UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 17, 2016

HYATT HOTELS CORPORATION
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	001-34521	 	20-1480589	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

71 South Wacker Drive, 12th Floor
Chicago, IL	 	60606	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (312)   750-1234
Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On August 22, 2016, Hyatt Hotels Corporation (the “Company”) filed a Certificate of Retirement with the Secretary of State of the State of Delaware to retire 1,881,636 shares of Class B Common Stock, par value $0.01 per share, of the Company (the “Class B Common Stock”). All 1,881,636 shares of Class B Common Stock were converted into shares of Class A Common Stock, par value $0.01 per share, of the Company (the “Class A Common Stock”) in connection with the repurchase by the Company of 1,881,636 shares of Class B Common Stock from certain selling stockholders as described below. The Company’s Amended and Restated Certificate of Incorporation requires that any shares of Class B Common Stock that are converted into shares of Class A Common Stock be retired and may not be reissued. The Company has also retired all 1,881,636 shares of Class A Common Stock into which the Class B Common Stock converted, and such shares of Class A Common Stock have resumed the status of authorized but unissued shares.
Effective upon filing, the Certificate of Retirement amended the Amended and Restated Certificate of Incorporation of the Company to reduce the total number of authorized shares of capital stock of the Company by 1,881,636 shares. The total number of authorized shares of the Company is now 1,451,623,374 shares, consisting of 1,000,000,000 shares designated Class A Common Stock, 439,741,738 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, $0.01 par value per share. A copy of the Certificate of Retirement is attached as Exhibit 3.1 hereto.
Item 8.01 Other Events
On August 17, 2016, the Company entered into a Purchase and Sale Agreement (each, a “Purchase and Sale Agreement”) with each of (i) Alpine PT Company, solely in its capacity as trustee of Coco Trust, a trust for the benefit of Anthony N. Pritzker, and (ii) Posterity PT Company, solely in its capacity as trustee of PG Alma Trust, a trust for the benefit of Jay Robert Pritzker, pursuant to which the Company agreed to purchase an aggregate of 1,881,636 shares of Class B Common Stock at a price of $53.1452 per share, which represents the Volume Weighted Average Price for the Class A Common Stock for the three (3) trading-day period ending August 16, 2016 as reported by Bloomberg, for an aggregate purchase price of $99,999,921.54. The closings of such repurchase transactions occurred on August 19, 2016. The shares of Class B Common Stock repurchased represented approximately 1.4% of the Company’s total shares of common stock outstanding prior to the repurchase.
Upon repurchase, the 1,881,636 shares of Class B Common Stock automatically converted into 1,881,636 shares of Class A common stock. All 1,881,636 shares of Class B Common Stock converted in the repurchase have been retired in accordance with the Company’s Certificate of Incorporation, and the number of authorized shares of Class B Common Stock has been reduced by 1,881,636. All 1,881,636 shares of Class A Common Stock into which the shares of Class B Common Stock converted were also retired, and resumed the status of authorized but unissued shares. After the repurchase there are 107,747,326 shares of Class B Common Stock outstanding and 23,117,411 shares of Class A Common Stock outstanding. The shares repurchased were repurchased under the Company’s previously announced repurchase program. Following this repurchase, the Company has approximately $113 million remaining under its repurchase authorization.
The foregoing description of the Purchase and Sale Agreements is qualified in its entirety by reference to the text of the Purchase and Sale Agreements, copies of which are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

Exhibit
Number	  	Exhibit Description	
		
  3.1	  	Certificate of Retirement of 1,881,636 Shares of Class B Common Stock.	
		
99.1	  	Purchase and Sale Agreement, dated as of August 17, 2016, between Hyatt Hotels Corporation and Alpine PT Company, solely in its capacity as trustee of Coco Trust, a trust for the benefit of Anthony N. Pritzker.	
		
99.2	  	Purchase and Sale Agreement, dated as of August 17, 2016, between Hyatt Hotels Corporation and Posterity PT Company, solely in its capacity as trustee of PG Alma Trust, a trust for the benefit of Jay Robert Pritzker.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 	Hyatt Hotels Corporation	
		
Date: August 22, 2016	 	By:   /s/ Rena Hozore Reiss                                                     	
	 	        Name: Rena Hozore Reiss	
	 	        Title: Executive Vice President, General Counsel and         Secretary	

INDEX TO EXHIBITS

Exhibit
Number	  	Exhibit Description	
		
  3.1	  	Certificate of Retirement of 1,881,636 Shares of Class B Common Stock	
		
99.1	  	Purchase and Sale Agreement, dated as of August 17, 2016, between Hyatt Hotels Corporation and Alpine PT Company, solely in its capacity as trustee of Coco Trust, a trust for the benefit of Anthony N. Pritzker.	
		
99.2	  	Purchase and Sale Agreement, dated as of August 17, 2016, between Hyatt Hotels Corporation and Posterity PT Company, solely in its capacity as trustee of PG Alma Trust, a trust for the benefit of Jay Robert Pritzker.	

Exhibit 3.1
CERTIFICATE OF RETIREMENT
OF
1,881,636 SHARES OF CLASS B COMMON STOCK
OF
HYATT HOTELS CORPORATION
Pursuant to Section 243(b)
of the General Corporation Law
of the State of Delaware
Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “ Corporation ”), HEREBY CERTIFIES as follows:
1. 1,881,636 outstanding shares of Class B Common Stock, par value $0.01 per share (“ Class B Common Stock ”), of the Corporation have been converted into 1,881,636 shares of Class A Common Stock, par value $0.01 per share (“ Class A Common Stock ”), of the Corporation.
2. The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.
3. The Board of Directors of the Corporation has adopted resolutions retiring the 1,881,636 shares of Class B Common Stock that converted into 1,881,636 shares of Class A Common Stock.
4. Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,881,636 shares, such that the total number of authorized shares of the Corporation shall be 1,449,741,738, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 439,741,738 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.
Signature page follows.
 
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IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 22 nd day of August, 2016.

HYATT HOTELS CORPORATION	
		
By:	 	/s/ Rena Hozore Reiss	
	 	Name: Rena Hozore Reiss	
	 	Title: Executive Vice President, General Counsel           and Secretary	
 
- 2 -

Exhibit 99.1
PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement (this “ Agreement ”) is entered into by and between Alpine PT Company, in its capacity as trustee (the “ Selling Trustee ”) of Coco Trust (the “ Trust ”), and Hyatt Hotels Corporation, a Delaware corporation (the “ Purchaser ” or the “ Company ”), as of August 17, 2016. Each of the Selling Trustee and the Purchaser is sometimes referred to herein as a “ Party ” and collectively as the “Parties” to this Agreement.
Recitals
WHEREAS, the Selling Trustee in its capacity as trustee of the Trust owns an aggregate of 940,818 shares (the “ Subject Shares ”) of the Class B Common Stock, par value $0.01 per share, of the Company; and
WHEREAS, the Selling Trustee in its capacity as trustee of the Trust desires to sell and the Purchaser desires to purchase the Subject Shares for a price per share of $53.1452, subject to the terms and provisions of this Agreement.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. Purchase and Sale . The Selling Trustee in its capacity as trustee of the Trust agrees to sell the Subject Shares to the Purchaser, and the Purchaser agrees to purchase the Subject Shares on the Closing Date (as defined in Section 2 below). The purchase price for the Subject Shares shall be $53.1452 per share, which represents the Volume Weighted Average Price for the Class A common stock, par value $0.01 per share, of the Company for the three (3) trading-day period ending August 16, 2016 as reported by Bloomberg, resulting in a total Purchase Price of $49,999,960.77 due to the Selling Trustee in its capacity as trustee of the Trust from the Purchaser (the “ Purchase Price ”), and which shall be payable in cash at the closing of such sale in accordance with the provisions of Section 3 hereof.
2. Closing . The closing of the transactions contemplated by this Agreement (the “ Closing ”) shall take place at the offices of Latham & Watkins LLP, 330 North Wabash Avenue, Suite 2800, Chicago, Illinois 60611, on August 19, 2016, or on such other date as the Parties may mutually determine (the “ Closing Date ”).
3. Closing Deliveries of the Purchaser . At the Closing, the Purchaser shall deliver the Purchase Price to the Selling Trustee in its capacity as trustee of the Trust by wire transfer of immediately available funds to the account designated in writing by the Selling Trustee.
4. Closing Deliveries by Selling Trustee . At the Closing, the Selling Trustee shall deliver, or cause to be delivered, to the Purchaser, certificates representing the Subject Shares together with transfers and assignments separate from certificate with respect to the Subject

Shares sufficient to transfer title to the Subject Shares to the Purchaser on the books of the Company and Certificates of Fiduciary Authority, including, as necessary, Medallion Guarantees.
5. Representations and Warranties of the Selling Trustee . The Selling Trustee represents and warrants to the Purchaser that the statements contained in this Section 5 are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date, it being agreed that the Purchaser is relying on each statement.
(a) Power; Legal, Valid and Binding Obligations . Alpine PT Company is duly organized and validly existing. The Selling Trustee has all necessary power and capacity under the trust instrument of the Trust to execute and deliver this Agreement and each of the other agreements and instruments contemplated hereby (collectively, the “ Ancillary Documents ”) and to perform, observe and comply with all of its agreements and obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the Ancillary Documents have been duly and validly authorized by all necessary action on the part of the Selling Trustee. This Agreement and the Ancillary Documents to which the Selling Trustee is or will be a party have been or will be duly and validly executed by the Selling Trustee and, upon delivery thereof by the Selling Trustee, will constitute the legal, valid and binding obligations of the Selling Trustee, enforceable against the Selling Trustee in accordance with their terms.
(b) No Conflict . None of the execution, delivery or performance by the Selling Trustee of this Agreement or any Ancillary Document to which it is a party will (with or without the giving of notice, the lapse of time or both) conflict with, result in a breach or violation of or constitute a default under (a) any contract, agreement or other instrument to which the Selling Trustee is a party or by which the assets or property of the Trust is bound or (b) any law, statute, rule, regulation, ordinance, writ, order or judgment to which the Selling Trustee is subject or by which the assets or property of the Trust is bound.
(c) Consents . No approval, consent, waiver or filing of or with any third party, including, but not limited to, any governmental bodies, agencies or instrumentalities, is required for the execution, delivery and performance by the Selling Trustee of this Agreement or any Ancillary Document to which it is or will be a party other than such approvals, consents, waivers or filings previously obtained or made.
(d) Title to Shares; Liens and Encumbrances . The Selling Trustee is the owner of the Subject Shares in its capacity as trustee of the Trust and holds such Subject Shares free and clear of all liens, pledges, options, claims, encumbrances and other security arrangements or restrictions of any kind other than restrictions under that certain Amended & Restated Global Hyatt Agreement dated October 1, 2009 and under the Company’s Amended and Restated Certificate of Incorporation (collectively, “ Liens ”), and upon delivery of such Subject Shares to the Purchaser pursuant to the terms of this Agreement, the Purchaser will receive good title thereto, free and clear of any and all Liens.
(e) Broker’s Fees . The Selling Trustee has no liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which the Purchaser could become liable or otherwise obligated.
 
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(f) Independent Decision to Sell; Etc.  The Selling Trustee has made an independent decision to sell the Subject Shares to the Purchaser and has determined that it has adequate information concerning the business and financial condition of the Company in connection with its decision to sell the Subject Shares. The Selling Trustee understands the disadvantage to which it may be subject on account of the disparity of information between it and the Purchaser, and further acknowledges that the Company and its affiliates may possess material, non-public information not known to the Selling Trustee regarding or relating to the Company, its affiliates or the Subject Shares. The Selling Trustee is capable, by reason of its business or financial knowledge and experience, of evaluating the merits and risks of the sale of the Subject Shares and of protecting its own interest in connection with the sale of the Subject Shares, and the Selling Trustee acknowledges that it has had the opportunity to discuss the information available to it relating to the sale of the Subject Shares with such advisors as it has deemed appropriate. The Selling Trustee acknowledges that the Purchaser has not given it any investment advice or rendered any opinion to it as to whether the sale of the Subject Shares is prudent or suitable, and, except as expressly provided in Section 6 of this Agreement, it is not relying on any representation or warranty made by the Purchaser in connection with its decision to sell the Subject Shares to the Purchaser.
6. Representations and Warranties of the Purchaser . The Purchaser represents and warrants to the Selling Trustee that the statements contained in this Section 6 are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date, it being agreed that the Selling Trustee is relying on each such statement.
(a) Power; Legal,   Valid and Binding Obligations . The Purchaser is a duly incorporated and validly existing corporation organized under the laws of the State of Delaware. The Purchaser has all necessary power and capacity to execute and deliver this Agreement and the Ancillary Documents, and to perform, observe and comply with all of its agreements and obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the Ancillary Documents have been duly and validly authorized by all necessary action on the part of the Purchaser. This Agreement and each of the Ancillary Documents to which it is or will be a party have been or will be duly and validly executed by the Purchaser and, upon delivery thereof by the Purchaser, will constitute the legal, valid and binding obligations of the Purchaser, enforceable against it in accordance with their terms.
(b) No Conflict . None of the execution, delivery or performance by the Purchaser of this Agreement or any Ancillary Document to which it is a party will (with or without the giving of notice, the lapse of time or both) conflict with, result in a breach or violation of or constitute a default under (a) any contract, agreement or other instrument to which the Purchaser is a party or by which it or its assets or property is bound or (b) any law, statute, rule, regulation, ordinance, writ, order or judgment to which the Purchaser is subject or by which it or its assets or property is bound.
 
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(c) Consents . No approval, consent, waiver or filing of or with any third party, including, but not limited to, any governmental bodies, agencies or instrumentalities, is required for the execution, delivery and performance by the Purchaser of this Agreement or any Ancillary Document to which it is or will be a party other than such approvals, consents, waivers or filings previously obtained or made.
(d) Legal Matters . There is no action, suit or proceeding by or before any court or governmental or other regulatory or administrative agency or commission pending, or, to the best of the Purchaser’s knowledge, threatened against or involving the Purchaser which challenges the validity of this Agreement or any action taken or to be taken by the Purchaser pursuant to this Agreement or in connection with the transactions contemplated hereby. The Purchaser is not subject to any judgment, order or decree entered into in any lawsuit or proceeding which will have an adverse effect on the transactions contemplated hereby.
(e) Broker’s Fees . The Purchaser has no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which the Selling Trustee could become liable or otherwise obligated.
(f) Non-Public Information . Purchaser acknowledges that it has not provided an y information that currently constitutes material, non-public information relating to the Company to the Selling Trustee, and further acknowledges that the Selling Trustee has not requested any such information from the Company. The Purchaser represents that its purchase of the Subject Shares is being made during an “open window” period under the Hyatt Hotels Corporation Insider Trading Compliance Program.
7. Miscellaneous .
(a) Survival of Representations and Warranties Herein . All representations, warranties and covenants set forth herein shall survive the Closing Date.
(b) Additional Documents . From time to time after execution of this Agreement, each party hereto shall, without additional consideration, execute and deliver such further agreements and instruments and take such other action as may be reasonably requested by any other party hereto in order to carry out the purposes of this Agreement.
(c) Amendment and Waiver . This Agreement cannot be amended, supplemented or modified, nor can any provision hereof be waived, except by a written instrument signed by the party against whom enforcement of such amendment, supplement, modification or waiver is sought.
(d) Notices . Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been properly given (a) when delivered by hand; (b) when sent by facsimile or email (with acknowledgment of complete transmission); (c) seven days after being sent by certified mail, return receipt requested or (d) two days after deposit with a nationally-recognized overnight delivery service, in each case to the addresses or facsimile numbers set forth on the signature page hereof. Each party hereto shall be entitled to specify a different address or facsimile number for the receipt of subsequent notices or other communications by giving written notice thereof to the other party in accordance with this Paragraph (d).
 
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(e) Severability . If any term or provision of this Agreement, or the application thereof to any person, entity or circumstance, shall, to any extent, be determined to be contrary to law and unenforceable by any court of law, the remaining terms and provisions of this Agreement, and the application thereof to other persons, entities and circumstances, shall not be invalidated thereby, and each term and provision hereof shall be construed with all other remaining terms and provisions hereof to effect the intent of the parties to the fullest extent of the law.
(f) No Third Party Beneficiaries . This Agreement shall not confer any rights or remedies upon any person other than the parties hereto and their respective successors and permitted assigns.
(g) Governing Law . This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
(h) Entire Agreement . This Agreement, including the other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof.
(i) Binding Effect . This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.
(j) Counterparts . This Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument and, any signed counterpart shall be deemed delivered by the Party signing it if sent to the other parties hereto by facsimile transmission or electronic transmission and shall be as effective as original ink signatures for the purposes of the execution and delivery of this Agreement.
(k) Confidentiality . Unless the prior written consent of the other Parties is obtained, the sale and purchase of the Subject Shares and all provisions of this Agreement shall be and remain confidential to the Parties, except to the extent that such information is in the public domain or disclosure is required by law or by any regulatory body whether public or not. For the avoidance of doubt, the Parties shall be permitted to disclose the terms of this Agreement to their professional or financial advisors who are aware of its confidential nature.
(l) Assignment . The Purchaser may not, without the prior written consent of the Selling Trustee, assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement.
 
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(m) Costs . All costs in connection with the negotiation, preparation, execution and performance of this Agreement, and any documents referred to in it, will be borne by the Party that incurred the costs.
(n) Trustee Exculpation .   When this Agreement is executed by the trustee of any 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 herein contained shall be construed as creating 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 liability, if any, being expressly waived by the parties hereto by their execution hereof. Any liability of any party which is a trust under this Agreement shall be only that of such trust to the full extent of its trust estate and shall not be a personal liability of any trustee, grantor or beneficiary thereof.
Signature page follows.
 
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IN WITNESS WHEREOF, each of the Parties hereto has duly executed this Agreement as of the date first above written.

SELLING TRUSTEE:	
	
ALPINE PT COMPANY, not individually, but solely in its capacity as trustee of Coco Trust	
		
By:  	 	/s/ Lewis M. Linn	
	 	Name: Lewis M. Linn	
	 	Title: President	
	
Address:         Alpine PT Company	
                        100 W. Liberty Street	
                        Floor 10	
                        Reno, NV 89501	
                        Facsimile No.: 775-329-0783	
[ Signature Page to Purchase and Sale Agreement (ANP) ]

			
PURCHASER:	
	
HYATT HOTELS CORPORATION, a Delaware corporation	
		
By:  	 	/s/ Rena Hozore Reiss	
	 	Name: Rena Hozore Reiss	
	 	Title: Executive Vice President, General Counsel
          and Secretary	
	
 Address:             71 S. Wacker Drive, 12 th Floor	
                           Chicago, Illinois 60606	
                           Facsimile No.: (312) 780-5282	
[ Signature Page to Purchase and Sale Agreement (ANP) ]

Exhibit 99.2
PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement (this “ Agreement ”) is entered into by and between Posterity PT Company, in its capacity as trustee (the “ Selling Trustee ”) of PG Alma Trust (the “ Trust ”), and Hyatt Hotels Corporation, a Delaware corporation (the “ Purchaser ” or the “ Company ”), as of August 17, 2016. Each of the Selling Trustee and the Purchaser is sometimes referred to herein as a “ Party ” and collectively as the “Parties” to this Agreement.
Recitals
WHEREAS, the Selling Trustee in its capacity as trustee of the Trust owns an aggregate of 940,818 shares (the “ Subject Shares ”) of the Class B Common Stock, par value $0.01 per share, of the Company; and
WHEREAS, the Selling Trustee in its capacity as trustee of the Trust desires to sell and the Purchaser desires to purchase the Subject Shares for a price per share of $53.1452, subject to the terms and provisions of this Agreement.
Agreement
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. Purchase and Sale . The Selling Trustee in its capacity as trustee of the Trust agrees to sell the Subject Shares to the Purchaser, and the Purchaser agrees to purchase the Subject Shares on the Closing Date (as defined in Section 2 below). The purchase price for the Subject Shares shall be $53.1452 per share, which represents the Volume Weighted Average Price for the Class A common stock, par value $0.01 per share, of the Company for the three (3) trading-day period ending August 16, 2016 as reported by Bloomberg, resulting in a total Purchase Price of $49,999,960.77 due to the Selling Trustee in its capacity as trustee of the Trust from the Purchaser (the “ Purchase Price ”), and which shall be payable in cash at the closing of such sale in accordance with the provisions of Section 3 hereof.
2. Closing . The closing of the transactions contemplated by this Agreement (the “ Closing ”) shall take place at the offices of Latham & Watkins LLP, 330 North Wabash Avenue, Suite 2800, Chicago, Illinois 60611, on August 19, 2016, or on such other date as the Parties may mutually determine (the “ Closing Date ”).
3. Closing Deliveries of the Purchaser . At the Closing, the Purchaser shall deliver the Purchase Price to the Selling Trustee in its capacity as trustee of the Trust by wire transfer of immediately available funds to the account designated in writing by the Selling Trustee.
4. Closing Deliveries by Selling Trustee . At the Closing, the Selling Trustee shall deliver, or cause to be delivered, to the Purchaser, certificates representing the Subject Shares together with transfers and assignments separate from certificate with respect to the Subject

Shares sufficient to transfer title to the Subject Shares to the Purchaser on the books of the Company and Certificates of Fiduciary Authority, including, as necessary, Medallion Guarantees.
5. Representations and Warranties of the Selling Trustee . The Selling Trustee represents and warrants to the Purchaser that the statements contained in this Section 5 are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date, it being agreed that the Purchaser is relying on each statement.
(a) Power; Legal, Valid and Binding Obligations . Posterity PT Company is duly organized and validly existing. The Selling Trustee has all necessary power and capacity under the trust instrument of the Trust to execute and deliver this Agreement and each of the other agreements and instruments contemplated hereby (collectively, the “ Ancillary Documents ”) and to perform, observe and comply with all of its agreements and obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the Ancillary Documents have been duly and validly authorized by all necessary action on the part of the Selling Trustee. This Agreement and the Ancillary Documents to which the Selling Trustee is or will be a party have been or will be duly and validly executed by the Selling Trustee and, upon delivery thereof by the Selling Trustee, will constitute the legal, valid and binding obligations of the Selling Trustee, enforceable against the Selling Trustee in accordance with their terms.
(b) No Conflict . None of the execution, delivery or performance by the Selling Trustee of this Agreement or any Ancillary Document to which it is a party will (with or without the giving of notice, the lapse of time or both) conflict with, result in a breach or violation of or constitute a default under (a) any contract, agreement or other instrument to which the Selling Trustee is a party or by which the assets or property of the Trust is bound or (b) any law, statute, rule, regulation, ordinance, writ, order or judgment to which the Selling Trustee is subject or by which the assets or property of the Trust is bound.
(c) Consents . No approval, consent, waiver or filing of or with any third party, including, but not limited to, any governmental bodies, agencies or instrumentalities, is required for the execution, delivery and performance by the Selling Trustee of this Agreement or any Ancillary Document to which it is or will be a party other than such approvals, consents, waivers or filings previously obtained or made.
(d) Title to Shares; Liens and Encumbrances . The Selling Trustee is the owner of the Subject Shares in its capacity as trustee of the Trust and holds such Subject Shares free and clear of all liens, pledges, options, claims, encumbrances and other security arrangements or restrictions of any kind other than restrictions under that certain Amended & Restated Global Hyatt Agreement dated October 1, 2009 and under the Company’s Amended and Restated Certificate of Incorporation (collectively, “ Liens ”), and upon delivery of such Subject Shares to the Purchaser pursuant to the terms of this Agreement, the Purchaser will receive good title thereto, free and clear of any and all Liens.
(e) Broker’s Fees . The Selling Trustee has no liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement for which the Purchaser could become liable or otherwise obligated.
 
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(f) Independent Decision to Sell; Etc.  The Selling Trustee has made an independent decision to sell the Subject Shares to the Purchaser and has determined that it has adequate information concerning the business and financial condition of the Company in connection with its decision to sell the Subject Shares. The Selling Trustee understands the disadvantage to which it may be subject on account of the disparity of information between it and the Purchaser, and further acknowledges that the Company and its affiliates may possess material, non-public information not known to the Selling Trustee regarding or relating to the Company, its affiliates or the Subject Shares. The Selling Trustee is capable, by reason of its business or financial knowledge and experience, of evaluating the merits and risks of the sale of the Subject Shares and of protecting its own interest in connection with the sale of the Subject Shares, and the Selling Trustee acknowledges that it has had the opportunity to discuss the information available to it relating to the sale of the Subject Shares with such advisors as it has deemed appropriate. The Selling Trustee acknowledges that the Purchaser has not given it any investment advice or rendered any opinion to it as to whether the sale of the Subject Shares is prudent or suitable, and, except as expressly provided in Section 6 of this Agreement, it is not relying on any representation or warranty made by the Purchaser in connection with its decision to sell the Subject Shares to the Purchaser.
6. Representations and Warranties of the Purchaser . The Purchaser represents and warrants to the Selling Trustee that the statements contained in this Section 6 are true and correct as of the date of this Agreement and shall be true and correct as of the Closing Date, it being agreed that the Selling Trustee is relying on each such statement.
(a) Power; Legal,   Valid and Binding Obligations . The Purchaser is a duly incorporated and validly existing corporation organized under the laws of the State of Delaware. The Purchaser has all necessary power and capacity to execute and deliver this Agreement and the Ancillary Documents, and to perform, observe and comply with all of its agreements and obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the Ancillary Documents have been duly and validly authorized by all necessary action on the part of the Purchaser. This Agreement and each of the Ancillary Documents to which it is or will be a party have been or will be duly and validly executed by the Purchaser and, upon delivery thereof by the Purchaser, will constitute the legal, valid and binding obligations of the Purchaser, enforceable against it in accordance with their terms.
(b) No Conflict . None of the execution, delivery or performance by the Purchaser of this Agreement or any Ancillary Document to which it is a party will (with or without the giving of notice, the lapse of time or both) conflict with, result in a breach or violation of or constitute a default under (a) any contract, agreement or other instrument to which the Purchaser is a party or by which it or its assets or property is bound or (b) any law, statute, rule, regulation, ordinance, writ, order or judgment to which the Purchaser is subject or by which it or its assets or property is bound.
 
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(c) Consents . No approval, consent, waiver or filing of or with any third party, including, but not limited to, any governmental bodies, agencies or instrumentalities, is required for the execution, delivery and performance by the Purchaser of this Agreement or any Ancillary Document to which it is or will be a party other than such approvals, consents, waivers or filings previously obtained or made.
(d) Legal Matters . There is no action, suit or proceeding by or before any court or governmental or other regulatory or administrative agency or commission pending, or, to the best of the Purchaser’s knowledge, threatened against or involving the Purchaser which challenges the validity of this Agreement or any action taken or to be taken by the Purchaser pursuant to this Agreement or in connection with the transactions contemplated hereby. The Purchaser is not subject to any judgment, order or decree entered into in any lawsuit or proceeding which will have an adverse effect on the transactions contemplated hereby.
(e) Broker’s Fees . The Purchaser has no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which the Selling Trustee could become liable or otherwise obligated.
(f) Non-Public Information . Purchaser acknowledges that it has not provided an y information that currently constitutes material, non-public information relating to the Company to the Selling Trustee, and further acknowledges that the Selling Trustee has not requested any such information from the Company. The Purchaser represents that its purchase of the Subject Shares is being made during an “open window” period under the Hyatt Hotels Corporation Insider Trading Compliance Program.
7. Miscellaneous .
(a) Survival of Representations and Warranties Herein . All representations, warranties and covenants set forth herein shall survive the Closing Date.
(b) Additional Documents . From time to time after execution of this Agreement, each party hereto shall, without additional consideration, execute and deliver such further agreements and instruments and take such other action as may be reasonably requested by any other party hereto in order to carry out the purposes of this Agreement.
(c) Amendment and Waiver . This Agreement cannot be amended, supplemented or modified, nor can any provision hereof be waived, except by a written instrument signed by the party against whom enforcement of such amendment, supplement, modification or waiver is sought.
(d) Notices . Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been properly given (a) when delivered by hand; (b) when sent by facsimile or email (with acknowledgment of complete transmission); (c) seven days after being sent by certified mail, return receipt requested or (d) two days after deposit with a nationally-recognized overnight delivery service, in each case to the addresses or facsimile numbers set forth on the signature page hereof. Each party hereto shall be entitled to specify a different address or facsimile number for the receipt of subsequent notices or other communications by giving written notice thereof to the other party in accordance with this Paragraph (d).
 
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(e) Severability . If any term or provision of this Agreement, or the application thereof to any person, entity or circumstance, shall, to any extent, be determined to be contrary to law and unenforceable by any court of law, the remaining terms and provisions of this Agreement, and the application thereof to other persons, entities and circumstances, shall not be invalidated thereby, and each term and provision hereof shall be construed with all other remaining terms and provisions hereof to effect the intent of the parties to the fullest extent of the law.
(f) No Third Party Beneficiaries . This Agreement shall not confer any rights or remedies upon any person other than the parties hereto and their respective successors and permitted assigns.
(g) Governing Law . This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
(h) Entire Agreement . This Agreement, including the other writings referred to herein or delivered pursuant hereto, constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof.
(i) Binding Effect . This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.
(j) Counterparts . This Agreement may be executed in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument and, any signed counterpart shall be deemed delivered by the Party signing it if sent to the other parties hereto by facsimile transmission or electronic transmission and shall be as effective as original ink signatures for the purposes of the execution and delivery of this Agreement.
(k) Confidentiality . Unless the prior written consent of the other Parties is obtained, the sale and purchase of the Subject Shares and all provisions of this Agreement shall be and remain confidential to the Parties, except to the extent that such information is in the public domain or disclosure is required by law or by any regulatory body whether public or not. For the avoidance of doubt, the Parties shall be permitted to disclose the terms of this Agreement to their professional or financial advisors who are aware of its confidential nature.
(l) Assignment . The Purchaser may not, without the prior written consent of the Selling Trustee, assign, grant any security interest over, hold on trust or otherwise transfer the benefit of the whole or any part of this Agreement.
 
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(m) Costs . All costs in connection with the negotiation, preparation, execution and performance of this Agreement, and any documents referred to in it, will be borne by the Party that incurred the costs.
(n) Trustee Exculpation .   When this Agreement is executed by the trustee of any 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 herein contained shall be construed as creating 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 liability, if any, being expressly waived by the parties hereto by their execution hereof. Any liability of any party which is a trust under this Agreement shall be only that of such trust to the full extent of its trust estate and shall not be a personal liability of any trustee, grantor or beneficiary thereof.
Signature page follows.
 
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IN WITNESS WHEREOF, each of the Parties hereto has duly executed this Agreement as of the date first above written.

SELLING TRUSTEE:	
	
POSTERITY PT COMPANY, not individually, but solely in its capacity as trustee of PG Alma Trust	
		
By:	 	/s/ Jay Robert Pritzker	
	 	Name: Jay Robert Pritzker	
	 	Title: President	
	
Address:             Posterity PT Company	
                            100 W. Liberty Street	
                            Floor 10	
                            Reno, NV 89501	
                            Facsimile No.: 775-329-0783	
[ Signature Page to Purchase and Sale Agreement (JRP) ]

			
PURCHASER:	
	
HYATT HOTELS CORPORATION, a Delaware corporation	
		
By:	 	/s/ Rena Hozore Reiss	
	 	Name: Rena Hozore Reiss	
	 	Title: Executive Vice President, General Counsel
          and Secretary	
	
Address:             71 S. Wacker Drive, 12th Floor	
                            Chicago, Illinois 60606	
                            Facsimile No.: (312) 780-5282	
[ Signature Page to Purchase and Sale Agreement (JRP) ]