Udell David 4

What Happened
David Udell, Executive Vice President and Group President — ASPAC at Hyatt Hotels Corp, exercised/converted 2,900 stock appreciation rights (SARs) and then disposed of the resulting shares on June 2, 2026. He paid $52.65 per share to effect the exercise (total cost $152,685). Of the 2,900 shares received, 813 were transferred back to the issuer at $188.00/share (likely to satisfy tax withholding) for $152,844, and 2,087 shares were sold in the open market at $188.00/share for $392,356. The filing also records the SARs being settled/terminated in connection with the conversion.

Key Details

• Transaction date: 2026-06-02; Form 4 filed 2026-06-03 (timely).
• Exercise: 2,900 shares at $52.65 each — total exercise cost $152,685.
• Dispositions: 813 shares to issuer at $188.00 ($152,844); 2,087 shares sold open market at $188.00 ($392,356). Total gross sale proceeds $545,200.
• Derivative settlement: 2,900 SARs marked disposed at $0, indicating SARs were settled/converted.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: SARs were issued under Hyatt’s LTIP and vested in four substantially equal installments beginning March 16, 2018 (per F1). No 10b5-1 plan or late filing indicated.

Context
This was effectively a cashless exercise/settlement of SARs followed by immediate sale of the resulting shares (part surrendered to the issuer, likely for tax withholding). Such transactions are commonly routine compensation settlements rather than direct open-market purchases; they do show the insider converted incentive awards into cash.