UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2020, Matthew A. Sparks’ employment with Park Hotels & Resorts Inc. (the “Company”) terminated. Mr. Sparks had served as the Company’s Executive Vice President and Chief Investment Officer.
In connection with his termination of employment, Mr. Sparks is entitled to receive severance payments and benefits under the Company’s Executive Severance Plan (the “Severance Plan”) for an employee who is an Executive Vice President and whose employment is terminated by the Company without “cause” (as defined in the Severance Plan), contingent upon his complying with various requirements, including non-solicitation and non-competition obligations to the Company (which apply for a period of 12 months following his termination of employment) and his timely execution and delivery to the Company of an effective release of claims.
Also on January 15, 2020, Thomas C. Morey was appointed as the Company’s Executive Vice President and Chief Investment Officer. Mr. Morey previously served as the Company’s Executive Vice President and General Counsel (and will retain the position of General Counsel until his successor is appointed).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Park Hotels & Resorts Inc. |
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Date: January 17, 2020 |
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By: |
/s/ Sean M. Dell’Orto |
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Sean M. Dell’Orto |
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Executive Vice President, Chief Financial Officer and Treasurer |