Document:

EX-10.4

 Exhibit 10.4 

RESTRICTED STOCK AGREEMENT 

PARK HOTELS & RESORTS INC. 

2017 OMNIBUS INCENTIVE PLAN 
 This
Restricted Stock Agreement (this “Agreement”), effective as of February 20, 2020 (the “Grant Date”), is between Park Hotels & Resorts Inc., a Delaware corporation (the “Company”), and
[Name] (the “Participant”). 
 1. Grant of Restricted Stock. Effective as of the Grant Date, the Company hereby
issues and grants [Number] shares of Restricted Stock (the “Shares”) to the Participant, subject to and in accordance with the terms, conditions and restrictions set forth in the Park Hotels & Resorts Inc. 2017 Omnibus
Incentive Plan (as it may be amended, the “Plan”) and this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

2. Vesting. The Shares shall become vested, and the restrictions on the Shares shall lapse, in accordance with the vesting
schedule appendix set forth below the Participant’s signature to this Agreement (the vesting date thereon being referred to as the “Vesting Date”), subject to the Participant’s continued employment through the Vesting
Date. 
 3. Termination of Employment. 

(a) Except as set forth in Section 3(b) below, in the event that the Participant’s employment with the Company Group terminates for
any reason, any Shares that are not vested as of the effective date of termination (the “Termination Date”) shall be forfeited and all of the Participant’s rights hereunder with respect to such unvested Shares shall cease as of
the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan). 
 (b) If the Participant’s
employment with the Company Group is terminated after the first anniversary of the Grant Date and prior to the Vesting Date by the Company Group without Cause, then all of the Shares granted hereunder that are not vested shall become vested and
nonforfeitable as of the Termination Date. If the Participant’s employment with the Company Group is terminated prior to the Vesting Date by the Company Group without Cause and such termination occurs within 12 months following a Change in
Control, then all of the Shares granted hereunder that are not vested shall become vested and nonforfeitable as of the Termination Date. If the Participant’s employment with the Company Group is terminated prior to the Vesting Date by the
Company Group due to or during the Participant’s Disability or due to the Participant’s death, then a pro-rated number of the Shares granted hereunder shall become vested and nonforfeitable as of the
Termination Date equal to the number of Shares granted hereunder multiplied by a fraction, the numerator of which is the number of days that have elapsed between the Grant Date through the Termination Date, and the denominator of which is the number
of days in the period from the Grant Date through the Vesting Date. If the Participant’s employment with the Company Group is terminated after the first anniversary of the Grant Date and prior to the Vesting Date by the Participant due to his
or her Retirement (as defined below), then all of the Shares granted hereunder that are not vested shall become vested and nonforfeitable as of the Termination Date. For purposes of this Agreement, the term “Retirement” shall mean
the Participant’s termination of employment, other than for 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 (x) the Participant attained
the age of 65 years old and (y) the number of completed years of the Participant’s employment with (i) Hilton Worldwide Holdings Inc. or any of its Subsidiaries (other than any member of the Company Group) and (ii) any member of
the Company Group is at least 5. 
 4. Dividends; Rights as a Stockholder. The Participant shall be the record owner of the Shares
until or unless such Shares are forfeited pursuant to the terms of this Agreement or the Plan, and as a record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights with respect to
the Shares and the right to receive all dividends or other distributions paid with respect to the Common Stock. 

 5. Restrictions on Transfer. Prior to the vesting of any Shares, the
Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber a Share or the Participant’s right under the Shares, except other than by will or by the laws of descent and distribution and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliates; provided that the designation of a beneficiary (if permitted by the Committee) shall not constitute an
assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 6. No Right to Continued Employment. Neither the Plan,
this Agreement nor the Participant’s receipt of the Shares hereunder shall impose any obligation on the Company or any Affiliates to continue the employment or engagement of the Participant. Further, the Company or any Affiliates (as
applicable) may at any time terminate the employment or engagement of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

7. Tax Withholding. The Participant agrees that upon the vesting of, and lapsing of restrictions on, any Shares, or at any such time as
required under applicable law, a number of Shares having a fair market value equal to the minimum applicable amount necessary to satisfy the statutorily required withholding liability in respect of the Shares, if any (“Withholding
Taxes”), shall be automatically delivered to the Company in satisfaction of such Withholding Taxes, except to the extent that the Participant shall have elected to pay such Withholding Taxes to the Company in cash (by check or wire
transfer). The number of Shares to be used for payment shall be calculated using the closing price per share of Common Stock on the New York Stock Exchange (or other principal exchange on which the Common Stock then trades) on the trading day
immediately prior to the date of delivery of the Shares to the Company, and shall be rounded up to the nearest whole Share. 
 8.
Section 83(b) Election. The Participant may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect to the Shares. Any such election must be made within
thirty (30) days after the Grant Date. If the Participant elects to make a Section 83(b) Election, the Participant shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed
Section 83(b) Election with the US Internal Revenue Service within ten (10) days of such filing. The Participant agrees to assume full responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the
US Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election. 
 9. Award Subject to Plan.
By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The Shares granted hereunder are subject to the Plan. The terms and provisions of the Plan, as they may be
amended from time to time, are hereby incorporated herein by reference. 
 10. Severability. Should any provision of this Agreement be
held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms. 

11. Governing Law. This Agreement 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. Successors in Interest. Any successor to the Company shall have the benefits of the Company under, and be entitled to enforce, this
Agreement. Likewise, the Participant’s legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all rights granted to the Company under
this Agreement shall be final, binding and conclusive upon the Participant’s heirs, executors, administrators and successors. 

  
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 13. Electronic Delivery and Acceptance. The Company may, in its sole
discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an
on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

14. Acceptance and Agreement by the Participant. By accepting the Shares (including through electronic means), the Participant
agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement, and the Company’s policies, as in effect from time to time, relating to the Plan. 

15. Waiver. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not
operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan. 

16. Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of
which taken together constitute one in the same agreement. 
 17. Administration. This Agreement shall be administered by the
Committee. The Committee shall have full power and authority to administer and interpret this Agreement, and its interpretations shall be conclusive and binding on all parties. 

 

			
	PARK HOTELS & RESORTS INC.
		
	By:	 	          

		 	Name:
		 	Title:

  

			
	Acknowledged and Agreed
	as of the date first written above:
	
	  
 Participant
Signature

 Appendix: Vesting Date and Quantity 
  

			
	Date	  	Quantity
	 February 20, 2023
	  	XXX

  
 3EX-10.5

 Exhibit 10.5 

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

(AMENDED AND RESTATED AS OF FEBRUARY 24, 2020) 

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) 175% of the Participant’s annual base salary for the CEO. 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) 87.5% to 350% of the Participant’s annual
base salary for the CEO (provided that the Committee may determine a higher low end of the range or a higher high end of the range for the CEO in its discretion) 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 

  
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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). 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. 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 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. 

  
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	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.	 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. 

  

	8.	 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. 

  

	9.	 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. 

 

	10.	 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). 

  
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