Document:

EXHIBIT 10.4

			
	 	 	 Exhibit 10.4
  

	 	 	Form of Non-Employee Director Non-Qualified Stock 
	 	 	Option Agreement for the Marriott International, Inc.
	 	 	2002 Comprehensive Stock and Cash Incentive Plan    

  
 NON-QUALIFIED STOCK
OPTION AGREEMENT 
 MARRIOTT INTERNATIONAL, INC. 
 2002 COMPREHENSIVE STOCK AND CASH INCENTIVE PLAN 
  
 This Agreement (“Agreement”) is executed in duplicate as of <<Grant Date>> (the “Grant Date”) by and between Marriott International, Inc. (“Company”) and
«NAME» (“Director”). 
  
 In
accordance with the provisions of the Company’s 2002 Comprehensive Stock and Cash Incentive Plan (“Plan”), a copy of which is available to the Director, the Company has authorized this Agreement. 
  
 Now, THEREFORE, it is agreed as follows: 
  
 1. Prospectus. The Director has been provided with, and hereby
acknowledges receipt of, a Prospectus for the Plan dated February 5, 2004, which contains, among other things, a detailed description of the provisions of the Plan relating to stock options for Non-employee Directors. 
  
 2. Interpretation. The provisions of the Plan relating to stock
options for Non-employee Directors are incorporated herein by reference and form an integral part of this Agreement. Except as otherwise set forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event
of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the Compensation Department of the Company upon request. All decisions and interpretations made by the
Compensation Policy Committee of the Company’s Board of Directors (the “Committee”) or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive. The options granted pursuant to this
Agreement are not intended to qualify as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code. 
  
 3. Grant of Options. The Company hereby grants to the Director as of the Grant Date this option (the “Option”) to purchase
«Award» shares of the Company’s Class A Common Stock (the “Option Shares”), subject to the terms and conditions of the Plan and this Agreement. 
  
 4. Purchase Price. Subject to Paragraph 10 hereof, the purchase price per share of the Option Shares is
«$    » (the “Option Price”), which has been determined in accordance with Section 12.5 of the Plan. 
  
 5. Waiting Period and Exercise Dates. The Option Shares will become 100% vested and first exercisable on the last business day immediately
preceding the Annual Meeting of the stockholders of the Company next following the Grant Date, or, if earlier, upon the Director’s Termination of Service due to death or disability. To the extent that the Option to purchase Option Shares is not
exercised by the Director when it becomes initially exercisable, the Option shall not expire but shall be carried forward and shall be exercisable at any time thereafter; provided, however, that the Option shall not be exercisable after the
expiration of ten (10) years from the Grant Date. Exercise of the Option shall not be dependent upon the prior or sequential exercise of any other options heretofore granted to Director by the Company. Except as provided in Paragraph 9 below, the
Option may not be exercised at any time unless the Director shall then be a Director of the Company. 
  
 6. Method of Exercising Option. In order to exercise the Option, the person entitled to exercise the Option must provide a signed written
notice to the Company stating the number of Option Shares with respect to which the Option is being exercised. The Option may be exercised by (a) payment of the Option Price for the Option Shares being purchased in accordance with Section 12.5 of
the Plan, and (b) an undertaking to furnish and execute such documents as the Company deems necessary (i) to evidence such exercise, and (ii) to determine whether registration is then required to comply with the Securities Act of 1933 or any other
law. Upon payment of the Option Price, the Company shall, without transfer or issue tax to the person exercising the Option, either cause delivery to such person of a share certificate or other evidence of the Option Shares purchased or provide
confirmation from the transfer agent for the common stock of the Company that said transfer agent is holding shares for the account of such person in a certificateless account. Payment of the purchase price may be made by delivery of shares of the
Company’s Common Stock held by the Director for at least six months prior to the delivery. Pursuant to procedures, if any, that may be adopted by the Committee or its delegate, the exercise of the Option may be by any other means that the
Committee determines to be consistent with the Plan’s purpose and applicable law. 
  
 7. Rights as a Shareholder. The Director shall have no rights as a shareholder with respect to any Option Shares covered by the Option granted hereby until the date of issuance of a stock certificate or
confirmation of the acquisition of such Option Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date of issuance. 
  

 1 

 8. Non-Assignability. The Option shall not be assignable or transferable by the Director except by
will or by the laws of descent and distribution. During the Director’s lifetime, the Option may be exercised only by the Director or, in the event of incompetence, by the Director’s legally appointed guardian. 
  
 9. Effect of Termination of Status as Director. If the Director ceases
to be a Director of the Company for any reason except death, the Option will continue to be exercisable until the expiration of such option in accordance with its original term. In the event of the death of Director, the Option shall be exercisable
by the Director’s personal representative, heirs or legatees at any time prior to the expiration of one year from the date of the death of the Director, but in no event after the term for which the Option was granted. 
  
 10. Recapitalization or Reorganization. Certain events affecting the
Common Stock of the Company and mergers, consolidations and reorganizations affecting the Company may affect the number or type of securities deliverable upon exercise of the Option or limit the remaining term over which this Option may be
exercised. 
  
 11. General Restriction. In accordance with
the terms of the Plan, the Company may limit or suspend the exercisability of the Option or the purchase or issuance of Option Shares thereunder under certain circumstances. Any delay caused thereby shall in no way affect the date of termination of
the Option. 
  
 12. Amendment of This Agreement. The Board
of Directors may at any time amend, suspend or terminate the Plan; provided, however, that no amendment, suspension or termination of the Plan or the Option shall adversely affect in any material way the Option without the written consent of the
Director. 
  
 13. Notices. Notices hereunder shall be in
writing, and if to the Company, may be delivered personally to the Compensation Department or such other party as designated by the Company or mailed to its principal office at 10400 Fernwood Road, Bethesda, Maryland 20817, addressed to the
attention of the Stock Option Administrator (Department 935.40), and if to the Director, may be delivered personally or mailed to the Director at his or her address on the records of the Company. 
  
 14. Successors and Assigns. This Agreement shall bind and inure to the
benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided in Paragraph 9 above, to the personal representatives, legatees and heirs of the Director. 
  
 15. Consent. By executing this Agreement, Employee consents to the
collection and maintenance of Employee’s personal information (such as Employee’s name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date,
other employment information, citizenship, marital status) by the Company and the Company’s service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Award Date
through the Vesting Date), (ii) providing Employee with services in connection with Employee’s participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent.
Employee’s personal information is collected from the following sources: 
  

	 	a)	from this Agreement, investor questionnaires or other forms that Employee submits to the Company or contracts that Employee enters into with the Company; 

 

	 	b)	from Employee’s transactions with the Company, the Company’s affiliates and service providers; 

  

	 	c)	from Employee’s employment records with the Company; and 

  

	 	d)	from meetings, telephone conversations and other communications with Employee. 

  

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the Grant Date. 
  

					
	MARRIOTT INTERNATIONAL, INC.	 	DIRECTOR
			
	 	 	 	 	
 Director Name

			
	By:	 	  

	 	

	 	 	Executive Vice President, Human Resources	 	Director Social Security Number
			
	 	 	 	 	
 Director Signature

  

 2EXHIBIT 10.5

			
	 	 	Exhibit 10.5
		
	 	 	Form of Executive Restricted Stock Unit
	 	 	Agreement for the Marriott International, Inc. 2002
	 	 	Comprehensive Stock and Cash Incentive Plan

  
 MARRIOTT
INTERNATIONAL, INC. 
 EXECUTIVE RESTRICTED STOCK UNIT AGREEMENT 
  
 THIS AGREEMENT is made on <GRANT DATE> (the “Award
Date”) by MARRIOTT INTERNATIONAL, INC. (the “Company”) and <NAME> (“Employee”). 
  
 WITNESSETH: 
  
 WHEREAS, on May 3, 2002, the Company adopted and approved the 2002 Marriott International, Inc. Comprehensive Stock and Cash Incentive Plan (the
“Plan”); and 
  
 WHEREAS, the Company wishes to award to
designated employees certain stock-based Awards as provided in Section 10.2 of the Plan; and 
  
 WHEREAS, Employee has been approved by the Compensation Policy Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) to receive an award of “Executive Restricted
Stock Units” (“RSUs”) under the Plan; 
  
 NOW,
THEREFORE, it is agreed as follows: 
  
 1. Prospectus.
Employee has been provided with, and hereby acknowledges receipt of, a Prospectus for the Plan dated February 5, 2004. 
  
 2. Interpretation. The provisions of the Plan are incorporated by reference and form an integral part of this Agreement. Except as otherwise set
forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the
Compensation Department of the Company upon request. All decisions and interpretations made by the Committee or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive. 
  
 3. Award of RSUs. Subject to Employee’s acceptance of this
Agreement, and subject to satisfaction of the tax provisions of the International Assignment Policy (“IAP”), if applicable, this award (the “Award”) of <OPTIONS GRANTED> RSUs is made as of the Award Date. 

 
 4. RSU and Common Share Rights. The RSUs awarded under this
Agreement shall be recorded in a Company book-keeping account and shall represent Employee’s unsecured right to receive from the Company the transfer of title to shares of Marriott International, Inc. Class A Common Stock (“Common
Share”) in accordance with the schedule of Vesting Dates set forth in paragraph 6 below, provided that Employee has satisfied the Conditions of Transfer set forth in paragraph 7 below and subject to the satisfaction of the provision on
withholding taxes set forth in paragraph 9 below. On each such Vesting Date, if it occurs, or such later date(s) pursuant to procedures established by the Committee under Article 10 of the Plan, the Company shall reverse the book-keeping entry for
all such related RSUs and transfer a corresponding number of Common Shares (which may be reduced by the number of shares withheld to satisfy withholding taxes as set forth in paragraph 9 below, if share reduction is the method utilized for
satisfying the tax withholding obligation) to an individual brokerage account (the “Account”) established and maintained in Employee’s name. Employee shall have all the rights of a stockholder with respect to such Common Shares
transferred to the Account, including but not limited to the right to vote the Common Shares, to sell, transfer, liquidate or otherwise dispose of the Common Shares, and to receive all dividends or other distributions paid or made with respect to
the Common Shares from the time they are deposited in the Account. Employee shall have no voting, transfer, liquidation, dividend or other rights of a Common Share stockholder with respect to RSUs prior to such time that the corresponding Common
Shares are transferred, if at all, to Employee’s Account. 
  
 5. Adjustments in Shares. The term “Common Shares,” as used herein, shall also include any new or additional or different shares of stock of the Company to which Employee may become entitled with respect to such Common
Shares by virtue of a subdivision or combination of shares of common stock, a dividend payable in common stock, a reclassification of common stock, or a merger or consolidation or any other change in capital structure of shares of common stock. RSUs
recorded for Employee pursuant to this Agreement will be adjusted to reflect stock dividends, stock splits and reclassifications of common stock, but no adjustments will be made to RSUs to reflect cash dividends. 
  
 6. Vesting in RSUs. This Award shall vest in accordance with the
following schedule: 
  

							
	 Vesting Date

	  	 	  	 Number of Award Shares

	 <
	  	>	  	<	  	>

  
 Notwithstanding the foregoing, in the
event that any such Vesting Date is a day on which stock of the Company is not traded on the New York Stock Exchange or another national exchange, then the Vesting Date shall be the next following day on which the stock of the Company is traded on
the New York Stock Exchange or another national exchange. 
  
 7. Conditions of Transfer. With respect to any RSUs awarded to Employee, as a condition of Employee receiving a transfer of corresponding Common Shares in accordance with paragraph 4 above, Employee shall meet all of the following
conditions during the entire period from the Award Date hereof through the Vesting Date relating to such RSUs: 
  

	 	(a)	Employee must continue to be an active employee of the Company or one of its subsidiaries (“Continuous Employment”); 

  

 1 

	 	(b)	Employee must refrain from Engaging in Competition (as defined in Section 2.23 of the Plan) without first having obtained the written consent thereto from the Company
(“Non-competition”); and 

  

	 	(c)	Employee must refrain from committing any criminal offense or malicious tort relating to or against the Company or, as determined by the Committee in its sole discretion, engaging
in willful acts or omissions or acts or omissions of gross negligence that are or potentially are injurious to the Company’s operations, financial condition or business reputation (“No Improper Conduct”). The Company’s
determination as to whether or not particular conduct constitutes Improper Conduct shall be conclusive. 

  
 If Employee should fail to meet the requirements relating to (i) Continuous Employment, (ii) Non-competition, or (iii) No Improper Conduct, then Employee
shall forfeit the right to vest in any RSUs that have not already vested as of the time such failure is determined, and Employee shall accordingly forfeit the right to receive the transfer of title to any corresponding Common Shares. The forfeiture
of rights with respect to unvested RSUs (and corresponding Common Shares) shall not affect the rights of Employee with respect to any RSUs that already have vested nor with respect to any Common Shares the title of which has already been transferred
to Employee’s Account. 
  
 8. Effect of Termination of
Employment. Notwithstanding the foregoing: 
  

	 	(a)	In the event Employee’s Continuous Employment is terminated prior to the relevant Vesting Date on account of death, and if Employee had otherwise met the requirements of
Continuous Employment, Non-competition and No Improper Conduct from the Award Date through the date of such death, then Employee’s unvested RSUs shall immediately vest in full upon death and Employee’s rights hereunder with respect to any
such RSUs shall inure to the benefit of Employee’s executors, administrators, personal representatives and assigns. 

  

	 	(b)	In the event Employee’s Continuous Employment is terminated prior to the relevant Vesting Date on account of Employee’s Disability (as defined in Section 2.17 of the Plan)
or Retirement (as defined below), and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Award Date through the date of such Disability or Retirement, and provided that Employee
continues to meet the requirements of Non-competition and No Improper Conduct, then Employee’s rights hereunder with respect to any outstanding, unvested RSUs shall continue in the same manner as if Employee continued to meet the Continuous
Employment requirement through the Vesting Dates related to the Award. For purposes of this Agreement, “Retirement” shall mean termination of employment by retiring with special approval of the Committee following age 55 with ten (10)
years of service or by retiring with special approval of the Committee with twenty (20) years of service; provided, however, that the Committee may deny or revoke Retirement status if Employee terminates employment for serious misconduct.

  
 Except as set forth in this paragraph 8 above, no other transfer
of rights with respect to RSUs shall be permitted pursuant to this Agreement. 
  
 9. Taxes. The transfer of Common Shares, pursuant to paragraphs 4 and 7 above, shall be subject to the further condition that the Company shall provide for the withholding of any taxes required by federal,
state, or local law in respect of that Vesting Date by reducing the number of RSUs to be transferred to Employee’s Account or by such other manner as the Committee shall determine in its discretion. 
  
 10. Consent. By executing this Agreement, Employee consents to the
collection and maintenance of Employee’s personal information (such as Employee’s name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date,
other employment information, citizenship, marital status) by the Company and the Company’s service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Award Date
through the Vesting Date), (ii) providing Employee with services in connection with Employee’s participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent.
Employee’s personal information is collected from the following sources: 
  

	 	(a)	from this Agreement, investor questionnaires or other forms that Employee submits to the Company or contracts that Employee enters into with the Company; 

 

	 	(b)	from Employee’s transactions with the Company, the Company’s affiliates and service providers; 

  

	 	(c)	from Employee’s employment records with the Company; and 

  

	 	(d)	from meetings, telephone conversations and other communications with Employee. 

  

In addition, Employee further consents to the Company disclosing Employee’s personal information to the Company’s third party service
providers and affiliates and other entities in connection with the services the Company provides related to Employee’s participation in the Plan, including: 
  

	 	(a)	financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;

  

	 	(b)	other service providers to the Plan, such as accounting, legal, or tax preparation services; 

  

	 	(c)	regulatory authorities; and 

  

	 	(d)	transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants. 

  

 2 

 Employee’s personal information is maintained on the Company’s networks and the networks of the
Company’s service providers, which may be in the United States or other countries other than the country in which this Award was granted. Employee may access Employee’s personal information to verify its accuracy and update Employee’s
information by contacting Employee’s local Human Resources representative. Employee may obtain account transaction information online or by contacting the Plan record keeper as described in the Plan enrollment materials. 
  
 By accepting the terms of this Agreement, Employee further agrees to the same
terms with respect to other Awards Employee received in any prior year under the Plan. 
  
 11. No Effect on Employment. This agreement is not a contract of employment or otherwise a limitation on the right of the Company to terminate the employment of Employee or to increase or decrease
Employee’s compensation from the rate of compensation in existence at the time this Agreement is executed. 
  
 12. No Additional Rights. Benefits under this Plan are not guaranteed. The grant of Awards is a one-time benefit and does not create any
contractual or other right or claim to any future grants of Awards under the Plan, nor does a grant of Awards guarantee future participation in the Plan. The value of Employee’s Awards is an extraordinary item outside the scope of
Employee’s employment contract, if any. Employee’s Awards are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end-of-service payments, bonuses, long-term service awards,
pension or retirement benefits (except as otherwise provided by the terms of any U.S.-qualified retirement or pension plan maintained by the Company or any of its subsidiaries), or similar payments. By accepting the terms of this Agreement, Employee
further agrees to these same terms and conditions with respect to any other Awards Employee received in any prior year under the Plan. 
  
 13. Amendment of This Agreement. The Board of Directors may at any time amend, suspend or terminate the Plan; provided, however, that no amendment,
suspension or termination of the Plan or the Award shall adversely affect the Award in any material way without written consent of the Employee. 
  
 14. Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company
and, to the extent provided in paragraph 8 above and in the Plan, to the personal representatives, legatees and heirs of the Employee. 
  
 IN WITNESS WHEREOF, MARRIOTT INTERNATIONAL, INC. has caused this Agreement to be signed by its Executive Vice President, Human Resources, effective the
day and year first hereinabove written. 
  

			
	MARRIOTT INTERNATIONAL, INC.	 	EMPLOYEE
		
	 	 	

		
	 	 	<NAME>
		
	
	 	

		
	Executive Vice President, Human Resources	 	<SSN>

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]