SEC Contract Filing

Filing Date: 2017-05-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>5
<FILENAME>pk-ex1020_746.htm
<DESCRIPTION>EX-10.20
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.20</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NONQUALIFIED STOCK OPTION AGREEMENT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(CONVERTED AWARD &#8211; 2014 GRANT)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">PARK HOTELS &amp; RESORTS INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017 OMNIBUS INCENTIVE PLAN</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Nonqualified Stock Option Agreement (this &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;), effective as of the Date of Grant (as defined below), is between Park Hotels &amp; Resorts Inc., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), and the Participant (as defined below).</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, as of January 3, 2017, the Company completed a spin-off transaction (the &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Spin-Off</font><font style="font-weight:normal;">&#8221;) from Hilton Worldwide Holdings Inc. (&#8220;</font><font style="text-decoration:underline;font-weight:normal;">Hilton Parent</font><font style="font-weight:normal;">&#8221;), pursuant to which the Company became a publicly-traded corporation;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, in connection with the Spin-Off, Hilton Parent undertook a distribution of shares of the Company&#8217;s Common Stock to certain holders of Hilton Parent common stock (the &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Spin-Off Distribution</font><font style="font-weight:normal;">&#8221;);</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, the Company has adopted the Park Hotels &amp; Resorts Inc. 2017 Omnibus Incentive Plan (as it may be amended, the &#8220;</font><font style="text-decoration:underline;font-weight:normal;">Plan</font><font style="font-weight:normal;">&#8221;) in order to provide additional incentives to selected officers, employees, consultants and advisors of the Company and the other members of the Company Group;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, prior to the Spin-Off, the Participant was an officer or employee of Hilton Parent (or one of its Subsidiaries or Affiliates (each, as defined in the Hilton Parent 2013 Omnibus Incentive Plan)), and, as of the date of the Spin-Off Distribution, the Participant will be employed by the Company or another member of the Company Group; and</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, in connection with the Spin-Off Distribution, (x) the compensation committee of the Board of Directors of Hilton Parent has determined that it is advisable and in the best interests of the Company to adjust (i) the type and number of shares subject to the award of non-qualified stock options that was granted to the Participant on the Pre-Spin Award Grant Date (as defined below), which the Participant holds as o