SEC Contract Filing

Filing Date: 2020-02-26

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d892648dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERFORMANCE STOCK UNIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PARK HOTELS&nbsp;&amp; RESORTS INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2017 OMNIBUS INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This Performance Stock Unit Agreement (this &#147;<U>Agreement</U>&#148;), effective as of February&nbsp;20, 2020 (the &#147;<U>Grant
Date</U>&#148;), is between Park Hotels&nbsp;&amp; Resorts Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Thomas J. Baltimore, Jr. (the &#147;<U>Participant</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>1. Grant of Units</B>. Effective as of the Grant Date, the Company hereby grants to the Participant an Award of performance-based Restricted
Stock Units (&#147;<U>Performance Stock Units</U>&#148; or &#147;<U>PSUs</U>&#148;) in the amount of [Number] PSUs (the &#147;<U>Target Award</U>&#148;), each of which represents the right to receive one share of the Company&#146;s Common Stock (the
&#147;<U>Shares</U>&#148;) upon vesting of such PSU, subject to and in accordance with the terms, conditions and restrictions set forth in the Park Hotels&nbsp;&amp; Resorts Inc. 2017 Omnibus Incentive Plan (as it may be amended, the
&#147;<U>Plan</U>&#148;), this Agreement and the Executive Employment Agreement between the Participant and the Company, dated April&nbsp;26, 2016 (the &#147;<U>Employment Agreement</U>&#148;). The number of PSUs that the Participant may earn
hereunder will either be 0%, 100% or 200% of the Target Award, and shall be determined based on the achievement of the performance goals set forth on <U>Exhibit A</U> attached hereto (the &#147;<U>Performance Goals</U>&#148;). Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.</B><B> </B><B>Vesting; Settlement</B>. As promptly as
practicable (and, in no event more than two and <FONT STYLE="white-space:nowrap">one-half</FONT> <FONT STYLE="white-space:nowrap">(2-1/2)</FONT> months) following December&nbsp;31, 2020 (the &#147;<U>End Date</U>&#148;), the Committee shall
determine (i)&nbsp;whether the Performance Goals have been achieved (the date of such determination, the &#147;<U>Determination Date</U>&#148;) and (ii)&nbsp;the number of PSUs that shall be deemed earned, if any. The earned PSUs, if any, shall
become vested as of the End Date, subject to the Participant&#146;s continued employment through such date. Following the Determination Date, the Company shall deliver to the Participant one Share for each vested PSU in accordance with
Section&nbsp;8. Any PSU which does not become vested as of the End Date shall be forfeited without consideration or any further action by the Participant or the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>3. Termination of Employment</B>. In the event that the Participant&#146;s employment with the Company Group terminates for any reason, any
PSUs that are not vested as of the effective date of termination shall vest or not vest, as applicable, based on and in accordance with Section&nbsp;7 of the Employment Agreement. For purposes of Section&nbsp;7 of the Employment Agreement, the
&#147;performance period&#148; shall be deemed to be the period commencing on the Grant Date and ending on the End Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>4.</B><B>
</B><B>Dividend Equivalents</B>. The Participant shall be entitled to receive dividend equivalents in respect of each PSU that vests, if any, pursuant to this Agreement, the Plan, or the Employment Agreement. If the Company declares a regular cash
dividend on the Shares during the period commencing on January&nbsp;1, 2020 and ending on the End Date, the Participant shall receive dividend equivalents in an amount equal to the number of PSUs that vest, if any, pursuant to this Agreement, the
Plan, or the Employment Agreement, multiplied by the amount of the cash dividend per Share declared during the period commencing on January&nbsp;1, 2020 and ending on the End Date, as if the Participant had held a number of Shares equal to the
number of PSUs that vests as of each dividend record date during such period. For purposes of the foregoing sentence only, if the PSUs are subject to accelerated vesting pursuant to the Plan or the Employment Agreement, the &#147;End Date&#148;
shall be deemed to have occurred on the date of the event which serves as the basis for such accelerated vesting. Any such dividend equivalents relating to the Participant&#146;s vested PSUs shall be payable in cash at the same time as the Shares
underlying the vested PSUs are issued to the Participant in accordance with Section&nbsp;8, less applicable withholding taxes pursuant to Section&nbsp;9. If the PSUs are forfeited, the Participant shall have no right to receive any dividend
equivalents. </P>
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