# EDGAR Filing Document

**Accession Number:** 0001051359
**File Stem:** 0001438934-25-000210
**Filing Date:** 2025-7
**Character Count:** 22128
**Document Hash:** bfa3456c9d65e97e65b4c95be1a0c9be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001438934-25-000210.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001438934-25-000210

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250711

**EFFECTIVENESS DATE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAR CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0001051359

**ORGANIZATION NAME:**
- **EIN:** 043153755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06766
- **FILM NUMBER:** 251117876

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** FL 48
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 6175268964

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **STREET 2:** FL 48
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001051359

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** PAR Capital Management Inc

**Address:** 200 Clarendon Street, Boston, MA 02116

**Telephone number:** 617-526-8990

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-06776

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300XEMCYZJNMGVD45

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                         | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                  | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| AIRBNB INC                             | 009066101 | 06/04/2025     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            700 |                0 | FOR         | 700                                      | FOR                         |  |
| ALASKA AIR GROUP, INC.                 | 011659109 | 05/08/2025     | Approval (on an advisory basis) the compensation of the Company's Named Executive Officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         483473 |                0 | FOR         | 483473                                   | FOR                         |  |
| ALLEGIANT TRAVEL COMPANY               | 01748X102 | 06/26/2025     | Approval of advisory resolution approving executive compensation.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AMAZON.COM, INC.                       | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AMERICAN AIRLINES GROUP INC.           | 02376R102 | 06/11/2025     | A proposal to approve, on a non-binding, advisory basis, executive compensation as disclosed in the Proxy Statement for the 2025 Annual Meeting.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| AMERICAN EXPRESS COMPANY               | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            268 |              332 | FOR         | 268                                      | FOR                         |  |
| AVIDXCHANGE HOLDINGS, INC.             | 05368X102 | 06/26/2025     | A proposal to approve, on a non-binding advisory basis, the compensation of the Company's named executive officers.                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        3300000 |                0 | FOR         | 3300000                                  | FOR                         |  |
| BANK OF AMERICA CORPORATION            | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           8054 |             1946 | FOR         | 8054                                     | FOR                         |  |
| CARGURUS, INC.                         | 141788109 | 06/04/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2024.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         975191 |                0 | ABSTAIN     | 975191                                   | AGAINST                     |  |
| CARGURUS, INC.                         | 141788109 | 06/04/2025     | To approve, on a non-binding advisory basis, the frequency with which to hold future advisory votes on the compensation of the Company's named executive officers.                                                                | SECTION 14A SAY-ON-PAY VOTES |         975191 |                0 | 1 YEAR      | 975191                                   | FOR                         |  |
| CARNIVAL CORPORATION                   | 143658300 | 04/16/2025     | To hold a (non-binding) advisory vote to approve executive compensation.                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          23500 |                0 | FOR         | 23500                                    | FOR                         |  |
| CARVANA CO.                            | 146869102 | 05/05/2025     | To consider the approval, by an advisory vote, of the compensation of our named executive officers as disclosed in the Proxy Statement ("say-on-pay").                                                                            | SECTION 14A SAY-ON-PAY VOTES |         184294 |                0 | FOR         | 184294                                   | FOR                         |  |
| CARVANA CO.                            | 146869102 | 05/05/2025     | To recommend, by an advisory vote, the frequency of future advisory votes on the compensation of our named executive officers ("say-on-pay frequency").                                                                           | SECTION 14A SAY-ON-PAY VOTES |         184294 |                0 | 1 YEAR      | 184294                                   | FOR                         |  |
| CITIGROUP INC.                         | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           7200 |                0 | FOR         | 7200                                     | FOR                         |  |
| CITIZENS FINANCIAL GROUP, INC.         | 174610105 | 04/24/2025     | Advisory Vote on Executive Compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| DELTA AIR LINES, INC.                  | 247361702 | 06/19/2025     | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         377500 |                0 | FOR         | 377500                                   | FOR                         |  |
| EVENTBRITE, INC.                       | 29975E109 | 06/05/2025     | A proposal to approve, on a non-binding advisory basis, the compensation of our named executive officers.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          53000 |                0 | FOR         | 53000                                    | FOR                         |  |
| EXPEDIA GROUP, INC.                    | 30212P303 | 06/03/2025     | Approval, on an advisory basis, of the compensation of Expedia Group's named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1040005 |                0 | FOR         | 1040005                                  | FOR                         |  |
| FRONTIER GROUP HOLDINGS, INC.          | 35909R108 | 05/15/2025     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| HILTON WORLDWIDE HOLDINGS INC.         | 43300A203 | 05/14/2025     | Approval, in a non-binding advisory vote, of the compensation paid to the Company's named executive officers.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| HUBSPOT, INC.                          | 443573100 | 06/04/2025     | Non-binding advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| LYFT, INC.                             | 55087P104 | 06/05/2025     | The approval of, on an advisory basis, the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1905000 |                0 | FOR         | 1905000                                  | FOR                         |  |
| MAPLEBEAR INC.                         | 565394103 | 05/22/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          36500 |                0 | FOR         | 36500                                    | FOR                         |  |
| MARRIOTT INTERNATIONAL, INC.           | 571903202 | 05/09/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          21200 |                0 | FOR         | 21200                                    | FOR                         |  |
| MASTERCARD INCORPORATED                | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            900 |                0 | FOR         | 900                                      | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                 | SECTION 14A SAY-ON-PAY VOTES |           1370 |                0 | FOR         | 1370                                     | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                       | SECTION 14A SAY-ON-PAY VOTES |           1370 |                0 | 3 YEARS     | 1370                                     | FOR                         |  |
| NORWEGIAN CRUISE LINE HOLDINGS LTD.    | G66721104 | 06/12/2025     | Approval, on a non-binding, advisory basis, of the compensation of our named executive officers                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR         | 5000                                     | FOR                         |  |
| SABRE CORPORATION                      | 78573M104 | 04/23/2025     | To hold an advisory vote on the compensation of our named executive officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        8596280 |                0 | FOR         | 8596280                                  | FOR                         |  |
| SEI INVESTMENTS COMPANY                | 784117103 | 05/28/2025     | To approve, on an advisory basis, the compensation of named executive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            425 |             7075 | FOR         | 425                                      | FOR                         |  |
| SHOPIFY INC.                           | 82509L107 | 06/17/2025     | Non-binding Advisory Vote on Executive Compensation Non-binding advisory vote that the shareholders accept Shopify Inc.'s approach to executive compensation as disclosed in the Management Information Circular for the Meeting. | SECTION 14A SAY-ON-PAY VOTES |           1500 |                0 | FOR         | 1500                                     | FOR                         |  |
| SKYWEST, INC.                          | 830879102 | 05/06/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         236745 |                0 | FOR         | 236745                                   | FOR                         |  |
| SOUTHWEST AIRLINES CO.                 | 844741108 | 05/14/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          62250 |                0 | FOR         | 62250                                    | FOR                         |  |
| SUN COUNTRY AIRLINES HOLDINGS, INC.    | 866683105 | 06/11/2025     | To vote, on a non-binding, advisory basis, to approve the compensation of the Company's Named Executive Officers.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| SYNCHRONY FINANCIAL                    | 87165B103 | 06/17/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        7500000 |                0 | FOR         | 7500000                                  | FOR                         |  |
| THE CHARLES SCHWAB CORPORATION         | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | FOR         | 200000                                   | FOR                         |  |
| THE PNC FINANCIAL SERVICES GROUP, INC. | 693475105 | 04/23/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| TRUIST FINANCIAL CORPORATION           | 89832Q109 | 04/29/2025     | Advisory vote to approve Truist's executive compensation program.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |              499 |  |  |  |  |
| UBER TECHNOLOGIES, INC.                | 90353T100 | 05/05/2025     | Advisory vote to approve 2024 named executive officer compensation.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1820400 |                0 | FOR         | 1820400                                  | FOR                         |  |
| UNITED AIRLINES HOLDINGS, INC.         | 910047109 | 05/21/2025     | A vote to approve, on a nonbinding advisory basis, the compensation of our named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        1754819 |                0 | FOR         | 1754819                                  | FOR                         |  |
| VISA INC.                              | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            640 |                0 | FOR         | 640                                      | FOR                         |  |
| WEBSTER FINANCIAL CORPORATION          | 947890109 | 05/21/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of Webster (Proposal 2).                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         700000 |                0 | FOR         | 700000                                   | FOR                         |  |
| WEX INC.                               | 96208T104 | 05/15/2025     | Advisory (non-binding) vote to approve the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1850500 |                0 | FOR         | 1850500                                  | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** PAR Capital Management Inc

**By (Signature):** Steven M. Smith

**By (Printed Signature):** Steven M. Smith

**By (Title):** Chief Operating Officer and General Counsel

**Date:** 07/31/2024