Form 4: Park Hotels & Resorts Director, Geoffrey Garrett, Receives Stock Award
SEC Form 4
Geoffrey Garrett, a director at Park Hotels & Resorts, was granted 15,500 shares of restricted stock on April 25, 2025, under the company's 2017 Stock Plan for Non-Employee Directors.
Summary
- On April 25, 2025, Geoffrey Garrett, a director of Park Hotels & Resorts Inc. [PK], received 15,500 shares of common stock.
- This award was granted under the Issuer's 2017 Stock Plan for Non-Employee Directors, as amended and restated as of April 25, 2025.
- The shares are compensation for Mr. Garrett's service on the Board of Directors from April 25, 2025, through the date of the Issuer's 2026 annual meeting of stockholders.
- The shares will vest in full on April 24, 2026, or earlier if the Issuer's 2026 annual meeting of stockholders is held before that date.
- Following the transaction, Mr. Garrett beneficially owns 54,690 shares of Park Hotels & Resorts Inc.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. It reflects a standard corporate governance practice of incentivizing directors with stock awards, which is generally viewed favorably.
Positives
- The stock award aligns Mr. Garrett's interests with those of the shareholders, incentivizing his continued service on the board.
Future Outlook
The document does not contain specific forward-looking statements beyond the vesting schedule of the stock award.
Industry Context
Stock awards to directors are a common practice in the hospitality industry to align their interests with those of shareholders and incentivize their service.
Comparison to Industry Standards
- Stock awards for non-employee directors are a common practice across publicly traded companies, including those in the hospitality sector.
- The size of the award (15,500 shares) would need to be compared to similar companies like Marriott International (MAR) or Hilton Worldwide Holdings (HLT) to assess its relative value.
- Vesting schedules are also standard, typically ranging from one to three years, similar to the one-year vesting period described in the document.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Stock Plan Amendment | The Issuer's 2017 Stock Plan for Non-Employee Directors was amended and restated as of April 25, 2025. | April 25, 2025 | The amendment likely involves updates to the terms and conditions of the stock plan, potentially affecting future grants and vesting schedules. |
Stakeholder Impact
- Shareholders may view the stock award positively as it aligns the director's interests with the company's long-term success.
- The award does not have a direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| April 25, 2025 | Date of the stock award grant and amendment/restatement of the 2017 Stock Plan for Non-Employee Directors. |
| April 24, 2026 | Vesting date of the restricted stock, or earlier if the Issuer's 2026 annual meeting of stockholders is held before this date. |
| 2026 Annual Meeting | The shares will vest on the date of the Issuer's 2026 annual meeting of stockholders if it is held before April 24, 2026. |
Keywords
Park Hotels & Resorts, Director, Geoffrey Garrett, Stock Award, Restricted Stock, Beneficial Ownership, 2017 Stock Plan, Non-Employee Directors, Vesting, PK
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