Preview | Stock Purchase Agreement |

TABLE OF CONTENTS


	Page
ARTICLE 1 PURCHASE AND SALE OF SHARES		1
1.1 Transfer of Shares		1
ARTICLE 2 CONSIDERATION		1
2.1 Purchase Price		1
2.2 Purchase Price Adjustment		2
ARTICLE 3 CLOSING; OBLIGATIONS OF THE PARTIES		4
3.1 Closing Date		4
3.2 Obligations of the Parties at the Closing		4
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF GEC AND SELLER		5
4.1 Status		5
4.2 Authority		5
4.3 No Conflict; Required Filings and Consents		5
4.4 Capitalization		6
4.5 Financial Statements		8
4.6 Title to Assets and Properties		8
4.7 Material Contracts		9
4.8 Real Property; Leases; Managed Property		10
4.9 Intellectual Property; Information Systems		11
4.10 Litigation; Claims and Proceedings		13
4.11 Environmental Safety and Health Matters		13
4.12 Compliance with Law; Licenses and Permits		14
4.13 Employee Matters and Benefit Plans		14
4.14 Taxes		16
4.15 Absence of Undisclosed Liabilities; Capital Commitments		18
4.16 Absence of Certain Changes		19
4.17 Labor Matters		19
4.18 Finders Fee		19
4.19 Insurance		20
4.20 Accounts Receivable		20
4.21 Related Party Transactions		20
4.22 Books and Records		20
4.23 Hawaiian Operations		20
4.24 Payment Card Industry Data Security Standard		20
4.25 Amendment to Waimea Plantation Cottages Management Agreement		21
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF INTERVAL AND PURCHASER		21
5.1 Corporate Status		21
5.2 Authority		21
5.3 No Conflict		21
5.4 Compliance with Law		22
5.5 Consents		22
5.6 Sufficient Funds		22
5.7 Finders Fee		22

Table of Contents
(Continued)


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5.8 No Reliance		23
5.9 Investment Intent		23
5.10 Litigation, Claims and Proceedings		23
ARTICLE 6 COVENANTS		23
6.1 Interim Operations of the Companies		23
6.2 Consents		26
6.3 Publicity		27
6.4 Access to Records and Properties		27
6.5 Further Action		28
6.6 Expenses		28
6.7 Notification of Certain Matters		28
6.8 Employee Benefit Plans		28
6.9 Intercompany Indebtedness		30
6.10 Debt and Guaranties		30
6.11 Supplements to Disclosure Schedule		30
6.12 Guaranties by GEC and Interval		31
6.13 Retention and Access to Books and Records		31
6.14 Non-Competition; Non-Solicit and Confidentiality		32
6.15 RHAC Holdings, LLC; Waipouli Holdings LLC		35
ARTICLE 7 CLOSING CONDITIONS		36
7.1 Conditions to Obligations of Seller and Purchaser to Consummate the Transaction		36
7.2 Additional Conditions to Obligations of Purchaser		36
7.3 Additional Conditions to Obligations of Seller		38
ARTICLE 8 CERTAIN TAX MATTERS		38
8.1 Tax Indemnity Obligations		38
8.2 Responsibility for Filing Tax Returns		39
8.3 Cooperation on Tax Matters		40
8.4 Refunds and Tax Benefits		41
8.5 Section 338(h)(10) Election and Purchase Price Allocation		41
8.6 Transfer Taxes		42
8.7 Termination of Tax Sharing Agreements		42
8.8 Tax Proceedings		43
8.9 Treatment of Indemnity Payment		43
8.10 Withholding		43
8.11 Conflict with Article 10		43
ARTICLE 9 TERMINATION		44
9.1 Termination		44
9.2 Effect of Termination and Abandonment		44
ARTICLE 10 INDEMNIFICATION		44
10.1 Survival of Representations and Warranties		44
10.2 Indemnification Provisions for Benefit of Purchaser		45
10.3 Indemnification Provisions for Benefit of Seller		45

Table of Contents
(Continued)


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10.4 Procedure for Matters Involving Third Parties		45
10.5 Limitations on Sellers and GECs Indemnification Liability		46
10.6 Limitations on Purchasers Indemnification Liability		47
10.7 Determination of Losses		47
10.8 Exclusive Remedy		48
10.9 Indemnification Obligations of Seller		48
ARTICLE 11 MISCELLANEOUS		48
11.1 Notices		48
11.2 Certain Definitions; Interpretation		49
11.3 Severability		52
11.4 Entire Agreement; No Third-Party Beneficiaries		53
11.5 Amendment; Waiver		53
11.6 Binding Effect; Assignment		53
11.7 Disclosure Schedule		53
11.8 Governing Law; Jurisdiction		53
11.9 Construction		54
11.10 Counterparts		54
11.11 Enforcement		54

TABLE OF DEFINED TERMS
Continued


Term	Section Page
Accountants	Section 2.2(b)(iii)	3
Action	Section 11.2(a)(i)	48
Affiliate Group	Section 11.2(a)(iii)	49
Affiliate	Section 11.2(a)(ii)	49
Agreement	Preamble	1
Allocation	Section 8.5(b)	41
Ancillary Agreements	Section 11.2(a)(iv)	49
Applicable Rate	Section 11.2(a)(v)	49
Blue Sky	Section 4.3(b)	6
Cap	Section 10.5(a)	46
Claim Notice	Section 10.4(e)	45
Closing Date Balance Sheet	Section 2.2(b)(i)	2
Closing Date RQ Working Capital	Section 2.2(b)(i)	2
Closing Date	Section 3.1	4
Closing	Section 3.1	4
Code	Section 11.2(a)(vi)	49
Companies	Preamble	1
Company Covered Employees	Section 6.8(a)	28
Company	Preamble	1
Confidential Information	Section 6.14(e)	34
Confidentiality Agreement	Section 6.2(a)	26
Control	Section 11.2(a)(vii)	49
Deductible	Section 10.5(b)	46
Disclosure Schedule Supplement	Section 6.11	30
DOJ	Section 6.2(a)	26
Employment Agreement	Preamble	1
Encumbrances	Section 4.3(a)	6
Environmental Law	Section 4.11(a)	13
ERISA Affiliate	Section 4.13(e)	16
ERISA	Section 11.2(a)(viii)	49
Estimated Closing Date Balance Sheet	Section 2.2(a)	2
Estimated RQ Working Capital	Section 2.2(a)	2
Financial Statements	Section 4.5(a)	8
FTC	Section 6.2(a)	26
GAAP	Section 2.2(a)	2
GEC	Preamble	1
Governmental Authority	Section 11.2(a)(ix)	49
Governmental Order	Section 11.2(a)(x)	49
Hazardous Substance	Section 4.11(a)	13
HSR Act	Section 4.3(a)	6
Indemnified Party	Section 10.4(a)	45
Indemnifying Party	Section 10.4(a)	45
Intellectual Property	Section 4.9	12

TABLE OF DEFINED TERMS
Continued


Term	Section Page
Interval	Preamble	1
IRS	Section 4.13(a)	15
Law	Section 11.2(a)(xii)	49
License Agreement	Section 7.2(i)	36
LLC Conversion	Section 8.5(a)	41
Losses	Section 10.2	44
Material Adverse Effect	Section 6.11	30
Material Contract	Section 4.7	9
Multiemployer Plan	Section 4.13(e)	16
PCI DSS	Section 4.24	20
Permit	Section 11.2(a)(xiii)	49
Permitted Encumbrances	Section 4.6	8
Person	Section 11.2(a)(xiv)	50
Plans	Section 4.13(a)	14
Purchase Price	Section 2.1	1
Purchaser Indemnified Parties	Section 10.2	44
Purchaser Material Adverse Effect	Section 11.2(a)(xv)	50
Purchaser	Preamble	1
Real Property	Section 4.8	10
Reference Balance Sheet	Section 4.5(a)	8
Registered Intellectual Property	Section 4.9	11
Related Person	Section 4.21	20
RQIH	Preamble	1
RQIH Shares	Section 1.1	1
RQRE	Preamble	1
RQRE Shares	Section 1.1	1
Section 338(h)(10) Elections	Section 8.5(a)	40
Seller Indemnified Parties	Section 10.3	44
Seller Material Adverse Effect	Section 11.2(a)(xvi)	50
Seller	Preamble	1
Shares	Section 1.1	1
Specified Properties	Section 4.8(f)	11
Straddle Periods	Section 8.1(a)	38
Subsidiary	Section 11.2(a)(xvii)	50
Tax Return	Section 11.2(a)(xx)	51
Taxes	Section 11.2(a)(xviii)	50
Taxing Authority	Section 11.2(a)(xix)	51
Termination Date	Section 9.1(b)	43
Third Party Acquirer	Section 6.14	31
Third-Party Claim	Section 10.4(a)	45
Transition Services Agreement	Section 7.2(f)	36
Working Capital	Section 11.2(a)(xxi)	51

Index of the Disclosure Schedule

Section
4.3 No Conflict
4.4(c) Listing of Subsidiaries
4.5(a)(i) Financial Statements
4.5(a)(ii) Accounting Policies
4.5(b) Non-Compliance with GAAP

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