Insider Filing: Maroon Trustee Converts 60,736 Hyatt Class B to Class A

Rhea-AI Filing Summary

NPDT David Trust, through Maroon Private Trust Company, LLC as trustee, reported a Form 4 showing a change in beneficial ownership of Hyatt Hotels Corp (H). On 08/13/2025 the report records a G-code transaction converting or reclassifying 60,736 shares of Class B Common Stock into 60,736 shares of Class A Common Stock at a reported price of $0. The filing indicates the reporting person held 0 shares of the Class A Common Stock following the reported transaction. The form states that Class B shares are convertible into Class A shares at the holder’s option and convert automatically on most transfers. Maroon Private Trust Company, LLC serves as trustee and has investment power; the reporting person disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Conversion consistent with charter: The form explicitly documents the Class B to Class A conversion rights, showing governance clarity
• Trustee oversight disclosed: Maroon Private Trust Company, LLC is identified as trustee with investment power, clarifying who controls the shares

Negative

• No cash consideration reported: Transaction recorded at $0, indicating a non‑cash conversion rather than a market transaction
• Reporting person disclaims beneficial ownership: The trust disclaims beneficial ownership beyond pecuniary interest, limiting clarity on economic control

Insights

Securities Analyst

TL;DR Insider filing documents conversion of 60,736 Class B shares into Class A shares by a trust managed by Maroon Private Trust Company.

This Form 4 records a non‑cash transaction on 08/13/2025 converting 60,736 Class B shares into an equal number of Class A shares with a reported price of $0, consistent with structural conversion rights in the issuer’s charter. The trustee reports indirect investment power and disclaims beneficial ownership beyond pecuniary interest. The filing is procedural and does not disclose a sale, purchase for value, or change in outstanding economic exposure beyond the chartered conversion mechanics.

Corporate Governance Expert

TL;DR The filing documents a charter‑driven conversion and clarifies trustee investment power and group relationships.

The explanatory remarks emphasize that Class B shares convert into Class A shares automatically on transfers and at the holder’s option, and note voting agreements and potential group membership. The trustee relationship and the disclaimer of beneficial ownership except for pecuniary interest are standard disclosures that help define voting and investment control for governance records. No indication of disposition for value or change in control is reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

NPDT David Trust

(Last) (First) (Middle)

C/O MAROON PRIVATE TRUST COMPANY, LLC

350 SOUTH MAIN AVENUE, SUITE 401

(Street)

SIOUX FALLS, SD 57104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hyatt Hotels Corp [ H ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	08/13/2025		G			60,736	(1)	(1)	Class A Common Stock	60,736	$0	0	D

Explanation of Responses:

1. As provided in the Issuer's Amended and Restated Certificate of Incorporation, each share of Class B Common Stock is convertible at any time, at the option of the holder, into one share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically into one share of Class A Common Stock upon any transfer, whether or not for value, except for certain permitted transfers described in the Issuer's Amended and Restated Certificate of Incorporation.

Remarks:

Member of 10% owner group. Maroon Private Trust Company, LLC serves as trustee of the Reporting Person and has investment power over the shares beneficially owned by the Reporting Person. The beneficiary of the Reporting Person does not have investment power over the shares of Class B Common Stock held by the Reporting Person. In addition, the Reporting Person may be deemed to be a member of a group because the Reporting Person has agreed to certain voting agreements and limitations on transfers of shares of Class A Common Stock and Class B Common Stock. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

	/s/ Derek Arend, President of Trustee	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What change did the Form 4 for Hyatt (H) report on 08/13/2025?

The Form 4 reports a conversion of 60,736 shares of Class B Common Stock into 60,736 shares of Class A Common Stock on 08/13/2025.

Who filed the Form 4 reporting the Hyatt (H) transaction?

The reporting person is NPDT David Trust, with address care of Maroon Private Trust Company, LLC in Sioux Falls, SD; the form was signed by Derek Arend, President of Trustee.

What price was reported for the shares converted in the Hyatt (H) Form 4?

The transaction is reported at a price of $0, consistent with a non‑cash conversion of Class B into Class A shares.

What ownership does the Form 4 show after the transaction?

The filing shows 0 shares of Class A Common Stock beneficially owned following the reported transaction.

Does the Form 4 explain conversion mechanics between Class B and Class A shares?

Yes. The filing states each Class B share is convertible into one Class A share at the holder’s option and converts automatically on most transfers.