|PLAYA HOTELS & RESORTS N.V. filed this Form 8-K on 01/04/2019|
(ii) Executive shall be eligible to participate in any equity compensation plan under which similarly-situated senior executives of Playa Management are eligible to receive equity awards for service to Playa Management (the EIP). The terms and amounts of any EIP awards granted to Executive shall be determined by the Playa Board in its sole and absolute discretion. Payments of amounts (if any) under the EIP shall be structured to provide liquidity at such times and in such amounts as is necessary to permit Executive to pay on a timely basis all income and employment taxes due by reason of any incentive compensation payable to him under the EIP.
(iii) Executive may be eligible to participate in such other incentive compensation programs as may be provided to senior executives of Playa Management or the Playa Affiliates from time-to-time.
(iv) Notwithstanding anything to the contrary contained in this Agreement, Executives entitlement to any Discretionary Annual Bonus and any award granted to Executive under the EIP or any other incentive compensation program shall be determined and approved by the Playa Board, in each case in its sole and absolute discretion.
(c) Other Benefits. Executive shall be entitled to paid time off and holiday pay in accordance with Playa Management policies in effect from time to time, and to participate in such life, health and disability insurance, pension, deferred compensation and incentive plans, stock options and awards, performance bonuses and other benefits as Playa Management extends, as a matter of policy, to senior executive employees of Playa Management.
(d) Reimbursement of Business Expenses. Playa Management shall reimburse Executive for all reasonable travel, entertainment and other expenses incurred or paid by Executive in connection with, or related to, the performance of his duties, responsibilities or services to Playa Management and the other Playa Affiliates under this Agreement in accordance with the reimbursement policy and procedure then adopted, from time to time, by Playa Management and upon presentation by Executive of reasonable documentation, expense statements, vouchers and such other supporting information as Playa Management may reasonably request.
(a) Termination by Playa Management for Cause. Playa Management may terminate Executives employment under this Agreement at any time for Cause upon written notice. For purposes of this Agreement, Cause for termination shall mean any of the following: (i) the conviction of Executive of, or the entry of a plea of guilty, first offender probation before judgment or nolo contendere by Executive to, any felony or any other crime involving dishonesty; (ii) fraud, misappropriation, embezzlement, or breach of fiduciary duty by Executive with respect to Playa Management or any of the Playa Affiliates; (iii) Executives willful failure, bad faith, or gross negligence in the performance of his assigned duties for Playa Management or any Playa Affiliate following Executives receipt of written notice of such willful failure, bad faith, or gross negligence; (iv) Executives failure to follow reasonable and lawful directives of Playa Management or the other applicable Playa Affiliates following Executives receipt of written notice of such failure; (v) any act or omission of Executive that that the Playa