Form 4: Park Hotels & Resorts Executive Surrenders Shares to Cover Tax Obligations
SEC Form 4 Filing
Nancy M. Vu, EVP, General Counsel & Secretary of Park Hotels & Resorts, surrendered shares to cover tax withholding obligations upon the vesting of restricted stock.
Summary
- On February 24, 2025, Nancy M. Vu, EVP, General Counsel & Secretary of Park Hotels & Resorts Inc., surrendered 1,413 shares of common stock to cover tax obligations related to the vesting of 3,132 restricted stock shares.
- Additionally, Ms. Vu surrendered 3,361 shares of common stock to cover tax obligations related to the vesting of 7,452 restricted stock shares.
- The price per share used to determine the tax withholdings was $12.63, which was the closing price of the company's common stock on the NYSE on February 21, 2025.
- Following these transactions, Ms. Vu beneficially owns 118,374 shares of Park Hotels & Resorts Inc.
Sentiment
Score: 5
Explanation: This is a neutral event related to standard executive compensation practices and does not indicate any positive or negative sentiment regarding the company's performance.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.
Comparison to Industry Standards
- Share surrenders to cover tax obligations are a standard practice in executive compensation across various industries.
- Companies like Marriott International and Hilton Worldwide also utilize restricted stock units as part of their executive compensation packages, which often involve similar tax withholding procedures.
Key Dates
| Date | Description |
|---|---|
| 02/21/2025 | Date used to determine the price per share for tax withholding obligations ($12.63). |
| 02/24/2025 | Date of the share surrender transactions. |
| 02/26/2025 | Date of signature on the Form 4 filing. |
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