A park valve includes a slidable end-cap. Under normal circumstances, the end-cap is held in a nominal position by a spring, such as a Belleville spring. The park valve performs a multi-plexing function in which an out-of-park circuit is connected to line pressure when the valve is in an out-of-park position and is vented when the valve is in a park position. In an intermediate position, a hydraulic lock condition may potentially occur. When engaging park, the hydraulic lock condition is prevented by the slidable end-cap.