SEC Contract Filing

Filing Date: 2019-02-28

Document Content:
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<TYPE>EX-10.32
<SEQUENCE>3
<FILENAME>pk-ex1032_813.htm
<DESCRIPTION>EX-10.32
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;text-transform:uppercase;font-style:normal;font-variant: normal;"><a name="New_Section"></a><a name="New_Section"></a>EXHIBIT 10.32</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;text-transform:uppercase;font-style:normal;font-variant: normal;">Park Hotels &amp; Resorts Inc. EXECUTIVE SHORT-Term Incentive PROGRAM</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Park Hotels &amp; Resorts Executive Short-Term Incentive Program (the &#8220;<font style="text-decoration:underline;">STIP</font>&#8221;) 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.&nbsp;&nbsp;All cash-based bonus awards hereunder shall be granted under, and in accordance with, the Company&#8217;s 2017 Omnibus Incentive Plan (the &#8220;<font style="text-decoration:underline;">Incentive Plan</font>&#8221;) and shall constitute Other Cash-Based Awards thereunder.&nbsp;&nbsp;Capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Incentive Plan.&nbsp;&nbsp;</p>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-weight:bold;text-decoration:underline;">Administration</font>.&nbsp;&nbsp;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. </p></td></tr></table></div>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="margin-top:0pt;text-align:justify;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-weight:bold;text-decoration:underline;">Participation</font>.&nbsp;&nbsp;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&#8217;s Chief Executive Officer (the &#8220;<font style="text-decoration:underline;">CEO</font>&#8221;) for an employee that would be an Other Participant (as defined below).&nbsp;&nbsp;Each participating employee is referred to herein as a &#8220;<font style="text-decoration:underline;">Participant</font>&#8221;.</p></td></tr></table></div>
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