H Group Holding, Inc. and Subsidiaries - Page 46

                                        - 32 -                                         

          coordinated and exchanged information throughout the chain                   
          regarding that subject matter.                                               
               HIC’s human resources vice president acted as the                       
          clearinghouse for human resources policies and procedures,                   
          personnel director for the HIC corporate office and the Hyatt                
          International sales offices located in the United States, and as             
          liaison to the third-party administrator for worldwide benefits              
          and retirement plans.  HIC instructed its hotels to buy life                 
          insurance for the hotels' employees and arranged for a life                  
          insurance provider.  HIC also arranged a provider for employee               
          medical insurance.  The hotel owners, however, paid the insurance            
               As of January 1, 1975, HIC established the “Hyatt                       
          International Salaried Employees’ Retirement Plan”.  On or about             
          February 26, 1981, HIC initiated “The Money Accumulation Pension             
          Plan for Third Country National Employees of Hyatt International             
          Corporation”, effective January 1, 1980.  Contributions to the               
          plan were funded by the owners of the hotels at which the plan               
          participants were employed.                                                  
               In 1981, HIC inaugurated the HIC Incentive Compensation                 
          Program for the general managers of Hyatt International hotels.              
          Under the program, a general manager could qualify for a monetary            
          award, which was paid by the employing hotel.  General manager               

Page:  Previous  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  38  39  40  41  Next

Last modified: May 25, 2011