Form 4: Park Hotels & Resorts EVP, CFO & Treasurer Sean M. Dell'Orto Reports Tax Withholding Transaction

Sean M. Dell'Orto, EVP, CFO & Treasurer of Park Hotels & Resorts Inc., reports the surrender of shares to cover tax obligations upon vesting of restricted stock.

Summary

• On February 26, 2024, Sean M. Dell'Orto, EVP, CFO & Treasurer of Park Hotels & Resorts Inc., surrendered 4,911 shares of common stock to the issuer.
• This transaction was to satisfy tax withholding obligations related to the vesting of 10,889 shares of restricted stock.
• The price per share used for tax withholding was $15.90, based on the NYSE closing price on February 23, 2024.
• Following the transaction, Dell'Orto directly owns 375,114 shares of Park Hotels & Resorts Inc.

Sentiment

Score: 5

Explanation: This is a neutral transaction related to tax obligations and doesn't indicate positive or negative sentiment towards the company's performance.

Industry Context

This filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a change in the company's overall financial health or strategic direction.

Comparison to Industry Standards

• Executive compensation practices, including the use of restricted stock units and subsequent tax withholding, are standard across the hospitality industry.
• Companies like Marriott International (MAR) and Hilton Worldwide Holdings (HLT) also utilize similar equity-based compensation plans for their executives.
• The number of shares surrendered for tax obligations is proportional to the amount of restricted stock vesting, which aligns with typical industry practices.

Key Dates