conversion of existing hotels, the integration of new brands such as those that were acquired in our acquisition of Two Roads Hospitality LLC ("Two Roads"), and through an alliance with Small Luxury Hotels of the World ("SLH"). Additionally, we are focused on continued growth of our development pipeline. We have expanded our pipeline by an average of over 14% per year since the time of our IPO in 2009. Since 2009, we have also entered 281 new markets and 24 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, 2019, there were over 200 hotels open or under development in Greater China in markets such as Beijing, Hong Kong, Shanghai, and Shenzhen. In India, there were over 70 hotels open or under development at December 31, 2019. In addition to Greater China and India, we have also announced further expansion plans into diverse international markets including the Czech Republic, Turkey, Iceland, Finland, Spain, and Malaysia.
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Expand Select Service Presence. We continue to expand the Hyatt House and Hyatt Place brands. In September 2019, we announced Caption by Hyatt, a new lifestyle brand within the select service category. The Caption by Hyatt brand will offer the efficiency and flexibility of select service, while creating a compelling lifestyle experience that is designed to foster organic connections between guests that enrich
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o
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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 we will gain access to capital from developers and property owners who are specifically targeting franchise business opportunities. We have an internal team dedicated to supporting our franchise owners and 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.
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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. In late 2017, we committed to a reduction of our owned real estate portfolio, and through 2018, we realized approximately $1.5 billion of proceeds from the disposition of owned assets. In March 2019, we committed to an additional $1.5 billion reduction of our owned real estate portfolio over a three year period, and as of December 31, 2019, we have realized proceeds of almost $1 billion from the disposition of owned assets. Our intent is to use the proceeds to unlock shareholder value, provide funds for growth investments, return capital to shareholders, and accelerate the evolution of our earnings profile to be less capital intensive. 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 expect to maintain some level of hotel ownership over time in our owned portfolio.
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Pursue Strategic Acquisitions and Alliances. We evaluate potential acquisitions of other brands or hospitality management or franchising companies as a part of our efforts to expand our global presence. We 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. In May 2019, we launched a loyalty collaboration with American Airlines in which elite members in both the American Airlines AAdvantage and World of Hyatt loyalty programs can be rewarded with more access to earning both points and miles on qualifying American flights and Hyatt hotel stays. In September 2019, we launched a loyalty collaboration with Lindblad Expeditions, a global provider of expedition cruises and adventure travel experiences, that provides World of Hyatt members with more unique ways to be rewarded for their loyalty beyond the traditional hotel stay by earning and redeeming World of Hyatt points. In November 2018, we completed the acquisition of Two Roads, a hotel management company with a unique collection of distinctive brands, properties, and a robust development pipeline around the globe. In the third quarter of 2018, we announced a strategic alliance with SLH. More than 300 participating SLH hotels around the globe have been added to the World of Hyatt loyalty program, and we will continue to add more hotels in many new markets to the World of Hyatt platform in 2020. This strategic alliance significantly enriches the benefits provided to members of the World of Hyatt loyalty program by providing additional stay opportunities at luxury quality hotels in many key markets which currently do not have a significant Hyatt presence (predominantly in Europe).
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Extend Wellness Offerings. We continue our commitment to a holistic wellness strategy as an extension of our purpose and an important part of our growth strategy. We pilot and launch products, services, and
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Brand
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Segment
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Customer Base
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December 31, 2019 Rooms (1)
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Primary Selected
Competitors |
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Key Locations
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% of Our
Managed and Franchised Properties (1) |
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Americas Region
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ASPAC Region
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EAME/SW Asia Region
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Full
Service/ Luxury |
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Individual business and leisure travelers; small meetings
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3%
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1,623
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3,611
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2,565
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Four Seasons,
Ritz-Carlton, Peninsula, St. Regis, Mandarin Oriental |
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Bangkok, Buenos Aires, St. Kitts,
New York, Paris, Vienna, Milan, Sydney, Washington D.C. |
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Wellness
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Individual leisure travelers
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<1%
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410
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—
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—
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Cal-a-vie, Canyon Ranch, Golden Door
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Austin, Tucson
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Full
Service/ Luxury |
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Individual business and leisure travelers; large and small meetings, social events
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13%
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12,278
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13,710
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4,035
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Mandarin Oriental,
Shangri-La, InterContinental, Fairmont |
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Beijing, Berlin, Dubai, Hong Kong, Mumbai, Nassau, Rio de Janeiro, San Francisco, Shanghai, Tokyo
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Full Service/ Upper-Upscale
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Individual business and leisure travelers; small and large meetings, weddings, social events
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1%
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59
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1,434
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296
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Anantara, Banyan Tree, Como, Six Senses, One & Only
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Anji, Bali, Bishangarth, Goa, Jabal Al Akhdar, Koh Russey Island, Surakarta, Wuzhen, Yangshuo
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Full
Service/ Luxury |
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Individual business and leisure travelers; small meetings
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2%
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2,180
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1,053
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1,775
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Rosewood, Langham, Edition, 1 Hotels, W
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Abu Dhabi, Amsterdam, Vienna, Munich, Maui, New York, Tokyo
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Full
Service/ Luxury/Upper-Upscale |
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Individual business and leisure travelers; small meetings
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2%
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3,131
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644
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1,484
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Marriott Autograph Collection,
Starwood Luxury Collection,
Curio Collection by Hilton
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Austin, Barcelona,
Cannes, Carmelo, Miami Beach, Nashville, New Orleans, Paris, Phoenix
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Full Service/ Luxury/Upper-Upscale
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Business and leisure travelers; large and small meetings, social events, associations
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2%
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3,713
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—
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—
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Marriott Autograph Collection, Curio Collection by Hilton, Starwood Luxury Collection
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Aspen, Charleston,
Cle Elum,
Maui, Phoenix, Lake Tahoe
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Full
Service/ Upper-Upscale |
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Conventions, business and leisure travelers; large and small meetings, social events, associations
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39%
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57,427
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16,476
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14,179
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Marriott, Sheraton,
Hilton, Renaissance, Westin |
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Boston,
Chicago, Delhi, Dubai, Hong Kong, London, Los Angeles, Mexico City, Orlando |
Brand
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Segment
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Customer Base
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December 31, 2019 Rooms (1)
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Primary Selected
Competitors |
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Key Locations
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% of Our
Managed and Franchised Properties (1) |
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Americas Region
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ASPAC Region
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EAME/SW Asia Region
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Full
Service/ Upper-Upscale |
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Business and leisure travelers; small meetings
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1%
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1,315
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—
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743
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Marriott,
Hilton, InterContinental, Westin, independent and boutique hotels |
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New York, Paris, Seattle
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All-Inclusive
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Leisure travelers; families; small meetings
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1%
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2,234
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—
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—
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Beaches,
Club Med, Sandals |
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Cancun, Puerto Vallarta, Rose Hall, San Jose del Cabo
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All-Inclusive
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Leisure travelers; adult-only; small meetings
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<1%
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919
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—
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—
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Beaches,
Club Med, Sandals |
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Cancun, Rose Hall
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Full
Service/ Luxury |
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Leisure travelers; couples; solo business travelers; small meetings
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1%
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2,205
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—
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—
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W, Mondrian, The Standard, Edition, Hoxton, The James, Viceroy
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Cabo San Lucas,
Nashville, New York, Seattle, Washington D.C. |
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Full
Service/ Upper-Upscale |
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Business and leisure travelers; small meetings
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3%
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4,785
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829
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1,344
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Canopy, Kimpton, Renaissance, independent and boutique hotels
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Boston, Dublin,
Madrid, Miami, Montevideo, New York, Tokyo
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Select Service/ Upscale
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Business and leisure travelers; small meetings
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—%
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—
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—
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—
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AC Hotels, Moxy, Aloft, Motto
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—
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Full Service Upscale / Upper- Upscale
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Leisure travelers; couples; families; solo business travelers; small meetings
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1%
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2,237
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202
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—
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Kimpton, Canopy, Marriott Autograph Collection
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Baltimore, Beijing
Chicago, New York, San Francisco
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Select
Service/ Upscale |
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Extended stay guests; business and leisure travelers;
families; small meetings, trainings |
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6%
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13,220
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937
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362
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Residence Inn by Marriott,
Homewood Suites |
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Austin, Boston,
Dallas, Mexico City, Miami, San Francisco |
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Select
Service/
Upscale
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Business and leisure travelers; small meetings
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23%
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45,045
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4,530
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2,884
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Courtyard by Marriott, Hilton
Garden Inn
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Atlanta, Chicago,
Dubai, Houston,
London, Miami, Phoenix, Santiago, Shanghai
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Full
Service/
Upper-Upscale
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Leisure travelers; entrepreneurs; solo business travelers; small meetings
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—%
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—
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—
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—
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Freehand, Mama Shelter, Citizen M, The Line, Ace Hotels
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—
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Brand
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Segment
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Customer Base
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December 31, 2019 Rooms (1)
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Primary Selected
Competitors |
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Key Locations
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% of Our
Managed and Franchised Properties (1) |
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Americas Region
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ASPAC Region
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EAME/SW Asia Region
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Select
Service/ Upper-Midscale |
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Business and leisure travelers; small meetings
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—%
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—
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—
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—
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ATOUR, Hampton Inn, Mercure
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—
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Vacation
Ownership |
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Owners of
vacation units, repeat Hyatt business and leisure guests |
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—%
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—
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—
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—
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Hilton Vacation
Club, Marriott Vacation Club |
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Aspen, Beaver Creek, Carmel, Key West, Lake Tahoe, Maui, Sedona
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Wellness
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Wellness-minded individuals
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—%
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—
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—
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—
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Bliss, Pure Barre, Soul Cycle, Yoga Works
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Atlanta, Boston, Chicago, Dallas, Los Angeles, Miami, New York
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•
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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;
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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, as well as our residential management operations;
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ASPAC management and franchising ("ASPAC"), which consists of our management and franchising of properties located in Southeast Asia, Greater China, Australia, South Korea, Japan, and Micronesia; and
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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.
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Assuming no renewal options are exercised by either party:
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Including exercise of extension options that are in Hyatt's sole discretion:
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Full service management agreements:
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Americas
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12 years
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18 years
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EAME/SW Asia
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16 years
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20 years
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ASPAC
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13 years
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15 years
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Select service management agreements:
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Americas
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12 years
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28 years
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EAME/SW Asia
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20 years
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32 years
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ASPAC
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18 years
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21 years
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•
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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;
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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;
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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;
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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;
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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
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request that we or any of our representatives, directly or indirectly, amend or waive any of the foregoing provisions.
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changes and volatility in general economic conditions, including the severity and duration of any downturn in the U.S., Europe, Asia Pacific, or global economy and financial markets;
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war, civil unrest, terrorist activities or threats, and heightened travel security measures instituted in response to these events;
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global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the recent coronavirus (COVID-19) outbreak;
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climate change and resource scarcity, such as water and energy scarcity;
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natural or man-made disasters, such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, and nuclear incidents;
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changes in the desirability of particular locations or travel patterns of customers;
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decreased corporate budgets and spending and cancellations, deferrals, or renegotiations of group business;
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low consumer confidence, high levels of unemployment, and depressed housing prices;
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the financial condition of the airline, automotive, and other transportation-related industries and its impact on travel;
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decreased airline capacities and routes;
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travel-related accidents;
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oil prices and travel costs;
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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;
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domestic and international political and geo-political conditions, including changes in trade policy;
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changes in taxes and governmental regulations that influence or set wages, prices, interest rates, or construction and maintenance procedures and costs;
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the costs and administrative burdens associated with compliance with applicable laws and regulations;
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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;
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significant increases in cost for healthcare coverage for employees and potential government regulation with respect to health coverage;
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the lack of availability, or increase in the cost, of capital for us or our existing and potential property owners;
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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, and wellness-related businesses;
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cyclical over-building in the hotel, all-inclusive, and vacation ownership industries; and
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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.
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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;
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currency exchange rate fluctuations or currency restructurings;
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U.S. taxation of income earned abroad;
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|
limitations on the redeployment 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, controls, and other trade restrictions;
|
•
|
political and economic instability;
|
•
|
the complexity 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, loyalty, and marketing functions;
|
•
|
effectively and efficiently integrating information technology and other systems;
|
•
|
issues not discovered as part of the transactional due diligence process and/or unanticipated liabilities or contingencies of acquired businesses, including with respect to commercial disputes or cyber incidents and information technology failures or other matters; and
|
•
|
preserving the important licensing, distribution, marketing, owner, 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;
|
•
|
cyber incidents and information technology failures;
|
•
|
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 of a minimum of three independent directors (excluding for such purposes any Pritzker) or, in the case of transactions involving us and an affiliate, all of such minimum of three independent directors (excluding for such purposes any Pritzker) agree with the recommendation. While the voting agreements are in effect, they may provide our board of directors with effective control over matters requiring stockholder approval.
|
•
|
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, 2019 through November 4, 2020
|
18,879,779
|
During the 12 month period from November 5, 2020 through November 4, 2021
|
14,969,525
|
During the 12 month period from November 5, 2021 through November 4, 2022
|
7,498,371
|
During the 12 month period from November 5, 2022 through November 4, 2023
|
6,419,886
|
During the 12 month period from November 5, 2023 through November 4, 2024
|
6,419,886
|
During the 12 month period from November 5, 2024 through November 4, 2025
|
6,271,290
|
During the 12 month period from November 5, 2025 through November 4, 2026
|
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
|
|
211
|
|
|
|
|
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
|
%
|
|
Hyatt Regency Aruba Resort Spa and Casino (4)
|
|
Palm Beach, Aruba, Dutch Caribbean
|
|
359
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Baltimore Inner Harbor (4)
|
|
Baltimore, MD
|
|
488
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Green Bay
|
|
Green Bay, WI
|
|
241
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Greenwich
|
|
Old Greenwich, CT
|
|
373
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Indian Wells Resort & Spa
|
|
Riverside-San Bernadino, CA
|
|
530
|
|
|
|
|
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 Miami (4)
|
|
Miami, FL
|
|
615
|
|
|
|
|
100
|
%
|
|
Hyatt Regency O'Hare Chicago
|
|
Rosemont, IL
|
|
1,095
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Orlando
|
|
Orlando, FL
|
|
1,641
|
|
|
|
|
100
|
%
|
|
Hyatt Regency Phoenix
|
|
Phoenix, AZ
|
|
693
|
|
|
|
|
100
|
%
|
|
Hyatt Regency San Antonio Riverwalk (4)
|
|
San Antonio, TX
|
|
630
|
|
|
|
|
100
|
%
|
|
Hyatt Centric The Pike Long Beach (4)
|
|
Long Beach, CA
|
|
138
|
|
|
|
|
100
|
%
|
|
The Confidante Miami Beach
|
|
Miami Beach, FL
|
|
354
|
|
|
|
|
100
|
%
|
|
The Driskill (4)
|
|
Austin, TX
|
|
189
|
|
|
|
|
100
|
%
|
|
Americas Owned
|
|
|
|
11,933
|
|
|
21
|
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
Americas Leased:
|
|
|
|
|
|
|
|
|
|||
Hyatt Regency San Francisco (3) (6)
|
|
San Francisco, CA
|
|
821
|
|
|
|
|
—
|
%
|
|
Andaz West Hollywood (3) (6)
|
|
West Hollywood, CA
|
|
239
|
|
|
|
|
—
|
%
|
|
Americas Leased
|
|
|
|
1,060
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Americas Owned and Leased Hotels
|
|
|
|
12,993
|
|
|
23
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Owned:
|
|
|
|
|
|
|
|
|
|||
Park Hyatt Paris - Vendôme
|
|
Paris, France
|
|
155
|
|
|
|
|
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
|
|
|
|
897
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Leased:
|
|
|
|
|
|
|
|
|
|||
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
|
|
|
|
696
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total EAME/SW Asia Owned and Leased Hotels
|
|
|
|
1,593
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Full Service Owned and Leased Hotels
|
|
|
|
14,586
|
|
|
31
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
Select Service
|
|
|
|
|
|
|
|
|
|||
Owned:
|
|
|
|
|
|
|
|
|
|||
Hyatt Place Macaé
|
|
Macaé, Brazil
|
|
141
|
|
|
|
100
|
%
|
||
Hyatt Place São José do Rio Preto
|
|
São José do Rio Preto, Brazil
|
|
152
|
|
|
|
100
|
%
|
||
Select Service Owned:
|
|
|
|
293
|
|
2
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
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
|
|
|
|
794
|
|
4
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
Wellness
|
|
|
|
|
|
|
|
|
|||
Miraval Austin Resort and Spa
|
|
Austin, TX
|
|
117
|
|
|
|
100
|
%
|
||
Cranwell Spa & Golf Resort
|
|
Lenox, MA
|
|
148
|
|
|
|
100
|
%
|
||
Miraval Arizona Resort and Spa
|
|
Tucson, AZ
|
|
145
|
|
|
|
100
|
%
|
||
|
|
|
|
|
|
|
|
|
|||
Total Wellness Owned and Leased
|
|
|
|
410
|
|
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
|
%
|
||
Andaz Mayakoba Resort Riviera Maya
|
|
Playa del Carmen, Mexico
|
|
214
|
|
|
|
40
|
%
|
||
Americas Unconsolidated Hospitality Ventures
|
|
|
|
3,125
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EAME/SW Asia Unconsolidated Hospitality Ventures:
|
|
|
|
|
|
|
|
|
|||
Park Hyatt Hamburg (3) (5)
|
|
Hamburg, Germany
|
|
252
|
|
|
|
—
|
%
|
||
Park Hyatt Milan
|
|
Milan, Italy
|
|
106
|
|
|
|
30
|
%
|
||
Grand Hyatt Mumbai & Residences
|
|
Mumbai, India
|
|
548
|
|
|
|
50
|
%
|
||
Hyatt Regency Ahmedabad
|
|
Ahmedabad, India
|
|
209
|
|
|
|
50
|
%
|
||
Andaz Delhi
|
|
New Delhi, India
|
|
401
|
|
|
|
50
|
%
|
||
Andaz Vienna Am Belvedere
|
|
Vienna, Austria
|
|
303
|
|
|
|
50
|
%
|
||
EAME/SW Asia Unconsolidated Hospitality Ventures
|
|
|
|
1,819
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Property
|
|
Location
|
|
Rooms
|
|
# of Hotels
|
|
Ownership (1)
|
|||
|
|
|
|
|
|
|
|
|
|||
ASPAC Unconsolidated Hospitality Ventures:
|
|
|
|
|
|
|
|
|
|||
Grand Hyatt Bali
|
|
Bali, Indonesia
|
|
636
|
|
|
|
10
|
%
|
||
Hyatt Regency Bali
|
|
Bali, Indonesia
|
|
363
|
|
|
|
10
|
%
|
||
ASPAC Unconsolidated Hospitality Ventures
|
|
|
|
999
|
|
2
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
Total Full Service Unconsolidated Hospitality Ventures
|
|
|
|
5,943
|
|
|
15
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
Select Service Unconsolidated Hospitality Ventures
|
|
|
|
|
|
|
|
|
|||
Hyatt Place Atlanta / Centennial Park
|
|
Atlanta, GA
|
|
175
|
|
|
|
50
|
%
|
||
Hyatt Place Celaya
|
|
Celaya, Mexico
|
|
145
|
|
|
|
50
|
%
|
||
Hyatt Place Denver / Downtown
|
|
Denver, CO
|
|
248
|
|
|
|
50
|
%
|
||
Hyatt Place Glendale / Los Angeles
|
|
Los Angeles/Long Beach, CA
|
|
179
|
|
|
|
40
|
%
|
||
Hyatt Place Los Cabos
|
|
San Jose del Cabo, Mexico
|
|
157
|
|
|
|
50
|
%
|
||
Hyatt Place Panama City / Downtown
|
|
Panama City, Panama
|
|
165
|
|
|
|
29
|
%
|
||
Hyatt Place San Jose Airport
|
|
San Jose, CA
|
|
190
|
|
|
|
40
|
%
|
||
Hyatt Place Tijuana
|
|
Tijuana, Mexico
|
|
145
|
|
|
|
50
|
%
|
||
Hyatt House Denver / Downtown
|
|
Denver, CO
|
|
113
|
|
|
|
50
|
%
|
||
Hyatt House Nashville at Vanderbilt
|
|
Nashville, TN
|
|
201
|
|
|
|
50
|
%
|
||
Hyatt House San Jose Airport
|
|
San Jose, CA
|
|
165
|
|
|
|
40
|
%
|
||
Total Select Service Unconsolidated Hospitality Ventures
|
|
|
|
1,883
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Unconsolidated Hospitality Ventures
|
|
|
|
7,826
|
|
|
26
|
|
|
|
(1)
|
Unless otherwise indicated, ownership percentages include both the property and the underlying land.
|
(2)
|
Property is accounted for as a finance 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.
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
||||||
Americas Management and Franchising
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
157
|
|
|
71,397
|
|
|
169
|
|
|
72,217
|
|
|
118
|
|
|
61,154
|
|
Franchised
|
67
|
|
|
20,356
|
|
|
57
|
|
|
17,981
|
|
|
52
|
|
|
15,636
|
|
Full Service Hotels
|
224
|
|
|
91,753
|
|
|
226
|
|
|
90,198
|
|
|
170
|
|
|
76,790
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
62
|
|
|
9,054
|
|
|
58
|
|
|
8,393
|
|
|
64
|
|
|
9,137
|
|
Franchised
|
356
|
|
|
49,211
|
|
|
325
|
|
|
44,753
|
|
|
293
|
|
|
40,607
|
|
Select Service Hotels
|
418
|
|
|
58,265
|
|
|
383
|
|
|
53,146
|
|
|
357
|
|
|
49,744
|
|
ASPAC Management and Franchising
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
110
|
|
|
36,026
|
|
|
102
|
|
|
33,570
|
|
|
80
|
|
|
29,173
|
|
Franchised
|
6
|
|
|
1,933
|
|
|
4
|
|
|
1,591
|
|
|
3
|
|
|
1,286
|
|
Full Service Hotels
|
116
|
|
|
37,959
|
|
|
106
|
|
|
35,161
|
|
|
83
|
|
|
30,459
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
29
|
|
|
5,307
|
|
|
23
|
|
|
3,903
|
|
|
15
|
|
|
2,533
|
|
Franchised
|
1
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Select Service Hotels
|
30
|
|
|
5,467
|
|
|
23
|
|
|
3,903
|
|
|
15
|
|
|
2,533
|
|
EAME/SW Asia Management and Franchising
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
95
|
|
|
24,323
|
|
|
81
|
|
|
21,602
|
|
|
76
|
|
|
20,654
|
|
Franchised
|
11
|
|
|
2,098
|
|
|
6
|
|
|
1,215
|
|
|
2
|
|
|
148
|
|
Full Service Hotels
|
106
|
|
|
26,421
|
|
|
87
|
|
|
22,817
|
|
|
78
|
|
|
20,802
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
17
|
|
|
2,803
|
|
|
16
|
|
|
2,531
|
|
|
14
|
|
|
2,134
|
|
Franchised
|
2
|
|
|
443
|
|
|
2
|
|
|
451
|
|
|
2
|
|
|
451
|
|
Select Service Hotels
|
19
|
|
|
3,246
|
|
|
18
|
|
|
2,982
|
|
|
16
|
|
|
2,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Full and Select Service Hotels
|
913
|
|
|
223,111
|
|
|
843
|
|
|
208,207
|
|
|
719
|
|
|
182,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas Management and Franchising - All-inclusive
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All-inclusive
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Franchised
|
8
|
|
|
3,153
|
|
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
All-inclusive
|
8
|
|
|
3,153
|
|
|
6
|
|
|
2,401
|
|
|
6
|
|
|
2,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wellness
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Managed
|
3
|
|
|
410
|
|
|
3
|
|
|
410
|
|
|
3
|
|
|
399
|
|
Wellness
|
3
|
|
|
410
|
|
|
3
|
|
|
410
|
|
|
3
|
|
|
399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Managed and Franchised
|
924
|
|
|
226,674
|
|
|
852
|
|
|
211,018
|
|
|
728
|
|
|
185,713
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
|
Properties
|
|
Rooms
|
||||||
Owned and Leased Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Full Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
21
|
|
|
12,198
|
|
|
22
|
|
|
13,440
|
|
|
23
|
|
|
13,641
|
|
Other Americas
|
2
|
|
|
795
|
|
|
2
|
|
|
795
|
|
|
3
|
|
|
1,548
|
|
ASPAC
|
—
|
|
|
—
|
|
|
1
|
|
|
615
|
|
|
1
|
|
|
601
|
|
EAME/SW Asia
|
8
|
|
|
1,593
|
|
|
8
|
|
|
1,591
|
|
|
9
|
|
|
1,933
|
|
Select Service Hotels
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United States
|
1
|
|
|
171
|
|
|
1
|
|
|
171
|
|
|
2
|
|
|
320
|
|
Other Americas
|
2
|
|
|
293
|
|
|
2
|
|
|
293
|
|
|
—
|
|
|
—
|
|
EAME/SW Asia
|
1
|
|
|
330
|
|
|
1
|
|
|
330
|
|
|
1
|
|
|
330
|
|
Total Full and Select Service Hotels
|
35
|
|
|
15,380
|
|
|
37
|
|
|
17,235
|
|
|
39
|
|
|
18,373
|
|
Wellness
|
3
|
|
|
410
|
|
|
3
|
|
|
410
|
|
|
3
|
|
|
399
|
|
Total Owned and Leased
|
38
|
|
|
15,790
|
|
|
40
|
|
|
17,645
|
|
|
42
|
|
|
18,772
|
|
Name
|
|
Age
|
|
Position
|
Thomas J. Pritzker
|
|
69
|
|
Executive Chairman of the Board
|
Mark S. Hoplamazian
|
|
56
|
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
Joan Bottarini
|
|
48
|
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
|
Margaret C. Egan
|
|
50
|
|
Executive Vice President, General Counsel and Secretary
|
H. Charles Floyd
|
|
60
|
|
Executive Vice President, Global President of Operations
|
Peter Fulton
|
|
62
|
|
Executive Vice President, Group President—EAME/SW Asia
|
Malaika L. Myers
|
|
52
|
|
Executive Vice President, Chief Human Resources Officer
|
Peter J. Sears
|
|
55
|
|
Executive Vice President, Group President—Americas
|
David Udell
|
|
59
|
|
Executive Vice President, Group President—ASPAC
|
Mark R. Vondrasek
|
|
52
|
|
Executive Vice President, Chief Commercial Officer
|
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.
|
|
12/31/2014
|
12/31/2015
|
12/31/2016
|
12/31/2017
|
12/31/2018
|
12/31/2019
|
Hyatt Hotels Corporation
|
100.0
|
78.1
|
91.8
|
122.1
|
113.2
|
151.7
|
S&P 500
|
100.0
|
101.4
|
113.5
|
138.3
|
132.2
|
173.8
|
Russell 1000 Hotel
|
100.0
|
84.0
|
106.1
|
169.9
|
134.8
|
194.3
|
|
|
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, 2019
|
|
604,499
|
|
|
$
|
71.34
|
|
|
604,499
|
|
|
$
|
345,087,566
|
|
November 1 to November 30, 2019
|
|
318,821
|
|
|
76.01
|
|
|
318,821
|
|
|
$
|
320,854,869
|
|
|
December 1 to December 31, 2019
|
|
868,534
|
|
|
84.63
|
|
|
868,534
|
|
|
$
|
997,351,204
|
|
|
Total
|
|
1,791,854
|
|
|
$
|
78.61
|
|
|
1,791,854
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Consolidated statements of income data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
5,020
|
|
|
$
|
4,454
|
|
|
$
|
4,462
|
|
|
$
|
4,265
|
|
|
$
|
4,328
|
|
Direct and selling, general, and administrative expenses
|
4,823
|
|
|
4,122
|
|
|
4,202
|
|
|
3,997
|
|
|
4,005
|
|
|||||
Net income
|
766
|
|
|
769
|
|
|
390
|
|
|
206
|
|
|
124
|
|
|||||
Net income attributable to Hyatt Hotels Corporation
|
766
|
|
|
769
|
|
|
389
|
|
|
206
|
|
|
124
|
|
|||||
Net income per share—basic
|
$
|
7.33
|
|
|
$
|
6.79
|
|
|
$
|
3.13
|
|
|
$
|
1.55
|
|
|
$
|
0.87
|
|
Net income per share—diluted
|
$
|
7.21
|
|
|
$
|
6.68
|
|
|
$
|
3.09
|
|
|
$
|
1.53
|
|
|
$
|
0.86
|
|
Cash dividends declared per share
|
$
|
0.76
|
|
|
$
|
0.60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
At December 31,
|
||||||||||||||||||
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||
Consolidated balance sheets data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,417
|
|
|
$
|
7,643
|
|
|
$
|
7,572
|
|
|
$
|
7,661
|
|
|
$
|
7,591
|
|
Long-term debt (1)
|
1,623
|
|
|
1,634
|
|
|
1,451
|
|
|
1,564
|
|
|
1,370
|
|
|||||
Redeemable noncontrolling interest in preferred shares of a subsidiary
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
•
|
411 managed properties (126,065 rooms), all of which we operate under management and hotel services agreements with third-party property owners;
|
•
|
441 franchised properties (73,840 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;
|
•
|
28 owned properties (13,123 rooms) (including 1 consolidated hospitality venture), 1 finance leased property (171 rooms), and 6 operating leased properties (2,086 rooms), all of which we manage; and
|
•
|
24 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,826 rooms).
|
•
|
3 wellness resorts (410 rooms), all of which we own and operate;
|
•
|
8 all-inclusive resorts (3,153 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 under the Hyatt Residence Club brand and operated by third parties;
|
•
|
36 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; and
|
•
|
38 condominium ownership properties for which we provide services for the rental programs or homeowners associations (including 1 unconsolidated hospitality venture).
|
•
|
interest expense;
|
•
|
provision for income taxes;
|
•
|
depreciation and amortization;
|
•
|
amortization of management and franchise agreement assets constituting payments to customers ("Contra revenue");
|
•
|
revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;
|
•
|
costs incurred on behalf of managed and franchised properties;
|
•
|
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)
|
|
2019
|
|
vs. 2018
(in constant $)
|
|||||
System-wide hotels
|
703
|
|
|
$
|
136
|
|
|
0.7
|
%
|
Owned and leased hotels
|
31
|
|
|
183
|
|
|
1.0
|
%
|
|
Americas full service hotels
|
165
|
|
|
159
|
|
|
1.7
|
%
|
|
Americas select service hotels
|
355
|
|
|
105
|
|
|
(2.0
|
)%
|
|
ASPAC full service hotels
|
80
|
|
|
149
|
|
|
(0.8
|
)%
|
|
ASPAC select service hotels
|
14
|
|
|
58
|
|
|
8.4
|
%
|
|
EAME/SW Asia full service hotels
|
74
|
|
|
129
|
|
|
3.9
|
%
|
|
EAME/SW Asia select service hotels
|
15
|
|
|
65
|
|
|
3.6
|
%
|
•
|
sold the shares of the entity which owns Grand Hyatt Seoul and adjacent land for approximately $481 million and entered into a long-term management agreement for the property upon sale;
|
•
|
sold Hyatt Regency Atlanta for approximately $355 million and entered into a long-term management agreement for the property upon sale; and
|
•
|
sold the property adjacent to Grand Hyatt San Francisco and assigned the related Apple store lease for approximately $120 million.
|
•
|
sold Grand Hyatt San Francisco, Andaz Maui at Wailea Resort together with adjacent land, and Hyatt Regency Coconut Point Resort and Spa as a portfolio for approximately $1 billion and entered into long-term management agreements for the properties upon sale;
|
•
|
sold the shares of the entity which owns Hyatt Regency Mexico City, an investment in an unconsolidated hospitality venture, and adjacent land, a portion of which will be developed as Park Hyatt Mexico City ("HRMC transaction") for approximately $405 million and entered into long-term management agreements for the properties upon sale;
|
•
|
acquired Two Roads, including long-term management and license agreements, for a purchase price of $405 million plus potential additional consideration of up to $96 million if the sellers complete certain actions with respect to certain of the acquired management agreements and up to $8 million in the event of the execution of certain potential new management agreements related to the development of certain potential new deals previously identified and generated by the sellers or affiliates of the sellers;
|
•
|
acquired Hyatt Regency Phoenix for a purchase price of approximately $140 million; and
|
•
|
acquired Hyatt Regency Indian Wells Resort & Spa for a purchase price of approximately $120 million.
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
1,563
|
|
|
$
|
1,559
|
|
|
$
|
4
|
|
|
0.3
|
%
|
|
$
|
(11
|
)
|
Non-comparable owned and leased hotels revenues
|
285
|
|
|
359
|
|
|
(74
|
)
|
|
(20.8
|
)%
|
|
(6
|
)
|
||||
Total owned and leased hotels revenues
|
$
|
1,848
|
|
|
$
|
1,918
|
|
|
$
|
(70
|
)
|
|
(3.7
|
)%
|
|
$
|
(17
|
)
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018 |
|||||||||
Base management fees
|
$
|
260
|
|
|
$
|
225
|
|
|
$
|
35
|
|
|
15.7
|
%
|
Incentive management fees
|
151
|
|
|
148
|
|
|
3
|
|
|
1.7
|
%
|
|||
Franchise fees
|
141
|
|
|
127
|
|
|
14
|
|
|
11.3
|
%
|
|||
Management and franchise fees
|
552
|
|
|
500
|
|
|
52
|
|
|
10.5
|
%
|
|||
Other fees revenues
|
56
|
|
|
52
|
|
|
4
|
|
|
9.0
|
%
|
|||
Management, franchise, and other fees
|
$
|
608
|
|
|
$
|
552
|
|
|
$
|
56
|
|
|
10.3
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018 |
|||||||||
Management, franchise, and other fees
|
$
|
608
|
|
|
$
|
552
|
|
|
$
|
56
|
|
|
10.3
|
%
|
Contra revenue
|
(22
|
)
|
|
(20
|
)
|
|
(2
|
)
|
|
(11.5
|
)%
|
|||
Net management, franchise, and other fees
|
$
|
586
|
|
|
$
|
532
|
|
|
$
|
54
|
|
|
10.3
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
2019 vs. 2018 |
|||||||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
$
|
2,461
|
|
|
$
|
1,956
|
|
|
$
|
505
|
|
|
25.9
|
%
|
Less: rabbi trust impact
|
(26
|
)
|
|
4
|
|
|
(30
|
)
|
|
(729.8
|
)%
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact
|
$
|
2,435
|
|
|
$
|
1,960
|
|
|
$
|
475
|
|
|
24.2
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
|
|||||||||
Comparable owned and leased hotels expenses
|
$
|
1,185
|
|
|
$
|
1,183
|
|
|
$
|
(2
|
)
|
|
(0.2
|
)%
|
Non-comparable owned and leased hotels expenses
|
230
|
|
|
265
|
|
|
35
|
|
|
13.1
|
%
|
|||
Rabbi trust impact
|
9
|
|
|
(2
|
)
|
|
(11
|
)
|
|
(741.7
|
)%
|
|||
Total owned and leased hotels expenses
|
$
|
1,424
|
|
|
$
|
1,446
|
|
|
$
|
22
|
|
|
1.5
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
2019 vs. 2018 |
|||||||||
Selling, general, and administrative expenses
|
$
|
417
|
|
|
$
|
320
|
|
|
$
|
97
|
|
|
30.2
|
%
|
Less: rabbi trust impact
|
(53
|
)
|
|
9
|
|
|
(62
|
)
|
|
(693.6
|
)%
|
|||
Less: stock-based compensation expense
|
(35
|
)
|
|
(29
|
)
|
|
(6
|
)
|
|
(19.9
|
)%
|
|||
Adjusted selling, general, and administrative expenses
|
$
|
329
|
|
|
$
|
300
|
|
|
$
|
29
|
|
|
9.6
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
2019 vs. 2018 |
|||||||||
Costs incurred on behalf of managed and franchised properties
|
$
|
2,520
|
|
|
$
|
1,981
|
|
|
$
|
539
|
|
|
27.2
|
%
|
Less: rabbi trust impact
|
(26
|
)
|
|
4
|
|
|
(30
|
)
|
|
(729.8
|
)%
|
|||
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact
|
$
|
2,494
|
|
|
$
|
1,985
|
|
|
$
|
509
|
|
|
25.6
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018 |
|||||||||
Rabbi trust impact allocated to selling, general, and administrative expenses
|
$
|
53
|
|
|
$
|
(9
|
)
|
|
$
|
62
|
|
|
693.6
|
%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
9
|
|
|
(2
|
)
|
|
11
|
|
|
741.7
|
%
|
|||
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts
|
$
|
62
|
|
|
$
|
(11
|
)
|
|
$
|
73
|
|
|
700.2
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018 |
|||||||||
Equity earnings (losses) from unconsolidated hospitality ventures
|
$
|
(10
|
)
|
|
$
|
8
|
|
|
$
|
(18
|
)
|
|
(215.1
|
)%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018 |
||||||
Impairment charges related to investments in unconsolidated hospitality ventures (Note 4)
|
$
|
(7
|
)
|
|
$
|
(16
|
)
|
|
$
|
9
|
|
Net gains from sales activity related to unconsolidated hospitality ventures (Note 4)
|
8
|
|
|
40
|
|
|
(32
|
)
|
|||
Foreign currency impact (1)
|
(3
|
)
|
|
(13
|
)
|
|
10
|
|
|||
Other
|
(8
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|||
Equity earnings (losses) from unconsolidated hospitality ventures
|
$
|
(10
|
)
|
|
$
|
8
|
|
|
$
|
(18
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs 2018 |
||||||
Income before income taxes
|
$
|
1,006
|
|
|
$
|
951
|
|
|
$
|
55
|
|
Provision for income taxes
|
(240
|
)
|
|
(182
|
)
|
|
(58
|
)
|
|||
Effective tax rate
|
23.9
|
%
|
|
19.1
|
%
|
|
(4.8
|
)%
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
|
|
Currency Impact
|
|||||||||||
Comparable owned and leased hotels revenues
|
$
|
1,546
|
|
|
$
|
1,541
|
|
|
$
|
5
|
|
|
0.3
|
%
|
|
$
|
(11
|
)
|
Non-comparable owned and leased hotels revenues
|
262
|
|
|
348
|
|
|
(86
|
)
|
|
(24.7
|
)%
|
|
(6
|
)
|
||||
Total segment revenues
|
$
|
1,808
|
|
|
$
|
1,889
|
|
|
$
|
(81
|
)
|
|
(4.3
|
)%
|
|
$
|
(17
|
)
|
•
|
the dispositions of Hyatt Regency Mexico City, Andaz Maui at Wailea Resort, Grand Hyatt San Francisco, and Hyatt Regency Coconut Point Resort and Spa in 2018, and
|
•
|
the dispositions of Hyatt Regency Atlanta and Grand Hyatt Seoul in 2019,
|
•
|
partially offset by the acquisitions of Hyatt Regency Indian Wells Resort & Spa and Hyatt Regency Phoenix in 2018.
|
|
Year Ended December 31,
|
|||||||||||||||||
|
RevPAR
|
|
Occupancy
|
|
ADR
|
|||||||||||||
|
2019
|
|
vs. 2018
(in constant $) |
|
2019
|
|
vs. 2018
|
|
2019
|
|
vs. 2018
(in constant $) |
|||||||
Comparable owned and leased hotels
|
$
|
183
|
|
|
1.0
|
%
|
|
76.8
|
%
|
|
(0.1)% pts
|
|
$
|
238
|
|
|
1.0
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Owned and leased hotels Adjusted EBITDA
|
$
|
337
|
|
|
$
|
373
|
|
|
$
|
(36
|
)
|
|
(9.9
|
)%
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
50
|
|
|
55
|
|
|
(5
|
)
|
|
(8.4
|
)%
|
|||
Segment Adjusted EBITDA
|
$
|
387
|
|
|
$
|
428
|
|
|
$
|
(41
|
)
|
|
(9.7
|
)%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment revenues
|
|
|
|
|
|
|
|
|||||||
Management, franchise, and other fees
|
$
|
433
|
|
|
$
|
400
|
|
|
$
|
33
|
|
|
8.2
|
%
|
Contra revenue
|
(15
|
)
|
|
(13
|
)
|
|
(2
|
)
|
|
(15.5
|
)%
|
|||
Other revenues
|
89
|
|
|
—
|
|
|
89
|
|
|
NM
|
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
2,268
|
|
|
1,787
|
|
|
481
|
|
|
27.0
|
%
|
|||
Total segment revenues
|
$
|
2,775
|
|
|
$
|
2,174
|
|
|
$
|
601
|
|
|
27.7
|
%
|
(Comparable System-wide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||
2019
|
|
vs. 2018
(in constant $) |
|
2019
|
|
vs. 2018
|
|
2019
|
|
vs. 2018
(in constant $) |
||||||||
Americas full service
|
$
|
159
|
|
|
1.7
|
%
|
|
74.9
|
%
|
|
0.1% pts
|
|
$
|
212
|
|
|
1.5
|
%
|
Americas select service
|
$
|
105
|
|
|
(2.0
|
)%
|
|
75.7
|
%
|
|
(0.6)% pts
|
|
$
|
139
|
|
|
(1.3
|
)%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment Adjusted EBITDA
|
$
|
376
|
|
|
$
|
352
|
|
|
$
|
24
|
|
|
6.9
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment revenues
|
|
|
|
|
|
|
|
|||||||
Management, franchise, and other fees
|
$
|
136
|
|
|
$
|
127
|
|
|
$
|
9
|
|
|
6.9
|
%
|
Contra revenue
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4.4
|
)%
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
113
|
|
|
95
|
|
|
18
|
|
|
19.3
|
%
|
|||
Total segment revenues
|
$
|
247
|
|
|
$
|
220
|
|
|
$
|
27
|
|
|
12.3
|
%
|
(Comparable System-wide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||
2019
|
|
vs. 2018
(in constant $) |
|
2019
|
|
vs. 2018
|
|
2019
|
|
vs. 2018
(in constant $) |
||||||||
ASPAC full service
|
$
|
149
|
|
|
(0.8
|
)%
|
|
74.5
|
%
|
|
0.3% pts
|
|
$
|
201
|
|
|
(1.1
|
)%
|
ASPAC select service
|
$
|
58
|
|
|
8.4
|
%
|
|
68.5
|
%
|
|
8.2% pts
|
|
$
|
84
|
|
|
(4.6
|
)%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment Adjusted EBITDA
|
$
|
87
|
|
|
$
|
78
|
|
|
$
|
9
|
|
|
11.6
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment revenues
|
|
|
|
|
|
|
|
|||||||
Management, franchise, and other fees
|
$
|
83
|
|
|
$
|
80
|
|
|
$
|
3
|
|
|
4.3
|
%
|
Contra revenue
|
(5
|
)
|
|
(5
|
)
|
|
—
|
|
|
(3.2
|
)%
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
74
|
|
|
68
|
|
|
6
|
|
|
9.3
|
%
|
|||
Total segment revenues
|
$
|
152
|
|
|
$
|
143
|
|
|
$
|
9
|
|
|
6.7
|
%
|
(Comparable System-wide Hotels)
|
Year Ended December 31,
|
|||||||||||||||||
RevPAR
|
|
Occupancy
|
|
ADR
|
||||||||||||||
2019
|
|
vs. 2018
(in constant $) |
|
2019
|
|
vs. 2018
|
|
2019
|
|
vs. 2018
(in constant $) |
||||||||
EAME/SW Asia full service
|
$
|
129
|
|
|
3.9
|
%
|
|
70.6
|
%
|
|
3.2% pts
|
|
$
|
183
|
|
|
(0.8
|
)%
|
EAME/SW Asia select service
|
$
|
65
|
|
|
3.6
|
%
|
|
73.0
|
%
|
|
6.5% pts
|
|
$
|
89
|
|
|
(5.7
|
)%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Better / (Worse)
2019 vs. 2018
|
|||||||||
Segment Adjusted EBITDA
|
$
|
49
|
|
|
$
|
46
|
|
|
$
|
3
|
|
|
7.3
|
%
|
|
Year Ended December 31,
|
|||||||||||||
2019
|
|
2018
|
|
Change
2019 vs. 2018 |
||||||||||
Net income attributable to Hyatt Hotels Corporation
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
(3
|
)
|
|
(0.4
|
)%
|
Interest expense
|
75
|
|
|
76
|
|
|
(1
|
)
|
|
(1.2
|
)%
|
|||
Provision for income taxes
|
240
|
|
|
182
|
|
|
58
|
|
|
32.2
|
%
|
|||
Depreciation and amortization
|
329
|
|
|
327
|
|
|
2
|
|
|
0.7
|
%
|
|||
EBITDA
|
1,410
|
|
|
1,354
|
|
|
56
|
|
|
4.2
|
%
|
|||
Contra revenue
|
22
|
|
|
20
|
|
|
2
|
|
|
11.5
|
%
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
(2,461
|
)
|
|
(1,956
|
)
|
|
(505
|
)
|
|
(25.9
|
)%
|
|||
Costs incurred on behalf of managed and franchised properties
|
2,520
|
|
|
1,981
|
|
|
539
|
|
|
27.2
|
%
|
|||
Equity (earnings) losses from unconsolidated hospitality ventures
|
10
|
|
|
(8
|
)
|
|
18
|
|
|
215.1
|
%
|
|||
Stock-based compensation expense
|
35
|
|
|
29
|
|
|
6
|
|
|
19.9
|
%
|
|||
Gains on sales of real estate
|
(723
|
)
|
|
(772
|
)
|
|
49
|
|
|
6.3
|
%
|
|||
Asset impairments
|
18
|
|
|
25
|
|
|
(7
|
)
|
|
(27.2
|
)%
|
|||
Other (income) loss, net
|
(127
|
)
|
|
49
|
|
|
(176
|
)
|
|
(358.6
|
)%
|
|||
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA
|
50
|
|
|
55
|
|
|
(5
|
)
|
|
(8.4
|
)%
|
|||
Adjusted EBITDA
|
$
|
754
|
|
|
$
|
777
|
|
|
$
|
(23
|
)
|
|
(2.9
|
)%
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
396
|
|
|
$
|
341
|
|
Investing activities
|
585
|
|
|
374
|
|
||
Financing activities
|
(541
|
)
|
|
(850
|
)
|
||
Effect of exchange rate changes on cash
|
1
|
|
|
5
|
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
$
|
441
|
|
|
$
|
(130
|
)
|
•
|
We sold the shares of the entity which owns Grand Hyatt Seoul and adjacent land to an unrelated third party for approximately $467 million, net of closing costs and proration adjustments.
|
•
|
We sold Hyatt Regency Atlanta to an unrelated third party for approximately $346 million, net of closing costs and proration adjustments.
|
•
|
We sold the property adjacent to Grand Hyatt San Francisco and assigned the related Apple store lease to an unrelated third party for approximately $115 million, net of closing costs and proration adjustments. Proceeds from the sale were held as restricted for use in a potential like-kind exchange.
|
•
|
We collected $46 million of unsecured financing receivables related to the HRMC transaction.
|
•
|
We received $25 million of proceeds from sales activity related to certain equity method investments.
|
•
|
We sold our contractual right to purchase Hyatt Regency Portland at the Oregon Convention Center to an unrelated third party for approximately $21 million, net of closing costs.
|
•
|
We invested $369 million in capital expenditures (see "—Capital Expenditures").
|
•
|
We sold Grand Hyatt San Francisco, Andaz Maui at Wailea Resort, and Hyatt Regency Coconut Point Resort and Spa to an unrelated third party as a portfolio for approximately $992 million, net of closing costs and proration adjustments. Proceeds from the sale of Hyatt Regency Coconut Point Resort and Spa of $221 million were held as restricted for use in a potential like-kind exchange, of which approximately $198 million were subsequently used for acquisitions and the remaining $23 million were released.
|
•
|
We received $360 million of proceeds from the HRMC transaction.
|
•
|
We sold a Hyatt House hotel for approximately $48 million, net of closing costs and proration adjustments.
|
•
|
We received $43 million of proceeds from sales activity related to certain equity method investments.
|
•
|
We acquired Two Roads for cash of $415 million, net of $37 million cash acquired, which was inclusive of a $36 million payment of additional consideration and $4 million of other purchase price adjustments.
|
•
|
We invested $297 million in capital expenditures (see "—Capital Expenditures").
|
•
|
We acquired Hyatt Regency Phoenix for a purchase price of approximately $139 million, net of proration adjustments.
|
•
|
We acquired Hyatt Regency Indian Wells Resort & Spa for a purchase price of approximately $120 million, net of proration adjustments.
|
•
|
We had $41 million of net purchases of marketable securities and short-term investments.
|
•
|
We repurchased 5,621,281 shares of Class A and Class B common stock for an aggregate purchase price of $421 million.
|
•
|
We paid four quarterly $0.19 per share cash dividends on Class A and Class B common stock totaling $80 million.
|
•
|
We paid $24 million of contingent consideration as a result of the acquisition of Two Roads.
|
•
|
We borrowed and repaid $400 million on our revolving credit facility.
|
•
|
We repurchased 12,723,895 shares of Class A and Class B common stock for an aggregate purchase price of $946 million, including shares repurchased under the 2018 ASR programs and 244,260 shares delivered in settlement of the fourth quarter of 2017 ASR ("November 2017 ASR") in 2018, for which payment was made during 2017.
|
•
|
We repaid the remaining $196 million of 6.875% senior notes due 2019 (the "2019 Notes") for approximately $203 million, inclusive of a $7 million make-whole premium.
|
•
|
We paid four quarterly $0.15 per share cash dividends on Class A and Class B common stock totaling $68 million.
|
•
|
We borrowed and repaid $20 million on our revolving credit facility.
|
•
|
We redeemed the Miraval preferred shares for approximately $10 million.
|
•
|
We issued $400 million of 4.375% senior notes due 2028, at an issue price of 99.866% (the "2028 Notes") and received $396 million of net proceeds, after deducting approximately $4 million of underwriting discounts and offering expenses.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Consolidated debt (1)
|
$
|
1,623
|
|
|
$
|
1,634
|
|
Stockholders' equity
|
3,962
|
|
|
3,670
|
|
||
Total capital
|
5,585
|
|
|
5,304
|
|
||
Total debt to total capital
|
29.1
|
%
|
|
30.8
|
%
|
||
Consolidated debt (1)
|
1,623
|
|
|
1,634
|
|
||
Less: Cash and cash equivalents and short-term investments
|
(961
|
)
|
|
(686
|
)
|
||
Net consolidated debt
|
$
|
662
|
|
|
$
|
948
|
|
Net debt to total capital
|
11.9
|
%
|
|
17.9
|
%
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Investment in new properties under development or recently opened
|
$
|
139
|
|
|
$
|
79
|
|
Enhancements to existing properties
|
137
|
|
|
137
|
|
||
Maintenance and technology
|
93
|
|
|
81
|
|
||
Total capital expenditures
|
$
|
369
|
|
|
$
|
297
|
|
|
|
Principal amount
|
||
$250 million senior unsecured notes maturing in 2021—5.375%
|
|
$
|
250
|
|
$350 million senior unsecured notes maturing in 2023—3.375%
|
|
350
|
|
|
$400 million senior unsecured notes maturing in 2026—4.850%
|
|
400
|
|
|
$400 million senior unsecured notes maturing in 2028—4.375%
|
|
400
|
|
|
Total Senior Notes
|
|
$
|
1,400
|
|
•
|
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
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|||||||||||||||
Debt (1)
|
$
|
2,117
|
|
|
$
|
84
|
|
|
$
|
334
|
|
|
$
|
70
|
|
|
$
|
419
|
|
|
$
|
57
|
|
|
$
|
1,153
|
|
Finance lease obligations (1)
|
14
|
|
|
3
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|||||||
Operating lease obligations
|
631
|
|
|
47
|
|
|
45
|
|
|
42
|
|
|
39
|
|
|
36
|
|
|
422
|
|
|||||||
Purchase obligations
|
80
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other long-term liabilities (2)
|
472
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
466
|
|
|||||||
Total contractual obligations
|
$
|
3,314
|
|
|
$
|
216
|
|
|
$
|
382
|
|
|
$
|
115
|
|
|
$
|
461
|
|
|
$
|
96
|
|
|
$
|
2,044
|
|
|
|
|
Amount of Guarantee Commitments Expiration by Period
|
||||||||||||||||||||||||
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|||||||||||||||
Performance guarantees (1)
|
$
|
238
|
|
|
$
|
180
|
|
|
$
|
12
|
|
|
$
|
11
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
28
|
|
Debt repayment and other guarantees (2)
|
415
|
|
|
192
|
|
|
36
|
|
|
75
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|||||||
Total guarantee commitments
|
$
|
653
|
|
|
$
|
372
|
|
|
$
|
48
|
|
|
$
|
86
|
|
|
$
|
118
|
|
|
$
|
1
|
|
|
$
|
28
|
|
|
|
|
Amount of Investment Commitments Expected Funding by Period
|
||||||||||||||||||||||||
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|||||||||||||||
Investment commitments
|
$
|
296
|
|
|
$
|
140
|
|
|
$
|
41
|
|
|
$
|
70
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
29
|
|
|
Maturities by Period
|
|
|
|
|
||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total carrying amount (1)
|
|
Total fair value
|
||||||||||||||||
Fixed-rate debt
|
$
|
5
|
|
|
$
|
255
|
|
|
$
|
5
|
|
|
$
|
355
|
|
|
$
|
6
|
|
|
$
|
952
|
|
|
$
|
1,578
|
|
|
$
|
1,680
|
|
Average interest rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
4.51
|
%
|
|
|
|||||||||||||||
Floating-rate debt (3)
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
26
|
|
|
$
|
49
|
|
|
$
|
60
|
|
Average interest rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
7.54
|
%
|
|
|
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
|
|
5,361,715
|
|
(1)
|
|
$55.51
|
(2)
|
|
2,990,609
|
|
(3)
|
|
Equity Compensation Plans Not Approved by Security Holders
|
|
—
|
|
|
|
—
|
|
|
|
1,469,195
|
|
(4)
|
Total
|
|
5,361,715
|
|
|
|
$55.51
|
|
|
4,459,804
|
|
|
Item 14.
|
Principal Accountant Fees and Services.
|
Item 15.
|
Exhibits and Financial Statement Schedule.
|
(a)
|
Financial Statements
|
|
Page
|
F- 1
|
|
F- 2
|
|
F- 5
|
|
F- 6
|
|
F- 7
|
|
F- 8
|
|
F- 9
|
|
F- 12
|
|
F- 13
|
(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 20, 2020
|
|
|
Signature
|
Titles
|
Date
|
|
|
|
/s/ Mark S. Hoplamazian
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
February 20, 2020
|
Mark S. Hoplamazian
|
||
/s/ Joan Bottarini
|
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
|
February 20, 2020
|
Joan Bottarini
|
||
/s/ Elizabeth M. Bauer
|
Senior Vice President, Corporate Controller (Principal Accounting Officer)
|
February 20, 2020
|
Elizabeth M. Bauer
|
||
/s/ Thomas J. Pritzker
|
Executive Chairman of the Board
|
February 20, 2020
|
Thomas J. Pritzker
|
|
|
/s/ Paul D. Ballew
|
Director
|
February 20, 2020
|
Paul D. Ballew
|
|
|
/s/ Susan D. Kronick
|
Director
|
February 20, 2020
|
Susan D. Kronick
|
|
|
/s/ Mackey J. McDonald
|
Director
|
February 20, 2020
|
Mackey J. McDonald
|
|
|
/s/ Cary D. McMillan
|
Director
|
February 20, 2020
|
Cary D. McMillan
|
|
|
/s/ Pamela M. Nicholson
|
Director
|
February 20, 2020
|
Pamela M. Nicholson
|
|
|
/s/ Jason Pritzker
|
Director
|
February 20, 2020
|
Jason Pritzker
|
|
|
/s/ Michael A. Rocca
|
Director
|
February 20, 2020
|
Michael A. Rocca
|
|
|
/s/ Richard C. Tuttle
|
Director
|
February 20, 2020
|
Richard C. Tuttle
|
|
|
/s/ James H. Wooten, Jr.
|
Director
|
February 20, 2020
|
James H. Wooten, Jr.
|
|
/s/ Mark S. Hoplamazian
|
Mark S. Hoplamazian
President & Chief Executive Officer
|
/s/ Joan Bottarini
|
Joan Bottarini
Executive Vice President, Chief Financial Officer
|
•
|
We tested the effectiveness of the Company's controls related to the liability, including those over the estimation of the breakage assumption.
|
•
|
We evaluated the methods and assumptions used by management to estimate the liability by:
|
•
|
Testing the underlying data that served as the basis for the actuarial analysis, including earnings and redemptions, to test that the inputs to the actuarial estimate were reasonable.
|
•
|
Comparing management's prior year assumptions of expected redemptions to actuals incurred during the current year to identify inconsistencies in the determination of the breakage assumptions.
|
•
|
With the assistance of our actuarial specialists, we developed independent estimates of the liability and compared our estimates to management's estimates.
|
•
|
We tested the effectiveness of controls over the valuation of these intangible assets, including management's controls over revenue projections from the management agreements and the selection of the discount rates.
|
•
|
We evaluated the reasonableness of management's revenue projections from the management agreements by comparing the projections to historical results, existing contract terms and renewal periods and certain third-party industry data. We also evaluated whether the revenue projections from the management agreements were consistent with evidence obtained in other areas of the audit.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rates by:
|
•
|
Assessing the appropriateness of the valuation methodology used to determine the discount rates.
|
•
|
Testing the source information underlying the determination of the discount rates and testing the mathematical accuracy of the calculations.
|
•
|
Developing a range of independent estimates of the discount rates and comparing the discount rates selected by management to the range of independent estimates.
|
|
2019
|
|
2018
|
|
2017
|
||||||
REVENUES:
|
|
|
|
|
|
||||||
Owned and leased hotels
|
$
|
1,848
|
|
|
$
|
1,918
|
|
|
$
|
2,184
|
|
Management, franchise, and other fees
|
608
|
|
|
552
|
|
|
498
|
|
|||
Amortization of management and franchise agreement assets constituting payments to customers
|
(22
|
)
|
|
(20
|
)
|
|
(18
|
)
|
|||
Net management, franchise, and other fees
|
586
|
|
|
532
|
|
|
480
|
|
|||
Other revenues
|
125
|
|
|
48
|
|
|
36
|
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
2,461
|
|
|
1,956
|
|
|
1,762
|
|
|||
Total revenues
|
5,020
|
|
|
4,454
|
|
|
4,462
|
|
|||
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
||||||
Owned and leased hotels
|
1,424
|
|
|
1,446
|
|
|
1,664
|
|
|||
Depreciation and amortization
|
329
|
|
|
327
|
|
|
348
|
|
|||
Other direct costs
|
133
|
|
|
48
|
|
|
31
|
|
|||
Selling, general, and administrative
|
417
|
|
|
320
|
|
|
377
|
|
|||
Costs incurred on behalf of managed and franchised properties
|
2,520
|
|
|
1,981
|
|
|
1,782
|
|
|||
Direct and selling, general, and administrative expenses
|
4,823
|
|
|
4,122
|
|
|
4,202
|
|
|||
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts
|
62
|
|
|
(11
|
)
|
|
45
|
|
|||
Equity earnings (losses) from unconsolidated hospitality ventures
|
(10
|
)
|
|
8
|
|
|
219
|
|
|||
Interest expense
|
(75
|
)
|
|
(76
|
)
|
|
(80
|
)
|
|||
Gains on sales of real estate
|
723
|
|
|
772
|
|
|
236
|
|
|||
Asset impairments
|
(18
|
)
|
|
(25
|
)
|
|
—
|
|
|||
Other income (loss), net
|
127
|
|
|
(49
|
)
|
|
42
|
|
|||
INCOME BEFORE INCOME TAXES
|
1,006
|
|
|
951
|
|
|
722
|
|
|||
PROVISION FOR INCOME TAXES
|
(240
|
)
|
|
(182
|
)
|
|
(332
|
)
|
|||
NET INCOME
|
766
|
|
|
769
|
|
|
390
|
|
|||
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
389
|
|
EARNINGS PER SHARE—Basic
|
|
|
|
|
|
||||||
Net income
|
$
|
7.33
|
|
|
$
|
6.79
|
|
|
$
|
3.13
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
7.33
|
|
|
$
|
6.79
|
|
|
$
|
3.12
|
|
EARNINGS PER SHARE—Diluted
|
|
|
|
|
|
||||||
Net income
|
$
|
7.21
|
|
|
$
|
6.68
|
|
|
$
|
3.09
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
7.21
|
|
|
$
|
6.68
|
|
|
$
|
3.08
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
390
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, net of tax (benefit) expense of $-, $(1), and $1 for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively
|
8
|
|
|
52
|
|
|
56
|
|
|||
Unrecognized pension (cost) benefit, net of tax (benefit) expense of $(1), $1, and $- for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively
|
(4
|
)
|
|
2
|
|
|
—
|
|
|||
Unrealized gains on available-for-sale debt securities, net of tax expense of $- for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively, and unrealized gains on available-for-sale equity securities, net of tax expense of $23 for the year ended December 31, 2017
|
1
|
|
|
—
|
|
|
35
|
|
|||
Unrealized gains (losses) on derivative activity, net of tax (benefit) expense of $(5), $-, and $- for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively
|
(14
|
)
|
|
(1
|
)
|
|
1
|
|
|||
Other comprehensive income (loss)
|
(9
|
)
|
|
53
|
|
|
92
|
|
|||
COMPREHENSIVE INCOME
|
757
|
|
|
822
|
|
|
482
|
|
|||
COMPREHENSIVE INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
$
|
757
|
|
|
$
|
822
|
|
|
$
|
481
|
|
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
893
|
|
|
$
|
570
|
|
Restricted cash
|
150
|
|
|
33
|
|
||
Short-term investments
|
68
|
|
|
116
|
|
||
Receivables, net of allowances of $32 and $26 at December 31, 2019 and December 31, 2018, respectively
|
421
|
|
|
427
|
|
||
Inventories
|
12
|
|
|
14
|
|
||
Prepaids and other assets
|
134
|
|
|
149
|
|
||
Prepaid income taxes
|
28
|
|
|
36
|
|
||
Total current assets
|
1,706
|
|
|
1,345
|
|
||
Equity method investments
|
232
|
|
|
233
|
|
||
Property and equipment, net
|
3,456
|
|
|
3,608
|
|
||
Financing receivables, net of allowances
|
35
|
|
|
13
|
|
||
Operating lease right-of-use assets
|
493
|
|
|
—
|
|
||
Goodwill
|
326
|
|
|
283
|
|
||
Intangibles, net
|
437
|
|
|
628
|
|
||
Deferred tax assets
|
144
|
|
|
180
|
|
||
Other assets
|
1,588
|
|
|
1,353
|
|
||
TOTAL ASSETS
|
$
|
8,417
|
|
|
$
|
7,643
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
11
|
|
|
$
|
11
|
|
Accounts payable
|
150
|
|
|
151
|
|
||
Accrued expenses and other current liabilities
|
304
|
|
|
361
|
|
||
Current contract liabilities
|
445
|
|
|
388
|
|
||
Accrued compensation and benefits
|
144
|
|
|
150
|
|
||
Current operating lease liabilities
|
32
|
|
|
—
|
|
||
Total current liabilities
|
1,086
|
|
|
1,061
|
|
||
Long-term debt
|
1,612
|
|
|
1,623
|
|
||
Long-term contract liabilities
|
475
|
|
|
442
|
|
||
Long-term operating lease liabilities
|
393
|
|
|
—
|
|
||
Other long-term liabilities
|
884
|
|
|
840
|
|
||
Total liabilities
|
4,450
|
|
|
3,966
|
|
||
Commitments and contingencies (see Note 15)
|
|
|
|
||||
EQUITY:
|
|
|
|
||||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December 31, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 36,109,179 issued and outstanding at December 31, 2019, and Class B common stock, $0.01 par value per share, 397,457,686 shares authorized, 65,463,274 shares issued and outstanding at December 31, 2019. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,507,817 issued and outstanding at December 31, 2018, and Class B common stock, $0.01 par value per share, 399,110,240 shares authorized, 67,115,828 shares issued and outstanding at December 31, 2018
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
—
|
|
|
50
|
|
||
Retained earnings
|
4,170
|
|
|
3,819
|
|
||
Accumulated other comprehensive loss
|
(209
|
)
|
|
(200
|
)
|
||
Total stockholders' equity
|
3,962
|
|
|
3,670
|
|
||
Noncontrolling interests in consolidated subsidiaries
|
5
|
|
|
7
|
|
||
Total equity
|
3,967
|
|
|
3,677
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
8,417
|
|
|
$
|
7,643
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
390
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Gains on sales of real estate
|
(723
|
)
|
|
(772
|
)
|
|
(236
|
)
|
|||
Depreciation and amortization
|
329
|
|
|
327
|
|
|
348
|
|
|||
Release of contingent consideration liability
|
(30
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of share awards
|
35
|
|
|
28
|
|
|
32
|
|
|||
Amortization of operating lease right-of-use assets
|
35
|
|
|
—
|
|
|
—
|
|
|||
Deferred income taxes
|
28
|
|
|
(33
|
)
|
|
56
|
|
|||
Asset impairments
|
18
|
|
|
47
|
|
|
—
|
|
|||
Equity (earnings) losses from unconsolidated hospitality ventures
|
10
|
|
|
(8
|
)
|
|
(219
|
)
|
|||
Amortization of management and franchise agreement assets constituting payments to customers
|
22
|
|
|
20
|
|
|
18
|
|
|||
Gain on sale of contractual right
|
(16
|
)
|
|
—
|
|
|
—
|
|
|||
Realized (gains) losses, net
|
(2
|
)
|
|
3
|
|
|
41
|
|
|||
Unrealized (gains) losses, net
|
(26
|
)
|
|
47
|
|
|
(1
|
)
|
|||
Distributions from unconsolidated hospitality ventures
|
13
|
|
|
17
|
|
|
29
|
|
|||
Other
|
(55
|
)
|
|
(25
|
)
|
|
4
|
|
|||
Increase (decrease) in cash attributable to changes in assets and liabilities and other
|
|
|
|
|
|
|
|||||
Receivables, net
|
(29
|
)
|
|
14
|
|
|
(37
|
)
|
|||
Inventories
|
1
|
|
|
—
|
|
|
12
|
|
|||
Prepaid income taxes
|
10
|
|
|
(5
|
)
|
|
14
|
|
|||
Accounts payable, accrued expenses, and other current liabilities
|
26
|
|
|
(80
|
)
|
|
102
|
|
|||
Operating lease liabilities
|
(34
|
)
|
|
—
|
|
|
—
|
|
|||
Accrued compensation and benefits
|
(1
|
)
|
|
6
|
|
|
22
|
|
|||
Other long-term liabilities
|
73
|
|
|
51
|
|
|
53
|
|
|||
Other, net
|
(54
|
)
|
|
(65
|
)
|
|
(41
|
)
|
|||
Net cash provided by operating activities
|
396
|
|
|
341
|
|
|
587
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of marketable securities and short-term investments
|
$
|
(350
|
)
|
|
$
|
(665
|
)
|
|
$
|
(469
|
)
|
Proceeds from marketable securities and short-term investments
|
349
|
|
|
624
|
|
|
480
|
|
|||
Contributions to equity method and other investments
|
(48
|
)
|
|
(60
|
)
|
|
(89
|
)
|
|||
Return of equity method and other investments
|
28
|
|
|
51
|
|
|
425
|
|
|||
Acquisitions, net of cash acquired
|
(18
|
)
|
|
(678
|
)
|
|
(259
|
)
|
|||
Capital expenditures
|
(369
|
)
|
|
(297
|
)
|
|
(298
|
)
|
|||
Issuance of financing receivables
|
(18
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Proceeds from financing receivables
|
46
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of real estate, net of cash disposed
|
940
|
|
|
1,382
|
|
|
663
|
|
|||
Proceeds from sale of contractual right
|
21
|
|
|
—
|
|
|
—
|
|
|||
Pre-condemnation proceeds
|
—
|
|
|
7
|
|
|
15
|
|
|||
Other investing activities
|
4
|
|
|
12
|
|
|
(11
|
)
|
|||
Net cash provided by investing activities
|
585
|
|
|
374
|
|
|
457
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from long-term debt, net of issuance costs of $-, $4, and $-, respectively
|
400
|
|
|
416
|
|
|
670
|
|
|||
Repayments of debt
|
(409
|
)
|
|
(231
|
)
|
|
(782
|
)
|
|||
Repurchase of common stock
|
(421
|
)
|
|
(946
|
)
|
|
(743
|
)
|
|||
Contingent consideration paid
|
(24
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary
|
—
|
|
|
—
|
|
|
9
|
|
|||
Repayments of redeemable noncontrolling interest in preferred shares in a subsidiary
|
—
|
|
|
(10
|
)
|
|
—
|
|
|||
Dividends paid
|
(80
|
)
|
|
(68
|
)
|
|
—
|
|
|||
Other financing activities
|
(7
|
)
|
|
(11
|
)
|
|
(12
|
)
|
|||
Net cash used in financing activities
|
(541
|
)
|
|
(850
|
)
|
|
(858
|
)
|
|||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
1
|
|
|
5
|
|
|
(7
|
)
|
|||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
441
|
|
|
(130
|
)
|
|
179
|
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR
|
622
|
|
|
752
|
|
|
573
|
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD
|
$
|
1,063
|
|
|
$
|
622
|
|
|
$
|
752
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
$
|
893
|
|
|
$
|
570
|
|
|
$
|
503
|
|
Restricted cash (see Note 2)
|
150
|
|
|
33
|
|
|
234
|
|
|||
Restricted cash included in other assets (see Note 2)
|
20
|
|
|
19
|
|
|
15
|
|
|||
Total cash, cash equivalents, and restricted cash
|
$
|
1,063
|
|
|
$
|
622
|
|
|
$
|
752
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash paid during the period for interest
|
$
|
79
|
|
|
$
|
73
|
|
|
$
|
80
|
|
Cash paid during the period for income taxes
|
$
|
175
|
|
|
$
|
292
|
|
|
$
|
175
|
|
Cash paid for amounts included in the measurement of operating lease liabilities
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-cash investing and financing activities are as follows:
|
|
|
|
|
|
||||||
Non-cash contributions to equity method investments (see Note 4, Note 15)
|
$
|
9
|
|
|
$
|
61
|
|
|
$
|
5
|
|
Non-cash issuance of financing receivables (see Note 6, Note 7)
|
$
|
1
|
|
|
$
|
45
|
|
|
$
|
—
|
|
Change in accrued capital expenditures
|
$
|
(7
|
)
|
|
$
|
13
|
|
|
$
|
9
|
|
Non-cash right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Contingent liability (see Note 7)
|
$
|
—
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
Common Stock Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests in Consolidated Subsidiaries
|
|
Total
|
||||||||||||||||||
|
Class A
|
Class B
|
|
Class A
|
Class B
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
BALANCE—January 1, 2017
|
39,952,061
|
|
90,863,209
|
|
|
$
|
1
|
|
$
|
—
|
|
|
$
|
1,686
|
|
|
$
|
2,665
|
|
|
$
|
(277
|
)
|
|
$
|
5
|
|
|
$
|
4,080
|
|
Total comprehensive income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
389
|
|
|
92
|
|
|
—
|
|
|
481
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||
Repurchase of common stock
|
(9,096,871
|
)
|
(3,089,437
|
)
|
|
—
|
|
—
|
|
|
(743
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(743
|
)
|
|||||||
Directors compensation
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
Employee stock plan issuance
|
69,012
|
|
—
|
|
|
—
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||
Share-based payment activity
|
287,012
|
|
—
|
|
|
—
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||||
Class share conversions
|
17,019,935
|
|
(17,019,935
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
BALANCE—December 31, 2017
|
48,231,149
|
|
70,753,837
|
|
|
$
|
1
|
|
$
|
—
|
|
|
$
|
967
|
|
|
$
|
3,054
|
|
|
$
|
(185
|
)
|
|
$
|
6
|
|
|
$
|
3,843
|
|
Cumulative effect of accounting changes (1)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
64
|
|
|
(68
|
)
|
|
—
|
|
|
(4
|
)
|
|||||||
BALANCE—January 1, 2018
|
48,231,149
|
|
70,753,837
|
|
|
$
|
1
|
|
$
|
—
|
|
|
$
|
967
|
|
|
$
|
3,118
|
|
|
$
|
(253
|
)
|
|
$
|
6
|
|
|
$
|
3,839
|
|
Total comprehensive income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
769
|
|
|
53
|
|
|
—
|
|
|
822
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||||
Repurchase of common stock
|
(10,293,241
|
)
|
(2,430,654
|
)
|
|
—
|
|
—
|
|
|
(946
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(946
|
)
|
|||||||
Directors compensation
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
Employee stock plan issuance
|
61,900
|
|
—
|
|
|
—
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
Share-based payment activity
|
300,654
|
|
—
|
|
|
—
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||||
Class share conversions
|
1,207,355
|
|
(1,207,355
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Cash dividends of $0.15 per share (see Note 16)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|||||||
BALANCE—December 31, 2018
|
39,507,817
|
|
67,115,828
|
|
|
$
|
1
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
3,819
|
|
|
$
|
(200
|
)
|
|
$
|
7
|
|
|
$
|
3,677
|
|
Total comprehensive income
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
766
|
|
|
(9
|
)
|
|
—
|
|
|
757
|
|
|||||||
Noncontrolling interests
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||||
Repurchase of common stock
|
(4,943,897
|
)
|
(677,384
|
)
|
|
—
|
|
—
|
|
|
(86
|
)
|
|
(335
|
)
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|||||||
Directors compensation
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||
Employee stock plan issuance
|
79,700
|
|
—
|
|
|
—
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
Share-based payment activity
|
490,389
|
|
—
|
|
|
—
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|||||||
Class share conversions
|
975,170
|
|
(975,170
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Cash dividends of $0.19 per share (see Note 16)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|||||||
BALANCE—December 31, 2019
|
36,109,179
|
|
65,463,274
|
|
|
$
|
1
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,170
|
|
|
$
|
(209
|
)
|
|
$
|
5
|
|
|
$
|
3,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) Cumulative adjustment due to adoption of ASU 2016-01 and ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Upon the adoption of ASU 2016-01, the unrealized gains and losses on our equity securities, previously classified as available-for-sale, are recognized in other income (loss), net.
|
•
|
Owned and leased hotels revenues—Owned and leased hotels revenues are derived from room rentals and services provided at our owned and leased hotels. We present revenues net of sales, occupancy, and other taxes. Taxes collected on behalf of and remitted to governmental taxing authorities are excluded from the transaction price of the underlying products and services.
|
•
|
Management, franchise, and other fees—Management fees primarily consist of a base fee, which is generally calculated as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel profitability measure. Included within the aforementioned management fees are royalty fees that we earn in exchange for providing access to Hyatt's intellectual property ("IP"). Franchise fees consist of an initial fee and ongoing royalty fees computed as a percentage of gross room revenues and, as applicable, food and beverage revenues. Other fees include license fee revenues associated with the licensing of the Hyatt brand names through our co-branded credit card program and sales of our branded residential ownership units as well as termination fees.
|
•
|
Net management, franchise, and other fees—Management, franchise, and other fees are reduced by the amortization of management and franchise agreement assets constituting payments to customers. Consideration provided to customers is recognized in other assets and amortized over the expected customer life, which is typically the initial term of the management or franchise agreement.
|
•
|
Other revenues—Other revenues include revenues from our residential management operations for our condominium ownership units, the sale of promotional awards through our co-branded credit cards, and spa and fitness revenues from Exhale.
|
•
|
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties—Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties represent the reimbursement of costs incurred on behalf of the owners of properties. These reimbursed costs relate primarily to payroll at managed properties, as well as system-wide services and the loyalty program operated on behalf of owners.
|
•
|
License to Hyatt's IP, including the Hyatt brand names—We receive variable consideration from third-party hotel owners in exchange for providing access to our IP, including the Hyatt brand names. The license represents a license of symbolic IP and in exchange for providing the license, Hyatt receives sales-based royalty fees. Fees are generally payable on a monthly basis as the third-party hotel owners derive value from access to our IP. Royalty fees are recognized over time as services are rendered. Under our franchise agreements, we also receive initial fees from third-party hotel owners. The initial fees do not represent a distinct performance obligation and, therefore, are combined with the royalty fees and deferred and recognized through management, franchise, and other fees over the expected customer life, which is typically the initial term of the franchise agreement.
|
•
|
System-wide services—We provide system-wide services on behalf of owners of managed and franchised properties. The promise to provide system-wide services is not a distinct performance obligation because it is attendant to the license of our IP. Therefore, this promise is combined with the license of our IP to form a single performance obligation. We have two accounting models depending on the terms of the agreements:
|
•
|
Cost reimbursement model—Third-party hotel owners are required to reimburse us for all costs incurred to operate the system-wide programs with no added margin. The reimbursements are recognized over time within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. We have discretion over how we spend program revenues and, therefore, we are the principal. Expenses incurred related to the system-wide programs are recognized within costs incurred on behalf of managed and franchised properties. The reimbursement of system-wide services is billed monthly based upon an annual estimate of costs to be incurred and recognized as revenue commensurate with incurring the cost. Any amounts collected and not yet recognized as revenues are deferred and classified as contract liabilities. Any costs incurred in excess of revenues collected are classified as receivables.
|
•
|
Fund model—Third-party hotel owners are invoiced a system-wide assessment fee primarily based on a percentage of hotel revenues on a monthly basis. We recognize the revenues over time as services are provided through revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. We have discretion over how we spend program revenues and, therefore, we are the principal. Expenses related to the system-wide programs are recognized as incurred through costs incurred on behalf of managed and franchised properties. Over time, we manage the system-wide programs to break-even, but the timing of the revenue received from the owners may not align with the timing of the expenses to operate the programs. Therefore, the difference between the revenues and expenses will impact our net income.
|
•
|
Hotel management agreement services—Under the terms of our management agreements, we provide hotel management agreement services, which form a single performance obligation that qualifies as a series. In exchange, we receive variable consideration in the form of management fees, which are comprised of base and/or incentive fees. Incentive fees are typically subject to the achievement of certain profitability targets, and therefore, we apply judgment in determining the amount of incentive fees recognized each period. Incentive fees revenue is recognized to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent period. We rely on internal financial forecasts and historical trends to estimate the amount of incentive fees revenue recognized and the probability that incentive fees will reverse in the future. Generally, base management fees are due and payable on a monthly basis as services are provided, and incentive fees are due and payable based on the terms of the agreement, but at a minimum, incentive fees are billed and collected annually. Revenue is recognized over time as services are rendered.
|
•
|
Loyalty program administration—We administer the loyalty program for the benefit of Hyatt's portfolio of properties during the period of their participation in the loyalty program. Under the program, members earn points based on their spend at our properties, by transacting with our strategic loyalty alliances, or in connection with spend on the Hyatt co-branded credit cards, which may be redeemed for the right to stay at participating
|
•
|
revenues and operating profits earned by the hotels during the reporting period for access to Hyatt's IP, as it is indicative of the value third-party owners derive;
|
•
|
revenues and operating profits of the hotels for the promise to provide management agreement services to the hotels;
|
•
|
award night redemptions or point redemptions with third-party partners for the administration of the loyalty program performance obligation; and
|
•
|
cardholder spend for the license to the Hyatt name through our co-branded credit cards, as it is indicative of the value our partner derives from the use of our name.
|
•
|
$115 million at December 31, 2019 related to sale proceeds from the disposition of the property adjacent to Grand Hyatt San Francisco pursuant to a potential like-kind exchange (see Note 7);
|
•
|
$30 million and $28 million, respectively, related to debt service on bonds related to our ownership in Grand Hyatt San Antonio (see Note 11);
|
•
|
$9 million related to our captive insurance subsidiary for minimum capital and surplus requirements in accordance with local insurance regulations (see Note 15); and
|
•
|
$16 million and $15 million, respectively, related to escrow deposits and other arrangements.
|
•
|
Equity securities consist of interest-bearing money market funds, mutual funds, common shares, and preferred shares. Equity securities with a readily determinable fair value are recorded at fair value on our consolidated balance sheets based on listed market prices or dealer quotations where available. Equity securities without a readily determinable fair value are recognized at cost less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Net gains and losses, both realized and unrealized, and impairment charges on equity securities are recognized in other income (loss), net on our consolidated statements of income.
|
•
|
Debt securities include preferred shares, time deposits, and fixed income securities, including U.S. government obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities, and municipal and provincial notes and bonds. Debt securities are classified as either trading, available-for-sale ("AFS"), or held-to-maturity ("HTM").
|
•
|
Trading securities—recognized at fair value based on listed market prices or dealer price quotations, where available. Net gains and losses, both realized and unrealized, on trading securities are recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts or other income (loss), net, depending on the nature of the investment, on our consolidated statements of income.
|
•
|
AFS securities—recognized at fair value based on listed market prices or dealer price quotations, where available. Unrealized gains and losses on AFS debt securities are recognized in accumulated other comprehensive loss on our consolidated balance sheets. Realized gains and losses on debt securities are recognized in other income (loss), net on our consolidated statements of income.
|
•
|
HTM securities—investments which we have the intent and ability to hold until maturity and are recorded at amortized cost.
|
Management and franchise agreement intangibles
|
4 - 30 years
|
Advanced booking intangibles
|
1 - 7 years
|
•
|
Level One—Fair values based on unadjusted quoted prices in active markets for identical assets and liabilities;
|
•
|
Level Two—Fair values based on quoted market prices for similar assets and liabilities in active markets, quoted prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are observable for the asset or liability; and
|
•
|
Level Three—Fair values based on inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Valuation techniques could include the use of discounted cash flow models and similar techniques.
|
•
|
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.
|
•
|
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, 2018
|
|
January 1, 2019
|
||||||||
|
As reported |
|
Effect of the adoption of ASU 2016-02
|
|
As adjusted
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Prepaids and other assets
|
$
|
149
|
|
|
$
|
(2
|
)
|
|
$
|
147
|
|
Intangibles, net
|
628
|
|
|
(103
|
)
|
|
525
|
|
|||
Other assets
|
1,353
|
|
|
(7
|
)
|
|
1,346
|
|
|||
Operating lease right-of-use assets
|
—
|
|
|
512
|
|
|
512
|
|
|||
TOTAL ASSETS
|
$
|
7,643
|
|
|
$
|
400
|
|
|
$
|
8,043
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
151
|
|
|
$
|
(1
|
)
|
|
$
|
150
|
|
Accrued expenses and other current liabilities
|
361
|
|
|
(2
|
)
|
|
359
|
|
|||
Current operating lease liabilities
|
—
|
|
|
34
|
|
|
34
|
|
|||
Long-term operating lease liabilities
|
—
|
|
|
418
|
|
|
418
|
|
|||
Other long-term liabilities
|
840
|
|
|
(49
|
)
|
|
791
|
|
|||
Total liabilities
|
3,966
|
|
|
400
|
|
|
4,366
|
|
|||
Total equity
|
3,677
|
|
|
—
|
|
|
3,677
|
|
|||
TOTAL LIABILITIES AND EQUITY
|
$
|
7,643
|
|
|
$
|
400
|
|
|
$
|
8,043
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||||||
|
Owned and leased hotels
|
Americas management and franchising
|
ASPAC management and franchising
|
EAME/SW Asia management and franchising
|
Corporate and other
|
Eliminations
|
Total
|
||||||||||||||
Rooms revenues
|
$
|
1,058
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
25
|
|
$
|
(35
|
)
|
$
|
1,048
|
|
Food and beverage
|
607
|
|
—
|
|
—
|
|
—
|
|
12
|
|
—
|
|
619
|
|
|||||||
Other
|
143
|
|
—
|
|
—
|
|
—
|
|
38
|
|
—
|
|
181
|
|
|||||||
Owned and leased hotels
|
1,808
|
|
—
|
|
—
|
|
—
|
|
75
|
|
(35
|
)
|
1,848
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Base management fees
|
—
|
|
227
|
|
46
|
|
37
|
|
—
|
|
(50
|
)
|
260
|
|
|||||||
Incentive management fees
|
—
|
|
65
|
|
72
|
|
38
|
|
—
|
|
(24
|
)
|
151
|
|
|||||||
Franchise fees
|
—
|
|
136
|
|
4
|
|
1
|
|
—
|
|
—
|
|
141
|
|
|||||||
Other fees
|
—
|
|
5
|
|
14
|
|
7
|
|
6
|
|
—
|
|
32
|
|
|||||||
License fees
|
—
|
|
—
|
|
—
|
|
—
|
|
24
|
|
—
|
|
24
|
|
|||||||
Management, franchise, and other fees
|
—
|
|
433
|
|
136
|
|
83
|
|
30
|
|
(74
|
)
|
608
|
|
|||||||
Amortization of management and franchise agreement assets constituting payments to customers
|
—
|
|
(15
|
)
|
(2
|
)
|
(5
|
)
|
—
|
|
—
|
|
(22
|
)
|
|||||||
Net management, franchise, and other fees
|
—
|
|
418
|
|
134
|
|
78
|
|
30
|
|
(74
|
)
|
586
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Other revenues
|
—
|
|
89
|
|
—
|
|
—
|
|
35
|
|
1
|
|
125
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
—
|
|
2,268
|
|
113
|
|
74
|
|
6
|
|
—
|
|
2,461
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
1,808
|
|
$
|
2,775
|
|
$
|
247
|
|
$
|
152
|
|
$
|
146
|
|
$
|
(108
|
)
|
$
|
5,020
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||||
|
Owned and leased hotels
|
Americas management and franchising
|
ASPAC management and franchising
|
EAME/SW Asia management and franchising
|
Corporate and other
|
Eliminations
|
Total
|
||||||||||||||
Rooms revenues
|
$
|
1,110
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
23
|
|
$
|
(33
|
)
|
$
|
1,100
|
|
Food and beverage
|
636
|
|
—
|
|
—
|
|
—
|
|
10
|
|
—
|
|
646
|
|
|||||||
Other
|
143
|
|
—
|
|
—
|
|
—
|
|
29
|
|
—
|
|
172
|
|
|||||||
Owned and leased hotels
|
1,889
|
|
—
|
|
—
|
|
—
|
|
62
|
|
(33
|
)
|
1,918
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Base management fees
|
—
|
|
200
|
|
44
|
|
34
|
|
—
|
|
(53
|
)
|
225
|
|
|||||||
Incentive management fees
|
—
|
|
67
|
|
71
|
|
39
|
|
—
|
|
(29
|
)
|
148
|
|
|||||||
Franchise fees
|
—
|
|
123
|
|
3
|
|
1
|
|
—
|
|
—
|
|
127
|
|
|||||||
Other fees
|
—
|
|
10
|
|
9
|
|
6
|
|
6
|
|
—
|
|
31
|
|
|||||||
License fees
|
—
|
|
—
|
|
—
|
|
—
|
|
21
|
|
—
|
|
21
|
|
|||||||
Management, franchise, and other fees
|
—
|
|
400
|
|
127
|
|
80
|
|
27
|
|
(82
|
)
|
552
|
|
|||||||
Amortization of management and franchise agreement assets constituting payments to customers
|
—
|
|
(13
|
)
|
(2
|
)
|
(5
|
)
|
—
|
|
—
|
|
(20
|
)
|
|||||||
Net management, franchise, and other fees
|
—
|
|
387
|
|
125
|
|
75
|
|
27
|
|
(82
|
)
|
532
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Other revenues
|
—
|
|
—
|
|
—
|
|
—
|
|
43
|
|
5
|
|
48
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
—
|
|
1,787
|
|
95
|
|
68
|
|
6
|
|
—
|
|
1,956
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
1,889
|
|
$
|
2,174
|
|
$
|
220
|
|
$
|
143
|
|
$
|
138
|
|
$
|
(110
|
)
|
$
|
4,454
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||
|
Owned and leased hotels
|
Americas management and franchising
|
ASPAC management and franchising
|
EAME/SW Asia management and franchising
|
Corporate and other
|
Eliminations
|
Total
|
||||||||||||||
Rooms revenues
|
$
|
1,270
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
22
|
|
$
|
(38
|
)
|
$
|
1,254
|
|
Food and beverage
|
722
|
|
—
|
|
—
|
|
—
|
|
11
|
|
—
|
|
733
|
|
|||||||
Other
|
167
|
|
—
|
|
—
|
|
—
|
|
30
|
|
—
|
|
197
|
|
|||||||
Owned and leased hotels
|
2,159
|
|
—
|
|
—
|
|
—
|
|
63
|
|
(38
|
)
|
2,184
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Base management fees
|
—
|
|
193
|
|
39
|
|
29
|
|
—
|
|
(59
|
)
|
202
|
|
|||||||
Incentive management fees
|
—
|
|
62
|
|
65
|
|
35
|
|
—
|
|
(27
|
)
|
135
|
|
|||||||
Franchise fees
|
—
|
|
112
|
|
2
|
|
—
|
|
—
|
|
—
|
|
114
|
|
|||||||
Other fees
|
—
|
|
13
|
|
6
|
|
5
|
|
4
|
|
—
|
|
28
|
|
|||||||
License fees
|
—
|
|
—
|
|
—
|
|
—
|
|
19
|
|
—
|
|
19
|
|
|||||||
Management, franchise, and other fees
|
—
|
|
380
|
|
112
|
|
69
|
|
23
|
|
(86
|
)
|
498
|
|
|||||||
Amortization of management and franchise agreement assets constituting payments to customers
|
—
|
|
(12
|
)
|
(1
|
)
|
(5
|
)
|
—
|
|
—
|
|
(18
|
)
|
|||||||
Net management, franchise, and other fees
|
—
|
|
368
|
|
111
|
|
64
|
|
23
|
|
(86
|
)
|
480
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Other revenues
|
13
|
|
—
|
|
—
|
|
—
|
|
14
|
|
9
|
|
36
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
—
|
|
1,625
|
|
79
|
|
58
|
|
—
|
|
—
|
|
1,762
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||||||||
Total
|
$
|
2,172
|
|
$
|
1,993
|
|
$
|
190
|
|
$
|
122
|
|
$
|
100
|
|
$
|
(115
|
)
|
$
|
4,462
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Deferred revenue related to the loyalty program
|
$
|
671
|
|
|
$
|
596
|
|
Advanced deposits
|
77
|
|
|
81
|
|
||
Initial fees received from franchise owners
|
41
|
|
|
35
|
|
||
Deferred revenue related to system-wide services
|
5
|
|
|
7
|
|
||
Other deferred revenue
|
126
|
|
|
111
|
|
||
Total contract liabilities
|
$
|
920
|
|
|
$
|
830
|
|
|
2019
|
|
2018
|
||||
Beginning balance, January 1
|
$
|
830
|
|
|
$
|
772
|
|
Cash received and other
|
1,025
|
|
|
964
|
|
||
Revenue recognized
|
(935
|
)
|
|
(906
|
)
|
||
Ending balance, December 31
|
$
|
920
|
|
|
$
|
830
|
|
•
|
Deferred revenue related to the loyalty program and revenue from base and incentive management fees as the revenue is allocated to a wholly unperformed performance obligation in a series;
|
•
|
Revenues related to royalty fees as they are considered sales-based royalty fees;
|
•
|
Revenues received for free nights granted through our co-branded credit cards as the awards are required to be redeemed within 12 months; and
|
•
|
Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less.
|
Investee
|
Existing or future hotel property
|
Ownership interest
|
|
Carrying value
|
|||||||
December 31, 2019
|
|
December 31, 2018
|
|||||||||
Hyatt of Baja, S. de. R.L. de C.V.
|
Park Hyatt Los Cabos
|
50.0
|
%
|
|
$
|
48
|
|
|
$
|
46
|
|
HP Boston Partners, LLC
|
Hyatt Place Boston/Seaport District
|
50.0
|
%
|
|
29
|
|
|
29
|
|
||
Hotel am Belvedere Holding GmbH & Co KG
|
Andaz Vienna Am Belvedere
|
50.0
|
%
|
|
22
|
|
|
25
|
|
||
San Jose Hotel Partners, LLC
|
Hyatt Place San Jose Airport, Hyatt House San Jose Airport
|
40.0
|
%
|
|
20
|
|
|
18
|
|
||
Desarrolladora Hotelera Acueducto, S. de R.L. de C.V.
|
Hyatt Regency Andares Guadalajara
|
50.0
|
%
|
|
14
|
|
|
13
|
|
||
Portland Hotel Properties, LLC
|
Hyatt Centric Downtown Portland
|
40.0
|
%
|
|
13
|
|
|
13
|
|
||
CBR HCN, LLC
|
Hyatt Centric Downtown Nashville
|
40.0
|
%
|
|
12
|
|
|
—
|
|
||
HH Nashville JV Holdings, LLC
|
Hyatt House Nashville at Vanderbilt
|
50.0
|
%
|
|
11
|
|
|
12
|
|
||
33 Beale Street Hotel Company, LLC
|
Hyatt Centric Memphis
|
50.0
|
%
|
|
11
|
|
|
—
|
|
||
HP Atlanta Centennial Park JV, LLC
|
Hyatt Place Atlanta/Centennial Park
|
50.0
|
%
|
|
10
|
|
|
10
|
|
||
Hotel Hoyo Uno, S. de R.L. de C.V.
|
Andaz Mayakoba Resort Riviera Maya
|
40.0
|
%
|
|
10
|
|
|
16
|
|
||
Other
|
Various
|
|
|
32
|
|
|
51
|
|
|||
Total equity method investments
|
|
|
|
$
|
232
|
|
|
$
|
233
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Total revenues
|
$
|
496
|
|
|
$
|
513
|
|
|
$
|
832
|
|
Gross operating profit
|
179
|
|
|
182
|
|
|
289
|
|
|||
Income (loss) from continuing operations
|
(24
|
)
|
|
(16
|
)
|
|
54
|
|
|||
Net income (loss)
|
(24
|
)
|
|
(16
|
)
|
|
54
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Current assets
|
$
|
231
|
|
|
$
|
228
|
|
Noncurrent assets
|
1,417
|
|
|
1,345
|
|
||
Total assets
|
$
|
1,648
|
|
|
$
|
1,573
|
|
|
|
|
|
||||
Current liabilities
|
$
|
143
|
|
|
$
|
141
|
|
Noncurrent liabilities
|
1,270
|
|
|
1,148
|
|
||
Total liabilities
|
$
|
1,413
|
|
|
$
|
1,289
|
|
•
|
We recognized $8 million of gains in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income resulting from sales activity related to certain equity method investments within our owned and leased hotels segment and received $25 million of related sales proceeds.
|
•
|
We recognized $40 million of net gains in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income resulting from sales activity related to certain equity method investments primarily within our owned and leased hotels segment and received $43 million of related sales proceeds.
|
•
|
We completed an asset acquisition of our partner's interest in certain unconsolidated hospitality ventures in Brazil for a net purchase price of approximately $4 million. We recognized $16 million of impairment charges related to these investments in equity earnings (losses) from unconsolidated hospitality ventures in our owned and leased hotels segment on our consolidated statements of income as the carrying value was in excess of fair value.
|
•
|
In conjunction with the sale of Avendra, an equity method investment within our Americas management and franchising segment, to Aramark, we received approximately $217 million of net proceeds and recognized a $217 million gain in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income.
|
•
|
We recognized $6 million of gains in equity earnings (losses) from unconsolidated hospitality ventures on our consolidated statements of income resulting from sales activity related to certain equity method investments within our owned and leased hotels segment and received $12 million of related sales proceeds.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Loyalty program (Note 10)
|
$
|
483
|
|
|
$
|
397
|
|
Deferred compensation plans held in rabbi trusts (Note 10 and Note 13)
|
450
|
|
|
367
|
|
||
Captive insurance companies
|
180
|
|
|
133
|
|
||
Total marketable securities held to fund operating programs
|
$
|
1,113
|
|
|
$
|
897
|
|
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
|
(219
|
)
|
|
(174
|
)
|
||
Marketable securities held to fund operating programs included in other assets
|
$
|
894
|
|
|
$
|
723
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Loyalty program (Note 21)
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
9
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Unrealized gains (losses), net
|
$
|
42
|
|
|
$
|
(45
|
)
|
|
$
|
20
|
|
Realized gains, net
|
20
|
|
|
34
|
|
|
25
|
|
|||
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts
|
$
|
62
|
|
|
$
|
(11
|
)
|
|
$
|
45
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Interest-bearing money market funds
|
$
|
147
|
|
|
$
|
14
|
|
Common shares of Playa N.V. (Note 10)
|
102
|
|
|
87
|
|
||
Time deposits
|
37
|
|
|
100
|
|
||
Total marketable securities held for investment purposes
|
$
|
286
|
|
|
$
|
201
|
|
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments
|
(184
|
)
|
|
(114
|
)
|
||
Marketable securities held for investment purposes included in other assets
|
$
|
102
|
|
|
$
|
87
|
|
|
December 31, 2019
|
|
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
|
$
|
269
|
|
|
$
|
269
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|||||
Common shares
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|||||
Level Two - Significant Other Observable Inputs
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
47
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
6
|
|
|||||
U.S. government obligations
|
202
|
|
|
—
|
|
|
4
|
|
|
31
|
|
|
167
|
|
|||||
U.S. government agencies
|
50
|
|
|
—
|
|
|
3
|
|
|
6
|
|
|
41
|
|
|||||
Corporate debt securities
|
161
|
|
|
—
|
|
|
20
|
|
|
18
|
|
|
123
|
|
|||||
Mortgage-backed securities
|
23
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
19
|
|
|||||
Asset-backed securities
|
39
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
33
|
|
|||||
Municipal and provincial notes and bonds
|
4
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|||||
Total
|
$
|
1,399
|
|
|
$
|
269
|
|
|
$
|
68
|
|
|
$
|
66
|
|
|
$
|
996
|
|
|
December 31, 2018
|
|
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
|
$
|
88
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
367
|
|
|||||
Common shares
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|||||
Level Two - Significant Other Observable Inputs
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
113
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
9
|
|
|||||
U.S. government obligations
|
169
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
132
|
|
|||||
U.S. government agencies
|
52
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
43
|
|
|||||
Corporate debt securities
|
151
|
|
|
—
|
|
|
10
|
|
|
25
|
|
|
116
|
|
|||||
Mortgage-backed securities
|
23
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
18
|
|
|||||
Asset-backed securities
|
46
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
36
|
|
|||||
Municipal and provincial notes and bonds
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Total
|
$
|
1,098
|
|
|
$
|
88
|
|
|
$
|
116
|
|
|
$
|
84
|
|
|
$
|
810
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Land
|
$
|
690
|
|
|
$
|
713
|
|
Buildings
|
3,285
|
|
|
3,583
|
|
||
Leasehold improvements
|
194
|
|
|
215
|
|
||
Furniture, equipment, and computers
|
1,183
|
|
|
1,178
|
|
||
Construction in progress
|
253
|
|
|
158
|
|
||
Property and equipment
|
5,605
|
|
|
5,847
|
|
||
Less: accumulated depreciation
|
(2,149
|
)
|
|
(2,239
|
)
|
||
Total property and equipment, net
|
$
|
3,456
|
|
|
$
|
3,608
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Depreciation expense
|
$
|
304
|
|
|
$
|
312
|
|
|
$
|
335
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Unsecured financing to hotel owners
|
$
|
135
|
|
|
$
|
159
|
|
Less: current portion of financing receivables, included in receivables, net
|
—
|
|
|
(45
|
)
|
||
Less: allowance for losses
|
(100
|
)
|
|
(101
|
)
|
||
Total long-term financing receivables, net of allowances
|
$
|
35
|
|
|
$
|
13
|
|
|
2019
|
|
2018
|
||||
Allowance at January 1
|
$
|
101
|
|
|
$
|
108
|
|
Provisions
|
6
|
|
|
7
|
|
||
Write-offs
|
(6
|
)
|
|
(12
|
)
|
||
Other adjustments
|
(1
|
)
|
|
(2
|
)
|
||
Allowance at December 31
|
$
|
100
|
|
|
$
|
101
|
|
|
December 31, 2019
|
||||||||||||||
|
Gross loan balance (principal and interest)
|
|
Related allowance
|
|
Net financing receivables
|
|
Gross receivables on non-accrual status
|
||||||||
Loans
|
$
|
33
|
|
|
$
|
(1
|
)
|
|
$
|
32
|
|
|
$
|
—
|
|
Impaired loans (1)
|
43
|
|
|
(43
|
)
|
|
—
|
|
|
43
|
|
||||
Total loans
|
76
|
|
|
(44
|
)
|
|
32
|
|
|
43
|
|
||||
Other financing arrangements
|
59
|
|
|
(56
|
)
|
|
3
|
|
|
56
|
|
||||
Total unsecured financing receivables
|
$
|
135
|
|
|
$
|
(100
|
)
|
|
$
|
35
|
|
|
$
|
99
|
|
|
December 31, 2018
|
||||||||||||||
|
Gross loan balance (principal and interest)
|
|
Related allowance
|
|
Net financing receivables
|
|
Gross receivables on non-accrual status
|
||||||||
Loans
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
58
|
|
|
$
|
—
|
|
Impaired loans (2)
|
50
|
|
|
(50
|
)
|
|
—
|
|
|
50
|
|
||||
Total loans
|
108
|
|
|
(50
|
)
|
|
58
|
|
|
50
|
|
||||
Other financing arrangements
|
51
|
|
|
(51
|
)
|
|
—
|
|
|
51
|
|
||||
Total unsecured financing receivables
|
$
|
159
|
|
|
$
|
(101
|
)
|
|
$
|
58
|
|
|
$
|
101
|
|
Cash paid, net of cash acquired
|
$
|
415
|
|
Cash acquired
|
37
|
|
|
Contingent consideration liability
|
57
|
|
|
Net assets acquired at December 31, 2018
|
$
|
509
|
|
Post-acquisition working capital adjustments
|
(2
|
)
|
|
Net assets acquired at December 31, 2019
|
$
|
507
|
|
•
|
The sellers completed the aforementioned specific actions with respect to certain management agreements, and we paid $24 million of additional consideration to the sellers.
|
•
|
For those management agreements where the specific actions were not completed or payment is no longer probable, we released $30 million of the contingent liability to other income (loss), net on our consolidated statements of income during the year ended December 31, 2019 (see Note 21).
|
Cash
|
$
|
32
|
|
Receivables
|
20
|
|
|
Other current assets
|
2
|
|
|
Equity method investment
|
2
|
|
|
Property and equipment
|
2
|
|
|
Indefinite-lived intangibles (1), (5)
|
96
|
|
|
Management agreement intangibles (2), (5)
|
205
|
|
|
Goodwill (3)
|
199
|
|
|
Other assets (4)
|
25
|
|
|
Total assets
|
$
|
583
|
|
|
|
||
Advanced deposits (6)
|
$
|
20
|
|
Other current liabilities
|
23
|
|
|
Other long-term liabilities (4)
|
33
|
|
|
Total liabilities
|
76
|
|
|
Total net assets acquired
|
$
|
507
|
|
Current assets
|
$
|
1
|
|
Property and equipment
|
172
|
|
|
Indefinite-lived intangibles (1)
|
37
|
|
|
Management agreement intangibles (2)
|
14
|
|
|
Goodwill (3)
|
21
|
|
|
Other definite-lived intangibles (4)
|
7
|
|
|
Total assets
|
$
|
252
|
|
|
|
||
Current liabilities
|
$
|
13
|
|
Deferred tax liabilities
|
3
|
|
|
Total liabilities
|
16
|
|
|
Total net assets acquired attributable to Hyatt Hotels Corporation
|
236
|
|
|
Total net assets acquired attributable to noncontrolling interests
|
1
|
|
|
Total net assets acquired
|
$
|
237
|
|
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Minimum rentals
|
$
|
50
|
|
|
$
|
38
|
|
|
$
|
42
|
|
Contingent rentals
|
97
|
|
|
47
|
|
|
52
|
|
|||
Total operating lease expense
|
$
|
147
|
|
|
$
|
85
|
|
|
$
|
94
|
|
|
December 31, 2019
|
||
Property and equipment, net (1)
|
$
|
9
|
|
Current maturities of long-term debt
|
2
|
|
|
Long-term debt
|
9
|
|
|
Total finance lease liabilities
|
$
|
11
|
|
Years ending December 31,
|
Operating leases
|
|
Finance leases
|
||||
2020
|
$
|
47
|
|
|
$
|
3
|
|
2021
|
45
|
|
|
2
|
|
||
2022
|
42
|
|
|
2
|
|
||
2023
|
39
|
|
|
2
|
|
||
2024
|
36
|
|
|
2
|
|
||
Thereafter
|
422
|
|
|
3
|
|
||
Total minimum lease payments
|
$
|
631
|
|
|
$
|
14
|
|
Less: amount representing interest
|
(206
|
)
|
|
(3
|
)
|
||
Present value of minimum lease payments
|
$
|
425
|
|
|
$
|
11
|
|
Years ending December 31,
|
Operating leases
|
|
Capital leases
|
||||
2019
|
$
|
46
|
|
|
$
|
3
|
|
2020
|
42
|
|
|
3
|
|
||
2021
|
42
|
|
|
2
|
|
||
2022
|
38
|
|
|
2
|
|
||
2023
|
35
|
|
|
2
|
|
||
Thereafter
|
448
|
|
|
5
|
|
||
Total minimum lease payments
|
$
|
651
|
|
|
$
|
17
|
|
Less: amount representing interest
|
|
|
(5
|
)
|
|||
Present value of minimum lease payments
|
|
|
$
|
12
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Rental income
|
$
|
23
|
|
|
$
|
25
|
|
|
$
|
27
|
|
Years Ending December 31,
|
|
||
2020
|
$
|
19
|
|
2021
|
13
|
|
|
2022
|
11
|
|
|
2023
|
8
|
|
|
2024
|
4
|
|
|
Thereafter
|
8
|
|
|
Total minimum lease receipts
|
$
|
63
|
|
Years Ending December 31,
|
|
||
2019
|
$
|
22
|
|
2020
|
18
|
|
|
2021
|
16
|
|
|
2022
|
15
|
|
|
2023
|
11
|
|
|
Thereafter
|
48
|
|
|
Total minimum lease receipts
|
$
|
130
|
|
|
Owned and leased hotels
|
|
Americas management and franchising
|
|
ASPAC management and franchising
|
|
EAME/SW Asia management and franchising
|
|
Corporate and other
|
|
Total
|
||||||||||||
Balance at January 1, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
$
|
189
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
245
|
|
Accumulated impairment losses
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
||||||
Goodwill, net
|
$
|
94
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
150
|
|
Activity during the year
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Additions
|
—
|
|
|
135
|
|
|
18
|
|
|
3
|
|
|
2
|
|
|
158
|
|
||||||
Impairment losses
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(25
|
)
|
||||||
Balance at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
189
|
|
|
168
|
|
|
18
|
|
|
3
|
|
|
25
|
|
|
403
|
|
||||||
Accumulated impairment losses
|
(116
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(120
|
)
|
||||||
Goodwill, net
|
$
|
73
|
|
|
$
|
168
|
|
|
$
|
18
|
|
|
$
|
3
|
|
|
$
|
21
|
|
|
$
|
283
|
|
Activity during the year
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Measurement period adjustments (Note 7)
|
—
|
|
|
64
|
|
|
(18
|
)
|
|
(3
|
)
|
|
—
|
|
|
43
|
|
||||||
Balance at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Goodwill
|
189
|
|
|
232
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
446
|
|
||||||
Accumulated impairment losses
|
(116
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(120
|
)
|
||||||
Goodwill, net
|
$
|
73
|
|
|
$
|
232
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
326
|
|
|
December 31, 2019
|
|
Weighted-average useful lives in years
|
|
December 31, 2018
|
|||||
Management and franchise agreement intangibles
|
$
|
367
|
|
|
18
|
|
|
$
|
390
|
|
Lease related intangibles
|
—
|
|
|
—
|
|
|
121
|
|
||
Brand and other indefinite-lived intangibles
|
144
|
|
|
—
|
|
|
180
|
|
||
Advanced booking intangibles
|
14
|
|
|
5
|
|
|
14
|
|
||
Other definite-lived intangibles
|
8
|
|
|
6
|
|
|
8
|
|
||
Intangibles
|
533
|
|
|
|
|
713
|
|
|||
Less: accumulated amortization
|
(96
|
)
|
|
|
|
(85
|
)
|
|||
Intangibles, net
|
$
|
437
|
|
|
|
|
$
|
628
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization expense
|
$
|
25
|
|
|
$
|
15
|
|
|
$
|
13
|
|
Years Ending December 31,
|
|
||
2020
|
$
|
28
|
|
2021
|
27
|
|
|
2022
|
25
|
|
|
2023
|
24
|
|
|
2024
|
23
|
|
|
Thereafter
|
166
|
|
|
Total amortization expense
|
$
|
293
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
$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
|
|
||
$400 million senior unsecured notes maturing in 2028—4.375%
|
400
|
|
|
400
|
|
||
Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A
|
130
|
|
|
130
|
|
||
Contract Revenue Bonds, Senior Taxable Series 2005B
|
47
|
|
|
52
|
|
||
Floating average rate construction loan
|
49
|
|
|
55
|
|
||
Other
|
1
|
|
|
1
|
|
||
Total debt before finance lease obligations
|
1,627
|
|
|
1,638
|
|
||
Finance lease obligations
|
11
|
|
|
12
|
|
||
Total debt
|
1,638
|
|
|
1,650
|
|
||
Less: current maturities
|
(11
|
)
|
|
(11
|
)
|
||
Less: unamortized discounts and deferred financing fees
|
(15
|
)
|
|
(16
|
)
|
||
Total long-term debt
|
$
|
1,612
|
|
|
$
|
1,623
|
|
Years Ending December 31,
|
|
||
2020
|
$
|
11
|
|
2021
|
261
|
|
|
2022
|
11
|
|
|
2023
|
361
|
|
|
2024
|
12
|
|
|
Thereafter
|
982
|
|
|
Total maturities of debt
|
$
|
1,638
|
|
•
|
In 2011, we issued $250 million of 5.375% senior notes due 2021, at an issue price of 99.846%.
|
•
|
In 2013, we issued $350 million of 3.375% senior notes due 2023, at an issue price of 99.498%.
|
•
|
In 2016, we issued $400 million of 4.850% senior notes due 2026, at an issue price of 99.920%.
|
•
|
In 2018, we issued the 2028 Notes. We received $396 million of net proceeds from the sale of the 2028 Notes, after deducting $4 million of underwriting discounts and other offering expenses. We used a portion of the proceeds from the issuance of the 2028 Notes to redeem the 2019 Notes, and the remainder was used for general corporate purposes.
|
|
December 31, 2019
|
||||||||||||||||||
|
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)
|
$
|
1,627
|
|
|
$
|
1,740
|
|
|
$
|
—
|
|
|
$
|
1,680
|
|
|
$
|
60
|
|
|
December 31, 2018
|
||||||||||||||||||
|
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)
|
$
|
1,638
|
|
|
$
|
1,651
|
|
|
$
|
—
|
|
|
$
|
1,584
|
|
|
$
|
67
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Deferred compensation plans funded by rabbi trusts (Note 4)
|
$
|
450
|
|
|
$
|
367
|
|
Income taxes payable
|
147
|
|
|
131
|
|
||
Self-insurance liabilities (Note 15)
|
80
|
|
|
78
|
|
||
Deferred income taxes (Note 14)
|
47
|
|
|
54
|
|
||
Guarantee liabilities (Note 15)
|
46
|
|
|
76
|
|
||
Other
|
114
|
|
|
134
|
|
||
Total other long-term liabilities
|
$
|
884
|
|
|
$
|
840
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
U.S. income before tax
|
$
|
466
|
|
|
$
|
652
|
|
|
$
|
650
|
|
Foreign income before tax
|
540
|
|
|
299
|
|
|
72
|
|
|||
Income before income taxes
|
$
|
1,006
|
|
|
$
|
951
|
|
|
$
|
722
|
|
|
Years Ended December 31,
|
|||||||
2019
|
|
2018
|
|
2017
|
||||
Statutory U.S. federal income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
State income taxes—net of federal tax benefit
|
2.7
|
|
|
2.6
|
|
|
3.8
|
|
Impact of foreign operations (excluding unconsolidated hospitality ventures losses)
|
(2.0
|
)
|
|
(5.6
|
)
|
|
(5.4
|
)
|
U.S. foreign tax credits
|
—
|
|
|
(1.6
|
)
|
|
0.7
|
|
2017 Tax Act deferred rate change
|
—
|
|
|
(0.1
|
)
|
|
6.3
|
|
2017 Tax Act deemed repatriation tax
|
—
|
|
|
0.3
|
|
|
1.8
|
|
Change in valuation allowances
|
1.0
|
|
|
0.9
|
|
|
1.0
|
|
Foreign unconsolidated hospitality ventures
|
0.5
|
|
|
0.9
|
|
|
0.9
|
|
Tax contingencies
|
0.3
|
|
|
1.0
|
|
|
1.0
|
|
Equity based compensation
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
General business credits
|
(0.3
|
)
|
|
(0.5
|
)
|
|
(0.3
|
)
|
Other
|
0.5
|
|
|
(0.1
|
)
|
|
0.5
|
|
Effective income tax rate
|
23.9
|
%
|
|
19.1
|
%
|
|
45.9
|
%
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Deferred tax assets related to:
|
|
|
|
||||
Employee benefits
|
$
|
134
|
|
|
$
|
133
|
|
Loyalty program
|
118
|
|
|
99
|
|
||
Long-term operating lease liabilities
|
103
|
|
|
—
|
|
||
Foreign and state net operating losses and credit carryforwards
|
50
|
|
|
57
|
|
||
Allowance for uncollectible assets
|
33
|
|
|
31
|
|
||
Investments
|
28
|
|
|
37
|
|
||
Unrealized losses
|
7
|
|
|
3
|
|
||
Interest and state benefits
|
3
|
|
|
3
|
|
||
Other
|
33
|
|
|
41
|
|
||
Valuation allowance
|
(41
|
)
|
|
(41
|
)
|
||
Total deferred tax asset
|
$
|
468
|
|
|
$
|
363
|
|
Deferred tax liabilities related to:
|
|
|
|
||||
Property and equipment
|
$
|
(152
|
)
|
|
$
|
(131
|
)
|
Operating ROU assets
|
(105
|
)
|
|
—
|
|
||
Intangibles
|
(59
|
)
|
|
(49
|
)
|
||
Investments
|
(36
|
)
|
|
(16
|
)
|
||
Prepaid expenses
|
(9
|
)
|
|
(7
|
)
|
||
Unrealized gains
|
(2
|
)
|
|
(24
|
)
|
||
Other
|
(8
|
)
|
|
(10
|
)
|
||
Total deferred tax liabilities
|
$
|
(371
|
)
|
|
$
|
(237
|
)
|
Net deferred tax assets
|
$
|
97
|
|
|
$
|
126
|
|
Recognized in the balance sheet as:
|
|
|
|
||||
Deferred tax assets—noncurrent
|
$
|
144
|
|
|
$
|
180
|
|
Deferred tax liabilities—noncurrent
|
(47
|
)
|
|
(54
|
)
|
||
Total
|
$
|
97
|
|
|
$
|
126
|
|
|
2019
|
|
2018
|
||||
Unrecognized tax benefits—beginning balance
|
$
|
116
|
|
|
$
|
94
|
|
Total increases—current-period tax positions
|
21
|
|
|
10
|
|
||
Total increases (decreases)—prior-period tax positions
|
(7
|
)
|
|
18
|
|
||
Settlements
|
(3
|
)
|
|
(1
|
)
|
||
Lapse of statute of limitations
|
(3
|
)
|
|
(4
|
)
|
||
Foreign currency fluctuation
|
1
|
|
|
(1
|
)
|
||
Unrecognized tax benefits—ending balance
|
$
|
125
|
|
|
$
|
116
|
|
|
|
The four managed hotels in France
|
|
Other performance guarantees
|
|
All performance guarantees
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Beginning balance, January 1
|
|
$
|
36
|
|
|
$
|
58
|
|
|
$
|
11
|
|
|
$
|
13
|
|
|
$
|
47
|
|
|
$
|
71
|
|
Initial guarantee obligation liability
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||||
Amortization of initial guarantee obligation liability into income
|
|
(15
|
)
|
|
(15
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(18
|
)
|
|
(18
|
)
|
||||||
Performance guarantee expense, net
|
|
37
|
|
|
55
|
|
|
5
|
|
|
4
|
|
|
42
|
|
|
59
|
|
||||||
Net payments during the year
|
|
(37
|
)
|
|
(62
|
)
|
|
(7
|
)
|
|
(3
|
)
|
|
(44
|
)
|
|
(65
|
)
|
||||||
Foreign currency exchange, net
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||||
Ending balance, December 31
|
|
$
|
20
|
|
|
$
|
36
|
|
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
33
|
|
|
$
|
47
|
|
Property description
|
|
Maximum potential future payments
|
|
Maximum exposure net of recoverability from third parties
|
|
Other long-term liabilities recorded at December 31, 2019
|
|
Other long-term liabilities recorded at December 31, 2018
|
|
Year of guarantee expiration
|
||||||||
Hotel properties in India (1)
|
|
$
|
169
|
|
|
$
|
169
|
|
|
$
|
5
|
|
|
$
|
10
|
|
|
2020
|
Hotel and residential properties in Brazil (2), (3)
|
|
97
|
|
|
40
|
|
|
3
|
|
|
3
|
|
|
various, through 2023
|
||||
Hotel properties in Tennessee (2)
|
|
44
|
|
|
20
|
|
|
8
|
|
|
2
|
|
|
various, through 2023
|
||||
Hotel properties in California (2)
|
|
31
|
|
|
12
|
|
|
3
|
|
|
4
|
|
|
various, through 2021
|
||||
Hotel property in Massachusetts (2), (4)
|
|
30
|
|
|
14
|
|
|
6
|
|
|
8
|
|
|
various, through 2022
|
||||
Hotel property in Oregon (2), (4)
|
|
15
|
|
|
6
|
|
|
3
|
|
|
4
|
|
|
various, through 2022
|
||||
Hotel property in Arizona (2), (3)
|
|
14
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2021
|
||||
Other (2), (5)
|
|
15
|
|
|
9
|
|
|
3
|
|
|
19
|
|
|
various, through 2022
|
||||
Total
|
|
$
|
415
|
|
|
$
|
270
|
|
|
$
|
32
|
|
|
$
|
51
|
|
|
|
|
Total number of shares repurchased (1)
|
|
Weighted-average price per share
|
|
Total cash paid
|
|||||
May 2018 (2)
|
2,481,341
|
|
|
$
|
80.60
|
|
|
$
|
200
|
|
November 2018 (2)
|
2,575,095
|
|
|
$
|
69.90
|
|
|
$
|
180
|
|
Date declared
|
|
Dividend per share amount for Class A and Class B
|
|
Date of record
|
|
Date paid
|
||
February 13, 2019
|
|
$
|
0.19
|
|
|
February 27, 2019
|
|
March 11, 2019
|
May 17, 2019
|
|
$
|
0.19
|
|
|
May 29, 2019
|
|
June 10, 2019
|
July 31, 2019
|
|
$
|
0.19
|
|
|
August 27, 2019
|
|
September 9, 2019
|
October 30, 2019
|
|
$
|
0.19
|
|
|
November 26, 2019
|
|
December 9, 2019
|
February 14, 2018
|
|
$
|
0.15
|
|
|
March 22, 2018
|
|
March 29, 2018
|
May 16, 2018
|
|
$
|
0.15
|
|
|
June 19, 2018
|
|
June 28, 2018
|
July 31, 2018
|
|
$
|
0.15
|
|
|
September 6, 2018
|
|
September 20, 2018
|
October 30, 2018
|
|
$
|
0.15
|
|
|
November 28, 2018
|
|
December 10, 2018
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
SARs
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
11
|
|
RSUs
|
17
|
|
|
15
|
|
|
16
|
|
|||
PSUs
|
6
|
|
|
4
|
|
|
2
|
|
|||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
35
|
|
|
$
|
29
|
|
|
$
|
29
|
|
Grant date
|
|
Granted
|
|
Value at date of grant
|
|
Vesting period
|
|
Vesting start month
|
||||
March 2019
|
|
643,989
|
|
|
$
|
17.11
|
|
|
25
|
% annually
|
|
March 2020
|
May 2018
|
|
38,918
|
|
|
21.84
|
|
|
25
|
% annually
|
|
March 2019
|
|
March 2018
|
|
465,842
|
|
|
21.13
|
|
|
25
|
% annually
|
|
March 2019
|
|
September 2017
|
|
20,139
|
|
|
18.62
|
|
|
25
|
% annually
|
|
September 2018
|
|
March 2017
|
|
605,601
|
|
|
16.35
|
|
|
25
|
% annually
|
|
March 2018
|
|
2019
|
|
2018
|
|
2017
|
||||||
Exercise price
|
$
|
71.67
|
|
|
$
|
80.12
|
|
|
$
|
52.93
|
|
Expected life in years
|
6.25
|
|
|
6.24
|
|
|
6.24
|
|
|||
Risk-free interest rate
|
2.40
|
%
|
|
2.79
|
%
|
|
2.11
|
%
|
|||
Expected volatility
|
22.51
|
%
|
|
22.97
|
%
|
|
26.56
|
%
|
|||
Annual dividend yield
|
1.06
|
%
|
|
0.75
|
%
|
|
—
|
%
|
|
SAR units
|
|
Weighted-average exercise price (in whole dollars)
|
|
Weighted-average remaining contractual term
|
|||
Outstanding at December 31, 2018:
|
3,488,886
|
|
|
$
|
51.27
|
|
|
5.80
|
Granted
|
643,989
|
|
|
71.67
|
|
|
|
|
Exercised
|
(240,417
|
)
|
|
36.48
|
|
|
|
|
Forfeited or expired
|
(48,101
|
)
|
|
66.00
|
|
|
|
|
Outstanding at December 31, 2019:
|
3,844,357
|
|
|
$
|
55.51
|
|
|
5.78
|
Exercisable at December 31, 2019:
|
2,458,448
|
|
|
$
|
48.72
|
|
|
4.38
|
Grant date
|
|
Granted
|
|
Value at date of grant
|
|
Aggregate value at date of grant
|
|
Vesting period
|
|||||
December 2019
|
|
9,695
|
|
|
$
|
82.50
|
|
|
$
|
1
|
|
|
various
|
May 2019
|
|
23,672
|
|
|
77.54
|
|
|
2
|
|
|
various
|
||
March 2019
|
|
329,239
|
|
|
71.67
|
|
|
24
|
|
|
various
|
||
February 2019
|
|
2,863
|
|
|
69.85
|
|
|
—
|
|
|
4 years
|
||
December 2018
|
|
9,650
|
|
|
67.34
|
|
|
1
|
|
|
various
|
||
September 2018
|
|
10,034
|
|
|
76.72
|
|
|
1
|
|
|
various
|
||
May 2018
|
|
4,306
|
|
|
81.27
|
|
|
—
|
|
|
4 years
|
||
March 2018
|
|
254,707
|
|
|
80.02
|
|
|
20
|
|
|
various
|
||
February 2018
|
|
3,502
|
|
|
78.52
|
|
|
—
|
|
|
4 years
|
||
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
|
|
RSUs
|
|
Weighted-average grant date fair value
|
|||
Nonvested at December 31, 2018:
|
796,830
|
|
|
$
|
61.31
|
|
Granted
|
365,469
|
|
|
72.32
|
|
|
Vested
|
(339,227
|
)
|
|
58.73
|
|
|
Forfeited or canceled
|
(47,790
|
)
|
|
62.69
|
|
|
Nonvested at December 31, 2019:
|
775,282
|
|
|
$
|
67.54
|
|
Year granted
|
|
Granted
|
|
Weighted-average grant date fair value
|
|
Performance period
|
|
Performance period start date
|
|||
2019 PSUs
|
|
120,720
|
|
|
$
|
77.95
|
|
|
3 years
|
|
January 1, 2019
|
2018 PSUs
|
|
89,441
|
|
|
$
|
82.10
|
|
|
3 years
|
|
January 1, 2018
|
2017 PSUs
|
|
102,115
|
|
|
$
|
52.65
|
|
|
3 years
|
|
January 1, 2017
|
|
PSUs
|
|
Weighted-average grant date fair value
|
|||
Nonvested at December 31, 2018:
|
204,489
|
|
|
$
|
62.68
|
|
Granted
|
120,720
|
|
|
77.95
|
|
|
Vested
|
(61,545
|
)
|
|
47.36
|
|
|
Forfeited or canceled
|
(3,248
|
)
|
|
82.10
|
|
|
Nonvested at December 31, 2019:
|
260,416
|
|
|
$
|
73.14
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Total
|
||||||||||
SARs
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
RSUs
|
7
|
|
|
4
|
|
|
3
|
|
|
1
|
|
|
15
|
|
|||||
PSUs
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
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 cards 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 and franchised properties as well revenues from residential management operations. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased 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, Greater China, Australia, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned hotel, which was sold during the year ended December 31, 2019, 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 and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Owned and leased hotels
|
|
|
|
|
|
||||||
Owned and leased hotels revenues
|
$
|
1,808
|
|
|
$
|
1,889
|
|
|
$
|
2,159
|
|
Other revenues
|
—
|
|
|
—
|
|
|
13
|
|
|||
Intersegment revenues (a)
|
35
|
|
|
33
|
|
|
38
|
|
|||
Adjusted EBITDA
|
387
|
|
|
428
|
|
|
490
|
|
|||
Depreciation and amortization
|
244
|
|
|
266
|
|
|
295
|
|
|||
Capital expenditures
|
233
|
|
|
194
|
|
|
195
|
|
|||
Americas management and franchising
|
|
|
|
|
|
||||||
Management, franchise, and other fees revenues
|
433
|
|
|
400
|
|
|
380
|
|
|||
Contra revenue
|
(15
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|||
Other revenues
|
89
|
|
|
—
|
|
|
—
|
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
2,268
|
|
|
1,787
|
|
|
1,625
|
|
|||
Intersegment revenues (a)
|
62
|
|
|
70
|
|
|
74
|
|
|||
Adjusted EBITDA
|
376
|
|
|
352
|
|
|
327
|
|
|||
Depreciation and amortization
|
24
|
|
|
9
|
|
|
7
|
|
|||
Capital expenditures
|
2
|
|
|
1
|
|
|
—
|
|
|||
ASPAC management and franchising
|
|
|
|
|
|
||||||
Management, franchise, and other fees revenues
|
136
|
|
|
127
|
|
|
112
|
|
|||
Contra revenue
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
113
|
|
|
95
|
|
|
79
|
|
|||
Intersegment revenues (a)
|
2
|
|
|
2
|
|
|
2
|
|
|||
Adjusted EBITDA
|
87
|
|
|
78
|
|
|
70
|
|
|||
Depreciation and amortization
|
3
|
|
|
1
|
|
|
1
|
|
|||
Capital expenditures
|
1
|
|
|
4
|
|
|
1
|
|
|||
EAME/SW Asia management and franchising
|
|
|
|
|
|
||||||
Management, franchise, and other fees revenues
|
83
|
|
|
80
|
|
|
69
|
|
|||
Contra revenue
|
(5
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
74
|
|
|
68
|
|
|
58
|
|
|||
Intersegment revenues (a)
|
10
|
|
|
10
|
|
|
10
|
|
|||
Adjusted EBITDA
|
49
|
|
|
46
|
|
|
37
|
|
|||
Depreciation and amortization
|
1
|
|
|
1
|
|
|
—
|
|
|||
Capital expenditures
|
—
|
|
|
1
|
|
|
1
|
|
|||
Corporate and other
|
|
|
|
|
|
||||||
Revenues
|
140
|
|
|
132
|
|
|
100
|
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
6
|
|
|
6
|
|
|
—
|
|
|||
Intersegment revenues (a)
|
(1
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|||
Adjusted EBITDA
|
(146
|
)
|
|
(127
|
)
|
|
(135
|
)
|
|||
Depreciation and amortization
|
57
|
|
|
50
|
|
|
45
|
|
|||
Capital expenditures
|
133
|
|
|
97
|
|
|
101
|
|
Eliminations
|
|
|
|
|
|
||||||
Revenues (a)
|
(108
|
)
|
|
(110
|
)
|
|
(115
|
)
|
|||
Adjusted EBITDA
|
1
|
|
|
—
|
|
|
3
|
|
|||
TOTAL
|
|
|
|
|
|
||||||
Revenues
|
$
|
5,020
|
|
|
$
|
4,454
|
|
|
$
|
4,462
|
|
Adjusted EBITDA
|
754
|
|
|
777
|
|
|
792
|
|
|||
Depreciation and amortization
|
329
|
|
|
327
|
|
|
348
|
|
|||
Capital expenditures
|
369
|
|
|
297
|
|
|
298
|
|
(a)
|
Intersegment revenues are included in the management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Total Assets:
|
|
|
|
||||
Owned and leased hotels
|
$
|
4,203
|
|
|
$
|
4,118
|
|
Americas management and franchising
|
1,024
|
|
|
842
|
|
||
ASPAC management and franchising
|
260
|
|
|
203
|
|
||
EAME/SW Asia management and franchising
|
273
|
|
|
225
|
|
||
Corporate and other
|
2,657
|
|
|
2,255
|
|
||
Total
|
$
|
8,417
|
|
|
$
|
7,643
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Revenues:
|
|
|
|
|
|
||||||
United States
|
$
|
4,142
|
|
|
$
|
3,587
|
|
|
$
|
3,619
|
|
All foreign
|
878
|
|
|
867
|
|
|
843
|
|
|||
Total
|
$
|
5,020
|
|
|
$
|
4,454
|
|
|
$
|
4,462
|
|
|
|
|
|
|
|
||||||
|
|
December 31, 2019
|
|
December 31, 2018
|
|||||||
Property and equipment, net, Operating lease ROU assets, Intangibles, net, and Goodwill:
|
|
|
|
|
|||||||
United States
|
|
$
|
3,798
|
|
|
$
|
3,670
|
|
|||
All foreign
|
|
914
|
|
|
849
|
|
|||||
Total
|
|
$
|
4,712
|
|
|
$
|
4,519
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Net income attributable to Hyatt Hotels Corporation
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
389
|
|
Interest expense
|
75
|
|
|
76
|
|
|
80
|
|
|||
Provision for income taxes
|
240
|
|
|
182
|
|
|
332
|
|
|||
Depreciation and amortization
|
329
|
|
|
327
|
|
|
348
|
|
|||
EBITDA
|
1,410
|
|
|
1,354
|
|
|
1,149
|
|
|||
Contra revenue
|
22
|
|
|
20
|
|
|
18
|
|
|||
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
|
(2,461
|
)
|
|
(1,956
|
)
|
|
(1,762
|
)
|
|||
Costs incurred on behalf of managed and franchised properties
|
2,520
|
|
|
1,981
|
|
|
1,782
|
|
|||
Equity (earnings) losses from unconsolidated hospitality ventures
|
10
|
|
|
(8
|
)
|
|
(219
|
)
|
|||
Stock-based compensation expense
|
35
|
|
|
29
|
|
|
29
|
|
|||
Gains on sales of real estate
|
(723
|
)
|
|
(772
|
)
|
|
(236
|
)
|
|||
Asset impairments
|
18
|
|
|
25
|
|
|
—
|
|
|||
Other (income) loss, net
|
(127
|
)
|
|
49
|
|
|
(42
|
)
|
|||
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA
|
50
|
|
|
55
|
|
|
73
|
|
|||
Adjusted EBITDA
|
$
|
754
|
|
|
$
|
777
|
|
|
$
|
792
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
390
|
|
Net income and accretion attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
766
|
|
|
$
|
769
|
|
|
$
|
389
|
|
Denominator:
|
|
|
|
|
|
||||||
Basic weighted-average shares outstanding
|
104,590,383
|
|
|
113,259,113
|
|
|
124,836,917
|
|
|||
Share-based compensation and equity-classified forward contract
|
1,702,021
|
|
|
1,865,904
|
|
|
1,509,986
|
|
|||
Diluted weighted-average shares outstanding
|
106,292,404
|
|
|
115,125,017
|
|
|
126,346,903
|
|
|||
Basic Earnings Per Share:
|
|
|
|
|
|
||||||
Net income
|
$
|
7.33
|
|
|
$
|
6.79
|
|
|
$
|
3.13
|
|
Net income and accretion attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
7.33
|
|
|
$
|
6.79
|
|
|
$
|
3.12
|
|
Diluted Earnings Per Share:
|
|
|
|
|
|
||||||
Net income
|
$
|
7.21
|
|
|
$
|
6.68
|
|
|
$
|
3.09
|
|
Net income and accretion attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
|||
Net income attributable to Hyatt Hotels Corporation
|
$
|
7.21
|
|
|
$
|
6.68
|
|
|
$
|
3.08
|
|
|
Years Ended December 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Release of contingent consideration liability (Note 7)
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Unrealized gains (losses), net (Note 4)
|
26
|
|
|
(47
|
)
|
|
1
|
|
|||
Interest income (Note 4)
|
25
|
|
|
28
|
|
|
110
|
|
|||
Depreciation recovery
|
25
|
|
|
22
|
|
|
27
|
|
|||
Performance guarantee liability amortization (Note 15)
|
18
|
|
|
18
|
|
|
19
|
|
|||
Release and amortization of debt repayment guarantee liability (Note 15)
|
18
|
|
|
11
|
|
|
10
|
|
|||
Gain on sale of contractual right (Note 7)
|
16
|
|
|
—
|
|
|
—
|
|
|||
Realized gains (losses), net
|
2
|
|
|
(3
|
)
|
|
(41
|
)
|
|||
Foreign currency gains (losses), net
|
1
|
|
|
4
|
|
|
(2
|
)
|
|||
Pre-condemnation income
|
—
|
|
|
4
|
|
|
18
|
|
|||
Cease use liability
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||
Loss on extinguishment of debt (Note 11)
|
—
|
|
|
(7
|
)
|
|
—
|
|
|||
Impairment of an equity security without a readily determinable fair value (Note 4)
|
—
|
|
|
(22
|
)
|
|
—
|
|
|||
Transaction costs
|
(1
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|||
Performance guarantee expense, net (Note 15)
|
(42
|
)
|
|
(59
|
)
|
|
(77
|
)
|
|||
Other, net
|
9
|
|
|
12
|
|
|
2
|
|
|||
Other income (loss), net
|
$
|
127
|
|
|
$
|
(49
|
)
|
|
$
|
42
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
December 31, 2019
|
|
September 30, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
|
September 30, 2018
|
|
June 30, 2018
|
|
March 31, 2018
|
|||||||||||||||||
Consolidated statements of income data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total revenues
|
$
|
1,275
|
|
|
$
|
1,215
|
|
|
$
|
1,289
|
|
|
$
|
1,241
|
|
|
$
|
1,138
|
|
|
$
|
1,074
|
|
|
$
|
1,133
|
|
|
$
|
1,109
|
|
Direct and selling, general, and administrative expenses
|
1,225
|
|
|
1,175
|
|
|
1,208
|
|
|
1,215
|
|
|
1,054
|
|
|
1,012
|
|
|
1,026
|
|
|
1,030
|
|
||||||||
Net income
|
321
|
|
|
296
|
|
|
86
|
|
|
63
|
|
|
44
|
|
|
237
|
|
|
77
|
|
|
411
|
|
||||||||
Net income attributable to Hyatt Hotels Corporation
|
321
|
|
|
296
|
|
|
86
|
|
|
63
|
|
|
44
|
|
|
237
|
|
|
77
|
|
|
411
|
|
||||||||
Net income per share—basic
|
$
|
3.13
|
|
|
$
|
2.84
|
|
|
$
|
0.81
|
|
|
$
|
0.60
|
|
|
$
|
0.41
|
|
|
$
|
2.12
|
|
|
$
|
0.67
|
|
|
$
|
3.47
|
|
Net income per share—diluted
|
$
|
3.08
|
|
|
$
|
2.80
|
|
|
$
|
0.80
|
|
|
$
|
0.59
|
|
|
$
|
0.40
|
|
|
$
|
2.09
|
|
|
$
|
0.66
|
|
|
$
|
3.40
|
|
Cash dividends declared per share
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
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, 2019:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade receivables—allowance for doubtful accounts
|
|
$
|
26
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
32
|
|
Financing receivables—allowance for losses
|
|
101
|
|
|
6
|
|
|
(1
|
)
|
|
(6
|
)
|
|
100
|
|
|||||
Deferred tax assets—valuation allowance
|
|
41
|
|
|
6
|
|
|
—
|
|
|
(6
|
)
|
|
41
|
|
|||||
Year Ended December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade receivables—allowance for doubtful accounts
|
|
21
|
|
|
15
|
|
|
—
|
|
|
(10
|
)
|
|
26
|
|
|||||
Financing receivables—allowance for losses
|
|
108
|
|
|
7
|
|
|
(2
|
)
|
A
|
(12
|
)
|
|
101
|
|
|||||
Deferred tax assets—valuation allowance
|
|
51
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
41
|
|
|||||
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
|
|
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
|
|
|
|
|
|
4.16
|
|
|
|
|
|
4.17
|
|
|
|
|
|
4.18
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
+10.4
|
|
|
|
|
|
+10.5
|
|
|
|
|
|
+10.6
|
|
|
|
|
|
+10.7
|
|
|
|
|
|
+10.8
|
|
|
|
|
|
+10.9
|
|
|
|
|
|
+10.10
|
|
|
|
|
|
+10.11
|
|
|
|
|
|
+10.12
|
|
|
|
|
|
+10.13
|
|
|
|
|
|
+10.14
|
|
|
|
|
|
+10.15
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
+10.16
|
|
|
|
|
|
+10.17
|
|
|
|
|
|
+10.18
|
|
|
|
|
|
+10.19
|
|
|
|
|
|
+10.20
|
|
|
|
|
|
+10.21
|
|
|
|
|
|
+10.22
|
|
|
|
|
|
+10.23
|
|
|
|
|
|
+10.24
|
|
|
|
|
|
+10.25
|
|
|
|
|
|
+10.26
|
|
|
|
|
|
+10.27
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
10.28
|
|
|
|
|
|
10.29
|
|
|
|
|
|
10.30
|
|
|
|
|
|
14.1
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
99.1
|
|
|
|
|
|
99.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
+
|
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
|
|
|
|
|
•
|
1,000,000,000 shares are designated as Class A common stock;
|
•
|
397,457,686 shares are designated as Class B common stock; and
|
•
|
10,000,000 shares are designated as preferred stock.
|
•
|
between Pritzker family business interests or to the Pritzker Foundation and related Pritzker charitable foundations;
|
•
|
to lineal descendants of the transferor who are Pritzker family business interests, which we refer to as “related persons”;
|
•
|
to trusts for the current benefit of the transferor and related persons;
|
•
|
to corporations, partnerships, limited liability companies or other entities that are owned and controlled by the transferor and related persons;
|
•
|
to guardians of stockholders who are adjudged to be unable to manage their own affairs and executors of estates of deceased stockholders;
|
•
|
for trusts, corporations, partnerships, limited liability companies or other entities, to their current beneficiaries, shareholders, partners, members or other equity holders who are Pritzker family business interests;
|
•
|
transfers to other holders of shares of Class B common stock and their permitted transferees;
|
•
|
granting a revocable proxy to any officer or director at the request of our board of directors;
|
•
|
pledging shares of Class B common stock pursuant to a bona fide loan or indebtedness transaction as to which the holder of Class B common stock continues to exercise voting control, provided that the foreclosure on those shares by the lender does not qualify as a permitted transfer and, unless the lender otherwise qualifies as a permitted transferee, will result in the automatic conversion of those shares into shares of Class A common stock;
|
•
|
transfers by parties to the 2007 Stockholders’ Agreement, dated as of August 2007, as amended, by and among Hyatt and the parties thereto, or the 2007 Stockholders’ Agreement, to their respective affiliates, subject to, and in accordance with, the 2007 Stockholders’ Agreement; and
|
•
|
transfers approved in advance by our board of directors or a majority of the independent directors on our board of directors after making a determination that the transfer is consistent with the purposes of the other types of transfers that are permitted.
|
•
|
our board of directors is divided into three classes, with each class serving for a staggered three-year term;
|
•
|
our directors may be removed only for cause;
|
•
|
holders of our Class A common stock vote together with the holders of our Class B common stock on all matters, including the election of directors, and our amended and restated certificate of incorporation prohibits cumulative voting in the election of directors;
|
•
|
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;
|
•
|
our bylaws establish an advance notice procedure for stockholders to submit proposed nominations of persons for election to our board of directors and other proposals for business to be brought before an annual meeting of our stockholders;
|
•
|
our board of directors may issue up to 10,000,000 shares of preferred stock, with designations, rights and preferences as may be determined from time to time by our board of directors; and
|
•
|
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 all provisions of our amended and restated certificate of incorporation and bylaws.
|
Target Number of PSUs:
|
_____
|
Maximum Number of PSUs:
|
_____
|
PSU Grant Identifier:
|
[INSERT DATE] (the “Grant Date”)
|
Performance Period:
|
[INSERT PERFORMANCE PERIOD]
|
Vesting of Award and Payment Date:
|
The PSUs are earned (or not) based on achievement relative to the Performance Goals set forth in this Agreement and subject to the Participant’s continued Service with the Company through the last day of the Performance Period (except as otherwise set forth in this Agreement). Except as otherwise provided upon a Change in Control, to the extent that the PSUs are earned, the earned PSUs shall be delivered to the Participant within thirty (30) days following the Determination Date (but in no event later than [INSERT DATE]).
|
Company; Defined Terms:
|
Except as the context may otherwise require, references to the “Company” shall be deemed to include its subsidiaries and affiliates.
To the extent not defined herein, capitalized terms shall have the meanings ascribed to them in the Plan.
|
Definitions:
|
As used herein, the following terms shall have the following meanings:
“Adjusted ROGA Performance” means the straight average of Adjusted ROGA for each year of the Performance Period.
“Adjusted ROGA” means, for each year of the Performance Period, Adjusted EBITDA divided by Average Gross Assets.
“Adjusted EBITDA” means, for each year in the Performance Period, net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude the following items:
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
Other income (loss), net
Amortization of management and franchise agreement intangibles constituting payments to customers
Other revenues and expenses from managed and franchised properties, including revenues and expenses related to reservations, marketing, and technology costs.
Adjusted EBITDA is calculated by adding the Adjusted EBITDA of each of Hyatt’s reportable segments to corporate and other Adjusted EBITDA. For the purposes of this Agreement, net income (loss) attributable to Hyatt Hotels Corporation will be calculated in accordance with accounting principles generally accepted in the United States (US GAAP) as in effect on the Date of Grant.
“Average Gross Assets” means the average of the year-end prior year and year-end current year:
Total assets; plus
Accumulated Depreciation of Property & Equipment.
“Managed & Franchised Adjusted EBITDA” means, with respect to each fiscal year in the Performance Period, the sum of Adjusted EBITDA for the three management and franchising segments (Americas + ASPAC + EAME/SWAsia).
“Peer Group Companies” means, for the Performance Period, Hilton Hotels Corporation, Marriott International, Inc., InterContinental Hotels Group PLC, Host Hotels & Resorts, Inc., Sunstone Hotel Investors, Inc., and Park Hotels & Resorts Inc.
“Performance Goals” means (1) Adjusted ROGA Performance, (2) Managed and Franchised EBITDA Performance, and (3) Relative TSR Rank.
“Relative TSR Rank” means, the rank order (including Hyatt) of the 20-trading day average stock price prior to the beginning of the Performance Period, compared with last 20-trading day average, with dividends re-invested of each Peer Group Company over the Performance Period.
|
Determination of Number of Earned Performance Share Units:
|
The number of PSUs earned, if any, for the Performance Period shall be determined as follows:
Earned PSUs =
((Adjusted ROGA Payout Percentage x 60% of Target Number of PSUs)
+
(3-Year Average Managed & Franchised Adjusted EBITDA Payout Percentage x 40% of Target Number of PSUs))
x
Relative TSR Modifier
The “Adjusted ROGA Payout Percentage” is based on Adjusted ROGA Performance over the Performance Period, determined by the Committee following the end of the Performance Period, in accordance with the following table:
|
||||||||||
|
|
Below Threshold
|
Threshold
|
Target
|
Maximum
|
||||||
|
Adjusted ROGA Performance
|
|
|
|
|
||||||
|
Adjusted ROGA Payout Percentage
|
0%
|
37.5%
|
100%
|
166.7%
|
||||||
|
Achievement between threshold and target and between target and maximum will be interpolated linearly.
The “Managed & Franchised Adjusted EBITDA Payout Percentage” is based on achievement, expressed as a percentage, of Managed & Franchised Adjusted EBITDA over each fiscal year of the Performance Period against the Managed & Franchised Adjusted EBITDA target applicable to such fiscal year (expressed in United States dollars and established by the Committee in its sole discretion within 90 days following the beginning of each fiscal year), averaged at the end of the Performance Period, as determined by the Committee in its sole discretion following the end of the Performance Period, in accordance with the following table:
|
||||||||||
|
|
Below Threshold
|
Threshold
|
Target
|
Maximum
|
||||||
|
Managed & Franchised Adjusted EBITDA Performance
|
|
|
|
|
||||||
|
Managed & Franchised Adjusted EBITDA Payout Percentage
|
0%
|
37.5%
|
100%
|
166.7%
|
||||||
|
Achievement between threshold and target and between target and maximum will be interpolated linearly.
The “Relative TSR Modifier” means the Company’s Relative TSR Rank compared to the Peer Group Companies, as determined by the Committee in its sole discretion:
|
||||||||||
|
Relative TSR Rank
|
Relative TSR Modifier
|
|||||||||
|
1st
|
120%
|
|||||||||
|
2nd
|
110%
|
|||||||||
|
3rd
|
100%
|
|||||||||
|
4th
|
100%
|
Termination of Service:
|
Subject to the exceptions below, the earned PSUs will be payable only if the Participant remains in continuous Service (as defined below) with the Company from the Grant Date through the last day of the Performance Period. “Service” for purposes of this Award shall mean employment as an Employee, or service to the Company as a Director or Consultant. Except as provided below, all unearned PSUs will be forfeited and cancelled for no consideration upon Termination of Service. Notwithstanding the foregoing, PSUs will not be forfeited or cancelled in the following circumstances:
•
In the event of the Participant’s death or Disability (as defined below) prior to the end of the Performance Period, the date of the most recent fiscal quarter end prior to the Participant’s death or Disability shall be the last day of the Performance Period, and the Participant shall be eligible to earn PSUs on a pro rata basis in an amount equal to the number of PSUs that would have been earned hereunder determined as of immediately prior to the Participant’s death or Disability based on actual performance of the Company against the Performance Goals through the most recent fiscal quarter end (projected through the remainder of the performance period based on actual performance), as determined and as may be adjusted by the Committee, multiplied by a fraction the numerator of which is the number of full months elapsed in the Performance Period through the Participant’s death or Disability and the denominator of which is 36; provided, that if such death or Disability occurs within the first calendar year of the Performance Period, the number of earned PSUs shall be determined without regard to the Relative TSR Modifier. Any earned PSUs (and the Dividend Equivalents thereon) shall be settled within thirty (30) days following such death or Disability (which shall be deemed to be the Payment Date). For this purpose “Disability” shall mean either (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under the Company’s long-term disability plan, or (iii) the Participant is determined to be totally disabled by the Social Security Administration.
•
Notwithstanding the Amended and Restated Retirement Policy Regarding Equity Vesting adopted by Hyatt Hotels Corporation (the “Retirement Policy”), in the event of Participant’s Retirement (as defined in the Retirement Policy) prior to the end of the Performance Period, the Participant shall be eligible to earn PSUs on a pro rata basis in an amount equal to the number PSUs that would have been earned as of the Determination Date based on actual performance, multiplied by a fraction the numerator of which is the number of full months elapsed in the Performance Period through the Participant’s date of Retirement and the denominator of which is 36. Notwithstanding the foregoing, if the Participant gives one year notice prior to such Retirement, the Participant shall be eligible to earn the full amount of PSUs that would have been earned as of the Determination Date based on actual performance (without proration).As described below, PSUs are subject to cancellation and forfeiture for no consideration in the event the Participant engages in certain “detrimental conduct” (as defined below).
|
Change in Control:
|
In the event of a Change in Control during the Performance Period, subject to Participant’s continued Service through the date of such Change in Control (or earlier termination due to Retirement), the date of the most recent fiscal quarter end shall be the last day of the Performance Period, and the number of PSUs earned hereunder will be determined as of immediately prior to the Change in Control based on actual performance of the Company against the Performance Goals through the most recent fiscal quarter end (projected through the remainder of the performance period based on actual performance), as determined and certified by the Committee; provided, that if such Change in Control occurs within the first calendar year of the Performance Period, the number of earned PSUs shall be determined without regard to the Relative TSR Modifier. Settlement of PSUs will be accomplished through the issuance of shares of Common Stock or cash, as the Committee may determine, and any earned PSUs (and the Dividend Equivalents thereon) shall be settled immediately upon the Change in Control (which shall be deemed to be the Payment Date). Any PSUs not earned upon a Change in Control shall be forfeited and cancelled for no consideration.
|
||||||||||
Rights of Ownership:
|
The Participant shall not have any rights or privileges of a stockholder with respect to the PSUs subject to this Award unless and until shares of Common Stock are delivered in respect hereof.
|
||||||||||
Dividend Equivalent Rights:
|
Each PSU granted hereunder is hereby granted in tandem with a corresponding Dividend Equivalent right that shall, while it remains outstanding, and to the extent that dividends are paid on Common Stock and subject to the terms set forth below, entitle the Participant to a cash payment in the amount of any such dividend(s) paid by the Company in respect of a share of Common Stock. The Dividend Equivalent right shall remain outstanding from the Grant Date through the earlier to occur of (a) the termination or forfeiture for any reason of the PSU to which such Dividend Equivalent right corresponds, or (b) the delivery to the Participant of the share of Common Stock (or other payment) in respect of the PSU to which such Dividend Equivalent right corresponds (in any case, the “PSU Termination Date”). Each Dividend Equivalent right will entitle the Participant to a cash payment in the amount of any dividend(s) paid by the Company in respect of a share of Common Stock to the extent that such dividend(s) are declared and have ex dividend date(s), in each case, that occur on or after the applicable Grant Date and on or prior to the applicable PSU Termination Date, payable upon the Payment Date in respect of the PSU to which such Dividend Equivalent right corresponds; provided, that with respect to any dividends meeting such criteria that are paid after the PSU Termination Date, the applicable Dividend Equivalent payment will be made if and when the Company pays the underlying dividend or, if later, on the Payment Date (but in no event later than March 15th of the year following the year in which the applicable ex dividend date occurs). For the avoidance of doubt, (i) if a PSU is not ultimately earned hereunder, no Dividend Equivalent payments shall be made with respect to such unearned PSU, and (ii) in no event shall a Dividend Equivalent payment be made that would result in the Participant receiving both the Dividend Equivalent payment (in respect of a dividend) and the actual dividend with respect to the same PSU and corresponding share of Common Stock. Dividend Equivalent rights and any amounts that may become distributable in respect thereof shall be treated separately from the PSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, “Section 409A”).
|
Tax Withholding:
|
Unless paid in cash by the Participant at the time of settlement, the Company will deduct or withhold from shares issuable upon settlement of the PSU a number of shares of Common Stock having a Share Value equal to the amount sufficient to satisfy the statutory federal, state, foreign and local taxes and any employment, disability, social welfare or other legally required withholdings (subject to any applicable limitation(s) in the Plan). Notwithstanding anything to the contrary herein, if the tax obligation arises during period in which the Participant is prohibited from trading under any policy of the Company or by reason of the Securities Exchange Act of 1934, then the tax withholding obligation shall automatically be satisfied by the Company withholding shares of Common Stock.
The Participant is encouraged to consult with a tax advisor regarding the tax consequences of participation in the Plan and acceptance of this Award.
|
||||||||||
Transferability of PSUs:
|
PSUs may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated; provided that in the event of the Participant’s death, shares deliverable or amounts payable with respect to the PSUs shall be delivered or paid, as applicable, to the Participant’s designated beneficiary. The Administrator will advise Participants with respect to the procedures for naming and changing designated beneficiaries.
|
||||||||||
Data Privacy:
|
By acceptance of this Award, the Participant acknowledges and consents to the collection, use, processing and transfer of personal data as described below and in accordance with the Hyatt Privacy Policy for Employees. The Company, its affiliates and the Participant’s employer hold certain personal information, including the Participant’s name, home address and telephone number, date of birth, social security number or other employee tax identification number, salary, nationality, job title, and any equity compensation grants or Common Stock awarded, cancelled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and its affiliates will transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the United States, the European Economic Area, or elsewhere. The Participant hereby authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan on behalf of the Participant to a third party with whom the Participant may have elected to have payment made pursuant to the Plan. The Participant may, at any time, review Data, require any necessary amendments to it or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect the Participant’s ability to participate in the Plan and receive the benefits intended by this Award.
|
||||||||||
No Impact on Other Rights:
|
Participation in the Plan is voluntary. The value of the PSUs is an extraordinary item of compensation outside the scope of Participant’s normal employment and compensation rights, if any. As such, the PSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided in the plans or agreements governing such compensation. The Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of PSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive any other grant of PSUs or other awards under the Plan in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the grant, the form of award, number of shares of Common Stock subject to an award, vesting, and exercise provisions, as relevant.
|
||||||||||
Restrictive Covenants:
|
As a condition of this RSU Award, to the extent Participant has not done so already, Participant agrees to execute and deliver the (i) Non-Competition Agreement, the (ii) Non-Solicitation & Non-Disparagement Agreement (iii) Confidentiality Agreement, and (iv) Invention Assignment Agreement in form and substance acceptable to the Company, and Participant agrees to be bound by the terms of those agreements.
|
Effect of Detrimental Conduct:
|
In the event the Participant engages in “detrimental conduct” (as defined below), the Participant shall forfeit all unvested shares of PSUs and all such awards shall be null and void as of the date such detrimental conduct first occurs and the Participant shall not receive any consideration therefor.
Definition of Detrimental Conduct. The Participant will be deemed to have engaged in detrimental conduct if in the reasonable, good faith determination of the Administrator, the Participant has engaged in conduct constituting (1) a felony; (2) gross negligence or willful misconduct in the performance of Participant’s duties and responsibilities to the Company; (3) willful violation of a material Company policy, including, without limitation, any policy relating to confidentiality, honesty, integrity and/or workplace behavior, which violation has resulted or may reasonably be expected to result in harm to the Company, its stockholders, directors, officers, employees or customers; (4) improper internal or external disclosure or use of confidential information or material concerning the Company or any of its stockholders, directors, officers, or employees which use or disclosure has resulted or may reasonably be expected to result in harm to the Company; (5) publicly disparaging the Company or any of its stockholders, directors, officers or employees; and/or (6) willful violation of any material agreements with the Company entered into by the Participant in connection with or pursuant to the Plan.
Determination of Detrimental Conduct. Upon a reasonable, good faith determination that detrimental conduct has occurred, the Administrator shall give the Participant written notice, which shall specify the conduct and the date of the conduct. Any dispute concerning the matters set forth in the notice shall be decided under the procedures in the Plan.
|
||||||||||
409A:
|
This Award is intended to comply with Section 409A or an available exemption therefrom. However, notwithstanding any other provision of the Plan or this Award, if at any time the Administrator determines that the RSUs and/or Dividend Equivalents (or any portion thereof) may not be compliant with or exempt from Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify or to be responsible for damages to the Participant or any other person for failure to do so) to adopt such amendments to the Plan or this Award, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate to provide for the PSUs and/or Dividend Equivalents to either be exempt from the application of Section 409A or comply with the requirements of Section 409A; provided, however, that nothing herein shall create any obligation on the part of the Company to adopt any such amendment or take any other action.
Notwithstanding anything herein to the contrary, no payment hereunder shall be made to the Participant during the six (6)-month period following the Participant’s “separation from service” (within the meaning of Section 409A) to the extent that the Company determines that paying such amounts at the time set forth herein would be a prohibited distribution under Section 409A(a)(2)(B)(i). If the payment of any such amounts is delayed as a result of the previous sentence, then within thirty (30) days following the end of such six (6)-month period (or, if earlier, the Participant’s death), the Company shall pay the Participant the cumulative amounts that would have otherwise been payable to the Participant during such period, without interest. For the avoidance of doubt, to the extent that any PSUs are “nonqualified deferred compensation” within the meaning of Section 409A, the settlement of PSUs hereunder upon a Change in Control shall only occur to the extent that such Change in Control is also a “change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” within the meaning of Section 409A(a)(2)(A)(v).
|
Name
|
Jurisdiction of
Incorporation or Organization
|
AIC HOLDING CO.
|
Delaware
|
ALILA HOTELS & RESORTS PTE. LTD.
|
Singapore
|
ARUBA BEACHFRONT RESORTS LIMITED PARTNERSHIP
|
Illinois
|
ASIA HOSPITALITY INVESTORS B.V.
|
Netherlands
|
ASIAN HOTEL N.V.
|
Curacao
|
CTR INTEREST HOLDCO, INC.
|
Delaware
|
EXHALE ENTERPRISES, L.L.C
|
Delaware
|
G.E.H. PROPERTIES LIMITED
|
United Kingdom
|
GRAND HYATT SF, L.L.C.
|
Delaware
|
H.E. DRISKILL, LLC
|
Delaware
|
H.E. GRAND CYPRESS, L.L.C.
|
Delaware
|
H.E. INDIAN WELLS, L.L.C.
|
Delaware
|
H.E. ORLANDO, L.L.C.
|
Delaware
|
H.E. PHILADELPHIA HC HOTEL, L.L.C.
|
Delaware
|
H.E. PHOENIX, L.L.C.
|
Delaware
|
H.E. SAN ANTONIO, L.L.C.
|
Delaware
|
HE ORLANDO HOTEL, LLC
|
Delaware
|
HI HOLDINGS BAJA B.V.
|
Netherlands
|
HI HOLDINGS CYPRUS LIMITED
|
Cyprus
|
HI HOLDINGS NETHERLANDS B.V.
|
Netherlands
|
HI HOLDINGS RIO S.A.R.L.
|
Luxembourg
|
HI HOLDINGS RIVIERA MAYA B.V.
|
Netherlands
|
HOTEL INVESTMENTS, L.L.C.
|
Delaware
|
HOTEL INVESTORS I, INC.
|
Luxembourg
|
HOTEL INVESTORS II, INC.
|
Cayman Islands
|
HP BOSTON HOLDINGS, L.L.C.
|
Delaware
|
HT-AVENDRA GROUP HOLDINGS, L.L.C.
|
Delaware
|
HT-HOTEL EQUITIES, INC.
|
Delaware
|
HT-MIAMI BEACH, L.L.C.
|
Delaware
|
HTSF, L.L.C.
|
Delaware
|
HY LONG BEACH HOTEL, LLC
|
Delaware
|
HYATT CORPORATION
|
Delaware
|
HYATT EQUITIES, L.L.C.
|
Delaware
|
HYATT INTERNATIONAL CORPORATION
|
Delaware
|
HYATT INTERNATIONAL HOLDINGS CO.
|
Delaware
|
HYATT INTERNATIONAL TECHNICAL SERVICES, INC.
|
Delaware
|
HYATT LACSA SERVICES, INC.
|
Delaware
|
MILAN HOTEL INVESTMENTS B.V.
|
Netherlands
|
MIRAVAL GROUP, LLC
|
Delaware
|
MIRAVAL RESORT ARIZONA, LLC
|
Delaware
|
MRG ATX OPERATIONS, LLC
|
Delaware
|
MRG CRW HOLDINGS, LLC
|
Delaware
|
PARIS HOTEL COMPANY B.V.
|
Netherlands
|
PARK HYATT WATER TOWER ASSOCIATES, L.L.C.
|
Illinois
|
PH NEW YORK L.L.C.
|
Delaware
|
SAS SOCIETE IMMOBILIERE ET HOTELIERE
|
France
|
SKS CORP. N.V.
|
Curacao
|
SMC HOTELS B.V.
|
Netherlands
|
THE GREAT EASTERN HOTEL COMPANY LIMITED
|
England and Wales
|
THE GREAT EASTERN HOTEL HOLDING COMPANY LIMITED
|
England and Wales
|
TWO ROADS HOSPITALITY LLC
|
Delaware
|
TWO SEAS HOLDINGS LIMITED
|
Mauritius
|
XENIA ASSURANCE COMPANY, INC.
|
Arizona
|
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: HYATT CORPORATION
|
Names under which such subsidiary does business:
|
|
Cranwell Spa & Golf Resort
|
|
Hyatt Regency Phoenix
|
|
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch
|
|
Park Hyatt Aviara Resort, Golf Club & Spa
|
|
Andaz Scottsdale Resort & Bungalows
|
|
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
|
|
Grand Hyatt at SFO
|
|
Hyatt Regency Santa Clara
|
|
Andaz West Hollywood
|
|
Park Hyatt Beaver Creek Resort and Spa
|
|
Grand Hyatt Denver
|
|
Hyatt Regency Denver at Colorado Convention Center
|
|
Grand Hyatt Vail
|
|
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 Newport Beach
|
|
Hyatt Regency Orlando
|
|
Hyatt Regency Orlando International Airport
|
|
Grand Hyatt Tampa Bay
|
|
The Confidante Miami Beach
|
|
Grand Hyatt Atlanta in Buckhead
|
|
Hyatt Centric Midtown Atlanta
|
|
Hyatt Regency Atlanta
|
|
Andaz Savannah
|
|
Hyatt Regency Savannah
|
|
Grand Hyatt Kauai Resort & Spa
|
|
Hyatt Regency Maui Resort and Spa
|
|
Hyatt Centric Waikiki Beach
|
|
Hyatt Regency Waikiki Beach Resort and Spa
|
|
Andaz Maui at Wailea Resort
|
|
Hyatt Regency Chicago
|
|
Park Hyatt Chicago
|
|
Hyatt Lodge
|
|
Hyatt Regency McCormick Place
|
|
Hyatt Regency O’Hare Chicago
|
|
Hyatt Regency Chesapeake Bay Golf Resort, Spa and Marina
|
|
Hyatt Regency 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 Regency Portland at the Oregon Convention Center
|
|
The Bellevue Hotel
|
|
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 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 Seattle
|
|
Hyatt Regency Green Bay
|
|
Miraval Arizona Resort and Spa
|
|
Miraval Austin Resort and Spa
|
|
|
SUBSIDIARY: SAS SOCIETE IMMOBILIERE ET HOTELIERE
|
Names under which such subsidiary does business:
|
|
Park Hyatt Paris-Vendôme
|
|
|
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 20, 2020
|
/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 20, 2020
|
/s/ Joan Bottarini
|
|
Joan Bottarini
|
|
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/ Joan Bottarini
|
|
Name:
|
Joan Bottarini
|
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
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A.N.P. TRUST # 7B
|
A.N.P. TRUST # 7C
|
A.N.P. TRUST # 7D
|
A.N.P. TRUST # 8
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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
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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
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ROCK TRUST-WASHINGTON # 58
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ROOSEVELT TRUST-WASHINGTON # 59
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SHANNON TRUST-WASHINGTON # 60
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STEVENS TRUST-WASHINGTON # 61
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SPECTACLE TRUST-WASHINGTON # 62
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GALISPELL TRUST-WASHINGTON # 63
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WEST TRUST-WASHINGTON # 64
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MARENGO TRUST-WASHINGTON # 65
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SPANGLE TRUST-WASHINGTON # 66
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PACKWOOD TRUST-WASHINGTON # 67
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MOORE TRUST-WASHINGTON # 68
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ALMIRA TRUST-WASHINGTON # 69
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GRANDVIEW TRUST-WASHINGTON # 70
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MALDEN TRUST-WASHINGTON# 71
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TEKOA TRUST-WASHINGTON # 72
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PACK TRUST-WASHINGTON # 73
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FAIRFIELD TRUST-WASHINGTON # 74
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RITZVILLE TRUST-WASHINGTON # 75
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WARDEN TRUST-WASHINGTON # 76
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BRIDGEPORT TRUST-WASHINGTON # 77
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QUINCY TRUST-WASHINGTON # 78
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PENAWOWA TRUST-WASHINGTON # 79
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ALMOTA TRUST-WASHINGTON # 80
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QUIET TRUST-WASHINGTON # 81
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LEMEI TRUST-WASHINGTON # 82
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SODA TRUST-WASHINGTON # 83
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BOISTFORD TRUST-WASHINGTON # 84
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SNAG TRUST-WASHINGTON # 85
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WINDY TRUST-WASHINGTON # 86
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MICA TRUST-WASHINGTON # 87
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GYPSY TRUST-WASHINGTON # 88
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GLACIER TRUST-WASHINGTON # 89
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MONTE CRISTO TRUST-WASHINGTON # 90
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WENATCHEE TRUST-WASHINGTON # 91
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VESPER TRUST-WASHINGTON # 92
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GUNN TRUST-WASHINGTON # 93
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PYRAMID TRUST-WASHINGTON # 94
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MISSION TRUST-WASHINGTON # 95
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SIGNAL TRUST-WASHINGTON # 96
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UNDER TRUST-WASHINGTON # 97
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SADDLE TRUST-WASHINGTON # 98
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ABERCROMBIE TRUST-WASHINGTON # 99
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HALL TRUST-WASHINGTON #100
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MOLYBENITE TRUST-WASHINGTON #101
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CHEWELAH TRUST-WASHINGTON #102
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BOYER TRUST-WASHINGTON #103
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COUGAR TRUST-WASHINGTON #104
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REDTOP TRUST-WASHINGTON #105
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CHIMNEY TRUST-WASHINGTON #106
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JULY TRUST-WASHINGTON #107
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STAR TRUST-WASHINGTON #108
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PINNACLE TRUST-WASHINGTON #109
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REMMEL TRUST-WASHINGTON #110
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MILE TRUST-WASHINGTON #111
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ZEBRA TRUST-WASHINGTON #112
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IRON TRUST-WASHINGTON #113
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FOOT TRUST-WASHINGTON #114
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BELLS TRUST-WASHINGTON #115
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BADGER TRUST-WASHINGTON #116
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YEARLING TRUST-WASHINGTON #117
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KING TRUST-WASHINGTON #118
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ANT TRUST-WASHINGTON #119
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AIX TRUST-WASHINGTON #120
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SNOQUALMIE TRUST-WASHINGTON #121
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TWISP TRUST-WASHINGTON #122
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RAINY TRUST-WASHINGTON #123
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WASHINGTON TRUST-WASHINGTON #124
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HARTS TRUST-WASHINGTON #125
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CASCADE TRUST-WASHINGTON #126
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AUSTIN TRUST-WASHINGTON #127
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STAMPEDE TRUST-WASHINGTON #128
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SWAUK TRUST-WASHINGTON #129
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BLEWITT TRUST-WASHINGTON #130
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CAYUSE TRUST-WASHINGTON #131
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BY TRUST-WASHINGTON #132
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OVER TRUST-WASHINGTON #133
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SATUS TRUST-WASHINGTON #134
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COPPER TRUST-WASHINGTON #135
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SNOWY TRUST-WASHINGTON #136
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OZETTE TRUST-WASHINGTON #137
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SKOKOMICH TRUST-WASHINGTON #138
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CHEROKEE TRUST-WASHINGTON #139
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SPOKANE TRUST-WASHINGTON #140
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LUMMI TRUST-WASHINGTON #141
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SHOALWATER TRUST-WASHINGTON #142
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HOH TRUST-WASHINGTON #143
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QUILLAYUTE TRUST-WASHINGTON #144
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NOOKSACK TRUST-WASHINGTON #145
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SUIATTLE TRUST-WASHINGTON #146
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WHITE TRUST-WASHINGTON #147
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ICICLE TRUST-WASHINGTON #148
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KLICKITAT TRUST-WASHINGTON #149
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WILLAPA TRUST-WASHINGTON #150
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SNOW TRUST-WASHINGTON #151
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DICKEY TRUST-WASHINGTON #152
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TOUTLE TRUST-WASHINGTON #153
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SALMON TRUST-WASHINGTON #154
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YELLOW TRUST-WASHINGTON #155
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CHEHALIS TRUST-WASHINGTON #156
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WYNOOCHEE TRUST-WASHINGTON #157
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QUIMALT TRUST-WASHINGTON #158
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QUEETS TRUST-WASHINGTON #159
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WIND TRUST-WASHINGTON #160
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MARYSVILLE TRUST-WASHINGTON #161
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LYNWOOD TRUST-WASHINGTON #162
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EDMONDS TRUST-WASHINGTON #163
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WINE TRUST-WASHINGTON #164
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SEATTLE TRUST-WASHINGTON #165
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BURIEN TRUST-WASHINGTON #166
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TOWNSEND TRUST-WASHINGTON #167
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FLAGLER TRUST-WASHINGTON #168
|
ANGELES TRUST-WASHINGTON #169
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ABERDEEN TRUST-WASHINGTON #170
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HOQUIAM TRUST-WASHINGTON #171
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ZESTY TRUST-WASHINGTON #172
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BELLINGHAM TRUST-WASHINGTON #173
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BLAINE TRUST-WASHINGTON #174
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CHUCKANUT TRUST-WASHINGTON #175
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ANACORTES TRUST-WASHINGTON #176
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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
|
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)
|
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
|
|
/s/ Ronald Wray
|
|
/s/ Ronald Wray
|
Name:
|
Derek Arend
|
Title:
|
President
|
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
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Settlement T-2390-C
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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
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Settlement T-2390-B
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Settlement T-2390-C
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CPC, INC., a Bahamian International Business Company
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By: /s/ Schevon Miller
|
Name: Commerce Services Limited
|
Title: Director
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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.
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5.
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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.
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6.
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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.
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7.
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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.
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By:
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Tao Capital Partners LLC,
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Its:
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Managing Member
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1.
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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”).
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2.
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Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Foreign GH Agreement.
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3.
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CIBC Trust Company (Bahamas) Limited is Trustee (the “Trustee”) of the trusts set forth on Schedule A hereto (the “Recipient Trusts”).
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4.
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The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
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5.
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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..
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6.
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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.
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7.
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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.
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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.
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9.
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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.
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Trust GPP-PTA
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Trust GPP-PTB
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Trust APP-NPT
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Trust MPP-NPT
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Trust JPP-NPT
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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.
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3.
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CIBC Trust Company (Bahamas) Limited is Trustee (the “Trustee”) of the trusts set forth on Schedule A hereto (the “Recipient Trusts”).
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4.
|
The Trustee acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
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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.
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6.
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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.
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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.
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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.
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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.
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Trust TJP-PTA
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Trust TJP-PTB
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Trust JNP-NPT
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Trust BTP-NPT
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Trust DTP-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.
|
Maroon Private Trust Company, LLC has been appointed and has consented to serve as trustee (the “Trustee”) of the trusts set forth on Schedule A hereto (the “Trusts”).
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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 the Trusts, 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.
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Trust TJP-PTA
|
Trust TJP-PTB
|
Trust JNP-NPT
|
Trust BTP-NPT
|
Trust DTP-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.
|
UDQ Private Trust Company, LLC has been appointed and has consented to serve as trustee (the “Trustee”) of the trusts set forth on Schedule A hereto (the “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 becoming the trustee of the Trusts, 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.
|
Maroon Private Trust Company, LLC, as trustee of F.L.P. Trust #11, is contributing F.L.P. Trust #11’s direct interest in THHC, L.L.C., a Delaware limited liability company (“THHC”), to T11 HHC, LLC, a Delaware limited liability company (the “LLC”), and the LLC is becoming the controlling member of THHC as a result of such contribution.
|
4.
|
The LLC acknowledges (a) receipt and review of the Foreign GH Agreement, and (b) the terms of the Foreign GH Agreement.
|
5.
|
Contemporaneously with becoming the controlling member of THHC, 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.
|
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.
|