Form 4: Park Hotels & Resorts Executive Sells Shares to Cover Tax Obligations

Carl A. Mayfield, EVP of Design and Construction at Park Hotels & Resorts, disposed of shares to cover tax obligations upon vesting of restricted stock.

Summary

• On February 26, 2024, Carl A. Mayfield, EVP of Design and Construction at Park Hotels & Resorts Inc., disposed of 3,299 shares of common stock to satisfy tax withholding obligations.
• The shares were surrendered to cover taxes due upon the vesting of 6,583 shares of restricted stock previously granted under the company's 2017 Omnibus Incentive Plan.
• The transaction was executed at a price of $15.9 per share.
• Following the transaction, Mayfield directly owns 174,672 shares of Park Hotels & Resorts Inc.

Sentiment

Score: 6

Explanation: The document reflects a neutral event (stock sale for tax purposes) and doesn't indicate any significant positive or negative sentiment.

Industry Context

Executive stock transactions are a common occurrence in publicly traded companies. This transaction appears to be a routine sale to cover tax obligations related to stock vesting, which is a standard part of executive compensation packages.

Comparison to Industry Standards

• Executive compensation practices, including stock grants and vesting schedules, are common across the hospitality industry.
• Companies like Marriott International and Hilton Worldwide also utilize stock-based compensation as part of their executive pay packages.
• The number of shares disposed of and the price per share are within the typical range for such transactions among executives in comparable positions.

Key Dates