Park Hotels & Resorts Inc. (NYSE:PK) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k

8 years ago

Park Hotels & Resorts Inc. (NYSE:PK) Files An 8-K Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition.

On May 3, 2017, Park Hotels Resorts Inc. (the Company) issued a
press release announcing its results of operations for the first
quarter ended March 31, 2017 and made available certain
supplemental information concerning the portfolio and operation
of the Company.Copies of the press release and the supplemental
information are furnished as Exhibits 99.1 and Exhibit 99.2,
respectively, to this Current Report on Form 8-K.

In accordance with General Instructions B.2 of Form 8-K, the
information included in this Current Report on Form 8-K
(including Exhibits 99.1 and 99.2 hereto), shall not be deemed
filed for the purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the Exchange Act), or otherwise subject
to the liabilities of that section, nor shall it be deemed
incorporated by reference into any filing made by the Company
under the Exchange Act or Securities Act of 1933, as amended,
except as shall be expressly set forth by specific reference in
such a filing.

Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

(e) On April 27, 2017, the Compensation Committee (the Committee)
of the Board of Directors of the Company adopted and approved the
Park Hotels Resort Inc. Executive Severance Plan (the Executive
Severance Plan), effective April 27, 2017, for employees of the
Company at the level of senior vice president and above
designated for participation by the Committee.At such time, the
Committee designated each of the Companys named executive
officers and Executive Committee members as participants of the
Executive Severance Plan, other than the Companys chief executive
officer whose severance arrangements will continue to be governed
by the terms of his employment agreement, which was filed as
Exhibit 10.10 to the Form 10 filed by the Company on September
16, 2016.

The Executive Severance Plan sets forth the terms for payment of
severance and other benefits to participants in the event of a
termination of employment with the Company under certain
circumstances.In the event of a termination of employment without
cause (other than due to death or disability) or for good reason
(each as defined in the Executive Severance Plan), the
participant is entitled to the following payments and benefits:

A cash payment, payable in a single lump sum payment,
equal to 2.0x (for executive vice presidents), 1.5x (for
senior vice presidents who are also members of the
Companys Executive Committee) or 1.0x (for all other
senior vice presidents) the sum of the participants
annual base salary and his or her average annual bonus
for the most recent two fiscal years (or one fiscal year
if applicable). A participant who was not eligible for a
bonus in the prior fiscal year will remain eligible to
receive an actual bonus for the year of termination
(prorated for the actual period of service during such
year).

The vesting of the participants outstanding equity and
equity-based awards in accordance with the Companys 2017
Omnibus Incentive Plan (or any successor plan) and
applicable award agreements. A participants termination
of employment for good reason will be treated as a
termination by the Company without cause under the 2017
Omnibus Incentive Plan (or any successor plan) and
applicable award agreement.

A cash amount equal to the difference between the
participants monthly COBRA premium cost and the monthly
contribution paid by similarly situated active Company
executives for the same coverage, payable in equal
installments over a twelve-month period following the
participants

termination date. These payments will cease earlier than
the expiration of such twelve-month period if the
participant becomes eligible to receive group health
coverage from another employer or ceases to be eligible
to receive COBRA coverage.

A cash payment of the participants accrued pay through
the date of termination.

Receipt of and all severance payments and benefits under the
Executive Severance Plan is contingent upon the participant
complying with various requirements, including non-solicitation
and non-competition obligations to the Company (which apply for a
period of twelve-months following the participants termination of
employment) and the participants timely execution and delivery to
the Company of an effective release of claims. Subject to certain
exceptions, the Company shall pay or commence providing all
severance benefits within 10 days following the effectiveness of
the required release of claim.

This Executive Severance Plan supersedes and terminates any prior
severance plans applicable to participants, including any Hilton
Worldwide Holdings Inc. severance plan.

The above description is a summary of the terms of the Executive
Severance Plan and is subject to and qualified in its entirety by
the terms of the Executive Severance Plan, a copy of which is
attached hereto as Exhibit 10.1 and incorporated herein by
reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description

10.1		Park Hotels Resort Inc. Executive Severance Plan.
99.1		Press Release dated May 3, 2017.
99.2		First Quarter 2017 Supplemental Data.

About Park Hotels & Resorts Inc. (NYSE:PK)
Park Hotels & Resorts Inc., formerly Hilton Worldwide, Inc., is lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment. The Company’s portfolio consists of approximately 70 hotels and resorts with approximately 36,000 rooms located in the United States and international markets. The Company’s brand affiliations include Conrad Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hampton by Hilton, Hilton Hotels & Resorts, Hilaton Garden Inn, Curio – A Collection by Hilton, and Waldorf Astoria Hotels & Resorts. The Company’s hotels include Pointe Hilton Squaw Peak Resort, Hilton San Francisco Union Square, Capital Hilton, Hilton Orlando Bonnet Creek, Hilton Atlanta Airport, Hilton Hawaiian Village Beach Resort, Hilton Chicago, Hilton Blackpool, Hilton Belfast and Hilton London Islington. Park Hotels & Resorts Inc. (NYSE:PK) Recent Trading Information
Park Hotels & Resorts Inc. (NYSE:PK) closed its last trading session down -0.08 at 26.13 with 1,266,177 shares trading hands.