Hilton Grand Vacations Inc. (NYSE:HGV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
2017 Short-Term Cash Incentive Awards
On March31, 2017, the Compensation Committee (the Compensation
Committee) of the Board of Directors of Hilton Grand Vacations
Inc. (the Company) approved 2017 short-term cash incentive award
opportunities for certain of the Companys executive officers,
including Messrs. Mark D. Wang (President and Chief Executive
Officer), Michael D. Brown (Executive Vice President and Chief
Operating Officer), James E. Mikolaichik (Executive Vice
President and Chief Financial Officer), and Stan R. Soroka
(Executive Vice President and Chief Customer Officer), and
Ms.BarbaraL. Hollkamp (Executive Vice President and Chief Human
Resources Officer ). The cash bonus awards were granted under the
Hilton Grand Vacations Inc. 2017 Omnibus Incentive Plan, as
amended.
The Compensation Committee approved target award opportunities
for the officers in the table below:
|
Name |
TargetShort-Term CashIncentive Opportunity asa% of BaseSalary |
|||
|
Mark D. Wang |
% | |||
|
Michael D. Brown |
% | |||
|
James E. Mikolaichik |
% | |||
|
Stan R. Soroka |
% | |||
|
Barbara L. Hollkamp |
% |
Each officer will be eligible to earn up to 200% of his or her
target award based on the achievement of certain performance
goals established by the Compensation Committee. The short-term
cash incentive awards will be earned based on the achievement of
both individual and Company performance objectives for the 2017
fiscal year, as follows: (i) 60% of the award will be earned
based on the achievement of corporate performance objectives
linked to the Companys adjusted EBITDA; (ii) 10% of the award
will be earned based on cost savings linked to the Companys
general and administrative expense; and (iii) the remaining 30%
of the award will be earned based on the achievement of each
officers performance goals and objectives.
About Hilton Grand Vacations Inc. (NYSE:HGV)
Hilton Grand Vacations Inc. is a timeshare company that markets and sells vacation ownership intervals (VOIs), manages resorts in leisure and urban destinations, and operates a points-based vacation club. The Company operates its business across two segments: Real Estate Sales and Financing, and Resort Operations and Club Management. As of September 30, 2016, the Company had 46 resorts, representing 7,592 units, and approximately 265,000 Hilton Grand Vacations Club (the Club) members. Club members can exchange their Club points for stays at any resort or any property in the Hilton system of various brands across over 4,700 properties, as well as various vacation options, such as cruises and guided tours. VOI product allows customers to purchase a lifetime of vacations. The Company offers amenities, such as full kitchens, in-unit washers and dryers, spas and kids’ clubs along with beach-front locations. Hilton Grand Vacations Inc. (NYSE:HGV) Recent Trading Information
Hilton Grand Vacations Inc. (NYSE:HGV) closed its last trading session 00.00 at 31.00 with 760,208 shares trading hands.