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UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORTPursuant 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 jurisdictionof incorporation)
(CommissionFile Number)
(IRS EmployerIdentification 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
ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions:
¨ WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)
¨ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)
¨ Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))
¨ Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))
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Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
OnAugust22,2016,HyattHotelsCorporation(the“Company”)filedaCertificateofRetirementwiththeSecretaryofStateoftheStateofDelawaretoretire1,881,636sharesofClassBCommonStock,parvalue$0.01pershare,oftheCompany(the“ClassBCommonStock”).All1,881,636sharesofClassBCommonStockwereconvertedintosharesofClassACommonStock,parvalue$0.01pershare,oftheCompany(the“ClassACommonStock”)inconnectionwiththerepurchasebytheCompanyof1,881,636sharesofClassBCommonStockfromcertainsellingstockholdersasdescribedbelow.TheCompany’sAmendedandRestatedCertificateofIncorporationrequiresthatanysharesofClassBCommonStockthatareconvertedintosharesofClassACommonStockberetiredandmaynotbereissued.TheCompanyhasalsoretiredall1,881,636sharesofClassACommonStockintowhichtheClassBCommonStockconverted,andsuchsharesofClassACommonStockhaveresumedthestatusofauthorizedbutunissuedshares.
Effectiveuponfiling,theCertificateofRetirementamendedtheAmendedandRestatedCertificateofIncorporationoftheCompanytoreducethetotalnumberofauthorizedsharesofcapitalstockoftheCompanyby1,881,636shares.ThetotalnumberofauthorizedsharesoftheCompanyisnow1,451,623,374shares,consistingof1,000,000,000sharesdesignatedClassACommonStock,439,741,738sharesdesignatedClassBCommonStock,and10,000,000sharesdesignatedPreferredStock,$0.01parvaluepershare.AcopyoftheCertificateofRetirementisattachedasExhibit3.1hereto.
Item 8.01 Other Events
OnAugust17,2016,theCompanyenteredintoaPurchaseandSaleAgreement(each,a“PurchaseandSaleAgreement”)witheachof(i)AlpinePTCompany,solelyinitscapacityastrusteeofCocoTrust,atrustforthebenefitofAnthonyN.Pritzker,and(ii)PosterityPTCompany,solelyinitscapacityastrusteeofPGAlmaTrust,atrustforthebenefitofJayRobertPritzker,pursuanttowhichtheCompanyagreedtopurchaseanaggregateof1,881,636sharesofClassBCommonStockatapriceof$53.1452pershare,whichrepresentstheVolumeWeightedAveragePricefortheClassACommonStockforthethree(3)trading-dayperiodendingAugust16,2016asreportedbyBloomberg,foranaggregatepurchasepriceof$99,999,921.54.TheclosingsofsuchrepurchasetransactionsoccurredonAugust19,2016.ThesharesofClassBCommonStockrepurchasedrepresentedapproximately1.4%oftheCompany’stotalsharesofcommonstockoutstandingpriortotherepurchase.
Uponrepurchase,the1,881,636sharesofClassBCommonStockautomaticallyconvertedinto1,881,636sharesofClassAcommonstock.All1,881,636sharesofClassBCommonStockconvertedintherepurchasehavebeenretiredinaccordancewiththeCompany’sCertificateofIncorporation,andthenumberofauthorizedsharesofClassBCommonStockhasbeenreducedby1,881,636.All1,881,636sharesofClassACommonStockintowhichthesharesofClassBCommonStockconvertedwerealsoretired,andresumedthestatusofauthorizedbutunissuedshares.Aftertherepurchasethereare107,747,326sharesofClassBCommonStockoutstandingand23,117,411sharesofClassACommonStockoutstanding.ThesharesrepurchasedwererepurchasedundertheCompany’spreviouslyannouncedrepurchaseprogram.Followingthisrepurchase,theCompanyhasapproximately$113millionremainingunderitsrepurchaseauthorization.
TheforegoingdescriptionofthePurchaseandSaleAgreementsisqualifiedinitsentiretybyreferencetothetextofthePurchaseandSaleAgreements,copiesofwhichareattachedheretoasExhibits99.1and99.2andincorporatedhereinbyreference.
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Item 9.01 Financial Statements and ExhibitsExhibitNumber Exhibit Description
3.1 CertificateofRetirementof1,881,636SharesofClassBCommonStock.
99.1
PurchaseandSaleAgreement,datedasofAugust17,2016,betweenHyattHotelsCorporationandAlpinePTCompany,solelyinitscapacityastrusteeofCocoTrust,atrustforthebenefitofAnthonyN.Pritzker.
99.2
PurchaseandSaleAgreement,datedasofAugust17,2016,betweenHyattHotelsCorporationandPosterityPTCompany,solelyinitscapacityastrusteeofPGAlmaTrust,atrustforthebenefitofJayRobertPritzker.
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SIGNATURES
PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersignedhereuntodulyauthorized.
Hyatt Hotels Corporation
Date:August22,2016 By:/s/RenaHozoreReiss Name:RenaHozoreReiss Title:ExecutiveVicePresident,GeneralCounselandSecretary
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INDEX TO EXHIBITSExhibitNumber Exhibit Description
3.1 CertificateofRetirementof1,881,636SharesofClassBCommonStock
99.1
PurchaseandSaleAgreement,datedasofAugust17,2016,betweenHyattHotelsCorporationandAlpinePTCompany,solelyinitscapacityastrusteeofCocoTrust,atrustforthebenefitofAnthonyN.Pritzker.
99.2
PurchaseandSaleAgreement,datedasofAugust17,2016,betweenHyattHotelsCorporationandPosterityPTCompany,solelyinitscapacityastrusteeofPGAlmaTrust,atrustforthebenefitofJayRobertPritzker.
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Exhibit 3.1
CERTIFICATE OF RETIREMENTOF
1,881,636 SHARES OF CLASS B COMMON STOCKOF
HYATT HOTELS CORPORATION
PursuanttoSection243(b)oftheGeneralCorporationLaw
oftheStateofDelaware
HyattHotelsCorporation,acorporationorganizedandexistingunderthelawsoftheStateofDelaware(the“Corporation”),HEREBYCERTIFIESasfollows:
1.1,881,636outstandingsharesofClassBCommonStock,parvalue$0.01pershare(“ClassBCommonStock”),oftheCorporationhavebeenconvertedinto1,881,636sharesofClassACommonStock,parvalue$0.01pershare(“ClassACommonStock”),oftheCorporation.
2.TheAmendedandRestatedCertificateofIncorporationoftheCorporationfiledwiththeSecretaryofStateoftheStateofDelawareonNovember4,2009,asamended,providesthatanysharesofClassBCommonStockwhichareconvertedintosharesofClassACommonStockshallberetiredandmaynotbereissuedbytheCorporation.
3.TheBoardofDirectorsoftheCorporationhasadoptedresolutionsretiringthe1,881,636sharesofClassBCommonStockthatconvertedinto1,881,636sharesofClassACommonStock.
4.Accordingly,pursuanttotheprovisionsofSection243(b)oftheGeneralCorporationLawoftheStateofDelaware,uponthefilingofthisCertificateofRetirementtheCertificateofIncorporationoftheCorporationshallbeamendedsoastoreducethetotalauthorizednumberofsharesofthecapitalstockoftheCorporationby1,881,636shares,suchthatthetotalnumberofauthorizedsharesoftheCorporationshallbe1,449,741,738,suchsharesconsistingof1,000,000,000sharesdesignatedClassACommonStock,439,741,738sharesdesignatedClassBCommonStock,and10,000,000sharesdesignatedPreferredStock,parvalue$0.01pershare.
Signaturepagefollows.
-1-
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INWITNESSWHEREOF,theCorporationhascausedthisCertificateofRetirementtobesignedbyitsdulyauthorizedofficer,this22nddayofAugust,2016.
HYATT HOTELS CORPORATION
By:/s/RenaHozoreReissName:RenaHozoreReiss
Title:ExecutiveVicePresident,GeneralCounselandSecretary
-2-
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Exhibit 99.1
PURCHASE AND SALE AGREEMENT
ThisPurchaseandSaleAgreement(this“Agreement”)isenteredintobyandbetweenAlpinePTCompany,initscapacityastrustee(the“SellingTrustee”)ofCocoTrust(the“Trust”),andHyattHotelsCorporation,aDelawarecorporation(the“Purchaser”orthe“Company”),asofAugust17,2016.EachoftheSellingTrusteeandthePurchaserissometimesreferredtohereinasa“Party”andcollectivelyasthe“Parties”tothisAgreement.
Recitals
WHEREAS,theSellingTrusteeinitscapacityastrusteeoftheTrustownsanaggregateof940,818shares(the“SubjectShares”)oftheClassBCommonStock,parvalue$0.01pershare,oftheCompany;and
WHEREAS,theSellingTrusteeinitscapacityastrusteeoftheTrustdesirestosellandthePurchaserdesirestopurchasetheSubjectSharesforapricepershareof$53.1452,subjecttothetermsandprovisionsofthisAgreement.
Agreement
NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementscontainedhereinandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,thePartiesherebyagreeasfollows:
1.PurchaseandSale.TheSellingTrusteeinitscapacityastrusteeoftheTrustagreestoselltheSubjectSharestothePurchaser,andthePurchaseragreestopurchasetheSubjectSharesontheClosingDate(asdefinedinSection2below).ThepurchasepricefortheSubjectSharesshallbe$53.1452pershare,whichrepresentstheVolumeWeightedAveragePricefortheClassAcommonstock,parvalue$0.01pershare,oftheCompanyforthethree(3)trading-dayperiodendingAugust16,2016asreportedbyBloomberg,resultinginatotalPurchasePriceof$49,999,960.77duetotheSellingTrusteeinitscapacityastrusteeoftheTrustfromthePurchaser(the“PurchasePrice”),andwhichshallbepayableincashattheclosingofsuchsaleinaccordancewiththeprovisionsofSection3hereof.
2.Closing.TheclosingofthetransactionscontemplatedbythisAgreement(the“Closing”)shalltakeplaceattheofficesofLatham&WatkinsLLP,330NorthWabashAvenue,Suite2800,Chicago,Illinois60611,onAugust19,2016,oronsuchotherdateasthePartiesmaymutuallydetermine(the“ClosingDate”).
3.ClosingDeliveriesofthePurchaser.AttheClosing,thePurchasershalldeliverthePurchasePricetotheSellingTrusteeinitscapacityastrusteeoftheTrustbywiretransferofimmediatelyavailablefundstotheaccountdesignatedinwritingbytheSellingTrustee.
4.ClosingDeliveriesbySellingTrustee.AttheClosing,theSellingTrusteeshalldeliver,orcausetobedelivered,tothePurchaser,certificatesrepresentingtheSubjectSharestogetherwithtransfersandassignmentsseparatefromcertificatewithrespecttotheSubject
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SharessufficienttotransfertitletotheSubjectSharestothePurchaseronthebooksoftheCompanyandCertificatesofFiduciaryAuthority,including,asnecessary,MedallionGuarantees.
5.RepresentationsandWarrantiesoftheSellingTrustee.TheSellingTrusteerepresentsandwarrantstothePurchaserthatthestatementscontainedinthisSection5aretrueandcorrectasofthedateofthisAgreementandshallbetrueandcorrectasoftheClosingDate,itbeingagreedthatthePurchaserisrelyingoneachstatement.
(a)Power;Legal,ValidandBindingObligations.AlpinePTCompanyisdulyorganizedandvalidlyexisting.TheSellingTrusteehasallnecessarypowerandcapacityunderthetrustinstrumentoftheTrusttoexecuteanddeliverthisAgreementandeachoftheotheragreementsandinstrumentscontemplatedhereby(collectively,the“AncillaryDocuments”)andtoperform,observeandcomplywithallofitsagreementsandobligationshereunderandthereunderandtoconsummatethetransactionscontemplatedherebyandthereby.Theexecution,deliveryandperformanceofthisAgreementandtheAncillaryDocumentshavebeendulyandvalidlyauthorizedbyallnecessaryactiononthepartoftheSellingTrustee.ThisAgreementandtheAncillaryDocumentstowhichtheSellingTrusteeisorwillbeapartyhavebeenorwillbedulyandvalidlyexecutedbytheSellingTrusteeand,upondeliverythereofbytheSellingTrustee,willconstitutethelegal,validandbindingobligationsoftheSellingTrustee,enforceableagainsttheSellingTrusteeinaccordancewiththeirterms.
(b)NoConflict.Noneoftheexecution,deliveryorperformancebytheSellingTrusteeofthisAgreementoranyAncillaryDocumenttowhichitisapartywill(withorwithoutthegivingofnotice,thelapseoftimeorboth)conflictwith,resultinabreachorviolationoforconstituteadefaultunder(a)anycontract,agreementorotherinstrumenttowhichtheSellingTrusteeisapartyorbywhichtheassetsorpropertyoftheTrustisboundor(b)anylaw,statute,rule,regulation,ordinance,writ,orderorjudgmenttowhichtheSellingTrusteeissubjectorbywhichtheassetsorpropertyoftheTrustisbound.
(c)Consents.Noapproval,consent,waiverorfilingoforwithanythirdparty,including,butnotlimitedto,anygovernmentalbodies,agenciesorinstrumentalities,isrequiredfortheexecution,deliveryandperformancebytheSellingTrusteeofthisAgreementoranyAncillaryDocumenttowhichitisorwillbeapartyotherthansuchapprovals,consents,waiversorfilingspreviouslyobtainedormade.
(d)TitletoShares;LiensandEncumbrances.TheSellingTrusteeistheowneroftheSubjectSharesinitscapacityastrusteeoftheTrustandholdssuchSubjectSharesfreeandclearofallliens,pledges,options,claims,encumbrancesandothersecurityarrangementsorrestrictionsofanykindotherthanrestrictionsunderthatcertainAmended&RestatedGlobalHyattAgreementdatedOctober1,2009andundertheCompany’sAmendedandRestatedCertificateofIncorporation(collectively,“Liens”),andupondeliveryofsuchSubjectSharestothePurchaserpursuanttothetermsofthisAgreement,thePurchaserwillreceivegoodtitlethereto,freeandclearofanyandallLiens.
(e)Broker’sFees.TheSellingTrusteehasnoliabilityorobligationtopayanyfeesorcommissionstoanybroker,finderoragentwithrespecttothetransactionscontemplatedbythisAgreementforwhichthePurchasercouldbecomeliableorotherwiseobligated.
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(f)IndependentDecisiontoSell;Etc.TheSellingTrusteehasmadeanindependentdecisiontoselltheSubjectSharestothePurchaserandhasdeterminedthatithasadequateinformationconcerningthebusinessandfinancialconditionoftheCompanyinconnectionwithitsdecisiontoselltheSubjectShares.TheSellingTrusteeunderstandsthedisadvantagetowhichitmaybesubjectonaccountofthedisparityofinformationbetweenitandthePurchaser,andfurtheracknowledgesthattheCompanyanditsaffiliatesmaypossessmaterial,non-publicinformationnotknowntotheSellingTrusteeregardingorrelatingtotheCompany,itsaffiliatesortheSubjectShares.TheSellingTrusteeiscapable,byreasonofitsbusinessorfinancialknowledgeandexperience,ofevaluatingthemeritsandrisksofthesaleoftheSubjectSharesandofprotectingitsowninterestinconnectionwiththesaleoftheSubjectShares,andtheSellingTrusteeacknowledgesthatithashadtheopportunitytodiscusstheinformationavailabletoitrelatingtothesaleoftheSubjectShareswithsuchadvisorsasithasdeemedappropriate.TheSellingTrusteeacknowledgesthatthePurchaserhasnotgivenitanyinvestmentadviceorrenderedanyopiniontoitastowhetherthesaleoftheSubjectSharesisprudentorsuitable,and,exceptasexpresslyprovidedinSection6ofthisAgreement,itisnotrelyingonanyrepresentationorwarrantymadebythePurchaserinconnectionwithitsdecisiontoselltheSubjectSharestothePurchaser.
6.RepresentationsandWarrantiesofthePurchaser.ThePurchaserrepresentsandwarrantstotheSellingTrusteethatthestatementscontainedinthisSection6aretrueandcorrectasofthedateofthisAgreementandshallbetrueandcorrectasoftheClosingDate,itbeingagreedthattheSellingTrusteeisrelyingoneachsuchstatement.
(a)Power;Legal,ValidandBindingObligations.ThePurchaserisadulyincorporatedandvalidlyexistingcorporationorganizedunderthelawsoftheStateofDelaware.ThePurchaserhasallnecessarypowerandcapacitytoexecuteanddeliverthisAgreementandtheAncillaryDocuments,andtoperform,observeandcomplywithallofitsagreementsandobligationshereunderandthereunderandtoconsummatethetransactionscontemplatedherebyandthereby.Theexecution,deliveryandperformanceofthisAgreementandtheAncillaryDocumentshavebeendulyandvalidlyauthorizedbyallnecessaryactiononthepartofthePurchaser.ThisAgreementandeachoftheAncillaryDocumentstowhichitisorwillbeapartyhavebeenorwillbedulyandvalidlyexecutedbythePurchaserand,upondeliverythereofbythePurchaser,willconstitutethelegal,validandbindingobligationsofthePurchaser,enforceableagainstitinaccordancewiththeirterms.
(b)NoConflict.Noneoftheexecution,deliveryorperformancebythePurchaserofthisAgreementoranyAncillaryDocumenttowhichitisapartywill(withorwithoutthegivingofnotice,thelapseoftimeorboth)conflictwith,resultinabreachorviolationoforconstituteadefaultunder(a)anycontract,agreementorotherinstrumenttowhichthePurchaserisapartyorbywhichitoritsassetsorpropertyisboundor(b)anylaw,statute,rule,regulation,ordinance,writ,orderorjudgmenttowhichthePurchaserissubjectorbywhichitoritsassetsorpropertyisbound.
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(c)Consents.Noapproval,consent,waiverorfilingoforwithanythirdparty,including,butnotlimitedto,anygovernmentalbodies,agenciesorinstrumentalities,isrequiredfortheexecution,deliveryandperformancebythePurchaserofthisAgreementoranyAncillaryDocumenttowhichitisorwillbeapartyotherthansuchapprovals,consents,waiversorfilingspreviouslyobtainedormade.
(d)LegalMatters.Thereisnoaction,suitorproceedingbyorbeforeanycourtorgovernmentalorotherregulatoryoradministrativeagencyorcommissionpending,or,tothebestofthePurchaser’sknowledge,threatenedagainstorinvolvingthePurchaserwhichchallengesthevalidityofthisAgreementoranyactiontakenortobetakenbythePurchaserpursuanttothisAgreementorinconnectionwiththetransactionscontemplatedhereby.ThePurchaserisnotsubjecttoanyjudgment,orderordecreeenteredintoinanylawsuitorproceedingwhichwillhaveanadverseeffectonthetransactionscontemplatedhereby.
(e)Broker’sFees.ThePurchaserhasnoliabilityorobligationtopayanyfeesorcommissionstoanybroker,finder,oragentwithrespecttothetransactionscontemplatedbythisAgreementforwhichtheSellingTrusteecouldbecomeliableorotherwiseobligated.
(f)Non-PublicInformation.Purchaseracknowledgesthatithasnotprovidedany informationthatcurrentlyconstitutesmaterial,non-publicinformationrelatingtotheCompanytotheSellingTrustee,andfurtheracknowledgesthattheSellingTrusteehasnotrequestedanysuchinformationfromtheCompany.ThePurchaserrepresentsthatitspurchaseoftheSubjectSharesisbeingmadeduringan“openwindow”periodundertheHyattHotelsCorporationInsiderTradingComplianceProgram.
7.Miscellaneous.
(a)SurvivalofRepresentationsandWarrantiesHerein.Allrepresentations,warrantiesandcovenantssetforthhereinshallsurvivetheClosingDate.
(b)AdditionalDocuments.FromtimetotimeafterexecutionofthisAgreement,eachpartyheretoshall,withoutadditionalconsideration,executeanddeliversuchfurtheragreementsandinstrumentsandtakesuchotheractionasmaybereasonablyrequestedbyanyotherpartyheretoinordertocarryoutthepurposesofthisAgreement.
(c)AmendmentandWaiver.ThisAgreementcannotbeamended,supplementedormodified,norcananyprovisionhereofbewaived,exceptbyawritteninstrumentsignedbythepartyagainstwhomenforcementofsuchamendment,supplement,modificationorwaiverissought.
(d)Notices.Anynoticeorothercommunicationrequiredorpermittedtobegivenhereundershallbeinwritingandshallbedeemedtohavebeenproperlygiven(a)whendeliveredbyhand;(b)whensentbyfacsimileoremail(withacknowledgmentofcompletetransmission);(c)sevendaysafterbeingsentbycertifiedmail,returnreceiptrequestedor(d)twodaysafterdepositwithanationally-recognizedovernightdeliveryservice,ineachcasetotheaddressesorfacsimilenumberssetforthonthesignaturepagehereof.EachpartyheretoshallbeentitledtospecifyadifferentaddressorfacsimilenumberforthereceiptofsubsequentnoticesorothercommunicationsbygivingwrittennoticethereoftotheotherpartyinaccordancewiththisParagraph(d).
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(e)Severability.IfanytermorprovisionofthisAgreement,ortheapplicationthereoftoanyperson,entityorcircumstance,shall,toanyextent,bedeterminedtobecontrarytolawandunenforceablebyanycourtoflaw,theremainingtermsandprovisionsofthisAgreement,andtheapplicationthereoftootherpersons,entitiesandcircumstances,shallnotbeinvalidatedthereby,andeachtermandprovisionhereofshallbeconstruedwithallotherremainingtermsandprovisionshereoftoeffecttheintentofthepartiestothefullestextentofthelaw.
(f)NoThirdPartyBeneficiaries.ThisAgreementshallnotconferanyrightsorremediesuponanypersonotherthanthepartiesheretoandtheirrespectivesuccessorsandpermittedassigns.
(g)GoverningLaw.ThisAgreementshallbegovernedbyandconstruedinaccordancewiththedomesticlawsoftheStateofDelawarewithoutgivingeffecttoanychoiceorconflictoflawprovisionorrule(whetheroftheStateofDelawareoranyotherjurisdiction)thatwouldcausetheapplicationofthelawsofanyjurisdictionotherthantheStateofDelaware.
(h)EntireAgreement.ThisAgreement,includingtheotherwritingsreferredtohereinordeliveredpursuanthereto,constitutestheentireagreementbetweenthePartiesheretowithrespecttothesubjectmatterhereof.
(i)BindingEffect.ThisAgreementandalltheprovisionshereofshallbebindinguponandinuretothebenefitofthePartiesandtheirrespectivesuccessorsandpermittedassigns.
(j)Counterparts.ThisAgreementmaybeexecutedinanynumberofseparatecounterparts,eachofwhich,whensoexecuted,shallbedeemedanoriginal,andallofsaidcounterpartstakentogethershallbedeemedtoconstitutebutoneandthesameinstrumentand,anysignedcounterpartshallbedeemeddeliveredbythePartysigningitifsenttotheotherpartiesheretobyfacsimiletransmissionorelectronictransmissionandshallbeaseffectiveasoriginalinksignaturesforthepurposesoftheexecutionanddeliveryofthisAgreement.
(k)Confidentiality.UnlessthepriorwrittenconsentoftheotherPartiesisobtained,thesaleandpurchaseoftheSubjectSharesandallprovisionsofthisAgreementshallbeandremainconfidentialtotheParties,excepttotheextentthatsuchinformationisinthepublicdomainordisclosureisrequiredbylaworbyanyregulatorybodywhetherpublicornot.Fortheavoidanceofdoubt,thePartiesshallbepermittedtodisclosethetermsofthisAgreementtotheirprofessionalorfinancialadvisorswhoareawareofitsconfidentialnature.
(l)Assignment.ThePurchasermaynot,withoutthepriorwrittenconsentoftheSellingTrustee,assign,grantanysecurityinterestover,holdontrustorotherwisetransferthebenefitofthewholeoranypartofthisAgreement.
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(m)Costs.Allcostsinconnectionwiththenegotiation,preparation,executionandperformanceofthisAgreement,andanydocumentsreferredtoinit,willbebornebythePartythatincurredthecosts.
(n)TrusteeExculpation. WhenthisAgreementisexecutedbythetrusteeofanytrust,suchexecutionisbythetrustee,notindividuallybutsolelyastrusteeintheexerciseofandunderthepowerandauthorityconferreduponandinvestedinsuchtrustee,anditisexpresslyunderstoodandagreedthatnothinghereincontainedshallbeconstruedascreatinganyliabilityonanysuchtrusteepersonallytopayanyamountsrequiredtobepaidhereunderortoperformanycovenant,eitherexpressorimplied,containedherein,allsuchliability,ifany,beingexpresslywaivedbythepartiesheretobytheirexecutionhereof.AnyliabilityofanypartywhichisatrustunderthisAgreementshallbeonlythatofsuchtrusttothefullextentofitstrustestateandshallnotbeapersonalliabilityofanytrustee,grantororbeneficiarythereof.
Signaturepagefollows.
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INWITNESSWHEREOF,eachofthePartiesheretohasdulyexecutedthisAgreementasofthedatefirstabovewritten.
SELLING TRUSTEE:
ALPINEPTCOMPANY,notindividually,butsolelyinitscapacityastrusteeofCocoTrust
By: /s/LewisM.LinnName:LewisM.LinnTitle:President
Address:AlpinePTCompany100W.LibertyStreetFloor10Reno,NV89501FacsimileNo.:775-329-0783
[SignaturePagetoPurchaseandSaleAgreement(ANP)]
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PURCHASER:
HYATTHOTELSCORPORATION,aDelawarecorporation
By: /s/RenaHozoreReissName:RenaHozoreReiss
Title:ExecutiveVicePresident,GeneralCounselandSecretary
Address:71S.WackerDrive,12thFloorChicago,Illinois60606FacsimileNo.:(312)780-5282
[SignaturePagetoPurchaseandSaleAgreement(ANP)]
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Exhibit 99.2
PURCHASE AND SALE AGREEMENT
ThisPurchaseandSaleAgreement(this“Agreement”)isenteredintobyandbetweenPosterityPTCompany,initscapacityastrustee(the“SellingTrustee”)ofPGAlmaTrust(the“Trust”),andHyattHotelsCorporation,aDelawarecorporation(the“Purchaser”orthe“Company”),asofAugust17,2016.EachoftheSellingTrusteeandthePurchaserissometimesreferredtohereinasa“Party”andcollectivelyasthe“Parties”tothisAgreement.
Recitals
WHEREAS,theSellingTrusteeinitscapacityastrusteeoftheTrustownsanaggregateof940,818shares(the“SubjectShares”)oftheClassBCommonStock,parvalue$0.01pershare,oftheCompany;and
WHEREAS,theSellingTrusteeinitscapacityastrusteeoftheTrustdesirestosellandthePurchaserdesirestopurchasetheSubjectSharesforapricepershareof$53.1452,subjecttothetermsandprovisionsofthisAgreement.
Agreement
NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementscontainedhereinandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,thePartiesherebyagreeasfollows:
1.PurchaseandSale.TheSellingTrusteeinitscapacityastrusteeoftheTrustagreestoselltheSubjectSharestothePurchaser,andthePurchaseragreestopurchasetheSubjectSharesontheClosingDate(asdefinedinSection2below).ThepurchasepricefortheSubjectSharesshallbe$53.1452pershare,whichrepresentstheVolumeWeightedAveragePricefortheClassAcommonstock,parvalue$0.01pershare,oftheCompanyforthethree(3)trading-dayperiodendingAugust16,2016asreportedbyBloomberg,resultinginatotalPurchasePriceof$49,999,960.77duetotheSellingTrusteeinitscapacityastrusteeoftheTrustfromthePurchaser(the“PurchasePrice”),andwhichshallbepayableincashattheclosingofsuchsaleinaccordancewiththeprovisionsofSection3hereof.
2.Closing.TheclosingofthetransactionscontemplatedbythisAgreement(the“Closing”)shalltakeplaceattheofficesofLatham&WatkinsLLP,330NorthWabashAvenue,Suite2800,Chicago,Illinois60611,onAugust19,2016,oronsuchotherdateasthePartiesmaymutuallydetermine(the“ClosingDate”).
3.ClosingDeliveriesofthePurchaser.AttheClosing,thePurchasershalldeliverthePurchasePricetotheSellingTrusteeinitscapacityastrusteeoftheTrustbywiretransferofimmediatelyavailablefundstotheaccountdesignatedinwritingbytheSellingTrustee.
4.ClosingDeliveriesbySellingTrustee.AttheClosing,theSellingTrusteeshalldeliver,orcausetobedelivered,tothePurchaser,certificatesrepresentingtheSubjectSharestogetherwithtransfersandassignmentsseparatefromcertificatewithrespecttotheSubject
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SharessufficienttotransfertitletotheSubjectSharestothePurchaseronthebooksoftheCompanyandCertificatesofFiduciaryAuthority,including,asnecessary,MedallionGuarantees.
5.RepresentationsandWarrantiesoftheSellingTrustee.TheSellingTrusteerepresentsandwarrantstothePurchaserthatthestatementscontainedinthisSection5aretrueandcorrectasofthedateofthisAgreementandshallbetrueandcorrectasoftheClosingDate,itbeingagreedthatthePurchaserisrelyingoneachstatement.
(a)Power;Legal,ValidandBindingObligations.PosterityPTCompanyisdulyorganizedandvalidlyexisting.TheSellingTrusteehasallnecessarypowerandcapacityunderthetrustinstrumentoftheTrusttoexecuteanddeliverthisAgreementandeachoftheotheragreementsandinstrumentscontemplatedhereby(collectively,the“AncillaryDocuments”)andtoperform,observeandcomplywithallofitsagreementsandobligationshereunderandthereunderandtoconsummatethetransactionscontemplatedherebyandthereby.Theexecution,deliveryandperformanceofthisAgreementandtheAncillaryDocumentshavebeendulyandvalidlyauthorizedbyallnecessaryactiononthepartoftheSellingTrustee.ThisAgreementandtheAncillaryDocumentstowhichtheSellingTrusteeisorwillbeapartyhavebeenorwillbedulyandvalidlyexecutedbytheSellingTrusteeand,upondeliverythereofbytheSellingTrustee,willconstitutethelegal,validandbindingobligationsoftheSellingTrustee,enforceableagainsttheSellingTrusteeinaccordancewiththeirterms.
(b)NoConflict.Noneoftheexecution,deliveryorperformancebytheSellingTrusteeofthisAgreementoranyAncillaryDocumenttowhichitisapartywill(withorwithoutthegivingofnotice,thelapseoftimeorboth)conflictwith,resultinabreachorviolationoforconstituteadefaultunder(a)anycontract,agreementorotherinstrumenttowhichtheSellingTrusteeisapartyorbywhichtheassetsorpropertyoftheTrustisboundor(b)anylaw,statute,rule,regulation,ordinance,writ,orderorjudgmenttowhichtheSellingTrusteeissubjectorbywhichtheassetsorpropertyoftheTrustisbound.
(c)Consents.Noapproval,consent,waiverorfilingoforwithanythirdparty,including,butnotlimitedto,anygovernmentalbodies,agenciesorinstrumentalities,isrequiredfortheexecution,deliveryandperformancebytheSellingTrusteeofthisAgreementoranyAncillaryDocumenttowhichitisorwillbeapartyotherthansuchapprovals,consents,waiversorfilingspreviouslyobtainedormade.
(d)TitletoShares;LiensandEncumbrances.TheSellingTrusteeistheowneroftheSubjectSharesinitscapacityastrusteeoftheTrustandholdssuchSubjectSharesfreeandclearofallliens,pledges,options,claims,encumbrancesandothersecurityarrangementsorrestrictionsofanykindotherthanrestrictionsunderthatcertainAmended&RestatedGlobalHyattAgreementdatedOctober1,2009andundertheCompany’sAmendedandRestatedCertificateofIncorporation(collectively,“Liens”),andupondeliveryofsuchSubjectSharestothePurchaserpursuanttothetermsofthisAgreement,thePurchaserwillreceivegoodtitlethereto,freeandclearofanyandallLiens.
(e)Broker’sFees.TheSellingTrusteehasnoliabilityorobligationtopayanyfeesorcommissionstoanybroker,finderoragentwithrespecttothetransactionscontemplatedbythisAgreementforwhichthePurchasercouldbecomeliableorotherwiseobligated.
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(f)IndependentDecisiontoSell;Etc.TheSellingTrusteehasmadeanindependentdecisiontoselltheSubjectSharestothePurchaserandhasdeterminedthatithasadequateinformationconcerningthebusinessandfinancialconditionoftheCompanyinconnectionwithitsdecisiontoselltheSubjectShares.TheSellingTrusteeunderstandsthedisadvantagetowhichitmaybesubjectonaccountofthedisparityofinformationbetweenitandthePurchaser,andfurtheracknowledgesthattheCompanyanditsaffiliatesmaypossessmaterial,non-publicinformationnotknowntotheSellingTrusteeregardingorrelatingtotheCompany,itsaffiliatesortheSubjectShares.TheSellingTrusteeiscapable,byreasonofitsbusinessorfinancialknowledgeandexperience,ofevaluatingthemeritsandrisksofthesaleoftheSubjectSharesandofprotectingitsowninterestinconnectionwiththesaleoftheSubjectShares,andtheSellingTrusteeacknowledgesthatithashadtheopportunitytodiscusstheinformationavailabletoitrelatingtothesaleoftheSubjectShareswithsuchadvisorsasithasdeemedappropriate.TheSellingTrusteeacknowledgesthatthePurchaserhasnotgivenitanyinvestmentadviceorrenderedanyopiniontoitastowhetherthesaleoftheSubjectSharesisprudentorsuitable,and,exceptasexpresslyprovidedinSection6ofthisAgreement,itisnotrelyingonanyrepresentationorwarrantymadebythePurchaserinconnectionwithitsdecisiontoselltheSubjectSharestothePurchaser.
6.RepresentationsandWarrantiesofthePurchaser.ThePurchaserrepresentsandwarrantstotheSellingTrusteethatthestatementscontainedinthisSection6aretrueandcorrectasofthedateofthisAgreementandshallbetrueandcorrectasoftheClosingDate,itbeingagreedthattheSellingTrusteeisrelyingoneachsuchstatement.
(a)Power;Legal,ValidandBindingObligations.ThePurchaserisadulyincorporatedandvalidlyexistingcorporationorganizedunderthelawsoftheStateofDelaware.ThePurchaserhasallnecessarypowerandcapacitytoexecuteanddeliverthisAgreementandtheAncillaryDocuments,andtoperform,observeandcomplywithallofitsagreementsandobligationshereunderandthereunderandtoconsummatethetransactionscontemplatedherebyandthereby.Theexecution,deliveryandperformanceofthisAgreementandtheAncillaryDocumentshavebeendulyandvalidlyauthorizedbyallnecessaryactiononthepartofthePurchaser.ThisAgreementandeachoftheAncillaryDocumentstowhichitisorwillbeapartyhavebeenorwillbedulyandvalidlyexecutedbythePurchaserand,upondeliverythereofbythePurchaser,willconstitutethelegal,validandbindingobligationsofthePurchaser,enforceableagainstitinaccordancewiththeirterms.
(b)NoConflict.Noneoftheexecution,deliveryorperformancebythePurchaserofthisAgreementoranyAncillaryDocumenttowhichitisapartywill(withorwithoutthegivingofnotice,thelapseoftimeorboth)conflictwith,resultinabreachorviolationoforconstituteadefaultunder(a)anycontract,agreementorotherinstrumenttowhichthePurchaserisapartyorbywhichitoritsassetsorpropertyisboundor(b)anylaw,statute,rule,regulation,ordinance,writ,orderorjudgmenttowhichthePurchaserissubjectorbywhichitoritsassetsorpropertyisbound.
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(c)Consents.Noapproval,consent,waiverorfilingoforwithanythirdparty,including,butnotlimitedto,anygovernmentalbodies,agenciesorinstrumentalities,isrequiredfortheexecution,deliveryandperformancebythePurchaserofthisAgreementoranyAncillaryDocumenttowhichitisorwillbeapartyotherthansuchapprovals,consents,waiversorfilingspreviouslyobtainedormade.
(d)LegalMatters.Thereisnoaction,suitorproceedingbyorbeforeanycourtorgovernmentalorotherregulatoryoradministrativeagencyorcommissionpending,or,tothebestofthePurchaser’sknowledge,threatenedagainstorinvolvingthePurchaserwhichchallengesthevalidityofthisAgreementoranyactiontakenortobetakenbythePurchaserpursuanttothisAgreementorinconnectionwiththetransactionscontemplatedhereby.ThePurchaserisnotsubjecttoanyjudgment,orderordecreeenteredintoinanylawsuitorproceedingwhichwillhaveanadverseeffectonthetransactionscontemplatedhereby.
(e)Broker’sFees.ThePurchaserhasnoliabilityorobligationtopayanyfeesorcommissionstoanybroker,finder,oragentwithrespecttothetransactionscontemplatedbythisAgreementforwhichtheSellingTrusteecouldbecomeliableorotherwiseobligated.
(f)Non-PublicInformation.Purchaseracknowledgesthatithasnotprovidedany informationthatcurrentlyconstitutesmaterial,non-publicinformationrelatingtotheCompanytotheSellingTrustee,andfurtheracknowledgesthattheSellingTrusteehasnotrequestedanysuchinformationfromtheCompany.ThePurchaserrepresentsthatitspurchaseoftheSubjectSharesisbeingmadeduringan“openwindow”periodundertheHyattHotelsCorporationInsiderTradingComplianceProgram.
7.Miscellaneous.
(a)SurvivalofRepresentationsandWarrantiesHerein.Allrepresentations,warrantiesandcovenantssetforthhereinshallsurvivetheClosingDate.
(b)AdditionalDocuments.FromtimetotimeafterexecutionofthisAgreement,eachpartyheretoshall,withoutadditionalconsideration,executeanddeliversuchfurtheragreementsandinstrumentsandtakesuchotheractionasmaybereasonablyrequestedbyanyotherpartyheretoinordertocarryoutthepurposesofthisAgreement.
(c)AmendmentandWaiver.ThisAgreementcannotbeamended,supplementedormodified,norcananyprovisionhereofbewaived,exceptbyawritteninstrumentsignedbythepartyagainstwhomenforcementofsuchamendment,supplement,modificationorwaiverissought.
(d)Notices.Anynoticeorothercommunicationrequiredorpermittedtobegivenhereundershallbeinwritingandshallbedeemedtohavebeenproperlygiven(a)whendeliveredbyhand;(b)whensentbyfacsimileoremail(withacknowledgmentofcompletetransmission);(c)sevendaysafterbeingsentbycertifiedmail,returnreceiptrequestedor(d)twodaysafterdepositwithanationally-recognizedovernightdeliveryservice,ineachcasetotheaddressesorfacsimilenumberssetforthonthesignaturepagehereof.EachpartyheretoshallbeentitledtospecifyadifferentaddressorfacsimilenumberforthereceiptofsubsequentnoticesorothercommunicationsbygivingwrittennoticethereoftotheotherpartyinaccordancewiththisParagraph(d).
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(e)Severability.IfanytermorprovisionofthisAgreement,ortheapplicationthereoftoanyperson,entityorcircumstance,shall,toanyextent,bedeterminedtobecontrarytolawandunenforceablebyanycourtoflaw,theremainingtermsandprovisionsofthisAgreement,andtheapplicationthereoftootherpersons,entitiesandcircumstances,shallnotbeinvalidatedthereby,andeachtermandprovisionhereofshallbeconstruedwithallotherremainingtermsandprovisionshereoftoeffecttheintentofthepartiestothefullestextentofthelaw.
(f)NoThirdPartyBeneficiaries.ThisAgreementshallnotconferanyrightsorremediesuponanypersonotherthanthepartiesheretoandtheirrespectivesuccessorsandpermittedassigns.
(g)GoverningLaw.ThisAgreementshallbegovernedbyandconstruedinaccordancewiththedomesticlawsoftheStateofDelawarewithoutgivingeffecttoanychoiceorconflictoflawprovisionorrule(whetheroftheStateofDelawareoranyotherjurisdiction)thatwouldcausetheapplicationofthelawsofanyjurisdictionotherthantheStateofDelaware.
(h)EntireAgreement.ThisAgreement,includingtheotherwritingsreferredtohereinordeliveredpursuanthereto,constitutestheentireagreementbetweenthePartiesheretowithrespecttothesubjectmatterhereof.
(i)BindingEffect.ThisAgreementandalltheprovisionshereofshallbebindinguponandinuretothebenefitofthePartiesandtheirrespectivesuccessorsandpermittedassigns.
(j)Counterparts.ThisAgreementmaybeexecutedinanynumberofseparatecounterparts,eachofwhich,whensoexecuted,shallbedeemedanoriginal,andallofsaidcounterpartstakentogethershallbedeemedtoconstitutebutoneandthesameinstrumentand,anysignedcounterpartshallbedeemeddeliveredbythePartysigningitifsenttotheotherpartiesheretobyfacsimiletransmissionorelectronictransmissionandshallbeaseffectiveasoriginalinksignaturesforthepurposesoftheexecutionanddeliveryofthisAgreement.
(k)Confidentiality.UnlessthepriorwrittenconsentoftheotherPartiesisobtained,thesaleandpurchaseoftheSubjectSharesandallprovisionsofthisAgreementshallbeandremainconfidentialtotheParties,excepttotheextentthatsuchinformationisinthepublicdomainordisclosureisrequiredbylaworbyanyregulatorybodywhetherpublicornot.Fortheavoidanceofdoubt,thePartiesshallbepermittedtodisclosethetermsofthisAgreementtotheirprofessionalorfinancialadvisorswhoareawareofitsconfidentialnature.
(l)Assignment.ThePurchasermaynot,withoutthepriorwrittenconsentoftheSellingTrustee,assign,grantanysecurityinterestover,holdontrustorotherwisetransferthebenefitofthewholeoranypartofthisAgreement.
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(m)Costs.Allcostsinconnectionwiththenegotiation,preparation,executionandperformanceofthisAgreement,andanydocumentsreferredtoinit,willbebornebythePartythatincurredthecosts.
(n)TrusteeExculpation. WhenthisAgreementisexecutedbythetrusteeofanytrust,suchexecutionisbythetrustee,notindividuallybutsolelyastrusteeintheexerciseofandunderthepowerandauthorityconferreduponandinvestedinsuchtrustee,anditisexpresslyunderstoodandagreedthatnothinghereincontainedshallbeconstruedascreatinganyliabilityonanysuchtrusteepersonallytopayanyamountsrequiredtobepaidhereunderortoperformanycovenant,eitherexpressorimplied,containedherein,allsuchliability,ifany,beingexpresslywaivedbythepartiesheretobytheirexecutionhereof.AnyliabilityofanypartywhichisatrustunderthisAgreementshallbeonlythatofsuchtrusttothefullextentofitstrustestateandshallnotbeapersonalliabilityofanytrustee,grantororbeneficiarythereof.
Signaturepagefollows.
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INWITNESSWHEREOF,eachofthePartiesheretohasdulyexecutedthisAgreementasofthedatefirstabovewritten.
SELLING TRUSTEE:
POSTERITYPTCOMPANY,notindividually,butsolelyinitscapacityastrusteeofPGAlmaTrust
By: /s/JayRobertPritzkerName:JayRobertPritzkerTitle:President
Address:PosterityPTCompany100W.LibertyStreetFloor10Reno,NV89501FacsimileNo.:775-329-0783
[SignaturePagetoPurchaseandSaleAgreement(JRP)]
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PURCHASER:
HYATTHOTELSCORPORATION,aDelawarecorporation
By: /s/RenaHozoreReissName:RenaHozoreReiss
Title:ExecutiveVicePresident,GeneralCounselandSecretary
Address:71S.WackerDrive,12thFloorChicago,Illinois60606FacsimileNo.:(312)780-5282
[SignaturePagetoPurchaseandSaleAgreement(JRP)]