Park Hotels & Resorts Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
$PK
Hotels/Resorts
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 25, 2025
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Park Hotels & Resorts Inc. 2017 Stock Plan for Non-Employee Directors (as Amended and Restated as of April 25, 2025)
As described below in Item 5.07 of this Current Report on Form 8-K, on April 25, 2025, the stockholders of Park Hotels & Resorts Inc. (the “Company”) approved the further amendment and restatement of the Park Hotels & Resorts Inc. 2017 Stock Plan for Non-Employee Directors (as amended and restated) (as further amended, the “Second A&R Director Stock Plan”) at the Company’s 2025 annual meeting of stockholders (the “Annual Meeting”) that (among other things) increased the number of shares of the Company’s common stock, par value $0.01 per share, that are available for issuance under the Second A&R Director Stock Plan by 875,000 shares, from 950,000 to 1,825,000 shares. The material terms and conditions of the Second A&R Director Stock Plan have been previously described under Proposal 2 of the Company’s Definitive Proxy Statement on Schedule 14A, as filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2025 and as supplemented by the supplemental proxy materials, filed with the SEC on March 14, 2025 (collectively, the “2025 Proxy Statement”), and are incorporated by reference into Item 5.02 of this Current Report on Form 8-K.
The foregoing summary is qualified in its entirety by reference to the full text of the Second A&R Director Stock Plan, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference. A copy of the form of award agreement to be used for restricted stock awards under the Second A&R Director Stock Plan is filed as Exhibit 10.2 to this Form 8-K and is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
The Annual Meeting was held on April 25, 2025. Stockholders voted as set forth below on the proposals presented for a vote. Each such proposal is described in more detail in the 2025 Proxy Statement.
Proposal 1. Election of Directors
The Company’s stockholders elected the nine persons listed below to serve as directors until the 2026 annual meeting of stockholders and until their successors have been duly elected and qualify, based upon the following votes:
| For | Against | Abstain | Broker Non-Votes | |||||||||||
| Thomas J. Baltimore, Jr. | 147,217,787 | 7,663,881 | 110,031 | 12,440,212 | ||||||||||
| Patricia M. Bedient | 152,527,920 | 2,378,167 | 85,612 | 12,440,212 | ||||||||||
| Thomas D. Eckert | 150,636,055 | 4,255,228 | 100,416 | 12,440,212 | ||||||||||
| Geoffrey M. Garrett | 150,542,687 | 3,113,353 | 1,335,659 | 12,440,212 | ||||||||||
| Christie B. Kelly | 151,859,302 | 3,033,240 | 99,157 | 12,440,212 | ||||||||||
| Terri D. McClements | 151,337,799 | 2,273,978 | 1,379,922 | 12,440,212 | ||||||||||
| Thomas A. Natelli | 152,720,245 | 2,166,349 | 105,105 | 12,440,212 | ||||||||||
| Timothy J. Naughton | 151,384,178 | 3,513,600 | 93,921 | 12,440,212 | ||||||||||
| Stephen I. Sadove | 151,530,134 | 3,364,678 | 96,887 | 12,440,212 | ||||||||||
Proposal 2. Vote to Approve the and Adopt the Company’s 2017 Stock Plan for Non-Employee Directors (as Amended and Restated as of April 25, 2025)
The Company’s stockholders approved the Second A&R Director Stock Plan based upon the following votes:
| For | Against | Abstain | Broker Non-Votes | ||||||||
| 149,490,266 | 5,291,783 | 209,650 | 12,440,212 | ||||||||
Proposal 3. Advisory Vote to Approve Compensation of Named Executive Officers
The Company’s stockholders approved, on an advisory (non-binding) basis, the compensation of the Company’s named executive officers based upon the following votes:
| For | Against | Abstain | Broker Non-Votes | ||||||||
| 146,790,412 | 7,933,950 | 267,337 | 12,440,212 | ||||||||
Proposal 4. Ratification of the Appointment of Ernst & Young LLP
The Company’s stockholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 based upon the following votes:
| For | Against | Abstain | Broker Non-Votes | ||||||||
| 165,744,991 | 1,549,966 | 136,954 | ------- | ||||||||
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit Number | Description | |||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| * | Filed herewith | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Park Hotels & Resorts Inc. | ||||||||
| Date: April 28, 2025 | By: | /s/ Sean M. Dell’Orto | ||||||
| Sean M. Dell’Orto | ||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||