Form 4: Hill Path Capital Entity Acquires PRKS Shares

An entity associated with 10% owner and director Scott Ross, Hill Path Capital Partners Co-Investment S LP, was granted 2,578 shares of United Parks & Resorts Inc. common stock.

Summary

• Hill Path Capital Partners Co-Investment S LP, a 10% owner and entity associated with director Scott Ross, acquired 2,578 shares of United Parks & Resorts Inc. common stock.
• The acquisition occurred on December 31, 2025, and was a grant under the Issuer's 2025 Omnibus Incentive Plan, vesting immediately.
• The shares were acquired at a price of $0, indicating an equity grant.
• Following this transaction, Hill Path Capital Partners Co-Investment S LP indirectly beneficially owns 83,900 shares.
• Various Hill Path entities and Scott Ross collectively hold significant indirect beneficial ownership, totaling 27,301,207 shares across multiple funds.
• This report is one of two identical filings due to SEC system limitations on joint filers, with 17 reporting persons in total.
• The Reporting Persons, along with HAT Fund LP and HAT Fund II LP, may be deemed a Section 13(d) group, collectively owning more than 10% of the Issuer's outstanding common stock.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates continued alignment of a significant shareholder and director with the company's performance through an equity grant, which is a standard practice for incentivizing management.

Positives

• The grant of shares to an entity associated with a 10% owner and director, Scott Ross, aligns management and significant shareholder interests with the company's future performance.
• The immediate vesting of the 2,578 shares indicates a direct and immediate stake in the company's success.

Risks

• The value of the granted shares is tied directly to the future performance of United Parks & Resorts Inc. common stock.
• Potential minor dilution for existing shareholders from shares issued under the 2025 Omnibus Incentive Plan, though this specific grant is small.

Future Outlook

The grant of shares under the Issuer's 2025 Omnibus Incentive Plan suggests a forward-looking strategy to incentivize key stakeholders, aligning their interests with the company's long-term performance and growth objectives. The transaction is pre-planned under a Rule 10b5-1 plan.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
• This report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

This filing is specific to insider ownership and compensation, and does not provide broader industry context or trends.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Hill Path Capital Partners Co-Investment S LP, an entity associated with director Scott Ross and a 10% owner, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Potential positive impact due to increased alignment of a significant shareholder and director with company performance. Minor dilution from the issuance of new shares under the incentive plan.
• Management/Directors: Direct financial incentive tied to the company's stock performance.

Key Dates

Keywords

United Parks & Resorts, PRKS, Hill Path Capital, Scott Ross, Insider Transaction, Form 4, Equity Grant, 10% Owner, Director, Beneficial Ownership, Omnibus Incentive Plan