Document:

Exhibit 10.3

 Exhibit 10.3 
 OMNIBUS AMENDMENT 
 THIS OMNIBUS AMENDMENT (this
“Amendment”), dated as of June 28, 2012, is entered into by and among (i) Marriott Ownership Resorts, Inc. (“MORI”), (ii) MORI SPC Series Corp. (“MORI SPC”), (iii) Marriott
Vacations Worldwide Owner Trust 2011-1 (the “Issuer”), (iv) Wells Fargo Bank, National Association (“Wells Fargo”), as Indenture Trustee and Back-Up Servicer, and (v) Credit Suisse AG, New York Branch, as
Funding Agent, The Royal Bank of Scotland, plc, as Funding Agent, Bank of America, N.A., Deutsche Bank Trust Company Americas, SunTrust Robinson Humphrey, Inc., and Wells Fargo Capital Finance, LLC (collectively, the “Noteholders”
and together with MORI, MORI SPC, the Issuer and Wells Fargo, the “Parties”), and relates to the following transaction documents (the “Transaction Documents”): 

 

	 	(1)	the Purchase Agreement, dated as of September 1, 2011, as amended by that Amendment No. 1 to Purchase Agreement, dated October 6, 2011 (the
“Purchase Agreement”), by and between MORI and MORI SPC and their respective permitted successors and assigns; 

  

	 	(2)	the Sale Agreement, dated as of September 1, 2011, as amended by that Amendment No. 1 to Sale Agreement, dated October 6, 2011 (the “Sale
Agreement”), by and between MORI SPC and the Issuer, and their respective permitted successors and assigns; and 

  

	 	(3)	the Amended and Restated Indenture and Servicing Agreement (the “Indenture and Servicing Agreement”), dated as of September 1, 2011, by and among
the Issuer, MORI, as Servicer and Wells Fargo, as Indenture Trustee and as Back-Up Servicer. 

 RECITALS

 WHEREAS, the Noteholders hold 100% of the amount of Notes outstanding; 

WHEREAS, the Parties desire to amend the definition of MORI Affiliated Manager as more fully described herein. 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, and for other good and adequate consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	 	Section 1.01.	Defined Terms. 

Capitalized terms used but not defined or modified in this Amendment shall have the respective meanings assigned to them in the Amended
and Restated Standard Definitions attached as Annex A to each of the Transaction Documents (the “Standard Definitions”). 
  

	 	Section 2.01.	Amendment of Standard Definitions. 

 As of the date hereof, the following definition in Annex A of each of the Transaction Documents is hereby amended and restated as follows: 

““MORI Affiliated Manager” shall mean Marriott Resorts Hospitality Corporation, a wholly-owned subsidiary of MORI,
Marriott Resorts Hospitality (Bahamas) Limited, a wholly-owned subsidiary of Marriott Resorts Hospitality Corporation or another Affiliate of MORI, as applicable, together with their respective successors and assigns.” 

  
 1 

	 	Section 3.01.	Counterparts. 

This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and both of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by facsimile or other electronic transmission (i.e., “pdf” or “tif”) shall be
effective as delivery of a manually executed counterpart hereof and deemed an original. 
  

	 	Section 3.02.	Governing Law; Consent to Jurisdiction. 

 (a) THIS AMENDMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 
 (b) THE PARTIES SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY AND EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED
MAIL DIRECTED TO THE ADDRESS SET FORTH ON THE SIGNATURE PAGE HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. EACH PARTY HEREBY WAIVES ANY OBJECTION
BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. NOTHING IN THIS SECTION 3.02 SHALL AFFECT THE RIGHT OF
ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY OF THEM TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 

 

	 	Section 3.03.	Continuing Effect. 

Except as expressly amended hereby, each Transaction Document shall continue in full force and effect in accordance with the provisions
thereof and each Transaction Document is in all respects hereby ratified, confirmed and preserved. 
  

	 	Section 3.04.	Successors and Assigns. 

 This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

 

	 	Section 3.05.	Owner Trustee. 

 It
is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust, N.A. not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made or on the part of the Issuer is made and intended not as personal representations, undertakings and agreements

  
 2 

 
by Wilmington Trust, N.A., but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust,
N.A., individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, and
(d) under no circumstances shall Wilmington Trust, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Amendment or any other related document. Notwithstanding the foregoing, Wilmington Trust, N.A. shall not be relieved of any of its duties and obligations under the Administration Agreement or the Trust Agreement.

  

	 	Section 3.06.	Non-Petition. 

 (a)
Each Party hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding Related Commercial Paper or other indebtedness of a Conduit, it will not institute against, or join any other
Person instituting against a Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. The provisions of this
Section 3.06(a) shall survive termination of this Amendment. 
 (b) Each Party hereby covenants and agrees that, prior to
the date which is one year and one day after the payment in full of all Notes and Exchange Notes, it will not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. The provisions of this Section 3.06(b) shall survive the termination of this Amendment. 

[Signature Pages to Follow] 

  
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 IN WITNESS WHEREOF, the parties below have caused this Amendment to be duly executed by
their respective duly authorized officers. 
  

			
	MARRIOTT VACATIONS WORLDWIDE OWNER TRUST 2011-1
		
	By:	 	Wilmington Trust, National Association, as Owner Trustee
		
	By:	 	 /s/ Dante M. Monakil

	
	Name: Dante M. Monakil
	
	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Back-Up Servicer
		
	By:	 	 /s/ Benjamin F. Jordan

	
	Name: Benjamin F. Jordan
	
	Title: Vice President
	
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

	
	Name: Joseph J. Bramuchi
	
	Title: Vice President
	
	MORI SPC SERIES CORP.
		
	By:	 	 /s/ Joseph J. Bramuchi

	
	Name: Joseph J. Bramuchi
	
	Title: Vice President

  
 4 

 
			
	CREDIT SUISSE AG, NEW YORK BRANCH, as Funding Agent
		
	By:	 	 /s/ Robbin W. Conner

	
	Name: Robbin W. Conner
	
	Title: Director
		
	By:	 	 /s/ Jason Ruchelsman

	
	Name: Jason Ruchelsman
	
	Title: Vice President
	
	THE ROYAL BANK OF SCOTLAND PLC, as Funding Agent
		
	By:	 	RBS Securities Inc., as agent
		
	By:	 	 /s/ Dave Donofrio

	
	Name: Dave Donofrio
	
	Title: Director
	
	SUNTRUST ROBINSON HUMPHREY, INC., as Funding Agent
		
	By:	 	 /s/ Pawan Churiwal

	
	Name: Pawan Churiwal
	
	Title: Vice President

  
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	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Robert Sheldon

	
	Name: Robert Sheldon
	
	Title: Managing Director
		
	By:	 	 /s/ Jay Steiner

	
	Name: Jay Steiner
	
	Title: Managing Director
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Steven Maysonet

	
	Name: Steven Maysonet
	
	Title: Vice President
	
	WELLS FARGO CAPITAL FINANCE, LLC
		
	By:	 	 /s/ Ajay Jagsi

	
	Name: Ajay Jagsi
	
	Title: Vice President

  
 6Exhibit 10.4

 Exhibit 10.4 
 PARTICIPATION AGREEMENT 
 FOR CHANGE IN CONTROL SEVERANCE PLAN

 This Participation Agreement (the “Agreement”) is made and entered into by and between
Stephen P. Weisz (the “Executive”) and Marriott Vacations Worldwide Corporation, a Delaware corporation (the “Company”), effective as of July 9th, 2012 (the “Effective Date”). 
 RECITALS 
 A.        Executive is a
key member of the executive and management team of the Company. 
 B.        The Company
maintains the Marriott Vacations Worldwide Corporation Change in Control Severance Plan (the “Plan”), administered by the Compensation Committee of the Company’s Board of Directors (“Committee”), to provide for specified
severance benefits in connection with certain terminations of employment within two years following a Change in Control. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan. 

C.        The Company wishes to designate Executive as eligible to participate in the Plan.

 In consideration of the mutual covenants herein contained, and in consideration of the continuing employment of Executive by
the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows. 
 1.        Designation as Eligible to Participate in Plan. Subject to the terms of the Plan, the Committee hereby designates Executive as eligible to
participate in the Plan. As such, Executive’s benefits (if any) under the Plan shall be determined pursuant to Section 2 of the Plan. Executive agrees that, for a period of two years following the Termination of his or her employment, he
or she will not, in any manner, within the United States, Mexico, the Bahamas, or any other country where the Company may develop or acquire resorts, directly or indirectly engage in the business of timesharing or in any similarly competitive
business, including without limitation quarter sharing or undivided interests. Directly or indirectly engaging in the business of timesharing shall include engaging in business as owner, partner or agent, or as employee of any person, firm or legal
entity engaged in such business, or in being interested directly or indirectly in any such business conducted by any person, firm, or legal entity. 
 2.        Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or
otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as
the Company would be required to perform such obligations in the absence of a succession. The terms of this Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or
legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 3.        Notice. Notices and all other
communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices
to Executive shall be addressed to Executive at the home address which Executive most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall
be directed to the attention of its General Counsel. 
 4.        Miscellaneous
Provisions. 
 (a)        Waiver. No provision of this Agreement shall be
modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(b)        Entire Agreement. This Agreement and the Plan constitute the entire
understanding between the parties with respect to the matters addressed herein, superseding all negotiations, prior discussions and agreements, written or oral, concerning such matters. 

(c)        Choice of Law. Except to the extent preempted by federal law, this Plan shall
be governed and construed in accordance the laws of the State of Delaware, without regard to principles of conflicts of laws. 

(d)        Severability. If any term or provision of this Agreement or the application
thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or
rendering unenforceable the remaining terms and provisions of this Agreement or the application of such terms and provisions to circumstances other than those as to which it is held invalid or unenforceable, and a suitable and equitable term or
provision shall be substituted therefor to carry out, insofar as may be valid and enforceable, the intent and purpose of the invalid or unenforceable term or provision. 
 (e)        No Assignment of Benefits. The rights of Executive to payments or benefits under this Agreement shall not be made subject to option or assignment,
either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be void, provided the
Executive’s estate shall be entitled to receive any benefits that have become payable, but which have not been paid in accordance with Section 1 above. 
 (f)        Non-solicitation. During the period beginning on the Effective Date and ending one year thereafter, Executive will not, on his own behalf or as a
partner, officer, director, employee, agent, or consultant of any other person or entity, directly or indirectly, solicit or induce (or attempt to solicit or induce) any employee of the Company to leave their employment with the Company or to
consider employment with any other person or entity. 

 (g)        Employment Taxes. Any payments
made pursuant to this Agreement will be reported on Form W-2 and shall be subject to withholding of applicable income and employment taxes. 
 (h)        Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute
one and the same instrument. 
 (i)        Confidentiality of Agreement.
Executive shall keep strictly confidential all the terms and conditions, including amounts, in this Agreement and shall not disclose them to any person other than the Executive’s spouse, the Executive’s legal or financial advisor, or
governmental officials who seek such information in the course of their official duties, unless compelled by law to do so or to the extent previously publicly disclosed by the Company. 

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the company by its duly authorized officer, as of the
day and year first above written. 
  

							
	 MARRIOTT VACATIONS
 WORLDWIDE CORPORATION
	 		 	EXECUTIVE
				
	By:	 	/s/ Michael E. Yonker	 		 	/s/ Stephen P. Weisz
	 Title:  Executive Vice President and
 Chief Human Resources Officer
	 		 	Stephen P. Weisz

 10 July 2012

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