Target Number of PSUs:

Maximum Number of PSUs:

150% of Target Number of PSUs

PSU Grant Identifier:

December 9, 2020 (the “Grant Date”)

Performance Period:

Vesting of Award and Payment Date:

As used herein, the following terms shall have the following meanings:

“Baseline Representation” means, with respect to any Employee Group at a particular Management Level, the percentage of the total executives holding positions at such Management Level as of June 30, 2020 represented by such Employee Group (as applicable), as set forth in the following table: [        ]

“Determination Date” means the date on which the Committee determines the number of RSUs earned under this Award (if any).

“Employee Group” means: (i) for purposes of US Corporate Vice Presidents and Above and US Hotel General Managers, each of the four (4) POC Groups, and (ii) for purposes of Non-US Corporate Vice Presidents and Above and Global Hotel General Managers, non-male employees.

“Ending Representation” means, with respect to any Employee Group at a designated Management Level, the highest percentage of the total executives at such Management Level represented by such Employee Group over the six (6)-month period ending with the last day of the Performance Period, as determined by the Committee.

“Final Stock Price” means a company’s 20-trading day average closing stock price on its principal stock exchange through and including the last trading-day of the Performance Period.

“Initial Stock Price” means a company’s 20-trading day average closing stock price on its principal stock exchange through and including the last trading-day preceding the start of the Performance Period.

“Management Level” means each of the following management roles (or any successor role thereto or revised designation thereof, as determined by the Committee in its sole discretion): (i) US Corporate Vice Presidents and Above, (ii) US Hotel General Managers, (iii) Non-US Corporate Vice Presidents and Above, and (iv) Global Hotel General Managers.

“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 Goal” means each of the four (4) goals described under the Section captioned “Performance Goals” below.

“Performance Tranche” means either of a US VP+ Tranche or a US GM Tranche, each as defined below under the Section captioned “Representation Performance Goals.”

“POC Group” means and includes, as determined by the Committee in its sole discretion based on the information reasonably available to the Committee, each of the following groups: (i) Black employees, (ii) LatinX employees, (iii) Asian/Pacific Islander, Native American and Multi-racial employees, and (iv) all employees of color (comprised of POC Groups (i) – (iii) inclusive).

“Relative TSR Modifier” means a percentage ranging from 150% (for the highest rank) to 50% (for the lowest rank), determined by reference to the Company’s Relative TSR Rank over the Performance Period, as determined by the Committee in its sole discretion.

“Relative TSR Rank” means, the rank order of the Peer Group Companies and the Company from highest TSR to lowest TSR, based on each company’s TSR over the Performance Period.

“Target Representation” means, with respect to an Employee Group for a particular Management Level, an increase in the number of members of such Employee Group by [        ].

“Threshold Representation” means, with respect to an Employee Group for a particular Management Level, an increase in the number of members of such Employee Group by [        ].

“TSR” means, with respect to any company, the quotient obtained by dividing (i) such company’s Final Stock Price, plus per share dividends over the Performance Period (assuming reinvestment in such company’s common stock as of the applicable ex-dividend date), less the company’s Initial Stock Price, divided by (ii) such company’s Initial Stock Price.

The following four (4) “Performance Goals” shall be used in determining the number of PSUs earned hereunder, in each case, subject to adjustment based on the Relative TSR Modifier and further subject to the Participant’s continuous Service with the Company through the last day of the Performance Period (except as otherwise set forth in this Agreement), each as further described below – see Annex A hereto for a tabular overview of the weighting and targets for all Performance Goals:

•  US Corporate Vice Presidents and Above Performance Goal. Up to [        ] of the Target Number of PSUs may be earned based on attainment of the US Corporate Vice Presidents and above Performance Goal, with up to one-fourth of such amount (i.e., up to [        ] of the Target Number of PSUs) (each such increment, a “US VP+ Tranche”) eligible to be earned to the extent that the Ending Representation for the applicable Employee Group set forth below exceeds the Baseline Representation for such Employee Group for this Management Level, with PSUs to be earned ranging from [        ] of the US VP+ Tranche (i.e., [        ] of the Target Number of RSUs) for

attainment ranging from Threshold Representation to Target Representation for such Employee Group in this Management Level, as set forth in the following table: [        ]

•  US Hotel General Managers Performance Goal. Up to [        ] of the Target Number of PSUs may be earned based on attainment of the US Hotel General Managers Performance Goal, with up to one-fourth of such amount (i.e., up to [        ] of the Target Number of PSUs) (each such increment, a “US GM Tranche”) eligible to be earned to the extent that the Ending Representation for the applicable Employee Group set forth below exceeds the Baseline Representation for such Employee Group for this Management Level, with PSUs to be earned ranging from [        ] of the US GM Tranche (i.e., [        ] of the Target Number of PSUs) for attainment ranging from Threshold Representation to Target Representation for such Employee Group in this Management Level, as set forth in the following table: [        ]

•  Non-US Corporate Vice Presidents and Above Performance Goal. Up to [        ] of the Target Number of PSUs may be earned based on attainment of the Non-US Corporate Vice Presidents and Above Performance Goal to the extent that the Ending Representation for the applicable Employee Group set forth below exceeds the Baseline Representation for such Employee Group for this Management Level, with [        ] of the PSUs eligible to be earned under this Performance Goal (i.e., [        ] of the Target Number of PSUs) earned for attainment ranging from Threshold Representation to Target Representation for the applicable Employee Group in this Management Level, as set forth in the following table: [        ]

•  Global Hotel General Managers Performance Goal. Up to [        ] of the Target Number of PSUs may be earned based on attainment of the Global Hotel General Managers Performance Goal to the extent that the Ending Representation for the applicable Employee Group set forth below exceeds the Baseline Representation for such Employee Group for this Management Level, with [        ]of the PSUs eligible to be earned under this Performance Goal (i.e., [        ]of the Target Number of PSUs) earned for attainment ranging from Threshold Representation to Target Representation for the applicable Employee Group in this Management Level, as set forth in the following table: [        ]

For clarity, with respect to each of the Performance Goals: (i) straight-line interpolation shall be used to determine performance results falling between Threshold Representation and Target Representation, (ii) no PSUs will be earned for any Performance Tranche or Performance Goal (as applicable) for which Threshold Representation is not attained, (iii) in no event may PSUs be earned above the target level for any Performance Tranche (where applicable) or for any Performance Goal (in each case, other than by application of the Relative TSR Modifier, as described below), notwithstanding any performance in excess of target level for such Performance Tranche and/or Performance Goal, and (iv) each Performance Goal is rounded to the nearest one-tenth of one percent (.1%), meaning that Threshold Performance and Target Performance may represent slightly less or slightly more than [        ].

As soon as practicable following the Performance Period, the Committee will determine the level of performance attainment and the number of PSUs earned under this Award as follows:

•  Determination of Attainment of “US Corporate Vice Presidents and Above” and “US Hotel General Managers” Performance Goals. For each of the US Corporate Vice Presidents and Above Performance Goal and the US Hotel General Managers Performance Goal, subject to adjustment as provided below in respect of the Company’s Relative TSR Rank: (i) zero PSUs shall be earned for each Performance Tranche for which attainment falls below Threshold Representation, (ii) [        ] of the Target Number of PSUs shall be earned for each Performance Tranche for which Threshold Representation is attained, (iii) [        ] of the Target Number of PSUs shall be earned for each Performance Tranche for which Target Representation is attained or exceeded, and (iv) a percentage of the Target Number of PSUs ranging from [        ] (determined using linear interpolation) shall be earned for each Performance Tranche for which performance falls between Threshold Representation and Target Representation (up to a maximum of [        ] of the Target number of PSUs for these two Performance Goals combined, the actual such number of PSUs, the “Earned US Performance PSUs”).

•  Determination of Attainment of “Non-US Corporate Vice Presidents and Above” and “Global Hotel General Managers” Performance Goals. For each of the Non-US Corporate Vice Presidents Performance Goal and the Global Hotel General Managers Performance Goal, subject to adjustment as provided below in respect of the Company’s Relative TSR Rank: (i) zero PSUs shall be earned for each Performance Goal for which attainment falls below Threshold Representation, (ii) [         ] of the Target Number of PSUs shall be earned for each Performance Goal for which Threshold Representation is attained, (iii) [        ] of the Target Number of PSUs shall be earned for each Performance Goal for which Target Representation is attained or exceeded, and (iv) a percentage of the Target Number of PSUs ranging from [        ] (determined using linear interpolation) shall be earned for each Performance Goal for which performance falls between Threshold Representation and Target Representation (up to a maximum of [        ] of the Target number of PSUs for these two Performance Goals combined, the actual such number of PSUs, the “Earned Global Performance PSUs”).

•  Application of Relative TSR Modifier to Determine Actual PSUs Earned. The actual number of PSUs earned under this Award shall equal (i) the sum of the Earned US Performance PSUs and the Earned Global Performance PSUs, determined in accordance with the foregoing, multiplied by (ii) the relative TSR Modifier (based on the Company’s Relative TSR Rank for the Performance Period, as determined by the Committee).

Subject to the exceptions below, PSUs will only be eligible to vest and become earned and payable if the Participant remains in continuous Service 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 the Participant’s Termination of Service. Notwithstanding the foregoing, PSUs will not be forfeited or cancelled in the following circumstances:

•  Retirement, Death or Disability. Notwithstanding any terms and conditions of the Amended and Restated Retirement Policy Regarding Equity Vesting adopted by Hyatt Hotels Corporation (the “Retirement Policy”) to the contrary, in the event of the Participant’s Retirement (as defined in the Retirement Policy), death or Disability (as defined below) prior to the end of the Performance Period, the Participant shall be eligible to earn PSUs on a pro rata basis determined by multiplying the number of PSUs that would have been earned hereunder based on actual performance through the end of the Performance Period by a fraction, the numerator of which equals the number of full months of Service prior to such termination and the denominator of which equals sixty-six (66). Notwithstanding the foregoing, if the Participant provides written notice of the Participant’s Retirement date at least one year 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). 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, and/or (iii) the Participant is determined to be totally disabled by the Social Security Administration.

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.

Effect of Detrimental

Conduct:

In the event the Participant engages in “detrimental conduct,” the Participant shall forfeit all unvested PSUs (and all shares of Common Stock underlying such 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 Committee, 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 by the Committee that detrimental conduct has occurred, the Committee 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.

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 Committee determines that the PSUs and/or Dividend Equivalents (or any portion thereof) may not be compliant with or exempt from Section 409A, the Committee 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 Committee 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).