Catherine Tang

About Catherine Tang

Catherine Tang, 57, is Chief Legal Officer and Corporate Secretary of Pursuit Attractions and Hospitality, Inc. (PRSU) since March 2025, with a B.A. in Economics and Government from the University of Texas at Austin and a J.D. from the Louis D. Brandeis School of Law at the University of Louisville . During 2024, company-level performance frameworks used to determine executive incentives emphasized EBITDA, EBITDA margin, and strategic objectives, with actual 2024 Legacy Viad EBITDA at $198.1M vs. a $197.0M target (104.6% achievement), while the Legacy Pursuit segment delivered year-over-year revenue growth despite Jasper wildfire impacts; GES delivered 12% revenue growth and 34% adjusted EBITDA growth prior to divestiture . The company’s long-term incentives rely heavily on relative TSR against the Russell 2000 with a 3-year performance period (2024–2026), and as of year-end 2024 PSUs were reported at maximum based on performance to date under SEC reporting rules .

Past Roles

External Roles

Fixed Compensation

• Tang’s specific base salary, bonus target, and cash compensation are not disclosed in PRSU’s 2025 proxy, and she is not listed among the 2024 NEOs covered by the CD&A and compensation tables .

Performance Compensation

• Company-level incentive architecture (applies to NEOs and executive program; Tang-specific payout not disclosed):
  • Annual MIP weighting: 60% EBITDA, 20% EBITDA Margin, 20% Strategic Objectives .
  • LTI mix: ~70% PSUs (relative TSR vs. Russell 2000 over 2024–2026), ~30% RSUs with 3-year ratable vesting; PSUs capped at 100% of target if absolute TSR is negative .

Equity Ownership & Alignment

• Stock ownership guidelines:
  • CEO: 5.0x base salary; CEO direct reports (which includes CLO role): 3.0x base salary; second level below CEO: 1.5x base salary; non-employee directors: 5.0x annual retainer .
  • Sales of vested shares restricted until an executive meets guidelines (tax-withholding exceptions allowed); unexercised options do not count toward compliance .

• Hedging and pledging prohibitions:
  • Hedging/monetization/short positions in PRSU stock are prohibited for directors, executive officers, and employees .
  • Pledging/margin transactions using PRSU stock as collateral are prohibited for directors and executive officers .

Employment Terms

• Appointment and role: Tang serves as Chief Legal Officer & Corporate Secretary and signs SEC filings on behalf of PRSU (e.g., 8-Ks dated May 27, 2025 and July 8, 2025) .
• Executive severance and change-in-control (company policy context):
  • Executive Severance Plan (Tier I) provides double-trigger change-in-control severance for NEOs; no excise tax gross-ups; no single-trigger vesting; accelerations governed by plan terms and award agreements .
  • Company-wide clawbacks: incentive compensation subject to recoupment for misconduct, with an SEC/NYSE-compliant Accounting Restatement recoupment policy adopted Nov 2023 .
• Tang-specific employment agreement, severance terms, or change-in-control coverage are not disclosed in the proxy; PRSU states no NEO employment agreements other than the CEO offer letter, and severance agreements are CEO- and NEO-specific as described; applicability to Tang is not disclosed .

Performance & Track Record

• Transaction execution: Tang signed the Share Purchase Agreement for Inversiones Turísticas Arenal, S.A. (Costa Rica) as CLO & Corporate Secretary, indicating central involvement in cross-border M&A; agreement governed by Costa Rican law and designates Tang as the PRSU notice recipient .
• Governance leadership: As Corporate Secretary, Tang is responsible for proxy logistics and shareholder meeting disclosures, reflected in PRSU’s 2025 DEF 14A and associated communications .

Say-on-Pay & Shareholder Feedback

• 96.13% of outstanding shares were represented at the 2025 Annual Meeting, indicating strong shareholder engagement .

Risk Indicators & Red Flags

• Hedging/pledging prohibited, reducing misalignment risk from collateralized stock or hedge strategies .
• Clawbacks apply to executive compensation, mitigating risk-taking and misconduct incentives .
• Beneficial ownership table notes no pledging by listed individuals, but Tang is not included among NEOs/directors in that table; her personal ownership is not disclosed in the proxy .

Compensation Peer Group (Context)

• PRSU used a mixed leisure/hospitality and business services comparator set for 2024 compensation decisions (e.g., MTN, FUN, SEAS, RHP, XHR), reflecting its business profile pre-divestiture of GES .

Investment Implications

• Compensation alignment: Company policy architecture (ownership guidelines, clawbacks, anti-hedging/pledging) points to solid alignment of executive incentives with long-term TSR and EBITDA/margin outcomes; Tang, as CLO and CEO direct report, is subject to a 3x salary ownership requirement, which supports alignment and reduces selling pressure until compliance is met .
• Retention and severance economics: Change-in-control severance is double trigger with no excise tax gross-ups for NEOs; Tang’s individual severance coverage is not disclosed, which limits precision in retention-risk assessment for her role .
• Execution signal: Tang’s role as signatory on cross-border M&A in July 2025 (Costa Rica SPA) and as Corporate Secretary on SEC filings signals active leadership in growth and governance infrastructure; this supports confidence in deal execution and regulatory compliance processes .
• Data gaps: Absence of Tang-specific compensation, equity grant, and ownership disclosures constrains pay-for-performance analysis at the individual level; monitor future 8-K Item 5.02 filings and proxies for appointment/compensatory arrangements to refine assessment .