Document:

EX-10.1

 Exhibit 10.1 

PARK HOTELS & RESORTS INC. EXECUTIVE SHORT-TERM INCENTIVE PROGRAM 

The Park Hotels & Resorts Executive Short-Term Incentive Program (the “STIP”) was adopted by the Committee, effective
February 23, 2017, to set forth the terms and conditions of the executive short-term incentive program of the Company, the purpose of which is to incentivize the retention and performance of certain key executives of the Company through annual
cash-based bonus awards. All cash-based bonus awards hereunder shall be granted under, and in accordance with, the Company’s 2017 Omnibus Incentive Plan (the “Incentive Plan”) and shall constitute Other Cash-Based Awards
thereunder. Capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Incentive Plan. 
  

	1.	Administration. The STIP shall be administered by the Committee. The Committee shall have full power and authority to administer and interpret the STIP and any awards made under the STIP, and its
interpretations shall be conclusive and binding on all persons. 

  

	2.	Participation. Employees of the Company at the Senior Vice President level and above shall participate in the STIP unless otherwise determined by (i) the Committee for an employee that would be a
Committee Participant (as defined below) or (ii) the Company’s Chief Executive Officer (the “CEO”) for an employee that would be an Other Participant (as defined below). Each participating employee is referred to herein as
a “Participant”. 

  

	3.	Target Bonus and Actual Bonus Range. Each fiscal year of the Company, each Participant shall have a target bonus (the “Target Bonus”). Unless otherwise determined by the Committee, for
each Participant who is a member of the Company’s Executive Committee or an officer who is subject to Section 16 of the Exchange Act (collectively, the “Committee Participants”), the Target Bonus shall be (i) up to
75% of the Participant’s annual base salary for Senior Vice Presidents (as determined each year by the Committee), (ii) up to 100% of the Participant’s annual base salary for Executive Vice Presidents (as determined each year by the
Committee) or (iii) 150% of the Participant’s annual base salary for the CEO in accordance with his Executive Employment Agreement with the Company, dated April 26, 2016 (the “CEO Employment Agreement”). For each
Participant who is not a Committee Participant (collectively, the “Other Participants”), the CEO shall determine the Target Bonus in an amount up to 50% of the Other Participant’s annual base salary. 

Each fiscal year of the Company, the actual bonus range that may be earned hereunder by each Participant shall be (i) determined by the
Committee with respect to Senior Vice Presidents and Executive Vice Presidents who are Committee Participants, (ii) 75% to 225% of the Participant’s annual base salary for the CEO in accordance with the CEO Employment Agreement and
(iii) determined by the CEO with respect to Other Participants subject to a maximum for the high end of the range of 100% of the Other Participant’s annual base salary. 

 

	4.	 Performance Objectives. Annual bonuses under the STIP shall be earned based on the achievement of
both individual and Company performance objectives for each fiscal year of the Company, as follows: (i) 25% (in the case of Senior Vice Presidents), 20% (in the case of Executive Vice Presidents) or 10% (in the case of the CEO) of the annual
bonus shall be earned based on the achievement of individual performance objectives (collectively, the “Individual Objectives”); and (ii) the remainder of the annual bonus shall be earned based on the achievement of one or more
objective Company performance objectives (collectively, the “Corporate Objectives”) in an allocation set by the Committee (or, if no allocation is set, allocated equally). The Individual Objectives shall be (i) approved by the
Committee for the CEO and by the immediate supervisor for each other Participant (with the CEO having the authority to revise any Individual 

 
Objectives for Participants for whom the CEO is not the immediate supervisor) and (ii) scored as between threshold (including whether threshold performance is met), target and high by the
Committee for the CEO and by the immediate supervisor for each other Participant (with the CEO having the authority to revise any scoring for Participants for whom the CEO is not the immediate supervisor). Each Corporate Objective shall be
(i) approved by the Committee and shall be the same for all Participants and (ii) scored as between threshold (including whether threshold performance is met), target and high by the Committee as it considers appropriate (with any
adjustments determined by the Committee to account for unforeseen or other circumstances (subject, if applicable, to Section 7 below)). The Committee may also (but is not required to) establish a master objective Company performance objective
(an “Overall Corporate Objective”) for any fiscal year, which must be satisfied in order for any Participant to be eligible to receive an annual bonus under the STIP in respect of such fiscal year (and the satisfaction thereof shall
be scored by the Committee). If the Committee establishes an Overall Corporate Objective for a fiscal year, then it shall also establish the maximum bonus amount that may be earned by each Participant in respect of such fiscal year if and to the
extent the Overall Corporate Objective is satisfied, which maximum bonus amount shall be no greater than the applicable limit set forth in Section 5(b) of the Incentive Plan. 

Following the completion of each fiscal year of the Company, the Committee shall reasonably certify in writing whether, and to what extent, the
applicable performance objectives have been achieved before any bonuses may be paid to Participants, and shall determine, in its discretion, the amount of the annual bonus, if any, that shall be paid to each Participant in respect of such fiscal
year based on the achievement of the applicable performance objectives (subject, if applicable, to Section 7 below). The satisfaction of each performance objective (and the related payment of the bonus award) shall be separately determined
(i.e., they are not contingent on each other unless specifically determined by the Committee with respect to any Overall Corporate Objective). 
  

	5.	 Payment of Bonuses. Except as provided below, Participants must remain employed with the Company
Group through December 31 of a fiscal year in order to be eligible to receive an annual bonus under the STIP in respect of such fiscal year; provided, that, if a Participant’s employment is terminated by the Company Group for Cause
following the end of a fiscal year but prior to the payment of annual bonuses under the STIP in respect of such fiscal year, then the Participant shall forfeit his or her right to receive an annual bonus under the STIP in respect of such fiscal
year. If a Participant’s employment with the Company Group is terminated prior to December 31 of a fiscal year by the Company Group due to or during the Participant’s Disability or due to the Participant’s death, then the
Participant shall be entitled to receive an amount equal to the Participant’s Target Bonus for such fiscal year multiplied by a fraction, the numerator of which is the number of days that have elapsed in such fiscal year through the date of the
Participant’s termination of employment, and the denominator of which is the total number of days in such fiscal year, which amount shall be paid to the Participant in a cash lump sum within sixty (60) days following his or her termination
of employment. If a Participant’s employment with the Company Group is terminated prior to December 31 of a fiscal year by the Participant due to his or her Retirement (as defined below), then the Participant shall be entitled to receive
an amount equal to the annual bonus that he or she would have earned for such fiscal year had he or she remained employed with the Company Group through December 31, based on achievement of the applicable performance objectives, multiplied by a
fraction, the numerator of which is the number of days that have elapsed in such fiscal year through the date of the Participant’s termination of employment, and the denominator of which is the total number of days in such fiscal year, which
amount shall be paid to the Participant at the same time that annual STIP bonuses are paid to other Participants for such fiscal year. All bonuses under the STIP shall be paid in a cash lump sum no later than March 15 of the fiscal year
following the fiscal year to which the bonus relates. For purposes of the STIP, the term “Retirement” shall mean the Participant’s termination of employment, other than for

  
 2 

 
Cause or while grounds for Cause exist, due to the Participant’s death or due to the Participant’s Disability, following the date on which (i) the Participant attained the age of
65 years old and (ii) the number of completed years of the Participant’s employment with (A) Hilton Worldwide Holdings Inc. or any of its Subsidiaries (other than any member of the Company Group) and (B) any member of the Company
Group is at least 5. 
  

	6.	New Hires and Promotions. For new hires and promotions of individuals that, in either case, would be Committee Participants, the Committee shall determine (i) whether or not the individual will
participate in the STIP during the year of hire or promotion, (ii) the applicable Target Bonus and range and (iii) whether or not the Target Bonus shall be prorated based on the hiring or promotion date of such individual. For new hires
and promotions of individuals that, in either case, would be Other Participants, the CEO shall determine (i) whether or not the individual will participate in the STIP during the year of hire or promotion, (ii) the applicable Target Bonus
and range within the limits set forth in Section 3 and (iii) whether or not the Target Bonus shall be prorated based on the hiring or promotion date of such individual. All other terms of the annual bonus shall be as otherwise provided for
the applicable fiscal year as contemplated hereunder. 

  

	7.	Section 162(m). The Committee shall have the authority, at or before the time of grant of any Other Cash-Based Award hereunder, to designate such award as a Performance Compensation Award intended to
qualify as “performance-based compensation” under Section 162(m) of the Code, in which case such award shall be administered and interpreted in accordance with Section 11 of the Incentive Plan and the applicable requirements of
Section 162(m) of the Code. 

  

	8.	Amendment and Termination. The Committee may amend, alter, suspend, discontinue, or terminate the STIP or any portion thereof at any time; provided, that any such amendment, alteration, suspension,
discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Other Cash-Based Award theretofore granted shall not to that extent be effective without the consent of the
affected Participant, holder or beneficiary. 

  

	9.	No Right to Continued Employment. Neither the STIP, its adoption, its operation, nor any action taken under the STIP shall be construed as giving any employee the right to be retained or continued in the
employ of the Company or any Affiliates, nor shall it interfere in any way with the right and power of the Company or any of Affiliates to dismiss or discharge any employee or take any action that has the effect of terminating any employee’s
employment at any time. 

  

	10.	Governing Law. The STIP shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware,
without giving effect to the conflict of laws provisions thereof. 

  

	11.	CEO Determinations. Any determination made by the CEO in connection with an award hereunder (including status as an Other Participant, Target Bonus and range and new hire/promotion prorations) shall be
made in writing (including, for example, by executing a certificate setting forth such determination). 

  
 3EX-10.2

 Exhibit 10.2 

PARK HOTELS & RESORTS INC. EXECUTIVE LONG-TERM INCENTIVE PROGRAM 

The Park Hotels & Resorts Executive Long-Term Incentive Program (the “LTIP”) was adopted by the Committee, effective
February 23, 2017, to set forth the terms and conditions of the executive long-term incentive program of the Company, the purpose of which is to incentivize the retention and performance of certain key executives of the Company through annual
equity-based awards. All equity-based awards hereunder shall be granted under, and in accordance with, the Company’s 2017 Omnibus Incentive Plan (the “Incentive Plan”) and shall constitute Awards thereunder. Capitalized terms
not otherwise defined herein shall have the same meanings as set forth in the Incentive Plan. 
  

	1.	Administration. The LTIP shall be administered by the Committee. The Committee shall have full power and authority to administer and interpret the LTIP and any awards made under the LTIP, and its
interpretations shall be conclusive and binding on all persons. 

  

	2.	Participation. Employees of the Company at the Senior Vice President level and above shall participate in the LTIP unless otherwise determined by (i) the Committee for an employee that would be a
Committee Participant (as defined below) or (ii) the Company’s Chief Executive Officer (the “CEO”) for an employee that would be an Other Participant (as defined below). Each participating employee is referred to herein as
a “Participant”. 

  

	3.	Aggregate Target Values. Each fiscal year of the Company, each Participant shall have an aggregate target value (the “Aggregate Target Value”) for such year’s awards under the LTIP.
Unless otherwise determined by the Committee, for each Participant who is a member of the Company’s Executive Committee or an officer who is subject to Section 16 of the Exchange Act (collectively, the “Committee
Participants”), the Aggregate Target Value shall be (i) up to 100% of the Participant’s annual base salary for Senior Vice Presidents, (ii) up to 200% of the Participant’s annual base salary for Executive Vice
Presidents, or (iii) $3,500,000 or more for the CEO in accordance with his Executive Employment Agreement with the Company, dated April 26, 2016, in each case as determined each year by the Committee. For each Participant who is not a
Committee Participant (collectively, the “Other Participants”), the CEO shall determine the Aggregate Target Value in an amount up to 90% of the Participant’s annual base salary. 

 

	4.	Annual Equity Grants. Each fiscal year of the Company, (i) 50% of each Participant’s Aggregate Target Value shall be granted as an annual award (the “Annual LTIP RSA Award”) in
the form of restricted shares of Common Stock with time-based vesting requirements (the “LTIP RSAs”) and (ii) 50% of each Participant’s Aggregate Target Value shall be granted as an annual award (the “Annual LTIP
PSU Award”) in the form of restricted stock units with performance-based vesting requirements (the “LTIP PSUs”). 

  

	5.	Annual LTIP RSA Award. For each fiscal year of the Company, the Annual LTIP RSA Award with respect to each Participant (i) shall have an actual number of LTIP RSAs equal to the quotient obtained by
dividing 50% of such Participant’s Aggregate Target Value by the closing sales price of the Common Stock reported on the New York Stock Exchange on the applicable Date of Grant, rounded down to the nearest whole share, (ii) shall vest as
to one-third of the shares of Common Stock subject to such Annual LTIP RSA Award on each of the first three anniversaries of the Date of Grant, subject to the Participant’s continued employment with the Company through the applicable vesting
date (except as may be otherwise provided in the Award Agreement or the Incentive Plan), and (iii) shall have such other terms and conditions as shall be set forth in the applicable Award Agreement approved by the Committee. 

	6.	Annual LTIP PSU Award. For each fiscal year of the Company, the Annual LTIP PSU Award with respect to each Participant (i) shall have a target number of LTIP PSUs equal to the quotient obtained by
dividing 50% of such Participant’s Aggregate Target Value by the closing sales price of the Common Stock reported on the New York Stock Exchange on the applicable Date of Grant, rounded down to the nearest whole unit, (ii) shall vest based
on the Company’s total shareholder return relative to the total shareholder returns of the companies that comprise the FTSE NAREIT Lodging Resorts Index and that have a market capitalization in excess of $1 billion as of the first day of the
applicable performance period, in each case over a three-year performance period beginning on January 1 of the fiscal year of grant (or, in the case of Annual LTIP PSU Awards granted during 2017, January 4, 2017) (each a
“Performance Period”), subject to the Participant’s continued employment with the Company through the end of the applicable Performance Period (except as may be otherwise provided in the Award Agreement or the Incentive Plan),
(iii) shall provide that the actual number of LTIP PSUs that may become vested shall range from 0% to 200% of the target number of LTIP PSUs granted to the Participant, based on the level of achievement of the foregoing performance measure, as
determined by the Committee, and (iv) shall have such other terms and conditions as shall be set forth in the applicable Award Agreement approved by the Committee. 

 

	7.	New Hires and Promotions. For new hires and promotions of individuals, Annual LTIP RSA Awards and Annual LTIP PSU Awards shall be made based on the determination of the Committee (with respect to
individuals who would be Committee Participants) or the CEO (with respect to individuals who would be Other Participants) as to (i) whether or not the individual will participate in the LTIP during the year of hire or promotion, (ii) the
applicable Aggregate Target Value (subject, in the case of an Other Participant, to the limit set forth in Section 3), (iii) whether or not the Aggregate Target Value shall be prorated based on the hiring or promotion date of such
individual, (iv) whether or not the Aggregate Target Value shall be reduced by any other award made to such individual during the applicable year (e.g., a previous annual award or a new hire recruitment award) and (v) whether or not the
first vesting date for any Annual LTIP RSA Award shall be the one-year anniversary of the Date of Grant (and whether or not the next two vesting dates shall be the successive anniversaries thereof or the second and third vesting dates for the other
Annual LTIP RSA Awards made during the regular annual award grant cycle for such year). The actual number of LTIP RSAs and the target number of LTIP PSUs granted to each Participant in the associated Annual LTIP RSA Award and Annual LTIP PSU Award
in connection with any hiring or promotion shall be equal to the quotient obtained by dividing the applicable portion (i.e., 50% for an Annual LTIP RSA Award and 50% for an Annual LTIP PSU Award) of the Participant’s Aggregate Target Value (or
proration thereof) by the closing sales price of the Common Stock reported on the New York Stock Exchange on the applicable Date of Grant, rounded down to the nearest whole share or unit, as applicable. All other terms of the Annual LTIP RSA Award
and Annual LTIP PSU Award shall be as otherwise provided for the applicable fiscal year as contemplated by Sections 5 and 6, respectively. Notwithstanding the foregoing, in connection with any new hire or promotion, either the Committee or the CEO,
as applicable, may determine to allocate 100% of the Aggregate Target Value (or proration thereof) to an Annual LTIP RSA Award (in lieu of having a 50%/50% allocation to an Annual LTIP RSA Award and Annual LTIP PSU Award as contemplated by
Section 4). 

  

	8.	Section 162(m). The Committee shall have the authority, at or before the time of grant of any award of LTIP PSUs, to designate such award as a Performance Compensation Award intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, in which case such award shall be administered and interpreted in accordance with Section 11 of the Incentive Plan and the applicable requirements of
Section 162(m) of the Code. 

  
 2 

	9.	Amendment and Termination. The Committee may amend, alter, suspend, discontinue, or terminate the LTIP or any portion thereof at any time; provided, that any such amendment, alteration, suspension,
discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any award theretofore granted shall not to that extent be effective without the consent of the affected
Participant, holder or beneficiary. 

  

	10.	No Right to Continued Employment. Neither the LTIP, its adoption, its operation, nor any action taken under the LTIP shall be construed as giving any employee the right to be retained or continued in the
employ of the Company or any Affiliates, nor shall it interfere in any way with the right and power of the Company or any of Affiliates to dismiss or discharge any employee or take any action that has the effect of terminating any employee’s
employment at any time. 

  

	11.	Governing Law. The LTIP shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware,
without giving effect to the conflict of laws provisions thereof. 

  

	12.	Dates of Grant/CEO Determinations. The Date of Grant with respect to each grant shall be as set forth in any applicable grant date policy of the Company from time to time (or as otherwise specifically
determined by the Committee in connection with any award). Any determination made by the CEO in connection with an award hereunder (including status as an Other Participant, Aggregate Target Value and new hire/promotion prorations) shall be made in
writing (including, for example, by executing a certificate setting forth such determination). 

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]