Form 4: Park Hotels & Resorts Executive Carl Mayfield Reports Stock Award and Tax Withholding
SEC Form 4 Filing
EVP Carl Mayfield reports acquisition of shares from vested performance stock units and shares withheld for tax obligations.
Summary
- Carl A. Mayfield, EVP of Design and Construction at Park Hotels & Resorts Inc., reported a transaction on January 24, 2025.
- Mayfield acquired 29,326 shares of common stock related to a vested performance stock unit award.
- These shares were earned based on the company's total shareholder return (TSR) relative to a peer group over a performance period from January 1, 2022, to December 31, 2024.
- The number of earned performance stock units represents 99% of the target number eligible to be earned.
- Additionally, 10,128 shares were withheld by the issuer to cover tax obligations related to the stock award.
- Following these transactions, Mayfield beneficially owns 193,870 shares of Park Hotels & Resorts Inc.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The vesting of performance stock units indicates that the company has met a significant portion of its performance targets. The tax withholding is a normal part of the equity compensation process.
Positives
- The vesting of performance stock units suggests the company achieved a significant portion (99%) of its TSR targets relative to its peer group.
Industry Context
Form 4 filings are routine disclosures, but the vesting of performance-based equity awards provides insight into management's assessment of the company's performance relative to its peers. In this case, the vesting of 99% of the target shares suggests strong relative performance.
Comparison to Industry Standards
- Performance-based equity compensation is a common practice among publicly traded companies, particularly in the hospitality sector.
- Companies like Host Hotels & Resorts and Pebblebrook Hotel Trust also utilize TSR-based metrics in their executive compensation plans.
- The specific TSR targets and peer groups vary by company, making direct comparisons challenging without access to the underlying plan documents.
Stakeholder Impact
- Shareholders may view the vesting of performance stock units positively, as it suggests the company is achieving its performance goals.
- Employees who hold similar equity awards may also be encouraged by the vesting of these units.
Key Dates
| Date | Description |
|---|---|
| 2022-02-24 | Date of original grant of performance stock unit award |
| 2022-01-01 | Start date of the performance period for the stock units. |
| 2024-12-31 | End date of the performance period for the stock units. |
| 2025-01-24 | Date of transaction: Stock award and tax withholding. |
| 2025-01-24 | Date of determination by the Compensation & Human Capital Committee of the Issuer's Board of Directors on achievement of performance criteria. |
| 2025-01-28 | Date of signature on the Form 4 filing. |
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