<SEC-DOCUMENT>0001104659-25-058369.txt : 20250611
<SEC-HEADER>0001104659-25-058369.hdr.sgml : 20250611
<ACCEPTANCE-DATETIME>20250611063103
ACCESSION NUMBER:		0001104659-25-058369
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		23
FILED AS OF DATE:		20250611
DATE AS OF CHANGE:		20250611
EFFECTIVENESS DATE:		20250611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyatt Hotels Corp
		CENTRAL INDEX KEY:			0001468174
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				201480589
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287936
		FILM NUMBER:		251038741

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 750-1234

	MAIL ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2517654d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June&nbsp;11, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&emsp;&emsp;&emsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HYATT HOTELS CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 49%"><B>Delaware</B></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 49%"><B>20-1480589</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or other jurisdiction of</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>incorporation or organization)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Identification No.)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150 North Riverside Plaza, 8th Floor&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago,&nbsp;Illinois 60606&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 750-1234&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Playa Hotels&nbsp;&amp; Resorts N.V. 2017 Omnibus
Incentive Plan, as amended&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full title of the plan)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mark S. Hoplamazian&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>President and Chief Executive Officer&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hyatt Hotels Corporation&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150 North Riverside Plaza, 8th Floor&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago,&nbsp;Illinois 60606&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and address of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 750-1234&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Telephone number, including area code, of agent
for service)</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cathy A. Birkeland,&nbsp;Esq.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alexa M. Berlin,&nbsp;Esq.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael A. Pucker,&nbsp;Esq.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Latham&nbsp;&amp; Watkins LLP&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>330 N. Wabash Avenue, Suite&nbsp;2800&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago,&nbsp;Illinois 60611&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 876-7700</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 30%">Large accelerated filer</TD>
    <TD STYLE="font-size: 10pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 20%">Accelerated filer</TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Non-accelerated filer</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt">Smaller reporting company</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Emerging growth company</TD>
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&ensp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Registration Statement on Form&nbsp;S-8 (&ldquo;Registration Statement&rdquo;)
is being filed pursuant to General Instruction E to Form&nbsp;S-8 to register 392,000 shares of Class&nbsp;A Common Stock, par value $0.01
per share (the &ldquo;Class&nbsp;A Common Stock&rdquo;), of Hyatt Hotels Corporation (the &ldquo;Company&rdquo;) issuable pursuant to
awards granted under the Playa Hotels&nbsp;&amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the &ldquo;Playa Plan&rdquo;),
to be assumed by the Company and converted into restricted stock units covering a number of shares of Class&nbsp;A Common Stock in connection
with the transactions (the &ldquo;Transactions&rdquo;) contemplated by the Purchase Agreement, dated as of February&nbsp;9, 2025 (the
 &ldquo;Purchase Agreement&rdquo;), by and among the Company, HI Holdings Playa B.V. (&ldquo;Buyer&rdquo;) and Playa Hotels&nbsp;&amp;
Resorts N.V. (&ldquo;Playa&rdquo;), including the expiration of Buyer&rsquo;s tender offer (the &ldquo;Offer&rdquo;) to purchase all of
the issued and outstanding ordinary shares, par value EUR 0.10 per share, of Playa. The Offer expired on June&nbsp;9, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the expiration of the Offer, the outstanding awards
granted under the Playa Plan will be assumed by the Company and converted into restricted stock units covering a number of shares of Class&nbsp;A
Common Stock in accordance with the terms of the Purchase Agreement. All such awards will continue to be governed by the terms of the
Playa Plan and applicable award agreement evidencing such awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item&thinsp;1.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Plan Information </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in"><B>Item&thinsp;2.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Registrant Information and Employee Plan Annual Information </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in"><B>Item&thinsp;3.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC allows the Company to incorporate by reference the information
the Company files with it, which means that the Company can disclose important information to you by referring to those documents. The
information incorporated by reference is an important part of this Registration Statement, and information that we file later with the
SEC will automatically update and supersede this information. The Company incorporates by reference the following documents that the Company
has filed, or may file, with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000146817425000009/h-20241231.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024, filed with the SEC on February&nbsp;13, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The information specifically incorporated by reference into the Registrant&rsquo;s Annual Report on Form&nbsp;10-K from our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525071845/d815204ddef14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A filed with the SEC on April&nbsp;3, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000146817425000057/h-20250331.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2025, filed with the SEC on May&nbsp;1, 2025</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company&rsquo;s Current Reports on Form&nbsp;8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525023140/d919073d8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;10, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525055281/d925033d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;17, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525057856/d668870d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;19, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525064107/d927917d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;26, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000119312525071836/d906877d8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;3, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000110465925034703/tm2512211d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;14, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1468174/000110465925050057/tm2515360d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;16, 2025</A> (other than the portions of such documents not
deemed to be filed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, all documents the Registrant files with the SEC pursuant
to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, subsequent to the date of this Registration
Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this
Registration Statement and to be a part hereof from the date of filing of such documents. Any information that the Company later files
with the SEC will automatically update and supersede the information and statements contained in a document incorporated or deemed to
be incorporated by reference herein. Any such information or statement so modified or superseded will not be deemed, except as so modified
or superseded, to constitute part of this Registration Statement. Under no circumstances will any information &ldquo;furnished&rdquo;
to the SEC pursuant to applicable rules&nbsp;and regulations be deemed incorporated herein by reference unless such information expressly
provides to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item&thinsp;4.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Description of Securities </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in"><B>Item&thinsp;5.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Interests of Named Experts and Counsel </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in"><B>Item&thinsp;6.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in"><B>Item&thinsp;7.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Exemption from Registration Claimed </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not required to be filed with this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 1in; font-size: 10pt"><B>Item&thinsp;8.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Exhibits </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; width: 8%"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 90%"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Playa Hotels&nbsp;&amp; Resorts N.V. 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-2.htm" STYLE="-sec-extract: exhibit">First Amendment to 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-3.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-3.htm" STYLE="-sec-extract: exhibit">Second Amendment to 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-4.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-4.htm" STYLE="-sec-extract: exhibit">Third Amendment to 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-5.htm" STYLE="-sec-extract: exhibit">4.5</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-5.htm" STYLE="-sec-extract: exhibit">Fourth Amendment to 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex4-6.htm" STYLE="-sec-extract: exhibit">4.6</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex4-6.htm" STYLE="-sec-extract: exhibit">Fifth Amendment to 2017 Omnibus Incentive Plan.</A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex5-1.htm">5.1</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex5-1.htm">Opinion of Latham&nbsp;&amp; Watkins LLP. </A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex5-1.htm">23.1</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex5-1.htm">Consent of Latham&nbsp;&amp; Watkins LLP (included in Exhibit&nbsp;5.1). </A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Deloitte&nbsp;&amp; Touche LLP, independent registered public accounting firm for Hyatt Hotels Corporation.</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex23-3.htm" STYLE="-sec-extract: exhibit">23.3</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex23-3.htm" STYLE="-sec-extract: exhibit">Consent of Deloitte&nbsp;&amp; Touche LLP, independent registered public accounting firm for Playa Hotels&nbsp;&amp; Resorts N.V.</A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="#a_001">24.1</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="#a_001">Power of Attorney (included in the signature pages&nbsp;hereto). </A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right"><A HREF="tm2517654d1_ex-filingfees.htm">107</A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2517654d1_ex-filingfees.htm">Filing Fee Calculation.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><B>Item&thinsp;9.</B></TD>
    <TD STYLE="font-size: 10pt"><B>Undertakings </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;The undersigned Company hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than 20%
change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Filing Fee Tables&rdquo; or &ldquo;Calculation of
Registration Fee&rdquo; table, as applicable, in the effective Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;To include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration
Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do
not apply if the Registration Statement is on Form&nbsp;S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC by the Company pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), that are incorporated by reference in this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;The undersigned Company hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the Company&rsquo;s annual report pursuant to section 13(a)&nbsp;or
section 15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to section 15(d)&nbsp;of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of
Illinois, on June&nbsp;11, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>HYATT HOTELS CORPORATION</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mark S. Hoplamazian</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mark S. Hoplamazian</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below, hereby constitutes and appoints Mark S. Hoplamazian and Joan Bottarini, and each acting alone, his or her true and lawful
attorneys-in-fact and agents, with full power of resubstitution and substitution, for him or her and in his or her name, place and stead,
in any and all capacities, to sign any or all amendments or supplements to this Registration Statement and to file the same with all exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to
this Registration Statement or any amendments or supplements hereto in and about the premises, as fully to all intents and purposes as
he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, each acting alone,
or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 40%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 40%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 16%"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mark S. Hoplamazian</P>


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Mark S. Hoplamazian</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">President, Chief Executive Officer and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Joan Bottarini</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Joan Bottarini</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President, Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Financial Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Kinsey Wolf</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Kinsey Wolf</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Senior Vice President, Controller and Chief Accounting
    Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Accounting Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Thomas J. Pritzker</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Thomas J. Pritzker</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Executive Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Paul D. Ballew</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Paul D. Ballew</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Alessandro Bogliolo</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Alessandro Bogliolo</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Susan D. Kronick</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Susan D. Kronick</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Cary D. McMillan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Cary D. McMillan</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Heidi O&rsquo;Neill</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Heidi O&rsquo;Neill</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Jason Pritzker</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Jason Pritzker</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Tracy T. Travis</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Tracy T. Travis</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Dion Camp Sanders</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Dion Camp Sanders</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Richard C. Tuttle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt">Richard C. Tuttle</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt; text-align: right">June&nbsp;11, 2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2517654d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B STYLE="font-size: 10pt">Exhibit&nbsp;4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">PLAYA HOTELS&nbsp;&amp; RESORTS N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">Page</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURPOSE</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATION OF THE PLAN</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committee</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers and Authorities</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition of Committee</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.3</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Committees</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms of Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.1</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committee Authority</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeiture;
    Recoupment</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Repricing</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferral Arrangement</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Liability</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration; Share Certificates</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES SUBJECT TO THE PLAN</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares Available for Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Usage</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERM; AMENDMENT AND TERMINATION</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment and Termination</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AWARD ELIGIBILITY AND LIMITATIONS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligible Grantees</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Shares Subject to Awards and Cash Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand-Alone, Additional, Tandem and Substitute Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Vesting Period</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AWARD AGREEMENT</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award Agreement</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeiture Events</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF OPTIONS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option Price</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of Service</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations on Exercise of Option</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Exercise</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders of Options</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery of Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.9</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferability of Options</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.10</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family Transfers</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.11</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations on Incentive Stock Options</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.12</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Disqualifying Disposition</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    </TR>

<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 2%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 89%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding: 0.25pt; width: 5%">&nbsp;</TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right to Payment and Grant Price</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Terms</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferability of SARS</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family Transfers</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant of Restricted Shares or Share Units</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    </TR>

<TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders of Restricted Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders of Share Units</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5.1</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting and Dividend Rights</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5.2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creditor&#8217;s Rights</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of Service</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of Restricted Shares and Shares Subject to Share Units</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delivery of Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrestricted Shares Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Equity-Based Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM&nbsp;OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Rule</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surrender of Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cashless Exercise</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Forms of Payment</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Equivalent Rights</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of Service</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant of Performance-Based Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value of Performance-Based Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Earning of Performance-Based Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;and Timing of Payment of Performance-Based Awards</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Conditions</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance-Based Awards Granted to Designated Covered Employees</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.1</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Goals Generally</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.2</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timing For Establishing Performance Goals</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.3</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Awards; Other Terms</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.4</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Measures</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.5</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation of Performance</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.6</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Performance-Based Compensation</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.7</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committee Discretion</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.6.8 Status
    of Awards Under Code Section&nbsp;162(m)</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARACHUTE LIMITATIONS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REQUIREMENTS OF LAW</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;16b-3</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECT OF CHANGES IN CAPITALIZATION</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in Shares</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Control in which Awards are not Assumed</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Control in which Awards are Assumed</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Limitations on Company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL PROVISIONS</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.1</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclaimer of Rights</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.2</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nonexclusivity of the Plan</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withholding Taxes</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.4</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Captions</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.5</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.6</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Provisions</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.7</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number and Gender</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.8</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.9</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.10</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;409A of the Code</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EFFECTIVE DATE AND SHAREHOLDER APPROVAL</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">PLAYA HOTELS&nbsp;&amp; RESORTS N.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Playa Hotels&nbsp;&amp; Resorts N.V. (the &#8220;<B STYLE="font-size: 10pt">Company</B>&#8221;)
sets forth herein the terms of the 2017 Omnibus Incentive Plan (the &#8220;<B STYLE="font-size: 10pt">Plan</B>&#8221;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">1.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">PURPOSE </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is intended to (a)&nbsp;provide eligible persons with an incentive
to contribute to the success of the Company and to operate and manage the Company&#8217;s business in a manner that will provide for the
Company&#8217;s long-term growth and profitability to benefit its shareholders and other important stakeholders, including its employees
and customers, and (b)&nbsp;provide a means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the
grant of awards of share options, share appreciation rights, restricted shares, share units, unrestricted shares, dividend equivalent
rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards. Any of these awards may,
but need not, be made as performance incentives to reward the holders of such awards for the achievement of performance goals in accordance
with the terms of the Plan. Options granted under the Plan may be non-qualified share options or incentive stock options, as provided
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">DEFINITIONS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of interpreting the Plan documents (including the Plan
and Award Agreements), the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.1</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Affiliate</B>&#8221; means any company or other entity that controls, is controlled by or is under common control with the Company
within the meaning of Rule&nbsp;405 of Regulation C under the Securities Act, including any Subsidiary. For purposes of grants of Options
or Share Appreciation Rights, an entity may not be considered an Affiliate unless the Company holds a &#8220;controlling interest&#8221;
in such entity within the meaning of Treasury Regulation Section&nbsp;1.414(c)-2(b)(2)(i), <I STYLE="font-size: 10pt">provided</I> that (a)&nbsp;except as specified
in clause (b)&nbsp;below, an interest of &#8220;at least 50 percent&#8221; shall be used instead of an interest of &#8220;at least 80
percent&#8221; in each case where &#8220;at least 80 percent&#8221; appears in Treasury Regulation Section&nbsp;1.414(c)-2(b)(2)(i)&nbsp;and
(b)&nbsp;where the grant of Options or Share Appreciation Rights is based upon a legitimate business criterion, an interest of &#8220;at
least 20 percent&#8221; shall be used instead of an interest of &#8220;at least 80 percent&#8221; in each case where &#8220;at least 80
percent&#8221; appears in Treasury Regulation Section&nbsp;1.414(c)-2(b)(2)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.2</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Applicable Laws</B>&#8221; means the legal requirements relating to the Plan and the Awards under (a)&nbsp;applicable provisions
of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted
to residents therein and (b)&nbsp;the rules&nbsp;of any Stock Exchange on which the Shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.3</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Award</B>&#8221; means a grant under the Plan of an Option, a Share Appreciation Right, Restricted Share, a Share Unit, Unrestricted
Shares, a Dividend Equivalent Right, a Performance Share or other Performance-Based Award, an Other Equity-Based Award, or cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.4</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Award Agreement</B>&#8221; means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions
of an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.5</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Award Shares</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;17.3(a)(ii)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.6</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Benefit Arrangement</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;15</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.7</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Board</B>&#8221; means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.8</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Cause</B>&#8221; means, with respect to any Grantee, as determined by the Committee and unless otherwise provided in an applicable
agreement between such Grantee and the Company or an Affiliate, (a)&nbsp;gross negligence or willful misconduct in connection with the
performance of duties; (b)&nbsp;indictment (or local equivalent) or conviction of a criminal offense (other than minor traffic offenses)
or any crime involving moral turpitude; or (c)&nbsp;material breach of any term of any employment, consulting or other services, confidentiality,
intellectual property or non-competition agreements, if any, between such Grantee and the Company or an Affiliate. Any determination by
the Committee whether an event constituting Cause shall have occurred shall be final, binding and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.9</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Capital Stock</B>&#8221; means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) in equity held by such Person in respect of the Company, whether outstanding on the
Effective Date or issued thereafter, including, without limitation, any Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.10</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Change in Control</B>&#8221; means the occurrence of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;a &#8220;Person&#8221; or &#8220;group&#8221; (within the
meaning of Sections 13(d)&nbsp;and 14(d)(2)&nbsp;of the Exchange Act) becomes the &#8220;beneficial owner&#8221; (as defined in Rule&nbsp;13d-3
under the Exchange Act) of more than fifty percent (50%) of the total Voting Shares in the capital of the Company, on a Fully Diluted
Basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;individuals who on the Effective Date constitute the Board
(together with any new Directors whose election by such Board or whose nomination by such Board for election by the shareholders of the
Company was approved by a vote of at least a majority of the members of such Board then in office who either were members of such Board
on the Effective Date or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority
of the members of such Board then in office;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;the Company consolidates with, or merges with or into, any
Person, or any Person consolidates with, or merges with or into, the Company, other than any such transaction in which the holders of
securities that represented one hundred percent (100%) of the Voting Shares in the capital of the Company immediately prior to such transaction
(or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly
at least a majority of the Voting Shares of the surviving Person in such merger or consolidation transaction immediately after such transaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;there is consummated any direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a series of related transactions,
of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any &#8220;Person&#8221; or &#8220;group&#8221;
(within the meaning of Sections 13(d)&nbsp;and 14(d)(2)&nbsp;of the Exchange Act); or</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;the commencement of a liquidation, winding up or dissolution
of the Company, which was approved by the Shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.11</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Code</B>&#8221; means the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor
thereto. References in the Plan to any Code Section&nbsp;shall be deemed to include, as applicable, regulations promulgated under such
Code Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.12</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Committee</B>&#8221; means a committee of, and designated from time to time by resolution of, the Board, which shall be constituted
as provided in <B STYLE="font-size: 10pt">Section&nbsp;3.1.2</B> and <B STYLE="font-size: 10pt">Section&nbsp;3.1.3</B> (or, if no Committee has been so designated, the Board).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.13</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Company</B>&#8221; means Playa Hotels&nbsp;&amp; Resorts N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.14</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Covered Employee</B>&#8221; means a Grantee who is a &#8220;covered employee&#8221; within the meaning of Code Section&nbsp;162(m)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.15</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Disability</B>&#8221; means the inability of a Grantee to perform each of the essential duties of such Grantee&#8217;s position
by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected
to last for a continuous period of not less than 12 months; <I STYLE="font-size: 10pt">provided</I> that, with respect to rules&nbsp;regarding expiration of an
Incentive Stock Option following termination of a Grantee&#8217;s Service, Disability shall mean the inability of such Grantee to engage
in any substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.16</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Dividend Equivalent Right</B>&#8221; means a right, granted to a Grantee pursuant to <B STYLE="font-size: 10pt">Section&nbsp;13</B>, to receive cash,
Shares, other Awards or other property equal in value to dividends or other periodic payments paid or made with respect to a specified
number of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.17</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Effective Date</B>&#8221; means , 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.18</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Employee</B>&#8221; means, as of any date of determination, an employee (including an officer) of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.19</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Exchange Act</B>&#8221; means the Securities Exchange Act of 1934, as amended, as now in effect or as hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.20
</B></FONT>&#8220;<B STYLE="font-size: 10pt">Fair Market Value</B>&#8221; means the fair market value of a Share for purposes of the Plan, which shall be determined
as of any Grant Date as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;If on such Grant Date the Shares are listed on a Stock Exchange,
or are publicly traded on another established securities market (a &#8220;<B STYLE="font-size: 10pt">Securities Market</B>&#8221;), the Fair Market Value of a
Share shall be the closing price of the Shares as reported on such Shares Exchange or such Securities Market (<I STYLE="font-size: 10pt">provided</I> that, if
there is more than one such Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities
Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such Grant Date, the Fair Market
Value of a Share shall be the closing price of the Shares on the next preceding day on which any sale of Shares shall have been reported
on such Stock Exchange or such Securities Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;If on such Grant Date the Shares are not listed on a Stock
Exchange or publicly traded on a Securities Market, the Fair Market Value of a Share shall be the value of the Shares as determined by
the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding this <B STYLE="font-size: 10pt">Section&nbsp;2.20</B> or <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>,
for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>,
the Fair Market Value will be determined by the Company using any reasonable method; <I STYLE="font-size: 10pt">provided</I>, further, that for any Shares subject
to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of
the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on such date (or if sales of
such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.21</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Family Member</B>&#8221; means, with respect to any Grantee as of any date of determination, (a)&nbsp;a person who is a spouse,
former spouse, child, stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of such Grantee, (b)&nbsp;any person
sharing such Grantee&#8217;s household (other than a tenant or employee), (c)&nbsp;a trust in which any one or more of the persons specified
in clauses (a)&nbsp;and (b)&nbsp;above (and such Grantee) own more than fifty percent (50%) of the beneficial interest, (d)&nbsp;a foundation
in which any one or more of the persons specified in clauses (a)&nbsp;and (b)&nbsp;above (and such Grantee) control the management of
assets, and (e)&nbsp;any other entity in which one or more of the persons specified in clauses (a)&nbsp;and (b)&nbsp;above (and such Grantee)
own more than fifty percent (50%) of the voting interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.22</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Fully Diluted Basis</B>&#8221; means, as of any date of determination, the sum of (x)&nbsp;the number of Voting Shares outstanding
as of such date of determination plus (y)&nbsp;the number of Voting Shares issuable upon the exercise, conversion or exchange of all then-outstanding
warrants, options, convertible Capital Stock or indebtedness, exchangeable Capital Stock or indebtedness, or other rights exercisable
for or convertible or exchangeable into, directly or indirectly, Voting Shares, whether at the time of issue or upon the passage of time
or upon the occurrence of some future event, and whether or not in the money as of such date of determination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.23</B></FONT>
 &#8220;<FONT STYLE="font-size: 10pt"><B>Grant Date</B></FONT>&#8221; means, as determined by the Committee, the latest to occur of
(a)&nbsp;the date as of which the Committee approves the Award, (b)&nbsp;the date on which the recipient of an Award first becomes
eligible to receive an Award under <FONT STYLE="font-size: 10pt"><B>Section&nbsp;6</B></FONT> hereof (e.g., in the case of a new
hire, the first date on which such new hire performs any Service), or (c)&nbsp;such subsequent date specified by the Committee in
the corporate action approving the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.24</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Grantee</B>&#8221; means a person who receives or holds an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.25</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Incentive Stock Option</B>&#8221; means an &#8220;incentive stock option&#8221; within the meaning of Code Section&nbsp;422,
or the corresponding provision of any subsequently enacted tax statute, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.26</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Non-qualified Share Option</B>&#8221; means an Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.27</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Option</B>&#8221; means an option to purchase one or more Shares pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.28</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Option Price</B>&#8221; means the exercise price for each Share subject to an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.29</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Other Agreement</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;15</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.30</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Other Equity-Based Award</B>&#8221; means an Award representing a right or other interest that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, other than an Option, a Share Appreciation
Right, Restricted Shares, a Share Unit, Unrestricted Shares, a Dividend Equivalent Right or a Performance Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.31</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Outside Director</B>&#8221; means a member of the Board who is not an Employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.32
</B></FONT>&#8220;<B STYLE="font-size: 10pt">Parachute Payment</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;15(a).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.33</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Performance-Based Award</B>&#8221; means an Award of Options, Share Appreciation Rights, Restricted Shares, Share Units, Performance
Shares, Other Equity-Based Awards or cash made subject to the achievement of performance goals (as provided in <B STYLE="font-size: 10pt">Section&nbsp;14</B>)
over a Performance Period specified by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.34</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Performance-Based Compensation</B>&#8221; means compensation under an Award that is intended to satisfy the requirements of
Code Section&nbsp;162(m)&nbsp;for &#8220;qualified performance-based compensation&#8221; paid to Covered Employees. Notwithstanding the
foregoing, nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for &#8220;qualified performance-based
compensation&#8221; within the meaning of and pursuant to Code Section&nbsp;162(m)&nbsp;does not constitute performance-based compensation
for other purposes, including the purposes of Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.35</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Performance Measures</B>&#8221; means measures as specified in <B STYLE="font-size: 10pt">Section&nbsp;14.6.4</B> on which the performance goals under
Performance-Based Awards are based and which are approved by the Company&#8217;s shareholders pursuant to, and to the extent required
by, the Plan in order to qualify such Performance-Based Awards as Performance-Based Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.36</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Performance Period</B>&#8221; means the period of time during which the performance goals under Performance-Based Awards must
be met in order to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.37</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Performance Shares</B>&#8221; means a Performance-Based Award representing a right or other interest that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, made subject to the achievement
of performance goals (as provided in <B STYLE="font-size: 10pt">Section&nbsp;14</B>) over a Performance Period of up to ten (10)&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.38</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Person</B>&#8221; means an individual, a corporation, a partnership, a limited liability company, an association, a trust or
any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.39</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Plan</B>&#8221; means this 2017 Omnibus Incentive Plan, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.40</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Reporting Person</B>&#8221; means a person who is required to file reports under Section&nbsp;16(a)&nbsp;of the Exchange Act,
or any successor provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.41</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Restricted Period</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;10.2</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.42</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Restricted Shares</B>&#8221; means Shares awarded to a Grantee pursuant to <B STYLE="font-size: 10pt">Section&nbsp;10</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.43</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">SAR Price</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;9.1</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.44</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Securities Act</B>&#8221; means the Securities Act of 1933, as amended, as now in effect or as hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.45</B></FONT>
 &#8220;<FONT STYLE="font-size: 10pt"><B>Service</B></FONT>&#8221; means service qualifying a Grantee as a Service Provider to the Company
or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee&#8217;s change in position or duties shall not
result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate.
Subject to the preceding sentence, any determination by the Committee whether a termination of Service shall have occurred for purposes
of the Plan shall be final, binding and conclusive. If a Service Provider&#8217;s employment or other service relationship is with an
Affiliate and the applicable entity ceases to be an Affiliate, a termination of Service shall be deemed to have occurred when such entity
ceases to be an Affiliate unless the Service Provider transfers his or her employment or other service relationship to the Company or
any other Affiliate.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.46</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Service Provider</B>&#8221; means an Employee, officer, or director of the Company or an Affiliate, or a consultant or adviser
(who is a natural person) to the Company or an Affiliate currently providing services to the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.47</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Shares</B>&#8221; means common shares in the capital of the Company, with a par value of EUR 0.10 per share, or any security
which Shares may be changed into or for which Shares may be exchanged as provided in <B STYLE="font-size: 10pt">Section&nbsp;17.1</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.48</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Share Appreciation Right</B>&#8221; or &#8220;<B STYLE="font-size: 10pt">SAR</B>&#8221; means a right granted to a Grantee pursuant to <B STYLE="font-size: 10pt">Section&nbsp;9</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.49</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Stock Exchange</B>&#8221; means an established national or regional stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.50</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Share Unit</B>&#8221; means a bookkeeping entry representing the equivalent of one (1)&nbsp;Share awarded to a Grantee pursuant
to <B STYLE="font-size: 10pt">Section&nbsp;10</B> that (a)&nbsp;is not subject to vesting or (b)&nbsp;is subject to time-based vesting, but not to performance-based
vesting. A Share Unit may also be referred to as a restricted share unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.51</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Subsidiary</B>&#8221; means any corporation (other than the Company) or non-corporate entity with respect to which the Company
owns, directly or indirectly, fifty percent (50%) or more of the total combined voting power of all classes of stock, membership interests
or other ownership interests of any class or kind ordinarily having the power to vote for the directors, managers or other voting members
of the governing body of such corporation or non-corporate entity. In addition, any other entity may be designated by the Committee as a Subsidiary, <I STYLE="font-size: 10pt">provided</I>
that (a)&nbsp;such entity could be considered as a subsidiary according to generally accepted accounting principles in the United States
of America, and (b)&nbsp;in the case of an Award of Options or Share Appreciation Rights, such Award would be considered to be granted
in respect of &#8220;service recipient stock&#8221; under Code Section&nbsp;409A; <I STYLE="font-size: 10pt">provided further</I> that, with respect to Incentive
Stock Options, the term &#8220;Subsidiary&#8221; shall include only an entity that qualifies under Section&nbsp;424(f)&nbsp;of the Code
as a &#8220;subsidiary corporation&#8221; with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.52</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Substitute Award</B>&#8221; means an Award granted upon assumption of, or in substitution for, outstanding awards previously
granted under a compensatory plan by a business entity acquired or to be acquired by the Company or an Affiliate or with which the Company
or an Affiliate has combined or will combine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.53</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Ten Percent Shareholder</B>&#8221; means a natural person who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding voting securities of the Company, the Company&#8217;s parent (if any) or any of the Company&#8217;s
Subsidiaries. In determining share ownership, the attribution rules&nbsp;of Code Section&nbsp;424(d)&nbsp;shall be applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.54</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Unrestricted Shares</B>&#8221; shall have the meaning set forth in <B STYLE="font-size: 10pt">Section&nbsp;11</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">2.55</B></FONT>
 &#8220;<B STYLE="font-size: 10pt">Voting Shares</B>&#8221; means, with respect to any Person, Capital Stock of any class or kind ordinarily having the right to
vote for the election of directors, managers or other voting members of the governing body of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">ADMINISTRATION OF THE PLAN </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.1
Committee</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.1.1
Powers and Authorities</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee shall administer the Plan and shall have such powers
and authorities related to the administration of the Plan as are consistent with the Company&#8217;s articles of association and bylaws
and Applicable Laws. Without limiting the generality of the foregoing, the Committee shall have full power and authority to take all actions
and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and
authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions
of the Plan which the Committee deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement,
including, without limitation, correcting any defects or omissions or reconciling any ambiguities or inconsistencies in the Plan or any
Award thereunder. All such actions and determinations shall be made by (a)&nbsp;the affirmative vote of a majority of the members of the
Committee present at a meeting at which a quorum is present, or (b)&nbsp;the unanimous consent of the members of the Committee executed
in writing in accordance with the Company&#8217;s articles of association and bylaws and Applicable Laws. Unless otherwise expressly determined
by the Board, the Committee shall have the authority to interpret and construe all provisions of, and decide all disputes arising in connection
with, the Plan, any Award and any Award Agreement, and any such interpretation or construction, and any other determination contemplated
to be made under the Plan or any Award Agreement, by the Committee shall be final, binding and conclusive whether or not expressly provided
for in any provision of the Plan, such Award or such Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the Plan, any Award or any Award Agreement provides
for any action to be taken by the Board or any determination to be made by the Board, such action may be taken or such determination may
be made by the Committee constituted in accordance with this <B STYLE="font-size: 10pt">Section&nbsp;3.1</B> if the Board has delegated the power and authority
to do so to such Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.1.2
Composition of Committee</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee shall be a committee composed of not fewer than two
directors of the Company designated by the Board to administer the Plan. Each member of the Committee shall be (i)&nbsp;a
 &#8220;Non-Employee Director&#8221; within the meaning of Rule&nbsp;16b-3 under the Exchange Act, (ii)&nbsp;if applicable, an
 &#8220;outside director&#8221; within the meaning of Code Section&nbsp;162(m)(4)(C)(i)&nbsp;and (iii)&nbsp;an independent director
in accordance with the rules&nbsp;of any Stock Exchange on which the Shares are listed; <FONT STYLE="font-size: 10pt"><I>provided</I></FONT>
that any action taken by the Committee shall be valid and effective whether or not members of the Committee at the time of such
action are later determined not to have satisfied the requirements for membership set forth in this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;3.1.2</B></FONT>
or otherwise provided in any charter of the Committee. Without limiting the generality of the foregoing, the Committee may be the
Compensation Committee of the Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee
satisfies the foregoing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.1.3
Other Committees</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board also may appoint one or more committees of the Board, each
composed of one or more directors of the Company who need not be Outside Directors, which may administer the Plan with respect to Grantees
who are not &#8220;officers&#8221; as defined in Rule&nbsp;16a-1(f)&nbsp;under the Exchange Act or directors of the Company, may grant
Awards under the Plan to such Grantees, and may determine all terms of such Awards, subject to the requirements of Rule&nbsp;16b-3 under
the Exchange Act, Code Section&nbsp;162(m)&nbsp;(if applicable) and the rules&nbsp;of any Stock Exchange on which the Shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.2
Board</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board from time to time may exercise any or all of the powers and
authorities related to the administration and implementation of the Plan, as set forth in <B STYLE="font-size: 10pt">Section&nbsp;3.1</B> and other applicable
provisions of the Plan, as the Board shall determine, consistent with the Company&#8217;s articles of association and bylaws and Applicable
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.3
Terms of Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.3.1
Committee Authority</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the other terms and conditions of the Plan, the Committee
shall have full and final authority to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;designate Grantees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;determine the type or types of Awards to be made to a Grantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;determine the number of Shares to be subject to an Award;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;establish the terms and conditions of each Award (including
the Option Price of any Option or the purchase price for Restricted Shares), the nature and duration of any restriction or condition (or
provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the Shares subject thereto, the
treatment of an Award in the event of a Change in Control (subject to applicable agreements), and any terms or conditions that may be
necessary to qualify Options as Incentive Stock Options;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;prescribe the form of each Award Agreement evidencing an Award;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;subject to the limitation on repricing in <B STYLE="font-size: 10pt">Section&nbsp;3.4</B>,
amend, modify or supplement the terms of any outstanding Award, which authority shall include the authority, in order to effectuate the
purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural persons who
are foreign nationals or are natural persons who are employed outside the United States to reflect differences in local law, tax policy,
or custom, <I STYLE="font-size: 10pt">provided</I> that, notwithstanding the foregoing, no amendment, modification or supplement of the terms of any outstanding
Award shall, without the consent of the Grantee thereof, impair such Grantee&#8217;s rights under such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee shall have the right, in its discretion, to make Awards
in substitution or exchange for any award granted under another compensatory plan of the Company, an Affiliate, or any business entity
acquired or to be acquired by the Company or an Affiliate or with which the Company or an Affiliate has combined or will combine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.3.2
Forfeiture; Recoupment</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may reserve the right in an Award Agreement to cause
a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken
by, such Grantee in violation or breach of or in conflict with any (a)&nbsp;employment agreement, (b)&nbsp;non-competition agreement,
(c)&nbsp;agreement prohibiting solicitation of Employees or clients of the Company or an Affiliate, (d)&nbsp;confidentiality obligation
with respect to the Company or an Affiliate, (e)&nbsp;Company policy or procedure, (f)&nbsp;other agreement, or (g)&nbsp;any other obligation
of such Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. The Committee may annul an outstanding
Award if the Grantee thereof is an Employee of the Company or an Affiliate and is terminated for Cause as defined in the Plan or the applicable
Award Agreement or for &#8220;cause&#8221; as defined in any other agreement between the Company or such Affiliate and such Grantee, as
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Award granted pursuant to the Plan shall be subject to mandatory
repayment by the Grantee to the Company to the extent the Grantee is, or in the future becomes, subject to (a)&nbsp;any Company &#8220;clawback&#8221;
or recoupment policy that is adopted to comply with the requirements of any Applicable Law, rule&nbsp;or regulation, or otherwise, or
(b)&nbsp;any law, rule&nbsp;or regulation which imposes mandatory recoupment, under circumstances set forth in such law, rule&nbsp;or
regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B STYLE="font-size: 10pt">3.4 No Repricing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in connection with a corporate transaction involving the
Company (including, without limitation, any share dividend, distribution (whether in the form of cash, Shares, other securities or
other property), share split, extraordinary cash dividend, recapitalization, Change in Control, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities or similar transaction), the
Company may not: (a)&nbsp;amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or
SARs; (b)&nbsp;cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is
less than the exercise price of the original Options or SARs; or (c)&nbsp;cancel outstanding Options or SARs with an exercise price
above the current share price in exchange for cash or other securities. Notwithstanding the foregoing, in no event may the Committee
grant Options in replacement of Options previously granted under this Plan or any other compensation plan of the Company or cancel
an outstanding Option in exchange for cash or other Awards (other than cash or other Awards with a value equal to the excess of the
Fair Market Value of the Shares subject to such Option at the time of cancellation over the exercise or grant price for such
Shares), or may the Committee amend outstanding Options (including amendments to adjust an Option price) unless such replacement or
adjustment would not be deemed to be a repricing under the rules&nbsp;of any Stock Exchange on which the Shares are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.5
Deferral Arrangement</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may permit or require the deferral of any payment pursuant
to any Award into a deferred compensation arrangement, subject to such rules&nbsp;and procedures as it may establish, which may include
provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting
such credits into Share Units and for restricting deferrals to comply with hardship distribution rules&nbsp;affecting tax-qualified retirement
plans subject to Code Section&nbsp;401(k)(2)(B)(IV), <I STYLE="font-size: 10pt">provided</I> that no Dividend Equivalent Rights may be granted in connection with,
or related to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section&nbsp;409A, including,
if applicable, with respect to when a Separation from Service occurs as defined under Section&nbsp;409A. In no event whatsoever shall
the Company be liable for any additional tax, interest or penalties that may be imposed on a Grantee by Section&nbsp;409A of the Code
or any damages for failing to comply with Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.6
No Liability</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No member of the Board or the Committee shall be liable for any action
or determination made in good faith with respect to the Plan or any Award or Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">3.7
Registration; Share Certificates</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any provision of the Plan to the contrary, the ownership
of the Shares issued under the Plan may be evidenced in such a manner as the Committee, in its sole discretion, deems appropriate, including
by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates with the understanding
that any ownership of Shares is mandatorily registered in the Company&#8217;s shareholders register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">4.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">SHARES SUBJECT TO THE PLAN </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">4.1
Number of Shares Available for Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to adjustment pursuant to <B STYLE="font-size: 10pt">Section&nbsp;17</B>, and subject
to further authorization by the general meeting of shareholders, the maximum number of Shares available for issuance under the Plan shall
be four million (4,000,000) Shares. Such Shares may be authorized and unissued Shares or treasury Shares or any combination of the foregoing, as may
be determined from time to time by the Board or by the Committee. Any of the Shares available for issuance under the Plan may be used
for any type of Award under the Plan, and any or all of the Shares available for issuance under the Plan shall be available for issuance
pursuant to Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">4.2
Share Usage</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares covered by an Award shall be counted as of the Grant Date for
purposes of calculating the number of shares available for issuance under <FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.1</B></FONT>.
The maximum number of shares issuable under a Performance Share grant shall be counted against the share issuance limit set forth in
<FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.1</B></FONT> as of the Grant Date, but such number shall be adjusted to equal the actual
number of shares issued upon settlement of the Performance Shares to the extent different from such maximum number of shares. If any
Shares covered by an Award are not purchased or are forfeited or expire, or if an Award otherwise terminates without delivery of any
Shares subject thereto or is settled in cash in lieu of Shares, then the number of Shares counted against the aggregate number of Shares
available under the Plan with respect to such Award shall, to the extent of any such forfeiture, termination, or expiration again be
available for making Awards under the Plan. The number of Shares available for issuance under the Plan will not be increased by the number
of Shares (i)&nbsp;tendered, withheld, or subject to an Award granted under the Plan surrendered in connection with the purchase of Shares
upon exercise of an Option, (ii)&nbsp;that were not issued upon the net settlement or net exercise of a Share-settled SAR granted under
the Plan, (iii)&nbsp;deducted or delivered from payment of an Award granted under the Plan in connection with the Company&#8217;s tax
withholding obligations as provided in <FONT STYLE="font-size: 10pt"><B>Section&nbsp;18.3</B></FONT>, or (iv)&nbsp;purchased by the Company
with proceeds from Option exercis<FONT STYLE="font-size: 10pt">es.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TERM; AMENDMENT
    AND TERMINATION </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1
Term</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Plan shall terminate automatically
ten (10)&nbsp;years after the Effective Date and may be terminated on any earlier date as provided in <B>Section&nbsp;5.2</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2
Amendment and Termination</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Board may, at any time and from
time to time, amend, suspend or terminate the Plan as to any Shares as to which Awards have not been made. The effectiveness of any amendment
to the Plan shall be contingent on approval of such amendment by the Company&#8217;s shareholders to the extent so provided by the Board
or required by Applicable Laws (including the rules&nbsp;of any Stock Exchange on which the Shares are then listed). No amendment, suspension
or termination of the Plan shall impair rights or obligations under any Award theretofore made under the Plan without the consent of
the Grantee thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AWARD ELIGIBILITY
    AND LIMITATIONS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1
Eligible Grantees</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to this <B STYLE="font-size: 10pt">Section&nbsp;6</B>, Awards may be made under the
Plan to (i)&nbsp;any Service Provider, as the Committee shall determine and designate from time to time and (ii)&nbsp;any other individual
whose participation in the Plan is determined to be in the best interests of the Company by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">6.2
Limitation on Shares Subject to Awards and Cash Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;the maximum number of Shares subject to Options or SARs that
may be granted under the Plan in a calendar year to any person eligible for an Award under <B STYLE="font-size: 10pt">Section&nbsp;6</B>, other than a Non-Employee
Director of the Company, is one million two hundred thousand (1,200,000) Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;the maximum number of Shares that may be granted under the
Plan, other than pursuant to Options or SARs, in a calendar year to any person eligible for an Award under <B STYLE="font-size: 10pt">Section&nbsp;6</B>, other
than a Non-Employee Director of the Company, is one million two hundred thousand (1,200,000) Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;the maximum Fair Market Value of Shares that may be granted
under the Plan pursuant to Awards in a calendar year to any Non-Employee Director of the Company is five hundred thousand dollars ($500,000);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;the maximum amount that may be paid as a cash-settled Performance-Based
Award for a Performance Period of twelve (12) months or less to any person eligible for an Award shall be three million dollars ($3,000,000)
and the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of greater than twelve (12)
months to any person eligible for an Award shall be nine million dollars ($9,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preceding limitations in this <B STYLE="font-size: 10pt">Section&nbsp;6.2</B> are subject
to adjustment as provided in <B STYLE="font-size: 10pt">Section&nbsp;17</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">6.3
Stand-Alone, Additional, Tandem and Substitute Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to <B STYLE="font-size: 10pt">Section&nbsp;3.4</B>, Awards granted under the Plan may,
in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, (a)&nbsp;any
other Award, (b)&nbsp;any award granted under another plan of the Company, an Affiliate, or any business entity that has been a party
to a transaction with the Company or an Affiliate, or (c)&nbsp;any other right of a Grantee to receive payment from the Company or an
Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution
or exchange for another Award, or for an award granted under another plan of the Company, an Affiliate, or any business entity that has
been a party to a transaction with the Company or an Affiliate, the Committee shall require the surrender of such other Award or award
under such other plan in consideration for the grant of such substitute or exchange Award. In addition, Awards may be granted in lieu
of cash compensation, including in lieu of cash payments under other plans of the Company or an Affiliate. Notwithstanding <B STYLE="font-size: 10pt">Section&nbsp;8.1</B>
and <B STYLE="font-size: 10pt">Section&nbsp;9.1</B>, but subject to <B STYLE="font-size: 10pt">Section&nbsp;3.4</B>, the Option Price of an Option or the SAR Price of a SAR that is a
Substitute Award may be less than one hundred percent (100%) of the Fair Market Value of a Share on the original Grant Date; <I STYLE="font-size: 10pt">provided</I>
that such Option Price or SAR Price is determined in accordance with the principles of Code Section&nbsp;424 for any Incentive Stock Option
and in a manner consistent with Code Section&nbsp;409A for any other Option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">6.4
Minimum Vesting Period</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except with respect to a maximum of five percent (5%) of the share
issuance limit set forth in <B STYLE="font-size: 10pt">Section&nbsp;4.1</B>, and except as otherwise provided in <B STYLE="font-size: 10pt">Section&nbsp;17</B>, no Award shall provide
for vesting which is any more rapid than vesting on the one (1)&nbsp;year anniversary of the Grant Date or, with respect to Awards that
vest upon the attainment of performance goals, a Performance Period that is less than twelve (12) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">7.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">AWARD AGREEMENT </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">7.1
Award Agreement</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Award granted pursuant to the Plan shall be evidenced by an Award
Agreement, which shall be in such form or forms as the Committee shall from time to time determine. Award Agreements employed under the
Plan from time to time or at the same time need not contain similar provisions, but shall be consistent with the terms of the Plan. Each
Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Share Options or Incentive
Stock Options, and, in the absence of such specification, such Options shall be deemed to constitute Non-qualified Share Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">7.2
Forfeiture Events</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may specify in an Award Agreement that the
Grantee&#8217;s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or
recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance
conditions of an Award. Such events may include, but shall not be limited to, termination of employment for Cause, termination of
the Grantee&#8217;s provision of Services to the Company and/or its Affiliates, violation of material Company and/or Affiliate
policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Grantee, or other conduct
by the Grantee that is detrimental to the business or reputation of the Company and/or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF OPTIONS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.1
Option Price</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Option Price of each Option shall be fixed by the Committee and
stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be
at least the Fair Market Value of one (1)&nbsp;Share on the Grant Date; <I STYLE="font-size: 10pt">provided </I>that in the event that a Grantee is a Ten Percent
Shareholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less
than one hundred ten percent (110%) of the Fair Market Value of one (1)&nbsp;Share on the Grant Date. In no case shall the Option Price
of any Option be less than the par value of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.2
Vesting</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to <B STYLE="font-size: 10pt">Sections 8.3</B> and <B STYLE="font-size: 10pt">17.3</B>, each Option granted
under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Committee and stated in
the Award Agreement, in another agreement with the Grantee or otherwise in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.3
Term</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Option granted under the Plan shall terminate, and all
rights to purchase Shares thereunder shall cease, upon the expiration of ten (10)&nbsp;years from the Grant Date of such Option, or
under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated
in the Award Agreement relating to such Option; <FONT STYLE="font-size: 10pt"><I>provided</I></FONT> that in the event that the
Grantee is a Ten Percent Shareholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not
be exercisable after the expiration of five (5)&nbsp;years from its Grant Date; and <FONT STYLE="font-size: 10pt"><I>provided,
further,</I></FONT> that, to the extent deemed necessary or appropriate by the Committee to reflect differences in local law, tax
policy, or custom with respect to any Option granted to a Grantee who is a foreign national or is a natural person who is employed
outside the United States, such Option may terminate, and all rights to purchase Shares thereunder may cease, upon the expiration of
such period longer than ten (10)&nbsp;years from the Grant Date of such Option as the Committee shall determine. Notwithstanding the
foregoing, if the term of an Option (other than in the case of an Incentive Stock Option) would expire at a time when trading in the
Shares is prohibited by the Company&#8217;s insider trading policy (or Company-imposed &#8220;blackout period&#8221;), then the term
shall automatically be extended until the 30th day following the expiration of such prohibition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.4
Termination of Service</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Award Agreement with respect to the grant of an Option shall set
forth the extent to which the Grantee thereof, if at all, shall have the right to exercise such Option following termination of such Grantee&#8217;s
Service. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant
to the Plan, and may reflect distinctions based on the reasons for termination of Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.5
Limitations on Exercise of Option</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan, in no event may any
Option be exercised, in whole or in part, after the occurrence of an event referred to in <B STYLE="font-size: 10pt">Section&nbsp;17</B> which results in the
termination of such Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.6
Method of Exercise</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the terms of <B STYLE="font-size: 10pt">Section&nbsp;12</B> and <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>,
an Option that is exercisable may be exercised by the Grantee&#8217;s delivery to the Company or its designee or agent of notice of exercise
on any business day, at the Company&#8217;s principal office or the office of such designee or agent, on the form specified by the Committee
and in accordance with any additional procedures specified by the Committee. Such notice shall specify the number of Shares with respect
to which such Option is being exercised and shall be accompanied by payment in full of the Option Price of the Shares for which such Option
is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold
with respect to the exercise of such Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.7
Rights of Holders of Options</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise stated in the applicable Award Agreement, a Grantee
or other person holding or exercising an Option shall have none of the rights of a shareholder of the Company (for example, the right
to receive cash or dividend payments or distributions attributable to the Shares subject to such Option, to direct the voting of the Shares
subject to such Option, or to receive notice of any meeting of the Company&#8217;s shareholders) until the Shares subject thereto are
fully paid and issued to such Grantee or other person. Except as provided in <B STYLE="font-size: 10pt">Section&nbsp;17</B>, no adjustment shall be made for dividends,
distributions or other rights with respect to any Shares subject to an Option for which the record date is prior to the date of issuance
of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.8
Delivery of Shares</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Promptly after the exercise of an Option by a Grantee and the payment
in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence of such Grantee&#8217;s ownership
of the Shares subject to such Option as shall be consistent with <B STYLE="font-size: 10pt">Section&nbsp;3.7</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.9
Transferability of Options</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as provided in <B STYLE="font-size: 10pt">Section&nbsp;8.10</B>, during the lifetime
of a Grantee of an Option, only such Grantee (or, in the event of such Grantee&#8217;s legal incapacity or incompetency, such Grantee&#8217;s
guardian or legal representative) may exercise such Option. Except as provided in <B STYLE="font-size: 10pt">Section&nbsp;8.10</B>, no Option shall be assignable
or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.10
Family Transfers</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If authorized in the applicable Award Agreement and by the Committee,
in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive Stock Option to any
Family Member. For the purpose of this <B STYLE="font-size: 10pt">Section&nbsp;8.10</B>, a transfer &#8220;not for value&#8221; is a transfer which is (a)&nbsp;a
gift, (b)&nbsp;a transfer under a domestic relations order in settlement of marital property rights or (c)&nbsp;unless Applicable Laws
do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family
Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this <B STYLE="font-size: 10pt">Section&nbsp;8.10</B>, any
such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to such transfer, and the
Shares acquired pursuant to such Option shall be subject to the same restrictions with respect to transfers of such Shares as would have
applied to the Grantee thereof. Subsequent transfers of transferred Options shall be prohibited except to Family Members of the original
Grantee in accordance with this <B STYLE="font-size: 10pt">Section&nbsp;8.10</B> or by will or the laws of descent and distribution. The provisions of <B STYLE="font-size: 10pt">Section&nbsp;8.4</B>
relating to termination of Service shall continue to be applied with respect to the original Grantee of the Option, following which such
Option shall be exercisable by the transferee only to the extent, and for the periods specified, in <B STYLE="font-size: 10pt">Section&nbsp;8.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.11
Limitations on Incentive Stock Options</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Option shall constitute an Incentive Stock Option only (a)&nbsp;if
the Grantee of such Option is an Employee of the Company or any corporate Subsidiary, (b)&nbsp;to the extent specifically provided in
the related Award Agreement and (c)&nbsp;to the extent that the aggregate Fair Market Value (determined at the time such Option is granted)
of the Shares with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time during any
calendar year (under the Plan and all other plans of the Company and its Affiliates) does not exceed one hundred thousand dollars ($100,000).
Except to the extent provided in the regulations under Code Section&nbsp;422, this limitation shall be applied by taking Options into
account in the order in which they were granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">8.12
Notice of Disqualifying Disposition</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Grantee shall make any disposition of Shares issued pursuant
to the exercise of an Incentive Stock Option under the circumstances provided in Code Section&nbsp;421(b)&nbsp;(relating to certain disqualifying
dispositions), such Grantee shall notify the Company of such disposition within ten (10)&nbsp;days thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.1
Right to Payment and Grant Price</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A SAR shall confer on the Grantee to whom it is granted a right to
receive, upon exercise thereof, the excess of (x)&nbsp;the Fair Market Value of one (1)&nbsp;Share on the date of exercise over (y)&nbsp;the
per share exercise price of such SAR (the &#8220;<B STYLE="font-size: 10pt">SAR Price</B>&#8221;) as determined by the Committee. The Award Agreement for a SAR
shall specify the SAR Price, which shall be no less than the Fair Market Value of one (1)&nbsp;Share on the Grant Date of such SAR. SARs
may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent time during the term of such Option,
in combination with all or any part of any other Award or without regard to any Option or other Award; <I STYLE="font-size: 10pt">provided</I> that a SAR that
is granted subsequent to the Grant Date of a related Option must have a SAR Price that is no less than the Fair Market Value of one (1)&nbsp;Share
on the Grant Date of such SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.2
Other Terms</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee shall determine, on the Grant Date or thereafter, the
time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of
performance goals and/or future Service requirements), the time or times at which SARs shall cease to be or become exercisable following
termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement,
method by or forms in which Shares shall be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be granted in
tandem or in combination with any other Award, and any and all other terms and conditions of any SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.3
Term</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each SAR granted under the Plan shall terminate, and all rights thereunder
shall cease, upon the expiration of ten (10)&nbsp;years from the Grant Date of such SAR or under such circumstances and on such date prior
thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.4
Transferability of SARS</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as provided in <B STYLE="font-size: 10pt">Section&nbsp;9.5</B>, during the lifetime
of a Grantee of a SAR, only the Grantee (or, in the event of such Grantee&#8217;s legal incapacity or incompetency, such Grantee&#8217;s
guardian or legal representative) may exercise such SAR. Except as provided in <B STYLE="font-size: 10pt">Section&nbsp;9.5</B>, no SAR shall be assignable or
transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">9.5
Family Transfers</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If authorized in the applicable Award Agreement and by the
Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose
of this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;9.5</B></FONT>, a transfer &#8220;not for value&#8221; is a transfer which is
(a)&nbsp;a gift, (b)&nbsp;a transfer under a domestic relations order in settlement of marital property rights or (c)&nbsp;unless
Applicable Laws do not permit such transfer, a transfer to an entity in which more than fifty percent (50%) of the voting interests
are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;9.5</B></FONT>,
any such SAR shall continue to be subject to the same terms and conditions as were in effect immediately prior to such transfer, and
Shares acquired pursuant to a SAR shall be subject to the same restrictions on transfers of such Shares as would have applied to the
Grantee or such SAR. Subsequent transfers of transferred SARs shall be prohibited except to Family Members of the original Grantee
in accordance with this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;9.5</B></FONT> or by will or the laws of descent and
distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF RESTRICTED SHARES AND SHARE UNITS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.1
Grant of Restricted Shares or Share Units</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards of Restricted Shares and Share Units may be made for consideration
or for no consideration, other than the par value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.2
Restrictions</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the time a grant of Restricted Shares or Share Units is made, the
Committee may, in its sole discretion, (a)&nbsp;establish a period of time (a &#8220;<B STYLE="font-size: 10pt">Restricted Period</B>&#8221;) applicable to such
Restricted Shares or Share Units and (b)&nbsp;prescribe restrictions in addition to or other than the expiration of the Restricted Period,
including the achievement of corporate or individual performance goals, which may be applicable to all or any portion of such Restricted
Shares or Share Units as provided in <B STYLE="font-size: 10pt">Section&nbsp;14</B>. Awards of Restricted Shares and Share Units may not be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions
prescribed by the Committee with respect to such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.3
Registration</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to <B STYLE="font-size: 10pt">Section&nbsp;3.7</B>, to the extent that ownership of
Restricted Shares is evidenced by a book-entry registration or direct registration (including transaction advices), such registration,
to the extent not held through a depositary, shall be notated to evidence the restrictions imposed on such Award of Restricted Shares
under the Plan and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.4
Rights of Holders of Restricted Shares</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Committee otherwise provides in an Award Agreement, holders
of Restricted Shares shall have the right to vote such Restricted Shares and the right to receive any dividends declared or paid with
respect to such Restricted Shares. The Committee may provide that any dividends paid on Restricted Shares must be reinvested in Shares,
which may or may not be subject to the same vesting conditions and restrictions as the vesting conditions and restrictions applicable
to such Restricted Shares. The Company and a Grantee of Restricted Shares which vest or are earned based upon the achievement of performance
goals shall agree in an Award Agreement that dividends paid on such Restricted Shares shall not be deemed vested unless the performance
goals for such Restricted Shares are achieved, and if such performance goals are not achieved, the Grantee shall promptly forfeit and
repay to the Company any such dividend payments. All share distributions, if any, received by a Grantee with respect to Restricted Shares
as a result of any share split, share dividend, combination of share, or other similar transaction shall be subject to the vesting conditions
and restrictions applicable to such Restricted Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.5
Rights of Holders of Share Units</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.5.1
Voting and Dividend Rights</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of Share Units shall have no rights as shareholders of the
Company (for example, the right to receive cash or dividend payments or distributions attributable to the Shares subject to such Share
Units, to direct the voting of the Shares subject to such Share Units, or to receive notice of any meeting of the Company&#8217;s shareholders).
The Committee may provide in an Award Agreement evidencing a grant of Share Units that the holder of such Share Units shall be entitled
to receive, upon the Company&#8217;s payment of a cash dividend on its outstanding Shares, a cash payment for each such Share Unit which
is equal to the per-share dividend paid on such Shares. Dividends paid on Share Units which vest or are earned based upon the achievement
of performance goals shall not vest unless such performance goals for such Share Units are achieved, and if such performance goals are
not achieved, the Grantee of such Share Units shall promptly forfeit and repay to the Company such dividend payments. Such Award Agreement
also may provide that such cash payment shall be deemed reinvested in additional Share Units at a price per unit equal to the Fair Market
Value of a Share on the date on which such cash dividend is paid. Such cash payments paid in connection with Share Units which vest or
are earned based upon the achievement of performance goals shall not vest unless such performance goals for such Share Units are achieved,
and if such performance goals are not achieved, the Grantee of such Share Units shall promptly forfeit and repay to the Company such cash
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.5.2
Creditor&#8217;s Rights</B></FONT>.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holder of Share Units shall have no rights other than those of a
general unsecured creditor of the Company. Share Units represent unfunded and unsecured obligations of the Company, subject to the terms
and conditions of the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.6
Termination of Service</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Committee otherwise provides in an Award Agreement, in another
agreement with the Grantee or otherwise in writing after such Award Agreement is entered into, but prior to termination of Grantee&#8217;s
Service, upon the termination of such Grantee&#8217;s Service, any Restricted Shares or Share Units held by such Grantee that have not
vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon
forfeiture of such Restricted Shares or Share Units, the Grantee thereof shall have no further rights with respect thereto, including
any right to vote such Restricted Shares or any right to receive dividends with respect to such Restricted Shares or Share Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.7
Purchase of Restricted Shares and Shares Subject to Share Units</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Grantee of an Award of Restricted Shares or vested Share Units
shall be required, to the extent required by Applicable Laws, to purchase such Restricted Shares or the Shares subject to such vested
Share Units from the Company at a purchase price equal to the greater of (x)&nbsp;the aggregate par value of the Shares represented by
such Restricted Shares or such vested Share Units or (y)&nbsp;the purchase price, if any, specified in the Award Agreement relating to
such Restricted Shares or such vested Share Units. Such purchase price shall be payable in a form provided in <B STYLE="font-size: 10pt">Section&nbsp;12</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">10.8
Delivery of Shares</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the expiration or termination of any Restricted Period and the
satisfaction of any other conditions prescribed by the Committee, including but not limited to any delayed delivery period, the restrictions
applicable to Restricted Shares or Share Units settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement,
a book-entry or direct registration (including transaction advices) or a share certificate evidencing ownership of such Shares shall,
consistent with <B STYLE="font-size: 10pt">Section&nbsp;3.7</B>, be issued, free of all such restrictions, to the Grantee thereof or such Grantee&#8217;s beneficiary
or estate, as the case may be. Neither the Grantee, nor the Grantee&#8217;s beneficiary or estate, shall have any further rights with
regard to a Share Unit once the Shares represented by such Share Unit have been delivered in accordance with this <B STYLE="font-size: 10pt">Section&nbsp;10.8</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">11.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER EQUITY-BASED AWARDS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">11.1
Unrestricted Shares Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to <B STYLE="font-size: 10pt">Section&nbsp;6.4</B>, the Committee may, in its sole
discretion, grant (or sell at the par value of a Share or at such other higher purchase price as shall be determined by the Committee)
an Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions (&#8220;<B STYLE="font-size: 10pt">Unrestricted Shares</B>&#8221;)
under the Plan. Unrestricted Shares Awards may be granted or sold to any Grantee as provided in the immediately preceding sentence in
respect of past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform
future Service, to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due
to such Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">11.2
Other Equity-Based Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may, in its sole discretion, grant Awards in the form
of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this
<B STYLE="font-size: 10pt">Section&nbsp;11.2</B> may be granted with vesting, value and/or payment contingent upon the achievement of one or more performance
goals. The Committee shall determine the terms and conditions of Other Equity-Based Awards at the Grant Date or thereafter. Unless the
Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement
is issued, upon the termination of a Grantee&#8217;s Service, any Other Equity-Based Awards held by such Grantee that have not vested,
or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture
of any Other Equity-Based Award, the Grantee thereof shall have no further rights with respect to such Other Equity-Based Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">12.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">FORM&nbsp;OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">12.1
General Rule</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of the Option Price for the Shares purchased pursuant to the
exercise of an Option or the purchase price, if any, for Restricted Shares shall be made in cash or in cash equivalents acceptable to
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">12.2
Surrender of Shares</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, to the extent that the applicable Award Agreement so
provides and subject to the Company having sufficiently distributable reserves at the date of exercise, the Grantee may elect in writing
to have Shares withheld by the Company from the Shares otherwise to be received upon exercise of his or her Options, with such withheld
Shares having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price of the Shares to be issued to
the Grantee. The Options thus not exercised will be forfeited and the Company shall charge the par value of the Shares to be issued to
the Grantee against its freely distributable reserves. Payment of the Option Price for Shares purchased pursuant to the exercise of an
Option or the purchase price, if any, for Restricted Shares may be made all or in part through the tender or attestation to the Company
of Shares, which shall be valued, for purposes of determining the extent to which such Option Price or purchase price has been paid thereby,
at their Fair Market Value on the date of such tender or attestation.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">12.3
Cashless Exercise</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent permitted by Applicable Laws and to the extent the Award
Agreement so provides, payment of the Option Price for Shares purchased pursuant to the exercise of an Option may be made all or in part
by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed securities broker acceptable to the Company
to sell Shares and to deliver all or part of the proceeds of such sale to the Company in payment of such Option Price and any withholding
taxes described in <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">12.4
Other Forms of Payment</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent the Award Agreement so provides and/or unless otherwise
specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise of an Option or the purchase price,
if any, for Restricted Shares may be made in any other form that is consistent with Applicable Laws, including by withholding Shares that
would otherwise vest or be issuable in an amount equal to the Option Price or purchase price and the required tax withholding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">13.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">13.1
Dividend Equivalent Rights</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Dividend Equivalent Right is an Award entitling the recipient
thereof to receive credits based on cash distributions that would have been paid on the Shares specified in such Dividend Equivalent
Right (or other Award to which such Dividend Equivalent Right relates) if such Shares had been issued to and held by the recipient
of such Dividend Equivalent Right as of the record date. A Dividend Equivalent Right may be granted hereunder to any Grantee, <FONT STYLE="font-size: 10pt"><I>provided</I></FONT>
that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and
conditions of Dividend Equivalent Rights shall be specified in the Award Agreement therefor. Dividend equivalents credited to the
holder of a Dividend Equivalent Right may be paid currently (with or without being subject to forfeiture or a repayment obligation)
or may be deemed to be reinvested in additional Shares, which may thereafter accrue additional Dividend Equivalent Rights (with or
without being subject to forfeiture or a repayment obligation), as specified in an Award Agreement. Any such reinvestment shall be
at the Fair Market Value thereof on the date of such reinvestment. Dividend Equivalent Rights may be settled in cash or Shares or a
combination thereof, in a single installment or in multiple installments, all as determined in the sole discretion of the Committee.
A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled
upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right
shall expire or be forfeited or annulled under the same conditions as such other Award. A Dividend Equivalent Right granted as a
component of another Award also may contain terms and conditions which are different from the terms and conditions of such other
Award, <FONT STYLE="font-size: 10pt"><I>provided </I></FONT>that Dividend Equivalent Rights credited pursuant to a Dividend
Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals
shall not vest unless such performance goals for such underlying Award are achieved, and if such performance goals are not achieved,
the Grantee of such Dividend Equivalent Rights shall promptly forfeit and repay to the Company payments made in connection with such
Dividend Equivalent Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">13.2
Termination of Service</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Committee otherwise provides in an Award Agreement, in another
agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, a Grantee&#8217;s rights in all Dividend Equivalent
Rights shall automatically terminate upon such Grantee&#8217;s termination of Service for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.1
Grant of Performance-Based Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the terms and provisions of the Plan, the Committee, at
any time and from time to time, may grant Performance-Based Awards to a Grantee in such amounts and upon such terms as the Committee shall
determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.2
Value of Performance-Based Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each grant of a Performance-Based Award shall have an actual or target
number of Shares or initial value that is established by the Committee at the time of grant. The Committee shall set performance goals
in its discretion which, depending on the extent to which they are achieved, shall determine the value and/or number of Shares subject
to a Performance-Based Award that will be paid out to the Grantee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.3
Earning of Performance-Based Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the terms of the Plan, in particular <B STYLE="font-size: 10pt">Section&nbsp;14.6.3</B>,
after the applicable Performance Period has ended, the Grantee of Performance-Based Awards shall be entitled to receive a payout on the
number of the Performance-Based Awards or value earned by such Grantee over such Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.4
Form&nbsp;and Timing of Payment of Performance-Based Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of earned Performance-Based Awards shall be made in the
manner described in the applicable Award Agreement as determined by the Committee. Subject to the terms of the Plan, the Committee,
in its sole discretion, may pay earned Performance-Based Awards in the form of cash or Shares (or a combination thereof) equal to
the value of such earned Performance-Based Awards and shall pay the Awards that have been earned at the close of the applicable
Performance Period, or as soon as reasonably practicable after the Committee has determined that the performance goal or goals
relating thereto have been achieved; <FONT STYLE="font-size: 10pt"><I>provided</I></FONT> that, unless specifically provided in the
Award Agreement for such Awards, such payment shall occur no later than the 15th day of the third month following the end of the
calendar year in which such Performance Period ends. Any Shares paid out under such Performance-Based Awards may be granted subject
to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of
such Performance-Based Awards shall be set forth in the Award Agreement therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.5
Performance Conditions</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right of a Grantee to exercise or receive a grant or settlement
of any Performance-Based Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee.
The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance
conditions. If and to the extent required under Code Section&nbsp;162(m), any power or authority relating to an Award intended to qualify
under Code Section&nbsp;162(m)&nbsp;shall be exercised by the Committee and not by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6
Performance-Based Awards Granted to Designated Covered Employees</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If and to the extent that the Committee determines that a Performance-Based
Award to be granted to a Grantee should constitute &#8220;qualified performance-based compensation&#8221; for purposes of Code Section&nbsp;162(m),
the grant, exercise and/or settlement of such Award shall be contingent upon achievement of pre-established performance goals and other
terms set forth in this <B STYLE="font-size: 10pt">Section&nbsp;14.6</B>. Neither the Company nor any officer or director of the Company shall be liable for the
failure of a Performance-Based Award to satisfy Code Section&nbsp;162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.1
Performance Goals Generally</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The performance goals for Performance-Based Awards shall consist of
one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the
Committee consistent with this <B STYLE="font-size: 10pt">Section&nbsp;14.6</B>. Performance goals shall be objective and shall otherwise be designed to meet
the requirements of Code Section&nbsp;162(m), including the requirement that the level or levels of performance targeted by the Committee
result in the achievement of performance goals being &#8220;substantially uncertain.&#8221; The Committee may determine that such Awards
shall be granted, exercised and/or settled upon achievement of any single performance goal or of two (2)&nbsp;or more performance goals.
Performance goals may differ for Awards granted to any one Grantee or to different Grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.2
Timing For Establishing Performance Goals</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance goals for any Performance-Based Award shall be established
not later than the earlier of (a)&nbsp;90 days after the beginning of any Performance Period applicable to such Award, and (b)&nbsp;the
date on which twenty-five percent (25%) of any Performance Period applicable to such Award has expired, or at such other date as may be
required or permitted for compensation payable to a Covered Employee to constitute Performance-Based Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.3
Payment of Awards; Other Terms</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Performance-Based Awards shall be in cash, Shares, or other
Awards, including an Award that is subject to additional Service-based vesting, as determined in the sole discretion of the Committee.
The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such Awards. The Committee
shall specify the circumstances in which such Performance-Based Awards shall be paid or forfeited in the event of termination of Service
by the Grantee prior to the end of a Performance Period or settlement of such Awards. In the event payment of the Performance-Based Award
is made in the form of another Award subject to Service-based vesting, the Committee shall specify the circumstances in which the payment
Award will be paid or forfeited in the event of a termination of Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.4
Performance Measures</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The performance goals upon which the payment or vesting of a Performance-Based
Award to a Covered Employee that is intended to qualify as Performance-Based Compensation may be conditioned shall be limited to the following
Performance Measures, with or without adjustment (including pro forma adjustments):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;Funds from operations, including adjusted funds from operations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;net earnings or net income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;operating earnings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;pretax earnings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;earnings per share;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;share price, including growth measures and total shareholder
return;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g)&nbsp;earnings before interest and taxes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;earnings before interest, taxes, depreciation and/or amortization;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;earnings before interest, taxes, depreciation and/or amortization
as adjusted to exclude any one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">share-based compensation expense; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">income from discontinued operations; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">gain on cancellation of debt; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">debt extinguishment and related costs; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restructuring, separation and/or integration charges and costs; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reorganization and/or recapitalization charges and costs; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment charges; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">gain or loss related to investments; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales and use tax settlement; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">gain on non-monetary transaction. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(j)&nbsp;sales or revenue growth, whether in general, by type of product
or service, by type of customer or by type of property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(k)&nbsp;gross or operating margins;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(l)&nbsp;return measures, including return on assets, capital, investment,
equity, sales or revenue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(m)&nbsp;cash flow, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating cash flow; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">free cash flow, defined as earnings before interest, taxes, depreciation and/or amortization (as adjusted to exclude any one or more of the items that may be excluded pursuant to the Performance Measure specified in clause (h)&nbsp;above) less capital expenditures; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">levered free cash flow, defined as free cash flow less interest expense; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash flow return on equity; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 8%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cash flow return on investment; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(n)&nbsp;productivity ratios;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(o)&nbsp;expense targets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(p)&nbsp;market share;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(q)&nbsp;financial ratios as provided in credit agreements of the Company
and its subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(r)&nbsp;working capital targets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(s)&nbsp;completion of acquisitions of businesses or companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(t)&nbsp;completion of divestitures and asset sales;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(u)&nbsp;customer satisfaction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(v)&nbsp;employee satisfaction; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(w)&nbsp;any combination of the foregoing business criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance under any of the foregoing Performance Measures
(a)&nbsp;may be used to measure the performance of (i)&nbsp;the Company and its Subsidiaries and other Affiliates as a whole,
(ii)&nbsp;the Company, any Subsidiary, and/or any other Affiliate or any combination thereof, or (iii)&nbsp;any one or more business
units of the Company, any Subsidiary, and/or any other Affiliate, as the Committee, in its sole discretion, deems appropriate and
(b)&nbsp;may be compared to the performance of one or more other companies or one or more published or special indices designated or
approved by the Committee for such comparison, as the Committee, in its sole discretion, deems appropriate. In addition, the
Committee, in its sole discretion, may select performance under the Performance Measure specified in clause (f)&nbsp;above for
comparison to performance under one or more stock market indices designated or approved by the Committee. The Committee also shall
have the authority to provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals
pursuant to the Performance Measures specified in this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;14</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.5
Evaluation of Performance</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee may provide in any Performance-Based Award that any evaluation
of performance may include or exclude any of the following events that occur during a Performance Period: (a)&nbsp;asset write-downs;
(b)&nbsp;litigation or claims, judgments or settlements; (c)&nbsp;the effect of changes in tax laws, accounting principles or other laws
or provisions affecting reported results; (d)&nbsp;any reorganization or restructuring events or programs; (e)&nbsp;extraordinary, non-core,
non-operating or non-recurring items; (f)&nbsp;acquisitions or divestitures; (g)&nbsp;foreign exchange gains and losses; (h)&nbsp;tax
valuation allowance reversals; (i)&nbsp;impairment expense; and (j)&nbsp;environmental expense. To the extent such inclusions or exclusions
affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions shall
be prescribed in a form that meets the requirements of Code Section&nbsp;162(m)&nbsp;for deductibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.6
Adjustment of Performance-Based Compensation</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee shall have the sole discretion to adjust Awards that
are intended to qualify as Performance-Based Compensation, either on a formula or discretionary basis, or on any combination thereof,
as the Committee determines consistent with the requirements of Code Section&nbsp;162(m)&nbsp;for deductibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.7
Committee Discretion</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that Applicable Laws change to permit Committee discretion
to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion
to make such changes without obtaining shareholder approval, <I STYLE="font-size: 10pt">provided</I> that the exercise of such discretion shall not be inconsistent
with the requirements of Code Section&nbsp;162(m). In addition, in the event that the Committee determines that it is advisable to grant
Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements
of Code Section&nbsp;162(m)&nbsp;and base vesting on Performance Measures other than those set forth in <B STYLE="font-size: 10pt">Section&nbsp;14.6.4</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">14.6.8
Status of Awards Under Code Section&nbsp;162(m)</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is the intent of the Company that Performance-Based Awards
under <FONT STYLE="font-size: 10pt"><B>Section&nbsp;14.6</B></FONT> granted to persons who are designated by the Committee as likely
to be Covered Employees within the meaning of Code Section&nbsp;162(m)&nbsp;and the regulations promulgated thereunder shall, if so
designated by the Committee, constitute &#8220;qualified performance-based compensation&#8221; within the meaning of Code
Section&nbsp;162(m). Accordingly, the terms of <FONT STYLE="font-size: 10pt"><B>Section&nbsp;14.6</B></FONT>, including the
definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code
Section&nbsp;162(m). If any provision of the Plan or any agreement relating to any such Performance-Based Award does not comply or
is inconsistent with the requirements of Code Section&nbsp;162(m), such provision shall be construed or deemed amended to the extent
necessary to conform to such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">15.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">PARACHUTE LIMITATIONS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any Grantee is a &#8220;disqualified individual,&#8221; as defined
in Code Section&nbsp;280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding
heretofore or hereafter entered into by such Grantee with the Company or an Affiliate, except an agreement, contract, or understanding
that expressly addresses Code Section&nbsp;280G or Code Section&nbsp;4999 (an &#8220;<B STYLE="font-size: 10pt">Other Agreement</B>&#8221;), and notwithstanding
any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups
or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or
is in the form of a benefit to or for the Grantee (a &#8220;<B STYLE="font-size: 10pt">Benefit Arrangement</B>&#8221;), any right of the Grantee to any exercise,
vesting, payment, or benefit under the Plan shall be reduced or eliminated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;to the extent that such right to exercise, vesting, payment,
or benefit, taking into account all other rights, payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and
all Benefit Arrangements, would cause any exercise, vesting, payment, or benefit to the Grantee under the Plan to be considered a &#8220;parachute
payment&#8221; within the meaning of Code Section&nbsp;280G(b)(2)&nbsp;as then in effect (a &#8220;<B STYLE="font-size: 10pt">Parachute Payment</B>&#8221;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;if, as a result of receiving such Parachute Payment, the aggregate
after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be
less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered
a Parachute Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall accomplish such reduction by first reducing or eliminating
any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated
vesting of Performance-Based Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating
any accelerated vesting of Restricted Shares or Share Units, then by reducing or eliminating any other remaining Parachute Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">16.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">REQUIREMENTS OF LAW </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">16.1
General</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall not be required to offer, sell or issue any
Shares under any Award, whether pursuant to the exercise of an Option or SAR or otherwise, if the offer, sale or issuance of such
Shares would constitute a violation by the Grantee, the Company or an Affiliate, or any other person, of any provision of Applicable
Laws, including any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion,
that the listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any
governmental regulatory body is necessary or desirable as a condition of, or in connection with, the offering, issuance, sale or
purchase of Shares in connection with any Award, no Shares may be offered, issued or sold to the Grantee or any other person under
such Award, whether pursuant to the exercise of an Option or SAR or otherwise, unless such listing, registration or qualification
shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no
way affect the date of termination of such Award. Without limiting the generality of the foregoing, upon the exercise of any Option
or any SAR that may be settled in Shares or the delivery of any Shares underlying an Award, unless a registration statement under
the Securities Act is in effect with respect to the Shares subject to such Award, the Company shall not be required to offer, sell
or issue such Shares unless the Committee shall have received evidence satisfactory to it that the Grantee or any other person
exercising such Option or SAR or accepting delivery of such shares may acquire such Shares pursuant to an exemption from
registration under the Securities Act. Any determination in this connection by the Committee shall be final, binding, and
conclusive. The Company may register, but shall in no event be obligated to register, any Shares or other securities issuable
pursuant to the Plan pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to
cause the exercise of an Option or a SAR or the issuance of Shares or other securities issuable pursuant to the Plan or any Award to
comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option or SAR that may be
settled in Shares shall not be exercisable until the Shares subject to such Option or SAR are registered under the securities laws
thereof or are exempt from such registration, the exercise of such Option or SAR under circumstances in which the laws of such
jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an
exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">16.2
Rule&nbsp;16b-3</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During any time when the Company has a class of equity security registered
under Section&nbsp;12 of the Exchange Act, it is the intention of the Company that Awards pursuant to the Plan and the exercise of Options
and SARs granted hereunder that would otherwise be subject to Section&nbsp;16(b)&nbsp;of the Exchange Act shall qualify for the exemption
provided by Rule&nbsp;16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Committee does not comply
with the requirements of such Rule&nbsp;16b-3, such provision or action shall be deemed inoperative with respect to such Awards to the
extent permitted by Applicable Laws and deemed advisable by the Committee, and shall not affect the validity of the Plan. In the event
that such Rule&nbsp;16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary or
advisable in its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption
or its replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">EFFECT OF CHANGES IN CAPITALIZATION </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.1
Changes in Shares</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the number of outstanding Shares is increased or decreased or
the Shares are changed into or exchanged for a different number of Shares or kind of Capital Stock or other securities of the
Company on account of any recapitalization, reclassification, share split, reverse share split, spin-off, combination of shares,
exchange of shares, share dividend or other distribution payable in Capital Stock, or other increase or decrease in Shares effected
without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which grants
of Options and other Awards may be made under the Plan, including the share limits set forth in <FONT STYLE="font-size: 10pt"><B>Section&nbsp;6.2</B></FONT>,
shall be adjusted by the Committee in the manner and to the extent it considers appropriate and equitable to the Grantees and
consistent with the terms of the Plan. In addition, the number and kind of Shares for which Awards are outstanding shall be adjusted
by the Committee in the manner and to the extent it considers appropriate and equitable to the Grantees and consistent with the
terms of the Plan so that the proportionate interest of the Grantee therein immediately following such event shall, to the extent
practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the
aggregate Option Price or SAR Price payable with respect to Shares that are subject to the unexercised portion of such outstanding
Options or SARs, as applicable, but shall include a corresponding proportionate adjustment in the per share Option Price or SAR
Price, as the case may be. The conversion of any convertible securities of the Company shall not be treated as an increase in Shares
effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company&#8217;s
shareholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a
non-extraordinary dividend, declared and paid by the Company) without receipt of consideration by the Company, the Board or the
Committee constituted pursuant to <FONT STYLE="font-size: 10pt"><B>Section&nbsp;3.1.2</B></FONT> shall, in such manner as the Board
or the Committee deems appropriate, adjust (a)&nbsp;the number and kind of shares subject to outstanding Awards and/or (b)&nbsp;the
aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Price of outstanding SARs as
required to reflect such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.2
Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to <FONT STYLE="font-size: 10pt"><B>Section&nbsp;17.3</B></FONT>,
if the Company shall be the surviving entity in any reorganization, merger or consolidation of the Company with one or more other
entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to
and apply to the securities to which a holder of the number of Shares subject to such Option or SAR would have been entitled
immediately following such reorganization, merger or consolidation, with a corresponding proportionate adjustment of the per share
Option Price or SAR Price so that the aggregate Option Price or SAR Price thereafter shall be the same as the aggregate Option Price
or SAR Price of the Shares remaining subject to the Option or SAR as in effect immediately prior to such reorganization, merger, or
consolidation. Subject to any contrary language in an Award Agreement or in another agreement with the Grantee, or otherwise set
forth in writing, any restrictions applicable to such Award shall apply as well to any replacement Shares received by the Grantee as
a result of such reorganization, merger or consolidation. In the event of any reorganization, merger or consolidation of the Company
referred to in this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;17.2</B></FONT>, Performance-Based Awards shall be adjusted
(including any adjustment to the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply
to the securities that a holder of the number of Shares subject to the Performance-Based Awards would have been entitled to receive
immediately following such reorganization, merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.3
Change in Control in which Awards are not Assumed</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the applicable Award Agreement or in
another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding
Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are not being assumed or continued,
the following provisions shall apply to such Award, to the extent not assumed or continued:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;in each case with the exception of Performance-Based Awards,
all outstanding Restricted Shares shall be deemed to have vested, all Share Units shall be deemed to have vested and the Shares subject
thereto shall be deemed delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the Shares subject thereto shall
be deemed delivered, immediately prior to the occurrence of such Change in Control, and either of the following two actions shall be taken:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;fifteen (15) days prior to the scheduled consummation of such
Change in Control, all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a
period of fifteen (15) days, which exercise shall be effective upon such consummation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;the Committee may elect, in its sole discretion, to cancel
any outstanding Awards of Options, SARs, Restricted Shares, Share Units and/or Dividend Equivalent Rights and pay or deliver, or cause
to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Committee acting in
good faith), in the case of Restricted Shares or Share Units and Dividend Equivalent Rights (for Shares subject thereto), equal to the
formula or fixed price per share paid to holders of Shares pursuant to such Change in Control and, in the case of Options or SARs, equal
to the product of the number of Shares subject to such Options or SARs (the &#8220;Award Shares&#8221;) multiplied by the amount, if any,
by which (x)&nbsp;the formula or fixed price per share paid to holders of Shares pursuant to such transaction exceeds (y)&nbsp;the Option
Price or SAR Price applicable to such Award Shares; provided that if the Option Price or SAR Price applicable to such Award Shares exceed
the formula or fixed price per share paid to holders of Shares pursuant to such transaction then such Options and SARs shall be cancelled
for no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;For Performance-Based Awards, if less than half of the Performance
Period has lapsed, such Awards shall be treated as though target performance has been achieved. If at least half the Performance Period
has lapsed, actual performance to date shall be determined as of a date reasonably proximal to the date of consummation of the Change
in Control as determined by the Committee in its sole discretion, and that level of performance thus determined shall be treated as achieved
immediately prior to occurrence of the Change in Control. For purposes of the preceding sentence, if, based on the discretion of the Committee,
actual performance is not determinable, the Awards shall be treated as though target performance has been achieved. After application
of this <B STYLE="font-size: 10pt">Section&nbsp;17.3(b)</B>, if any Awards arise from application of this <B STYLE="font-size: 10pt">Section&nbsp;17</B>, such Awards shall be settled
under the applicable provision of <B STYLE="font-size: 10pt">Section&nbsp;17.3(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;Other Equity-Based Awards shall be governed by the terms of
the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the Company&#8217;s establishment of an exercise window,
(A)&nbsp;any exercise of an Option or SAR during the fifteen (15)-day period referred to above shall be conditioned upon the consummation
of the applicable Change in Control and shall be effective only immediately before the consummation thereof, and (B)&nbsp;upon consummation
of any Change in Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Committee shall send notice
of an event that shall result in such a termination to all natural persons and entities who hold Options and SARs not later than the time
at which the Company gives notice thereof to its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.4
Change in Control in which Awards are Assumed</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the applicable Award Agreement or in
another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding
Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are being assumed or continued,
the following provisions shall apply to such Award, to the extent assumed or continued:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan and the Options, SARs, Restricted Shares, Share Units, Dividend
Equivalent Rights and Other Equity-Based Awards granted under the Plan shall continue in the manner and under the terms so provided in
the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption
or continuation of such Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights and Other Equity-Based Awards, or for
the substitution for such Options, SARs, Restricted Shares, Share Units, Dividend Equivalent Rights and Other Equity-Based Awards of new
common share options, share appreciation rights, restricted shares, common share units, dividend equivalent rights and other equity-based
awards relating to the shares of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number
of shares (disregarding any consideration that is not common shares) and option and share appreciation rights exercise prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B STYLE="font-size: 10pt">17.5 Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adjustments under this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;17</B></FONT>
related to Shares or other securities of the Company shall be made by the Committee, whose determination in that respect shall be
final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any
fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The
Committee may provide in the applicable Award Agreement at the time of grant, in another agreement with the Grantee, or otherwise in
writing at any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those
provided in <FONT STYLE="font-size: 10pt"><B>Sections 17.1, 17.2, 17.3 and 17.4</B></FONT>. This <FONT STYLE="font-size: 10pt"><B>Section&nbsp;17</B></FONT>
shall not limit the Committee&#8217;s ability to provide for alternative treatment of Awards outstanding under the Plan in the event
of a change in control event involving the Company that is not a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">17.6
No Limitations on Company</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The making of Awards pursuant to the Plan shall not affect or limit
in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business
structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including
all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">GENERAL PROVISIONS </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.1
Disclaimer of Rights</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No provision in the Plan or in any Award or Award Agreement shall be
construed to confer upon any individual the right to remain in the employ or Service of the Company or an Affiliate, or to interfere in
any way with any contractual or other right or authority of the Company or an Affiliate either to increase or decrease the compensation
or other payments to any natural person or entity at any time, or to terminate any employment or other relationship between any natural
person or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless
otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted under
the Plan shall be affected by any change of duties or position of the Grantee thereof, so long as such Grantee continues to provide Service.
The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those
amounts provided herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted
to require the Company to transfer any amounts to a third-party trustee or otherwise hold any amounts in trust or escrow for payment to
any Grantee or beneficiary under the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.2
Nonexclusivity of the Plan</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the adoption of the Plan nor the submission of the Plan to
the shareholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board
to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of
individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.3
Withholding Taxes</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company or an Affiliate, as the case may be, shall have the
right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law
to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any
Shares upon the exercise of an Option or pursuant to any other Award. At the time of such vesting, lapse, or exercise, the Grantee
shall pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or such Affiliate may reasonably
determine to be necessary to satisfy such withholding obligation; <FONT STYLE="font-size: 10pt"><I>provided </I></FONT>that if there
is a same-day sale of Shares subject to an Award, the Grantee shall pay such withholding obligation on the day on which such
same-day sale is completed. Subject to the prior approval of the Company or an Affiliate, which may be withheld by the Company or
such Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such withholding obligation, in whole
or in part, (a)&nbsp;by causing the Company or such Affiliate to withhold Shares otherwise issuable to the Grantee or (b)&nbsp;by
delivering to the Company or such Affiliate Shares already owned by the Grantee. The Shares so withheld or delivered shall have an
aggregate Fair Market Value equal to such withholding obligation. The Fair Market Value of the Shares used to satisfy such
withholding obligation shall be determined by the Company or such Affiliate as of the date on which the amount of tax to be withheld
is to be determined. A Grantee who has made an election pursuant to this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;18.3</B></FONT>
may satisfy such Grantee&#8217;s withholding obligation only with Shares that are not subject to any repurchase, forfeiture,
unfulfilled vesting, or other similar requirements. The maximum number of Shares that may be withheld from any Award to satisfy any
federal, state or local tax withholding requirements upon the exercise, vesting, or lapse of restrictions applicable to any Award or
payment of Shares pursuant to such Award, as applicable, may not exceed such number of Shares having a Fair Market Value equal to
the maximum statutory amount required by the Company or the applicable Affiliate to be withheld and paid to any such federal, state
or local taxing authority with respect to such exercise, vesting, lapse of restrictions, or payment of Shares. Notwithstanding <FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.20</B></FONT>
or this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;18.3</B></FONT>, for purposes of determining taxable income and the amount of
the related tax withholding obligation pursuant to this <FONT STYLE="font-size: 10pt"><B>Section&nbsp;18.3</B></FONT>, for any
Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold
pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares shall be the sale price of such shares on
such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on
such date), so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale. In
such case, the percentage of Shares withheld shall be no greater than the applicable maximum withholding rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.4
Captions</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of captions in the Plan or any Award Agreement is for convenience
of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.5
Construction</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the context otherwise requires, all references in the Plan to
 &#8220;including&#8221; shall mean &#8220;including without limitation.&#8221;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.6
Other Provisions</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Award granted under the Plan may contain such other terms and
conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.7
Number and Gender</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to words used in the Plan, the singular form shall include
the plural form and the masculine gender shall include the feminine gender, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.8
Severability</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any provision of the Plan or any Award Agreement shall be determined
to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable
and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.9
Governing Law</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The validity and construction of the Plan and the instruments evidencing
the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, other
than any conflicts or choice of law rule&nbsp;or principle that might otherwise refer construction or interpretation of the Plan and the
instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction, including but not limited to the
granting and/or issuance of Options and Shares being governed by Dutch law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">18.10
Section&nbsp;409A of the Code</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company intends to comply with Code Section&nbsp;409A, or an exemption
to Code Section&nbsp;409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the meaning of Code
Section&nbsp;409A. To the extent that the Company determines that a Grantee would be subject to the additional twenty percent (20%) tax
imposed on certain nonqualified deferred compensation plans pursuant to Code Section&nbsp;409A as a result of any provision of any Award
granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional
tax. The nature of any such amendment shall be determined by the Committee. No payment that constitutes deferred compensation under Section&nbsp;409A
of the Code that would otherwise be made under the Plan or an Award Agreement upon a termination of Service will be made or provided unless
and until such termination is also a &#8220;separation from service,&#8221; as determined in accordance with Section&nbsp;409A of the
Code. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Grantee is a &#8220;specified
employee&#8221; as defined in Section&nbsp;409A of the Code at the time of termination of Service with respect to an Award, then solely
to the extent necessary to avoid the imposition of any additional tax under Section&nbsp;409A of the Code, the commencement of any payments
or benefits under the Award shall be deferred until the date that is six (6)&nbsp;months plus one (1)&nbsp;day following the date of the
Grantee&#8217;s termination of Service or, if earlier, the Grantee&#8217;s death (or such other period as required to comply with Section&nbsp;409A).
In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on a Grantee by Section&nbsp;409A
of the Code or any damages for failing to comply with Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 0.25pt; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">19.</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">EFFECTIVE DATE AND SHAREHOLDER APPROVAL </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan shall be effective as of the Effective Date, subject to approval
of the Plan by the Company&#8217;s shareholders within one year of the Effective Date. Upon approval of the Plan by the shareholders of
the Company as set forth above, all Awards made under the Plan on or after the Effective Date shall be fully effective as if the shareholders
of the Company had approved the Plan on the Effective Date. If the shareholders fail to approve the Plan within one year after the Effective
Date, any Awards made hereunder shall be null and void and of no effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 37; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm2517654d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom-width: 0in; border-bottom-color: Black"><B STYLE="font-size: 10pt">Exhibit&nbsp;4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">FIRST AMENDMENT TO PLAYA HOTELS&nbsp;&amp; RESORTS
N.V. 2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
Playa Hotels&nbsp;&amp; Resorts N.V. (the &#8220;<U STYLE="font-size: 10pt">Company</U>&#8221;) maintains the Playa Hotels&nbsp;&amp; Resorts N.V. 2017 Omnibus
Incentive Plan (the &#8220;<U STYLE="font-size: 10pt">Plan</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
pursuant to Section&nbsp;5.2 of the Plan, the Board of Directors of the Company (the &#8220;<U STYLE="font-size: 10pt">Board</U>&#8221;) may amend the Plan at
any time; provided that, amendments to the Plan must be approved by the Company&#8217;s shareholders if and to the extent required by
applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
the Board desires to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining
taxable income and the amount of the related tax withholding obligation in connection with the vesting of Awards;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
the Board desires to amend the Plan to effectuate the foregoing change, as set forth in this first amendment to the Plan (this &#8220;<U STYLE="font-size: 10pt">First
Amendment</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
pursuant to Section&nbsp;5.2 of the Plan, shareholder approval is not required in order to adopt the First Amendment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">WHEREAS</B></FONT>,
capitalized terms used in this First Amendment but not defined herein shall have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">NOW,
THEREFORE</B></FONT>, the Board hereby amends the Plan, effective as of February&nbsp;21, 2019, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 0.25in">
    1.</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The last paragraph of Section&nbsp;2.20 of the Plan is hereby deleted and replaced in its entirety with the following:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">Notwithstanding
this <B STYLE="font-size: 10pt">Section&nbsp;2.20</B> or <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>, for purposes of determining taxable income and the amount of the related tax
withholding obligation pursuant to <B STYLE="font-size: 10pt">Section&nbsp;18.3</B>, the Fair Market Value will be determined by the Company using any reasonable
method; <I STYLE="font-size: 10pt">provided</I>, further, that the Company shall determine the Fair Market Value of Shares due in connection with sales, by or
on behalf of a Grantee, of such Shares subject to an Award to pay the Option Price, SAR Price, and/or any tax withholding obligation on
the same date on which such Shares may first be sold pursuant to the terms of the applicable Award Agreement (including broker-assisted
cashless exercises of Options and Stock Appreciation Rights, as described in <B STYLE="font-size: 10pt">Section&nbsp;12.3</B>, and sell-to-cover transactions)
in any manner consistent with applicable provisions of the Code, including but not limited to using the sale price of such Shares on such
date (or if sales of such Shares are effectuated at more than one sale price, the weighted average sale price of such Shares on such date)
as the Fair Market Value of such Shares, so long as such Grantee has provided the Company, or its designee or agent, with advance written
notice of such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 0.25in">
2.</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The last two sentences of Section&nbsp;18.3 of the Plan are hereby deleted in their entirety.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as specifically provided in and modified
by this First Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to
refer to the Plan as modified by this First Amendment, effective as of February&nbsp;21, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B STYLE="font-size: 10pt">PLAYA HOTELS&nbsp;&amp; RESORTS N.V.</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bruce D. Wardinski</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Bruce D. Wardinski</FONT></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chairman&nbsp;&amp; CEO</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>tm2517654d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDMENT TO PLAYA HOTELS &amp; RESORTS
N.V. 2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, Playa Hotels &amp; Resorts N.V. (the &#8220;<U>Company</U>&#8221;)
maintains the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the &#8220;<U>Plan</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, pursuant to Section 5.2 of the Plan, the Board of Directors
of the Company (the &#8220;<U>Board</U>&#8221;) may amend the Plan at any time; provided that, amendments to the Plan must be approved
by the Company&#8217;s shareholders if and to the extent required by applicable laws (the &#8220;<U>Shareholder Approval</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, the Board desires to increase the number of common
shares in the capital of the Company, with a par value of EUR 0.10 per share, reserved for issuance under the Plan (the &#8220;<U>Share
Increase</U>&#8221;) by 8,000,000 Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, the Board desires to amend the Plan to provide for
the Share Increase, as set forth in this second amendment to the Plan (this &#8220;<U>Second Amendment</U>&#8221;), effective upon receipt
of the Shareholder Approval;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, pursuant to Section 5.2 of the Plan, in order to effectuate
the Share Increase, the Shareholder Approval must be obtained; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS</B>, capitalized terms used in this Second Amendment but
not defined herein shall have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOW, THEREFORE</B>, the Board hereby amends the Plan, effective
upon receipt of the Shareholder Approval, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Section 4.1 of the Plan is hereby deleted and replaced in its entirety
with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.1 Number of Shares Available for Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to adjustment pursuant to <B>Section 17</B>, and subject to
further authorization by the general meeting of shareholders, the maximum number of Shares available for issuance under the Plan shall
be twelve million (12,000,000) Shares. Such Shares may be authorized and unissued Shares or treasury Shares or any combination of the
foregoing, as may be determined from time to time by the Board or by the Committee. Any of the Shares available for issuance under the
Plan may be used for any type of Award under the Plan, and any or all of the Shares available for issuance under the Plan shall be available
for issuance pursuant to Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as specifically provided in and modified by this Second Amendment,
the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall be deemed to refer to the Plan as modified
by this Second Amendment, effective upon receipt of the Shareholder Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>PLAYA HOTELS &amp; RESORTS N.V.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt">/s/ Bruce D. Wardinski</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 45%"><FONT STYLE="font-size: 10pt">Bruce D. Wardinski</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman &amp; CEO</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>tm2517654d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B STYLE="font-size: 10pt">Exhibit 4.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B STYLE="font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">THIRD AMENDMENT TO PLAYA HOTELS &amp; RESORTS
N.V. 2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, Playa Hotels
 &amp; Resorts N.V. (the &#8220;<U STYLE="font-size: 10pt">Company</U>&#8221;) maintains the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive Plan (the &#8220;<U STYLE="font-size: 10pt">Plan</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, pursuant to
Section 5.2 of the Plan, the Board of Directors of the Company (the &#8220;<U STYLE="font-size: 10pt">Board</U>&#8221;) may amend the Plan at any time; provided
that, amendments to the Plan must be approved by the Company&#8217;s shareholders if and to the extent required by applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, the Board
desires to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining taxable
income and the amount of the related tax withholding obligation in connection with the vesting of Awards;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, the Board
desires to amend the Plan to effectuate the foregoing change, as set forth in this third amendment to the Plan (this &#8220;<U STYLE="font-size: 10pt">Third Amendment</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, pursuant to
Section 5.2 of the Plan, shareholder approval is not required in order to adopt the Third Amendment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, capitalized
terms used in this Third Amendment but not defined herein shall have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">NOW, THEREFORE</B>, the
Board hereby amends the Plan, effective as of February 9, 2023, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The last paragraph of Section 2.20 of the Plan
is hereby deleted and replaced in its entirety with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding this <B STYLE="font-size: 10pt">Section
2.20</B> or <B STYLE="font-size: 10pt">Section 18.3</B>, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant
to <B STYLE="font-size: 10pt">Section 18.3</B>, the Fair Market Value will be determined by the Company using any reasonable method; <I STYLE="font-size: 10pt">provided</I>, <I STYLE="font-size: 10pt">however</I>,
that for any Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be
sold pursuant to the terms of the applicable Award Agreement, the Fair Market Value of such shares will be the sale price of such shares
on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on
such date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as specifically provided
in and modified by this Third Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall
be deemed to refer to the Plan as modified by this Third Amendment, effective as of February 9, 2023.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>PLAYA HOTELS &amp; RESORTS N.V.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Bruce D. Wardinski</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Bruce D. Wardinski</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: Chairman &amp; CEO</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>6
<FILENAME>tm2517654d1_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font-size: 10pt; margin: 0"><B>Exhibit 4.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">FOURTH
AMENDMENT TO PLAYA HOTELS &amp; RESORTS N.V. 2017 OMNIBUS INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
Playa Hotels &amp; Resorts N.V. (the &#8220;<U STYLE="font-size: 10pt">Company</U>&#8221;) maintains the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive
Plan, as amended (the &#8220;<U STYLE="font-size: 10pt">Plan</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
pursuant to Section 5.2 of the Plan, the Board of Directors of the Company (the &#8220;<U STYLE="font-size: 10pt">Board</U>&#8221;) may amend the Plan at any
time; provided that, amendments to the Plan must be approved by the Company&#8217;s shareholders if and to the extent required by applicable
laws (the &#8220;<U STYLE="font-size: 10pt">Shareholder Approval</U>&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
the Board desires to increase the number of common shares in the capital of the Company, with a par value of EUR 0.10 per share, reserved
for issuance under the Plan (the &#8220;<U STYLE="font-size: 10pt">Share Increase</U>&#8221;) by twelve million (12,000,000) Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
the Board desires to amend the Plan to provide for the Share Increase, as set forth in this fourth amendment to the Plan (this &#8220;<U STYLE="font-size: 10pt">Fourth
Amendment</U>&#8221;), effective upon receipt of the Shareholder Approval;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
pursuant to Section 5.2 of the Plan, in order to effectuate the Share Increase, the Shareholder Approval must be obtained; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">WHEREAS</B>,
capitalized terms used in this Fourth Amendment but not defined herein shall have the meaning given to them in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">NOW,
THEREFORE</B>, the Board hereby amends the Plan, effective upon receipt of the Shareholder Approval, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">1. Section
4.1 of the Plan is hereby deleted and replaced in its entirety with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: white"><B STYLE="font-size: 10pt">4.1 Number
of Shares Available for Awards.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; background-color: white">Subject
to adjustment pursuant to <B STYLE="font-size: 10pt">Section 17</B>, and subject to further authorization by the general meeting of shareholders, the maximum
number of Shares available for issuance under the Plan shall be twenty-four million (24,000,000) Shares. Such Shares may be authorized
and unissued Shares or treasury Shares or any combination of the foregoing, as may be determined from time to time by the Board or by
the Committee. Any of the Shares available for issuance under the Plan may be used for any type of Award under the Plan, and any or all
of the Shares available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt; background-color: white">Except
as specifically provided in and modified by this Fourth Amendment, the Plan is in all other respects hereby ratified and confirmed and
references to the Plan shall be deemed to refer to the Plan as modified by this Fourth Amendment, effective upon receipt of the Shareholder
Approval.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>PLAYA HOTELS &amp; RESORTS N.V.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Bruce D. Wardinski</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Bruce D. Wardinski</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman and CEO</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>7
<FILENAME>tm2517654d1_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B STYLE="font-size: 10pt">Exhibit 4.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B STYLE="font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">FIFTH AMENDMENT TO PLAYA HOTELS &amp; RESORTS
N.V. 2017 OMNIBUS INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-size: 10pt">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, Playa Hotels
 &amp; Resorts N.V. (the &#8220;<U STYLE="font-size: 10pt">Company</U>&#8221;) maintains the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended
(the &#8220;<U STYLE="font-size: 10pt">Plan</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, pursuant to
Section 5.2 of the Plan, the Board of Directors of the Company (the &#8220;<U STYLE="font-size: 10pt">Board</U>&#8221;) may amend the Plan at any time; provided
that, amendments to the Plan must be approved by the Company&#8217;s shareholders if and to the extent required by applicable laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, the Board desires
to provide the Company with greater flexibility to determine the Fair Market Value of the Shares for purposes of determining taxable income
and the amount of the related tax withholding obligation in connection with the vesting of Awards&#894;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, the Board desires
to effectuate the foregoing change, as set forth in this fifth amendment to the Plan (this &#8220;<U STYLE="font-size: 10pt">Fifth Amendment</U>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, pursuant to
Section 5.2 of the Plan, shareholder approval is not required in order to adopt the Fifth Amendment&#894; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">WHEREAS</B>, capitalized
terms used in this Fifth Amendment but not defined herein shall have the meaning given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B STYLE="font-size: 10pt">NOW, THEREFORE</B>, the
Board hereby amends the Plan, effective as of September 12, 2024, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. The last paragraph of Section
2.20 of the Plan is hereby deleted and replaced in its entirety with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding this Section
2.20 or Section 18.3, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to
Section 18.3, the Fair Market Value will be determined by the Company using any reasonable method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as specifically provided
in and modified by this Fifth Amendment, the Plan is in all other respects hereby ratified and confirmed and references to the Plan shall
be deemed to refer to the Plan as modified by this Fifth Amendment, effective as of September 12, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>PLAYA HOTELS &amp; RESORTS N.V.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Bruce D. Wardinski</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Bruce D. Wardinski</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Chairman and CEO</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="font-size: 10pt; margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>tm2517654d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="21" STYLE="vertical-align: top; width: 60%; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="tm2517654d1_ex5-1img001.jpg" ALT=""></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">June&nbsp;11, 2025</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hyatt Hotels Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">150 North Riverside Plaza, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;IL 60606</P>
</TD>
    <TD STYLE="width: 10%"></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">330 North Wabash Avenue</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite 2800</FONT></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago, Illinois 60611</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: +1.312.876.7700 Fax: +1.312.993.9767</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.lw.com</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM / AFFILIATE OFFICES</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Austin</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Century City</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D&uuml;sseldorf</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frankfurt</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los Angeles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, D.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madrid</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">Re: <U>Registration Statement on Form&nbsp;S-8
with respect to 392,000 shares of Class&nbsp;A Common Stock, par value $0.01 per share</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have acted as counsel to Hyatt Hotels Corporation,
a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection with the registration by the Company of up to 392,000
shares of Class&nbsp;A common stock, par value $0.01 per share (the &ldquo;<B><I>Shares</I></B>&rdquo;), issuable pursuant to awards granted
under the Playa Hotels&nbsp;&amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended (the &ldquo;<B><I>Plan</I></B>&rdquo;), that will
be assumed by the Company. The Shares are included in a registration statement on Form&nbsp;S&ndash;8 under the Securities Act of 1933,
as amended (the &ldquo;<B><I>Act</I></B>&rdquo;), filed with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
on June&nbsp;11, 2025 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). This opinion is being furnished in connection with the
requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to
the contents of the Registration Statement or related prospectus, other than as expressly stated herein with respect to the issue of the
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As such counsel, we have examined such matters
of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates
and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters.
We are opining herein as to the General Corporation Law of the State of Delaware (the &ldquo;<B><I>DGCL</I></B>&rdquo;), and we express
no opinion with respect to any other laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer
agent and registrar therefor in the name or on behalf of the recipient and have been issued by the Company against payment therefor (not
less than par value) in the circumstances contemplated by the Plan, assuming in each case that the individual issuances, grants or awards
under the Plan have been duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded and exercised
in accordance with the requirements of the DGCL and the Plan (and the agreements and awards duly adopted thereunder and in accordance
therewith), the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the
Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will
comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2517654d1_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is for your benefit in connection
with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions
of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;and regulations
of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Latham&nbsp;&amp; Watkins LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>9
<FILENAME>tm2517654d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We consent to the incorporation by reference
in this Registration Statement on Form&nbsp;S-8 of our reports dated February&nbsp;13, 2025, relating to the consolidated financial statements
and financial statement schedule of Hyatt Hotels Corporation and subsidiaries (&ldquo;the Company&rdquo;) and the effectiveness of the
Company's internal control over financial reporting, appearing in the Annual Report on Form&nbsp;10-K of the Company for the year ended
December&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">/s/ Deloitte&nbsp;&amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Chicago,&nbsp;Illinois&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">June&nbsp;11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>10
<FILENAME>tm2517654d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form&nbsp;S-8 of Hyatt Hotels Corporation of our reports dated February&nbsp;25, 2025, relating to the financial statements of Playa
Hotels&nbsp;&amp; Resorts N.V. and the effectiveness of Playa Hotels&nbsp;&amp; Resorts N.V.'s internal control over financial reporting,
appearing in the Current Report on Form&nbsp;8-K of Hyatt Hotels Corporation filed on March&nbsp;17, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte&nbsp;&amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">McLean, VA&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>11
<FILENAME>tm2517654d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2025" xmlns:ffd="http://xbrl.sec.gov/ffd/2025">
  <head>
    <title>EX-FILING FEES</title>
  </head>
  <body>
    <div style="display: none">
      <ix:header>
        <ix:hidden>
          <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-116">S-8</ix:nonNumeric>
          <ix:nonNumeric name="ffd:SubmissnTp" contextRef="rc" id="ixv-117">S-8</ix:nonNumeric>
          <ix:nonNumeric name="ffd:FeeExhibitTp" contextRef="rc" id="ixv-118">EX-FILING FEES</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="rc" id="ixv-119">0001468174</ix:nonNumeric>
          <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-120">Hyatt Hotels Corp</ix:nonNumeric>
          <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-121">Fees to be Paid</ix:nonNumeric>
        </ix:hidden>
        <ix:references>
          <link:schemaRef xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd" xlink:type="simple"/>
        </ix:references>
        <ix:resources>
          <xbrli:context id="rc">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001468174</xbrli:identifier>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-06-10</xbrli:startDate>
              <xbrli:endDate>2025-06-10</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:context id="offrl_1">
            <xbrli:entity>
              <xbrli:identifier scheme="http://www.sec.gov/CIK">0001468174</xbrli:identifier>
              <xbrli:segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                  <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
              </xbrli:segment>
            </xbrli:entity>
            <xbrli:period>
              <xbrli:startDate>2025-06-10</xbrli:startDate>
              <xbrli:endDate>2025-06-10</xbrli:endDate>
            </xbrli:period>
          </xbrli:context>
          <xbrli:unit id="USD">
            <xbrli:measure>iso4217:USD</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="pure">
            <xbrli:measure>xbrli:pure</xbrli:measure>
          </xbrli:unit>
          <xbrli:unit id="Shares">
            <xbrli:measure>xbrli:shares</xbrli:measure>
          </xbrli:unit>
        </ix:resources>
      </ix:header>
    </div>
    <div>
      <table style="width: 99%; font-family: Arial, Helvetica, sans-serif; font-size: 20pt; text-align: center;">
        <tr>
          <td colspan="4" style="padding-bottom: .5em">
            <p>
              <b>Calculation of Filing Fee Tables</b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="ffd:FormTp" contextRef="rc" id="ixv-146">S-8</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
        <tr>
          <td style="padding-bottom: .25em">
            <p>
              <b>
                <ix:nonNumeric name="dei:EntityRegistrantName" contextRef="rc" id="ixv-147">Hyatt Hotels Corp</ix:nonNumeric>
              </b>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: center; width: 90%; word-wrap: break-word">
            <p style="margin: 0pt; text-align: center;">
              <b>Table 1: Newly Registered Securities</b>
            </p>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 90%; text-align: center;  border: 1px solid black; margin-left: auto; margin-right: auto;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation Rule</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 3%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-148">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-149">Class A Common Stock, $0.01 par value per share</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:FeesOthrRuleFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-150">Other</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-151">392,000</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-152">131.07</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-153">51,379,440.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-154">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-155">7,866.19</ix:nonFraction>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-156">51,379,440.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-157">7,866.19</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-158">0.00</ix:nonFraction>
            </p>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-159">7,866.19</ix:nonFraction>
            </p>
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-160">(1)	In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.
(2)	Represents an additional 392,000 shares of Class A common stock available for future issuance under the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended.
(3)	Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high and low prices of the Registrant's Class A common stock as reported on The New York Stock Exchange on June 5, 2025.
(4)	The Registrant does not have any fee offsets.
</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td style="width:10pt;"/>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>tm2517654d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2517654d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  A 2$# 2(  A$! Q$!_\0
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MG2U6VLK>YCLKB-C<7SR22H8XF#C!_=KCY&Y;GBN[H **** .?\=_\D\\2_\
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61110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>tm2517654d1_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2517654d1_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  9 ,<# 2(  A$! Q$!_\0
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MQ:?:M/N4N( [1[USC<IP1SZ'BKE<)\(O^1(?_L(W?_HYJ .QU'4K/2-/FO\
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M&R\.::;"P\SR#*\W[QMQW.Q9N?J35%_!6BS6>N6D\#RP:U*9KM'?.6( RO\
M=Q@8]"*Z&B@#F]4\%:?J_@AO"=U=7QL62./S?-!F"HZLHW%2#]T#D'C\ZO:]
MX=L/$:6"7XD(L;R.^A\M]N)4SMSZCD\5K44 8.J^#M'UGQ%I>O74+C4--.8)
M$;&1G.&'<=?S--\0>$;3Q'/'+<ZAJMMLC,>RRO7@5U)YW!>M=!10!1T?1[#0
A-)M]+TRV6WL[==L<:]NY)/4DDDDGDDU>HHH **** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Jun. 10, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001468174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Hyatt Hotels Corp<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Jun. 10, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Class A Common Stock, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">392,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">131.07<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 51,379,440.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 7,866.19<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">(1)	In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.
(2)	Represents an additional 392,000 shares of Class A common stock available for future issuance under the Playa Hotels &amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended.
(3)	Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high and low prices of the Registrant's Class A common stock as reported on The New York Stock Exchange on June 5, 2025.
(4)	The Registrant does not have any fee offsets.
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Jun. 10, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 51,379,440.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">7,866.19<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 7,866.19<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>2</ContextCount>
  <ElementCount>19</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>1</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2517654d1_ex-filingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>995210 - Document - Submission</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/submissionTable</Role>
      <ShortName>Submission</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="tm2517654d1_ex-filingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>995211 - Document - Offerings</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesOfferingTable</Role>
      <ShortName>Offerings</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="tm2517654d1_ex-filingfees.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>995215 - Document - Fees Summary</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://xbrl.sec.gov/ffd/role/document/feesSummaryTable</Role>
      <ShortName>Fees Summary</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="EX-FILING FEES" original="tm2517654d1_ex-filingfees.htm">tm2517654d1_ex-filingfees.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="3">http://xbrl.sec.gov/dei/2025</BaseTaxonomy>
    <BaseTaxonomy items="18">http://xbrl.sec.gov/ffd/2025</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>false</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>23
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "tm2517654d1_ex-filingfees.htm": {
   "dts": {
    "inline": {
     "local": [
      "tm2517654d1_ex-filingfees.htm"
     ]
    },
    "schema": {
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/arcrole/deprecated-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2024-01-31/types.xsd",
      "https://xbrl.sec.gov/dei/2025/dei-2025.xsd",
      "https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
     ]
    }
   },
   "keyStandard": 19,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 0,
   "hidden": {
    "total": 6,
    "http://xbrl.sec.gov/dei/2025": 2,
    "http://xbrl.sec.gov/ffd/2025": 4
   },
   "contextCount": 2,
   "entityCount": 1,
   "segmentCount": 1,
   "elementCount": 107,
   "unitCount": 3,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/ffd/2025": 18,
    "http://xbrl.sec.gov/dei/2025": 3
   },
   "report": {
    "R1": {
     "role": "http://xbrl.sec.gov/ffd/role/document/submissionTable",
     "longName": "995210 - Document - Submission",
     "shortName": "Submission",
     "isDefault": "true",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": null,
     "uniqueAnchor": null
    },
    "R2": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
     "longName": "995211 - Document - Offerings",
     "shortName": "Offerings",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "2",
     "firstAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:FeesOthrRuleFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2517654d1_ex-filingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "offrl_1",
      "name": "ffd:FeesOthrRuleFlg",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2517654d1_ex-filingfees.htm",
      "first": true,
      "unique": true
     }
    },
    "R3": {
     "role": "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable",
     "longName": "995215 - Document - Fees Summary",
     "shortName": "Fees Summary",
     "isDefault": "false",
     "groupType": "Fee_Exhibit",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "3",
     "firstAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2517654d1_ex-filingfees.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "rc",
      "name": "ffd:TtlOfferingAmt",
      "unitRef": "USD",
      "xsiNil": "false",
      "lang": null,
      "decimals": "INF",
      "ancestors": [
       "p",
       "td",
       "tr",
       "table",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "tm2517654d1_ex-filingfees.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "ffd_AggtRedRpPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtRedRpPricPrrFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtRedRpPricPrrFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Redeemed or Repurchased Price, Prior Fiscal Year",
        "terseLabel": "Aggregate Redeemed or Repurchased, Prior FY"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AggtSalesPricFsclYr": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AggtSalesPricFsclYr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Aggregate Sales Price, Fiscal Year",
        "terseLabel": "Aggregate Sales Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtRedCdts": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtRedCdts",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Redemption Credits",
        "terseLabel": "Redemption Credits"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_AmtSctiesRcvd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Received",
        "terseLabel": "Amount of Securities Received",
        "documentation": "Amount of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_AmtSctiesRegd": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "AmtSctiesRegd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Amount of Securities Registered",
        "terseLabel": "Amount Registered",
        "documentation": "The amount of securities being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CeasedOprsDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CeasedOprsDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Ceased Operations Date",
        "terseLabel": "Ceased Operations Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CfwdFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Form Type",
        "terseLabel": "Carry Forward Form Type",
        "documentation": "The Form Type of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrevslyPdFee": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrevslyPdFee",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Previously Paid Fee",
        "terseLabel": "Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward",
        "documentation": "The fee previously paid in connection with the securities being brought forward from the prior shelf registration statement on which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward Prior Effective Date",
        "terseLabel": "Carry Forward Initial Effective Date",
        "documentation": "The initial effective date of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6)."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CfwdPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CfwdPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Carry Forward File Number",
        "terseLabel": "Carry Forward File Number",
        "documentation": "The EDGAR File Number of the prior shelf registration statement from which unsold securities are carried forward under 415(a)(6). If the prior registration statement has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_CmbndPrspctsItemAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsItemAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Item [Axis]",
        "terseLabel": "Combined Prospectus",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different references to earlier prospectuses on a single fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Line Items]",
        "terseLabel": "Combined Prospectus:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CmbndPrspctsTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CmbndPrspctsTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus [Table]",
        "terseLabel": "Combined Prospectus Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_CombinedProspectusTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CombinedProspectusTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Combined Prospectus Table [N/A]",
        "terseLabel": "Combined Prospectus Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_CshPdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshPdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Paid by Registrant in Transaction",
        "terseLabel": "Cash Consideration Paid",
        "documentation": "Amount of cash consideration paid by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "ffd_CshRcvdByRegistrantInTx": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "CshRcvdByRegistrantInTx",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Cash Received by Registrant in Transaction",
        "terseLabel": "Cash Consideration Received",
        "documentation": "Amount of cash consideration received by registrant in connection with the exchange or other transaction being registered (in a 457(f) calculation)."
       }
      }
     },
     "auth_ref": [
      "r12"
     ]
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Central Index Key",
        "terseLabel": "Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2025",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Entity Registrant Name",
        "terseLabel": "Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "ffd_FeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Amount",
        "terseLabel": "Amount of Registration Fee",
        "documentation": "Total amount of registration fee (amount due after offsets)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeExhibitTp": {
     "xbrltype": "feeExhibitTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeExhibitTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Exhibit Type",
        "terseLabel": "Fee Exhibit Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_FeeIntrstAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Interest Amount",
        "terseLabel": "Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note",
        "terseLabel": "Fee Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeNoteMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeNoteMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Note Maximum Aggregate Offering Price",
        "terseLabel": "Fee Note MAOP"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeeRate": {
     "xbrltype": "percentItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeeRate",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Rate",
        "terseLabel": "Fee Rate",
        "documentation": "The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesOthrRuleFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesOthrRuleFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees, Other Rule [Flag]",
        "terseLabel": "Other Rule",
        "documentation": "Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FeesSummaryLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FeesSummaryLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Fees Summary [Line Items]",
        "terseLabel": "Fees Summary:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FnlPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FnlPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Final Prospectus [Flag]",
        "terseLabel": "Final Prospectus"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_FormTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "FormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Form Type",
        "terseLabel": "Form Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_GnlInstrIIhiFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "GnlInstrIIhiFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "General Instruction II.H,I [Flag]",
        "terseLabel": "General Instruction II.H,I"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrCity": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrCity",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, City",
        "terseLabel": "City"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStatOrCtryCd": {
     "xbrltype": "stateOrCountryCodeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStatOrCtryCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, State or Country Code",
        "terseLabel": "State or Country Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt1": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt1",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 1",
        "terseLabel": "Street 1"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrStrt2": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrStrt2",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Street 2",
        "terseLabel": "Street 2"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrBizAdrZipCd": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrBizAdrZipCd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Business Address, Zip Code",
        "terseLabel": "Zip Code"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_IssrNm": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "IssrNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Issuer Name",
        "terseLabel": "Issuer Name"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_MaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Aggregate Offering Price",
        "terseLabel": "Maximum Aggregate Offering Price",
        "documentation": "The maximum aggregate offering price for the offering that is being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_MaxOfferingPricPerScty": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "MaxOfferingPricPerScty",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Maximum Offering Price per Security",
        "terseLabel": "Proposed Maximum Offering Price per Unit",
        "documentation": "The maximum offering price per share/unit being registered."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetFeeAmt": {
     "xbrltype": "monetaryItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Fee Amount",
        "terseLabel": "Net Fee"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NetSalesAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NetSalesAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Net Sales Amount",
        "terseLabel": "Net Sales"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvDsclsr": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvDsclsr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure",
        "terseLabel": "Narrative Disclosure"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Amount",
        "terseLabel": "Narrative - Max Aggregate Offering Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_NrrtvMaxAggtOfferingPric": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "NrrtvMaxAggtOfferingPric",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Narrative Disclosure, Maximum Aggregate Offering Price",
        "terseLabel": "Narrative - Max Aggregate Offering Price"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Axis]",
        "terseLabel": "Offering",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different security offerings on a single fee bearing submission."
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Line Items]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Note",
        "terseLabel": "Offering Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Title",
        "terseLabel": "Security Class Title",
        "documentation": "The title of the class of securities being registered (for each class being registered)."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Security Type",
        "terseLabel": "Security Type",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OfferingTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering [Table]",
        "terseLabel": "Offering:"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OfferingTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OfferingTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offering Table [N/A]",
        "terseLabel": "Offering Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_OffsetAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset [Axis]",
        "terseLabel": "Offset",
        "documentation": "A sequence number (1, 2, 3...) used to distinguish different offsets as applied to a fee bearing submission."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetClmInitlFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmInitlFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claim Initial Filing Date",
        "terseLabel": "Initial Filing Date",
        "documentation": "The initial filing date of the earlier registration statement with which the earlier (offsetting) fee was paid for a claimed offset. If the offset fee was paid with an amendment, do not provide the amendment date under this element; instead, provide the date of the initial filing (i.e. the \"parent\" filing) ."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Amount",
        "terseLabel": "Fee Offset Claimed",
        "documentation": "The amount of offsetting fees being claimed."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetClmdInd": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetClmdInd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Claimed Indicator",
        "terseLabel": "Offset Claimed"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetExpltnForClmdAmt": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetExpltnForClmdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Explanation for Claimed Amount",
        "terseLabel": "Explanation for Claimed Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetLineItems",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset:",
        "label": "Offset [Line Items]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Note",
        "terseLabel": "Offset Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetPrrFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Fee Amount",
        "terseLabel": "Fee Paid with Fee Offset Source",
        "documentation": "The fee previously paid from which an offset is being derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior File Number",
        "terseLabel": "File Number",
        "documentation": "The EDGAR File Number of the earlier registration statement with which the earlier (offsetting) fee was paid. If the offset filing for the offset has a Securities Act File Number and an Investment Company Act File Number, the Securities Act File Number should be used."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFilerNm": {
     "xbrltype": "filerNameItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFilerNm",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Filer Name",
        "terseLabel": "Registrant or Filer Name",
        "documentation": "The name of the registrant that filed the earlier registration statement with which the earlier (offsetting) fee was paid."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Form Type",
        "terseLabel": "Form or Filing Type",
        "documentation": "The Form Type of the offset filing."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrNbOfUnsoldScties": {
     "xbrltype": "nonNegativeIntegerItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrNbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Number of Securities",
        "terseLabel": "Unsold Securities Associated with Fee Offset Claimed",
        "documentation": "The number of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Title",
        "terseLabel": "Security Title Associated with Fee Offset Claimed",
        "documentation": "The title of the class of securities from which offset fees were derived."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrSctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrSctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Security Type",
        "terseLabel": "Security Type Associated with Fee Offset Claimed",
        "documentation": "Type of securities: \"Asset-backed Securities\", \"ADRs/ADSs\", \"Debt\", \"Debt Convertible into Equity\", \"Equity\", \"Face Amount Certificates\", \"Limited Partnership Interests\", \"Mortgage Backed Securities\", \"Non-Convertible Debt\", \"Unallocated (Universal) Shelf\", \"Exchange Traded Vehicle Securities\", \"Other\""
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetPrrUnsoldOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetPrrUnsoldOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Prior Unsold Offering Amount",
        "terseLabel": "Unsold Aggregate Offering Amount Associated with Fee Offset Claimed",
        "documentation": "The aggregate offering amount of unsold securities registered on the prior registration statement that are associated with the claimed offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetSrcFilgDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetSrcFilgDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Source Filing Date",
        "terseLabel": "Filing Date",
        "documentation": "The filing date of the earlier registration statement with which the earlier (offsetting) fee was paid in an offset."
       }
      }
     },
     "auth_ref": [
      "r5",
      "r8"
     ]
    },
    "ffd_OffsetTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Offset Payment:",
        "label": "Offset [Table]"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_OffsetTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "OffsetTableNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Offset Table [N/A]",
        "terseLabel": "Offset Table N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_PrevslyPdFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "PrevslyPdFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable",
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Fee Previously Paid [Flag]",
        "terseLabel": "Fee Previously Paid"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RegnFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RegnFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Registration File Number",
        "terseLabel": "Registration File Number"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_RptgFsclYrEndDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "RptgFsclYrEndDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Reporting Fiscal Year End Date",
        "terseLabel": "Reporting FY End Date"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 0-11 [Flag]",
        "terseLabel": "Rule 0-11"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule011a2OffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule011a2OffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Rule 0-11(a)(2) Offset",
        "label": "Rule 0-11(a)(2) Offset [Flag]"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_Rule415a6Flg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule415a6Flg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 415(a)(6) [Flag]",
        "terseLabel": "Rule 415(a)(6)",
        "documentation": "Checkbox indicating whether filer is claiming a 415(a)(6) carryforward."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "ffd_Rule429AggtOfferingAmt": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429AggtOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Aggregate Offering Amount",
        "terseLabel": "Maximum Aggregate Offering Price of Securities Previously Registered",
        "documentation": "The maximum aggregate offering amount of unsold securities registered on the prior registration statement that are carried forward under Rule 429. Only applicable if 457(o) was used in the fee calculation for the prior registration statement."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429CmbndPrspctsFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429CmbndPrspctsFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Combined Prospectus [Flag]",
        "terseLabel": "Rule 429",
        "documentation": "Checkbox indicating whether filer is using a combined prospectus under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFileNb": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFileNb",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier File Number",
        "terseLabel": "File Number",
        "documentation": "The Securities Act File Number of the earlier effective registration statement(s) from which securities may be offered and sold using the combined prospectus pursuant to Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429EarlierFormTp": {
     "xbrltype": "formTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429EarlierFormTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Earlier Form Type",
        "terseLabel": "Form Type",
        "documentation": "The Form Type of the earlier registration statement from which unsold securities are carried forward under Rule 429. This should be an EDGAR submission type (S-3, S-3/A, S-3ASR, etc.), which means there is a fixed set of possible responses. Note that while the XBRL response should be an EDGAR submission type, the human-readable Ex. 107 could include a simpler label (e.g., \"Form S-3\" in the human-readable and \"S-3ASR\" in the XBRL)."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429InitlFctvDt": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429InitlFctvDt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Initial Effective Date",
        "terseLabel": "Initial Effective Date",
        "documentation": "The filing date of the earlier registration statement from which unsold securities are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429NbOfUnsoldScties": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429NbOfUnsoldScties",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Number Of Unsold Securities",
        "terseLabel": "Amount of Securities Previously Registered",
        "documentation": "The number of securities registered on the prior registration statement that are carried forward under Rule 429."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "ffd_Rule429PrspctsNote": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429PrspctsNote",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Prospectus Note",
        "terseLabel": "Combined Prospectus Note"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTitl": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTitl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Title",
        "terseLabel": "Security Class Title"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule429SctyTp": {
     "xbrltype": "securityTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule429SctyTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesByCmbndPrspctsTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 429 Security Type",
        "terseLabel": "Security Type"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Rule457aFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457aFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(a) [Flag]",
        "terseLabel": "Rule 457(a)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "ffd_Rule457bOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457bOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(b) Offset [Flag]",
        "terseLabel": "Rule 457(b) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(b) or 0-11(a)(2)."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "ffd_Rule457fFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457fFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(f) [Flag]",
        "terseLabel": "Rule 457(f)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(f) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_Rule457oFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457oFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(o) [Flag]",
        "terseLabel": "Rule 457(o)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "ffd_Rule457pOffsetFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457pOffsetFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(p) Offset [Flag]",
        "terseLabel": "Rule 457(p) Offset",
        "documentation": "Checkbox indicating whether filer is claiming an offset under Rule 457(p)."
       }
      }
     },
     "auth_ref": [
      "r8"
     ]
    },
    "ffd_Rule457rFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457rFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(r) [Flag]",
        "terseLabel": "Rule 457(r)"
       }
      }
     },
     "auth_ref": [
      "r9"
     ]
    },
    "ffd_Rule457sFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457sFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(s) Flag",
        "terseLabel": "Rule 457(s)"
       }
      }
     },
     "auth_ref": [
      "r10"
     ]
    },
    "ffd_Rule457uFlg": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Rule457uFlg",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Rule 457(u) [Flag]",
        "terseLabel": "Rule 457(u)",
        "documentation": "Checkbox indicating whether filer is using Rule 457(u) to calculate the registration fee due."
       }
      }
     },
     "auth_ref": [
      "r11"
     ]
    },
    "ffd_Scties424iAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iAxis",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Axis]",
        "terseLabel": "Securities, 424I"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Line Items]",
        "terseLabel": "Securities, 424I:"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Scties424iTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Scties424iTable",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/securities424iTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities, 424I [Table]",
        "terseLabel": "Securities, 424I Table"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_Securities424iTableNa": {
     "xbrltype": "naItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "Securities424iNa",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Securities 424I [N/A]",
        "terseLabel": "Securities 424I N/A"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissionLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissionLineItems",
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission [Line Items]",
        "terseLabel": "Items"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_SubmissnTp": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "SubmissnTp",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/submissionTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Submission Type",
        "terseLabel": "Submission Type"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TermntnCmpltnWdrwl": {
     "xbrltype": "textBlockItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TermntnCmpltnWdrwl",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOffsetTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Termination / Completion / Withdrawal Statement",
        "terseLabel": "Termination / Withdrawal Statement"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_TtlFeeAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee Amount",
        "terseLabel": "Total Fee Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlFeeAndIntrstAmt": {
     "xbrltype": "nonNegativeDecimal2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlFeeAndIntrstAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Fee and Interest Amount",
        "terseLabel": "Total Fee and Interest Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOfferingAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOfferingAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offering Amount",
        "terseLabel": "Total Offering"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlOffsetAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlOffsetAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Offset Amount",
        "terseLabel": "Total Offset Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlPrevslyPdAmt": {
     "xbrltype": "nonNegative1TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlPrevslyPdAmt",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Previously Paid Amount",
        "terseLabel": "Previously Paid Amount"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TtlTxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TtlTxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesSummaryTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Total Transaction Valuation",
        "terseLabel": "Total Transaction Valuation"
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "ffd_TxValtn": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "TxValtn",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Transaction Valuation",
        "terseLabel": "Transaction Valuation"
       }
      }
     },
     "auth_ref": []
    },
    "ffd_ValSctiesRcvd": {
     "xbrltype": "nonNegative100TMonetary2ItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvd",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received",
        "terseLabel": "Value of Securities Received",
        "documentation": "Value of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form)"
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    },
    "ffd_ValSctiesRcvdPerShr": {
     "xbrltype": "nonNegativeDecimal4lItemType",
     "nsuri": "http://xbrl.sec.gov/ffd/2025",
     "localname": "ValSctiesRcvdPerShr",
     "presentation": [
      "http://xbrl.sec.gov/ffd/role/document/feesOfferingTable"
     ],
     "lang": {
      "en-us": {
       "role": {
        "label": "Value of Securities Received, Per Share",
        "terseLabel": "Value of Securities Received, Per Share",
        "documentation": "Value per share of securities to be received by the registrant (or cancelled upon issuance of securities to be registered on the form). This is included in the explanation of 457(f) fee calculation."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "415",
   "Subsection": "a"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "429"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "f"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "o"
  },
  "r8": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "p"
  },
  "r9": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "r"
  },
  "r10": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "s"
  },
  "r11": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "457",
   "Subsection": "u"
  },
  "r12": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Subsection": "f",
   "Section": "457"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>24
<FILENAME>0001104659-25-058369-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-25-058369-xbrl.zip
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MT+%^9!WO1! &$E+2KW3*O<@CZ;F#W,%F!,=Y.)G\!L7=&U0]U;@W&@DV@H-
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M_7+ 2[NDKYP4H%2'?TEJP',/H%TRR KQ^]=$VX^8>9 !%]!-3/)#T)L1?7P
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MSG7Q>IW-X(6-=^VL *Q.J#\C"%"DATI++N4HARJ(O!D9BL CBGL,9\6_@4^
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M4$L! A0#%     @ SS/+6GE:'8/*"0  BS   !T              ( !
M '1M,C4Q-S8U-&0Q7V5X+69I;&EN9V9E97,N:'1M4$L%!@     !  $ 2P
'  4*      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>tm2517654d1_ex-filingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="rc">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001468174</identifier>
        </entity>
        <period>
            <startDate>2025-06-10</startDate>
            <endDate>2025-06-10</endDate>
        </period>
    </context>
    <context id="offrl_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001468174</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-06-10</startDate>
            <endDate>2025-06-10</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <ffd:FormTp contextRef="rc" id="ixv-116">S-8</ffd:FormTp>
    <ffd:SubmissnTp contextRef="rc" id="ixv-117">S-8</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="rc" id="ixv-118">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="rc" id="ixv-119">0001468174</dei:EntityCentralIndexKey>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-120">Hyatt Hotels Corp</dei:EntityRegistrantName>
    <ffd:PrevslyPdFlg contextRef="offrl_1" id="ixv-121">false</ffd:PrevslyPdFlg>
    <ffd:FormTp contextRef="rc" id="ixv-146">S-8</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="rc" id="ixv-147">Hyatt Hotels Corp</dei:EntityRegistrantName>
    <ffd:OfferingSctyTp contextRef="offrl_1" id="ixv-148">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="offrl_1" id="ixv-149">Class A Common Stock, $0.01 par value per share</ffd:OfferingSctyTitl>
    <ffd:FeesOthrRuleFlg contextRef="offrl_1" id="ixv-150">true</ffd:FeesOthrRuleFlg>
    <ffd:AmtSctiesRegd
      contextRef="offrl_1"
      decimals="0"
      id="ixv-151"
      unitRef="Shares">392000</ffd:AmtSctiesRegd>
    <ffd:MaxOfferingPricPerScty
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-152"
      unitRef="USD">131.07</ffd:MaxOfferingPricPerScty>
    <ffd:MaxAggtOfferingPric
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-153"
      unitRef="USD">51379440.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-154"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="offrl_1"
      decimals="INF"
      id="ixv-155"
      unitRef="USD">7866.19</ffd:FeeAmt>
    <ffd:TtlOfferingAmt contextRef="rc" decimals="INF" id="ixv-156" unitRef="USD">51379440.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt contextRef="rc" decimals="INF" id="ixv-157" unitRef="USD">7866.19</ffd:TtlFeeAmt>
    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-158" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-159" unitRef="USD">7866.19</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-160">(1)	In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.
(2)	Represents an additional 392,000 shares of Class A common stock available for future issuance under the Playa Hotels &amp;amp; Resorts N.V. 2017 Omnibus Incentive Plan, as amended.
(3)	Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high and low prices of the Registrant's Class A common stock as reported on The New York Stock Exchange on June 5, 2025.
(4)	The Registrant does not have any fee offsets.
</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
