Hyatt Form 4: David Udell Converts SARs and Partially Sells Shares

Rhea-AI Filing Summary

Hyatt Hotels Corp (H) reporting person David Udell, an officer (Executive Vice President, Group President-ASPAC), reported transactions on 09/03/2025 involving Class A common stock and stock appreciation rights (SARs). 6,017 SARs were exercised at a strike/effective price of $47.36, resulting in 6,017 underlying shares. On the same date he disposed of 1,966 shares and sold 4,051 shares at $145.00 per share. Following these transactions he beneficially owned 16,756 shares.

Positive

• Exercise of 6,017 SARs under the LTIP indicates long‑term incentive vesting and alignment with shareholder interests
• Form 4 filed and signed promptly (transactions dated 09/03/2025, signature 09/04/2025), showing procedural compliance

Negative

• Sale of 4,051 shares at $145.00 reduced the reporting person's beneficial ownership to 16,756 shares, lowering insider stake
• Dispositions totaling 6,017 shares (1,966 D and 4,051 S) represent partial monetization of equity position

Insights

Financial Analyst

TL;DR: Officer exercised vested SARs and sold a portion of resulting shares; routine compensation liquidity event with modest change in ownership.

The filing shows exercise of 6,017 stock appreciation rights under the company LTIP at an effective price of $47.36, converting to 6,017 Class A shares. Concurrent dispositions of 1,966 shares (disposition code D) and a sale of 4,051 shares at $145.00 reduced the reporting person's stake to 16,756 shares. This pattern is consistent with exercising vested long‑term incentive awards and monetizing part of the proceeds. The transactions do not indicate additional cash compensation amounts beyond the $145 sale price realized for sold shares. Impact on equity float and votes is limited given the absolute share counts reported.

Corporate Governance Expert

TL;DR: Transactions reflect typical executive award vesting and partial monetization; disclosures appear complete and timely.

The SARs were issued under the Fifth Amended and Restated LTIP and vested in annual installments beginning March 16, 2017, per the explanation. The Form 4 reports exercise and subsequent disposals on 09/03/2025 and is signed by an attorney‑in‑fact on 09/04/2025, indicating procedural compliance. No unusual transfer restrictions or related‑party notes are disclosed. From a governance perspective, these are routine insider transactions tied to long‑term incentive realization rather than ad hoc stock transfers.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

Udell David

(Last) (First) (Middle)

C/O HYATT HOTELS CORPORATION

150 NORTH RIVERSIDE PLAZA

(Street)

CHICAGO IL 60606

(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
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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
Class A Common Stock	09/03/2025		M		6,017	A	$47.36	22,773	D
Class A Common Stock	09/03/2025		D		1,966	D	$145	20,807	D
Class A Common Stock	09/03/2025		S		4,051	D	$145	16,756	D

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
Stock Appreciation Rights	$47.36	09/03/2025		M			6,017	(1)	03/23/2026	Class A Common Stock	6,017	$0	12,036	D

Explanation of Responses:

1. The stock appreciation rights issued pursuant to the Fifth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan, as amended (the "LTIP") vested in four substantially equal annual installments beginning on March 16, 2017.

Remarks:

Executive Vice President, Group President-ASPAC

	Margaret C. Egan, Attorney-in-fact	09/04/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did David Udell report on Form 4 for Hyatt Hotels (H)?

He exercised 6,017 SARs at an effective price of $47.36 converting to 6,017 shares, disposed of 1,966 shares, and sold 4,051 shares at $145.00 on 09/03/2025.

How many Hyatt Class A shares does the reporting person own after the transactions?

Following the reported transactions the filing shows beneficial ownership of 16,756 Class A shares.

Were the exercised SARs part of a company plan?

Yes, the SARs were issued under the Fifth Amended and Restated Hyatt Hotels Corporation Long‑Term Incentive Plan and vested in annual installments beginning March 16, 2017.

What prices were involved in the reported transactions?

The SARs exercise reflected an effective price of $47.36 and the reported share sales occurred at $145.00 per share.

When were the transactions executed and when was the Form 4 signed?

Transactions are dated 09/03/2025 and the Form 4 was signed by an attorney‑in‑fact on 09/04/2025.