Management Change/Compensation (Form 8-K)

On September 11, 2026, Park Hotels & Resorts Inc. (the "Company") announced the departure of Thomas C. Morey, Executive Vice President and Chief Investment Officer of the Company, effective as of September 8, 2026.

In connection therewith, Mr. Morey entered into a Separation Agreement and Release with the Company on September 9, 2026 (the "Separation Agreement"). Under the terms of the Separation Agreement, subject to Mr. Morey not revoking the Separation Agreement during the seven-day revocation period beginning on the date he signed the Separation Agreement, Mr. Morey is entitled to receive the severance payments and benefits set forth in 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). Mr. Morey's receipt of all severance payments and benefits under the Separation Agreement is contingent upon his complying with various requirements, including the non-solicitation and non-competition obligations to the Company set forth in the Severance Plan (which apply for a period of 12 months following the Separation Date). In addition, pursuant to the Separation Agreement, Mr. Morey has agreed to a general release of claims against the Company.

This summary of the Separation Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Separation Agreement attached to this Current Report on Form 8-K as Exhibit 10.1, which is incorporated herein by reference.