Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 
 by
and among 
 MARRIOTT OWNERSHIP RESORTS, INC., 

the Guarantors party hereto from time to time 

and 
 J.P. MORGAN SECURITIES LLC,

 as Representative of the Several Initial Purchasers 

Dated as of October 1, 2019 
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of October 1, 2019, by and
among Marriott Ownership Resorts, Inc., a Delaware corporation (the “Company”), the guarantors listed on the signature pages hereto (the “Guarantors”), any other Guarantors party hereto from time to
time and J.P. Morgan Securities LLC, on behalf of itself and as representative (the “Representative”) of the several initial purchasers (collectively, the “Initial Purchasers”) named in Schedule
A to the Purchase Agreement (as defined below). 
 This Agreement is made pursuant to the Purchase Agreement, dated as of
September 17, 2019 (the “Purchase Agreement”), by and among the Company, the Guarantors and the Representative, which provides for the sale by the Company to the Initial Purchasers of $350,000,000 aggregate principal
amount of its 4.750% Senior Notes due 2028 (the “Initial Notes”). 
 In order to induce the Initial Purchasers to
purchase the Initial Securities, the Company and the Guarantors have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set
forth in Section 5(g) of the Purchase Agreement. 
 The parties hereto agree as follows: 

SECTION 1.    Definitions. As used in this Agreement, the following capitalized terms shall have the following
meanings: 
 “Additional Guarantor” shall mean any subsidiary of Marriott Vacations Worldwide Corporation that
issues a Guarantee under the Indenture after the date of this Agreement. 
 “Additional Interest” shall have the
meaning assigned to it in Section 5 hereof. 
 “Advice” shall have the meaning assigned to it in
Section 6(c) hereof. 
 “Affiliate” shall have the meaning assigned to it in the Purchase Agreement. 

“Broker-Dealer” shall mean any broker or dealer registered under the Exchange Act. 

“Business Day” shall mean any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking
institutions or trust companies located in New York, New York are authorized or obligated to be closed. 
 “Closing
Date” shall mean the date of this Agreement. 
 “Commission” shall mean the Securities and Exchange
Commission. 
 “Consummate” shall mean the occurrence of (i) the filing and effectiveness under the Securities
Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a
period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate
principal amount of Registrable Securities that were validly tendered by Holders thereof and accepted for exchange pursuant to the Exchange Offer. “Consummated” shall have a correlative meaning. 

 “DTC” shall mean The Depository Trust Company. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
by the Commission thereunder, as the same may be amended or succeeded from time to time. 
 “Exchange Deadline”
shall have the meaning assigned to it in Section 3(a) hereof. 
 “Exchange Offer” shall have the meaning
assigned to it in Section 3(a) hereof. 
 “Exchange Offer Registration Statement” shall have the meaning
assigned to it in Section 3(a) hereof. 
 “Exchange Securities” shall have the meaning assigned to it in
Section 3(a) hereof. 
 “Guarantee” shall have the meaning assigned to it in the Indenture. 

“Guarantors” shall have the meaning assigned to such term in the preamble hereto. 

“Holders” shall have the meaning assigned to it in Section 2(b) hereof. 

“Indemnified Holder” shall have the meaning assigned to it in Section 8(a) hereof. 

“Indenture” shall mean the Indenture, dated as of October 1, 2019, by and among the Company, the Guarantors and
the Trustee, as the same may be amended or supplemented from time to time. 
 “Initial Placement” shall mean the
issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement. 

“Initial Purchaser” shall have the meaning assigned to it in the preamble hereto. 

“Initial Securities” shall mean, collectively, the Initial Notes and the Guarantees of the Initial Notes by the
Guarantors. 
 “Interest Payment Date” shall be the date assigned to it in the Indenture and the Securities. 

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Person” shall mean an individual, partnership, corporation, trust or unincorporated organization, or a government or
agency or political subdivision thereof. 
 “Prospectus” shall mean the prospectus included in, or, pursuant to the
rules and regulations of the Securities Act, deemed a part of, a Registration Statement, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments thereto, including post-effective amendments, and in each case all material incorporated by reference therein. 

  
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 “Registrable Securities” shall mean each Security until the earliest
to occur of: 
 (i)    the date on which such Security has been exchanged by a Person other than a
Broker-Dealer for an Exchange Security in the Exchange Offer; 
 (ii)    following the exchange by a
Broker-Dealer in the Exchange Offer of a Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the prospectus contained
in the Exchange Offer Registration Statement; 
 (iii)    the date on which such Security has been
effectively registered under the Securities Act and exchanged or disposed of in accordance with the Shelf Registration Statement; or 

(iv)    the date on which such Security ceases to be outstanding. 

“Registration Default” shall have the meaning assigned to it in Section 5 hereof. 

“Registration Statement” shall mean an Exchange Offer Registration Statement or a Shelf Registration Statement, which,
in each case, is filed pursuant to the provisions of this Agreement, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference
therein. 
 “Securities” shall mean, collectively, the Initial Notes to be issued and sold to the Initial
Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the Guarantees provided by the Guarantors in the Indenture and, unless the context otherwise requires,
any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Guarantee. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the
Commission thereunder, as the same may be amended or succeeded from time to time. 
 “Shelf Filing Deadline” shall
have the meaning assigned to it in Section 4(a) hereof. 
 “Shelf Registration Statement” shall have the
meaning assigned to it in Section 4(a) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of
1939, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time. 

“Trustee” shall mean The Bank of New York Mellon Trust Company, N.A., as trustee under the Indenture, together with
any successors thereto in such capacity. 
 “Underwritten Registration” or “Underwritten
Offering” shall mean a registration in which securities of the Company are sold to an underwriter for reoffering to the public. 

SECTION 2.    Securities Subject to this Agreement. 

(a)     Registrable Securities. The securities entitled to the benefits of this Agreement are the Registrable
Securities. 

  
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 (b)     Holders of Registrable Securities. A Person is deemed to
be a holder of Registrable Securities (each, a “Holder” and, collectively the “Holders”) whenever such Person owns Registrable Securities. 

SECTION 3.    Registered Exchange Offer. 

(a)     Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures
set forth in Section 6(a) hereof have been complied with), each of the Company and the Guarantors shall use its commercially reasonable efforts to, within 365 days following the Closing Date (or if such 365th day is not a Business Day, the next
succeeding Business Day) (such day, the “Exchange Deadline”), (i) file with the Commission a Registration Statement relating to an offer to exchange (such Registration Statement, the “Exchange Offer Registration
Statement,” and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantors under the Indenture,
which debt securities and related Guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits of the Indenture), except that they have been registered pursuant to an effective
registration statement under the Securities Act and do not contain provisions for Additional Interest as contemplated in Section 5 below (such new debt securities and the related Guarantees, the “Exchange Securities”),
(ii) have the Exchange Offer Registration Statement declared effective by the Commission, and (iii) unless the Exchange Offer would not be permitted by applicable law or Commission policy, (A) commence the Exchange Offer and (B) issue
Exchange Securities in exchange for all Registrable Securities validly tendered prior thereto and accepted for exchange pursuant to the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange
Securities to be offered in exchange for the Registrable Securities and to permit resales of Securities held by Broker-Dealers as contemplated by Section 3(c) hereof. 

(b)     The Company and the Guarantors shall cause the Exchange Offer Registration Statement to be effective continuously
and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period
be less than 20 Business Days after the date notice of the Exchange Offer is mailed (or delivered by electronic transmission in accordance with the applicable procedures of DTC) to the Holders. The Company shall cause the Exchange Offer to comply
with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. 

(c)     The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a
part of the Exchange Offer Registration Statement that any Broker-Dealer that holds Initial Securities that are Registrable Securities and that were acquired for its own account as a result of market-making activities or other trading activities
(other than Registrable Securities acquired directly from the Company) may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery
requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such
resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such
Broker-Dealer except to the extent required by the Commission. 

  
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 Each of the Company and the Guarantors shall use its reasonable best efforts to keep the
Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by
Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer
required to deliver a prospectus in connection with market-making or other trading activities. 
 The Company shall provide sufficient
copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such
resales. 
 SECTION 4.    Shelf Registration. 

(a)     Shelf Registration. If (i) the Company and the Guarantors are not permitted to file an Exchange Offer
Registration Statement or to Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) the Exchange
Offer is not Consummated by the Exchange Deadline or (iii) any Holder of Registrable Securities notifies the Company prior to the 20th Business Day following Consummation of the Exchange Offer that: (A) such Holder is prohibited by
applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus
contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or an Affiliate of the
Company, then the Company and the Guarantors shall: 
 (i)    use their commercially reasonable efforts
to file with the Commission a shelf registration statement pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in each
case, the “Shelf Registration Statement”), on or prior to the 45th day after the Exchange Deadline (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for
resales of all Registrable Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; 

(ii)    use their commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the Commission as soon as practicable; and 
 (iii)    use their commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Registrable
Securities by the Holders of such Registrable Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, for a period of one year following the effective date of such Shelf Registration Statement or such shorter period that will terminate when all the Registrable Securities registered thereunder are disposed
of in accordance therewith or cease to be outstanding. 

  
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 Notwithstanding the foregoing or any other provision hereof, the Company may, without being required to pay
Additional Interest, determine that the use of such prospectus would require the disclosure of material non-public information that, in the Company’s reasonable judgment, would be detrimental to the
Company if disclosed or would otherwise materially adversely affect a financing, acquisition, disposition, merger or other material transaction, and suspend the use of the prospectus that is part of the Shelf Registration Statement for a period of
up to 60 days per such suspension, not to exceed 90 days in any twelve-month period. 
 (b)     Provision by Holders
of Certain Information in Connection with the Shelf Registration Statement. No Holder of Registrable Securities may include any of its Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such
Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected shall promptly furnish to the Company all information required to be disclosed in order to make the information previously furnished to the
Company by such Holder not materially misleading. 
 SECTION 5.    Additional Interest. If (i) the Company fails to
Consummate the Exchange Offer by the Exchange Deadline, (ii) a Shelf Registration Statement is required pursuant to Section 4(a) of this Agreement but not declared effective within 45 days after the Exchange Deadline, or (iii) the
Shelf Registration Statement or the Exchange Offer Registration Statement is declared effective but thereafter ceases to be effective or usable in connection with resales of Registrable Securities during the periods specified in this Agreement (each
such event referred to in clauses (i), (ii) and (iii), a “Registration Default”), then the Company will pay additional interest (“Additional Interest”) to each Holder of Registrable Securities until
all Registration Defaults have been cured. With respect to the first 90-day period immediately following the occurrence of the first Registration Default, Additional Interest will be paid in an amount equal to
0.25% per annum of the principal amount of Registrable Securities outstanding. The amount of Additional Interest will increase by an additional 0.25% per annum with respect to each subsequent 90-day period
until all Registration Defaults have been cured, up to a maximum amount of Additional Interest for all Registration Defaults of 1.00% per annum of the principal amount of the Registrable Securities outstanding. The payment of such Additional
Interest will be the Holders’ sole remedy under this Agreement with respect to any Registration Defaults hereunder. Following the cure of all Registration Defaults relating to any particular Registrable Securities, the interest rate borne by
the relevant Registrable Securities will be reduced to the original interest rate borne by such Registrable Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the
interest rate borne by the relevant Registrable Securities shall again be increased pursuant to the foregoing provisions. 
 All obligations
of the Company and the Guarantors set forth in the preceding paragraph that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable Security shall survive until such time as all such obligations
with respect to such security shall have been satisfied in full. 
 Any Additional Interest shall be paid by the Company on the next
scheduled Interest Payment Date to DTC or its nominee by wire transfer of immediately available funds or by federal funds check and to Holders of certificated Initial Notes by wire transfer to the accounts specified by them or by mailing checks to
their registered addresses if no such accounts have been specified. 

  
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 SECTION 6.    Registration Procedures. 

(a)     Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors
shall comply with all of the provisions of Section 6(c) hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Registrable Securities being sold in accordance with the intended method or methods of
distribution thereof; provided that as a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Registrable Securities shall furnish, upon the request of the Company, prior to the
Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business. In addition, all such Holders of Registrable Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the
position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and similar no-action letters, and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with
a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

(b)     Shelf Registration Statement. In connection with the Shelf Registration Statement, each of the Company and
the Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such registration to permit the sale of the Registrable Securities being sold in accordance with the intended
method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantors will as expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration on any appropriate
form under the Securities Act, which form shall be available for the sale of the Registrable Securities in accordance with the intended method or methods of distribution thereof. 

(c)     General Provisions. In connection with any Registration Statement and any Prospectus required by this
Agreement to permit the sale or resale of Registrable Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the
Guarantors shall use their commercially reasonable efforts to: 
 (i)    keep such Registration Statement
continuously effective for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material
misstatement or omission or (B) not to be effective and usable for resale of Registrable Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the
case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their
intended purpose(s) as soon as practicable thereafter; 

  
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 (ii)    prepare and file with the Commission such
amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter
period as will terminate when all Registrable Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii)    advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons,
to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has
become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for offering or sale in any jurisdiction, or
the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or
supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading. If at
any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from
qualification of the Registrable Securities under state securities or blue sky laws, each of the Company and the Guarantors shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

(iv)    furnish without charge to each of the Initial Purchasers holding any Registrable Securities, each
selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement); 

(v)    promptly prior to the filing of any document that is to be incorporated by reference into a
Registration Statement or Prospectus, provide copies of such document to the Initial Purchasers holding Registrable Securities, each selling Holder named in any Registration Statement, and to the underwriter(s), if any; 

(vi)    make available at reasonable times for inspection by the Initial Purchasers that hold Registrable
Securities, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of each of the Company and the Guarantors and cause the Company’s 

  
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and the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such
Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any;
provided that (A) the foregoing investigation and information gathering shall be coordinated on behalf of such parties by one counsel designated by and on behalf of such parties, (B) if any such information is identified by the
Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information and (C) this proviso shall not limit
such Persons from activities that are reasonable and customary to establish a “due diligence” defense under the Securities Act; 

(vii)    if requested by any selling Holders or the underwriter(s), if any, as soon as reasonably
practicable include or incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have
included therein, including, without limitation, information relating to the “Plan of Distribution” of the Registrable Securities, information with respect to the principal amount of Registrable Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Company is notified of the matters to be included or incorporated in such Prospectus supplement or post-effective amendment; 

(viii)    if such documents are not publicly available, furnish to each Initial Purchaser that holds
Registrable Securities, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements
and schedules, all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 

(ix)    deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many
copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Company and the Guarantors hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto; 

(x)    enter into such customary agreements (including a customary underwriting agreement in connection
with an Underwritten Offering), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Securities pursuant to any Registration
Statement contemplated by this Agreement, all to such extent as may be reasonably requested by any Initial Purchaser that holds Registrable Securities or by any Holder of Registrable Securities or underwriter in connection with any sale or resale
pursuant to any Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into 

  
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and whether or not the registration is an Underwritten Registration, each of the Company and the Guarantors shall: 

(A)    furnish to each Initial Purchaser that holds Registrable Securities, each selling Holder and each
underwriter, if any, in such substance and scope as reasonably requested by the underwriter(s), if any, or by the Holders of a majority in principal amount of the Registrable Securities being sold and as are customarily made by issuers to
underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, the effectiveness of the Shelf Registration Statement: 

(1)    in the case of a Shelf Registration Statement, an opinion, dated the date of effectiveness of the
Shelf Registration Statement, of counsel for the Company and the Guarantors, covering the matters customarily covered in opinions requested in underwritten offerings; and 

(2)    customary comfort letters, dated the date of effectiveness of the Shelf Registration Statement,
from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings; 

(B)    set forth in full or incorporate by reference in the underwriting agreement, if any, the
indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C)    deliver such other documents and certificates as may be reasonably requested by the underwriter(s),
if any, or by Holders of a majority in principal amount of the Registrable Securities being sold to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or any of
the Guarantors pursuant to this Section 6(c)(xi), if any. 
 (xi)    prior to any public offering of
Registrable Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Registrable Securities under the state securities or blue sky laws of
such jurisdictions as the Holders of a majority in principal amount of the Registrable Securities or the underwriter(s), if any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Securities covered by the Shelf Registration Statement; provided, however, that none of the Company or the Guarantors shall be required to register or qualify as a foreign corporation where it is not
then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

 (xii)    issue, upon the request of any Holder of Securities covered by the Shelf Registration
Statement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Securities surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be
registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Securities held by such Holder shall be surrendered to the Company for cancellation; 

(xiii)    cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such 

  
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denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least three Business Days prior to the closing of any sale of Registrable Securities made
by such Holders or underwriter(s); 
 (xiv)    if any fact or event contemplated by
Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of Registrable Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

 (xv)    provide a CUSIP number for all Securities not later than the effective date of the
Registration Statement covering such Securities; 
 (xvi)    cooperate and assist in any filings required
to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA;

 (xvii)    otherwise comply with all applicable rules and regulations of the Commission, and make
generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) no later than 45 days
after the end of the twelve-month period (or 90 days, if such period is a fiscal year) (A) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or best efforts Underwritten
Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; and 

(xviii)    cause the Indenture to be qualified under the Trust Indenture Act not later than the effective
date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so
qualified in accordance with the terms of the Trust Indenture Act; and to execute and cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission
to enable such Indenture to be so qualified in a timely manner. 
 Each Holder agrees by acquisition of a Registrable Security that, upon
receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the applicable Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of
the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities that was current at the time of receipt of such notice. In the event the Company shall give any such
notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of

  
 -12- 

 
such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xiv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due
pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes
of Section 5 hereof. 
 SECTION 7.    Registration Expenses. 

(a)     All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this
Agreement will be borne by the Company and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including
filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA); (ii) all fees and
expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and the Guarantors; (v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange
or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort
letters required by or incident to such performance). 
 Each of the Company and the Guarantors will, in any event, bear its internal
expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by
the Company or the Guarantors. 
 (b)     In connection with any Shelf Registration Statement required by this
Agreement, the Company and the Guarantors, jointly and severally, will reimburse the Holders of Registrable Securities being registered pursuant to the Shelf Registration Statement for the reasonable fees and disbursements of not more than one
counsel, which shall be Simpson Thacher & Bartlett LLP, excluding any and all fees and expenses of advisors or counsel to the underwriters, if any. Each Holder shall pay any underwriting discounts and commissions, brokerage commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 

SECTION 8.    Indemnification. 

(a)     The Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder
and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as
a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may
hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as
incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or

  
 -13- 

 
threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission
that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which
the Company or any of the Guarantors may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory
investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company or the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by
such controlling person) shall promptly notify the Company and the Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Company or the Guarantors of its obligations pursuant to this
Agreement. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Company and the Guarantors (regardless of whether it is ultimately
determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company and the Guarantors shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such
Indemnified Holders, which firm shall be designated by the Holders. The Company and the Guarantors shall be liable for any settlement of any such action or proceeding effected with the Company’s and the Guarantors’ prior written consent,
which consent shall not be withheld unreasonably, and each of the Company and the Guarantors agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of
any action effected with the written consent of the Company and the Guarantors. The Company and the Guarantors shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or
otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such
settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 

(b)     Each Holder of Registrable Securities agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantors and their respective directors, officers of the Company and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) the Company or any of the Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to
each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be
brought against the Company, the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Registrable Securities, such Holder shall have the rights and duties
given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

  
 -14- 

 (c)     If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be
deemed to be equal to the total net proceeds to the Company and the Guarantors from the Initial Placement, but without deductions for expenses), the amount of Additional Interest which did not become payable as a result of the filing of the
Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company and the
Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of the Indemnified Holder on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set
forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company, the Guarantors and each Holder of Registrable Securities agree that it would not be just and equitable if contribution pursuant
to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Securities exceeds the amount of any damages which
such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of
Securities held by each of the Holders hereunder and not joint. 
 SECTION 9.    Rule 144A. Each of the Company
and the Guarantors hereby agrees with each Holder, for so long as any Registrable Securities remain outstanding, to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any prospective
purchaser of such Registrable Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A under the Securities
Act. 

  
 -15- 

 SECTION 10.    Participation in Underwritten Registrations. No
Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder
to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements. 
 SECTION 11.    Selection of Underwriters. The Holders of Registrable
Securities covered by the Shelf Registration Statement that are Initial Purchasers and that desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing
underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Registrable Securities included in such offering; provided, however, that such investment banker(s)
and managing underwriter(s) must be reasonably satisfactory to the Company. 
 SECTION 12.    Miscellaneous. 

(a)     Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b)     No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this
Agreement enter into any agreement with respect to its securities that would prevent Consummation of the Exchange Offer or the performance by the Company or the Guarantors of their obligations hereunder or otherwise conflicts with the provisions
hereof. Neither the Company nor any of the Guarantors has previously entered into any agreement granting any registration rights with respect to the Initial Securities to any Person. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under any agreement in effect on the date hereof. 

(c)     Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(c)(i), obtained the written consent of Holders of all outstanding
Registrable Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Securities (excluding any Registrable Securities held by the
Company or its Affiliates) affected by such amendment, modification, supplement, waiver or consent. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof that relates exclusively to the rights of Holders whose
securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a
majority of the outstanding principal amount of Registrable Securities being tendered or registered. 
 (d)
    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), e-mail, telecopier, or air courier guaranteeing overnight delivery: 

(i)    if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a
copy to the Registrar under the Indenture; 

  
 -16- 

 (ii)     if to the Company: 

Marriott Ownership Resorts, Inc. 

c/o Marriott Vacations Worldwide Corporation 

6649 Westwood Boulevard 

Orlando, Florida 32821 

Facsimile: (407) 513-6680 

Attention: James H. Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Facsimile:    (212) 446-4900 

Attention:    Richard Aftanas, P.C. 

Email:          richard.aftanas@kirkland.com; and 

(iii)    if to the Initial Purchasers: 

J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York,
New York 10179 
 Fax: (212) 270-1063 

Attention: Syndicate Desk 
 with
a copy to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Fax: (212) 455-2502 

Attention: John C. Ericson 
 All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if e-mailed or telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at
the address specified in the Indenture. 
 (e)     Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Registrable Securities; provided, however, that this
Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Registrable Securities from such Holder; provided further, that nothing herein shall
be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner,
whether by operation of law 

  
 -17- 

 
or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed
to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. 

(f)     Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g)     Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (h)     Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (i)     Severability. In the event that any one or more
of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby. 
 (j)     Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter. 
 [Signature pages follow] 

  
 -18- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	MARRIOTT VACATIONS WORLDWIDE               CORPORATION
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	MH KAPALUA VENTURE, LLC
	MORI MEMBER (KAUAI), LLC
	MORI GOLF (KAUAI), LLC
	KAUAI LAGOONS HOLDINGS LLC
	MVW US HOLDINGS, INC.
	MVW SSC, INC.
	MARRIOTT RESORTS SALES COMPANY, INC.
	MARRIOTT KAUAI OWNERSHIP RESORTS, INC.
	THE RITZ-CARLTON DEVELOPMENT COMPANY, INC.
	THE LION & CROWN TRAVEL CO., LLC
	THE RITZ-CARLTON TITLE COMPANY, INC.
	THE RITZ-CARLTON SALES COMPANY, INC.
	RCDC 942, L.L.C.
	RCC (GP) HOLDINGS LLC
	MORI RESIDENCES, INC.
	MTSC, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	MARRIOTT RESORTS HOSPITALITY
CORPORATION
	VOLT MERGER SUB, LLC
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	MVW OF HAWAII, INC.
		
	By:	 	 /s/ Marcus O’Leary

		 	Name:	 	Marcus O’Leary
		 	Title:	 	President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	MVW US SERVICES, LLC
		
	By:	 	MVW SSC, Inc., a Delaware corporation,
		 	              its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	MARRIOTT OWNERSHIP RESORTS PROCUREMENT, LLC
	MORI WAIKOLOA HOLDING COMPANY, LLC
		
	By:	 	Marriott Ownership Resorts, Inc.,
		 	a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	RBF, LLC
	THE COBALT TRAVEL COMPANY, LLC
	THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.
	RCDC CHRONICLE LLC
	RCC (LP) HOLDINGS L.P.
	RCC (GP) HOLDINGS LLC
	R.C. CHRONICLE BUILDING, L.P.
		
	By:	 	The Ritz-Carlton Development
		 	Company, Inc., a Delaware corporation,
		 	its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	AQUA HOTELS AND RESORTS, INC.
	AQUA-ASTON HOLDINGS, INC.
	CDP GP, INC.
	CERROMAR DEVELOPMENT PARTNERS GP, INC.
	COCONUT PLANTATION PARTNER, INC.
	DATA MARKETING ASSOCIATES EAST, INC.
	FLEX COLLECTION, LLC
	FOH HOSPITALITY, LLC
	GRAND ASPEN HOLDINGS, LLC
	GRAND ASPEN LODGING, LLC
	HAWAII VACATION TITLE SERVICES, INC.
	HPC DEVELOPER, LLC
	HT-HIGHLANDS, INC.
	HTS-BC, L.L.C.
	HTS-BEACH HOUSE PARTNER, L.L.C.
	HTS-BEACH HOUSE, INC.
	HTS-COCONUT POINT, INC.
	HTS-GROUND LAKE TAHOE, INC.
	HTS-KEY WEST, INC.
	HTS-KW, INC.
	HTS-LAKE TAHOE, INC.
	HTS-LOAN SERVICING, INC.
	HTS-MAIN STREET STATION, INC.
	HTS-MAUI, L.L.C.
	HTS-SAN ANTONIO, INC.
	HTS-SAN ANTONIO, L.L.C.
	HTS-SEDONA, INC.
	HTS-SUNSET HARBOR PARTNER, L.L.C.
	HTS-WINDWARD POINTE PARTNER, L.L.C.
	HV GLOBAL GROUP, INC.
	HV GLOBAL MANAGEMENT CORPORATION
	HV GLOBAL MARKETING CORPORATION
	HVO KEY WEST HOLDINGS, LLC
	IIC HOLDINGS, INCORPORATED
	ILG, LLC
	ILG SHARED OWNERSHIP, INC.
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	INTERVAL HOLDINGS, INC.
	INTERVAL INTERNATIONAL, INC.
	INTERVAL RESORT & FINANCIAL SERVICES, INC.
	INTERVAL SOFTWARE SERVICES, LLC
	KAUAI BLUE, INC.
	LAGUNAMAR CANCUN MEXICO, INC.
	MANAGEMENT ACQUISITION HOLDINGS, LLC
	RESORT SALES SERVICES, INC.
	SCOTTSDALE RESIDENCE CLUB, INC.
	SHERATON FLEX VACATIONS, LLC
	ST. REGIS NEW YORK MANAGEMENT, INC.
	ST. REGIS RESIDENCE CLUB, NEW YORK INC.
	VACATION OWNERSHIP LENDING GP, INC.
	VACATION TITLE SERVICES, INC.
	VCH COMMUNICATIONS, INC.
	VCH CONSULTING, INC.
	VCH SYSTEMS, INC.
	VISTANA ACCEPTANCE CORP.
	VISTANA AVENTURAS, INC.
	VISTANA DEVELOPMENT, INC.
	VISTANA HAWAII MANAGEMENT, INC.
	VISTANA MANAGEMENT, INC.
	VISTANA MB MANAGEMENT, INC.
	VISTANA PORTFOLIO SERVICES, INC.
	VISTANA PSL, INC.
	VISTANA RESIDENTIAL MANAGEMENT, INC.
	VISTANA SIGNATURE EXPERIENCES, INC.
	VISTANA SIGNATURE NETWORK, INC.
	VISTANA VACATION OWNERSHIP, INC.
	VISTANA VACATION REALTY, INC.
	VISTANA VACATION SERVICES HAWAII, INC.
	VOL GP, INC.
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	VSE DEVELOPMENT, INC.
	VSE EAST, INC
	VSE MEXICO PORTFOLIO SERVICES, INC.
	VSE MYRTLE BEACH, LLC
	VSE PACIFIC, INC.
	VSE TRADEMARK, INC.
	VSE VISTANA VILLAGES, INC.
	VSE WEST, INC.
	WESTIN SHERATON VACATION SERVICES, INC.
	WINDWARD POINTE II, L.L.C.
	WORLDWIDE VACATION & TRAVEL, INC.
	WVC RANCHO MIRAGE, INC.
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President
	
	INTERVAL ACQUISITION CORP.
	S.O.I. ACQUISITION CORP.
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature page to
Registration Rights Agreement] 

 
					
	FOH HOLDINGS, LLC
		
	By:	 	 /s/ Angela K. Halladay

		 	Name:	 	Angela K. Halladay
		 	Title:	 	Assistant Secretary

  
 [Signature page to
Registration Rights Agreement] 

 
					
	RESORT MANAGEMENT FINANCE SERVICES, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Secretary

  
 [Signature page to
Registration Rights Agreement] 

 
					
	AQUA-ASTON HOSPITALITY, LLC
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	Manager
	
	REP HOLDINGS, LTD.
		
	By:	 	 /s/ Denis Ebrill

		 	Name:	 	Denis Ebrill
		 	Title:	 	President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	AQUA HOSPITALITY LLC
	ASTON HOTELS & RESORTS FLORIDA, LLC
	MAUI CONDO AND HOME, LLC
	RQI HOLDINGS, LLC
	ILG MANAGEMENT, LLC
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager
	
	AQUA HOTELS & RESORTS, LLC
	DIAMOND HEAD MANAGEMENT LLC
	HOTEL MANAGEMENT SERVICES LLC
	KAI MANAGEMENT SERVICES LLC
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its manager
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager
	
	AQUA HOTELS AND RESORTS OPERATOR LLC
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its managing member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature page to
Registration Rights Agreement] 

 
					
	AQUA LUANA OPERATOR LLC
	
	By: Aqua Hospitality, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature page to
Registration Rights Agreement] 

 
					
	BEACH HOUSE DEVELOPMENT PARTNERSHIP
	
	By: HTS-BEACH HOUSE, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President
	
	CDP INVESTORS, L.P.
	
	By: CDP GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President
	
	CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.
	
	By: CERROMAR DEVELOPMENT PARTNERS GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	HTS-SAN ANTONIO, L.P.
	
	By: HTS-SAN ANTONIO, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President
	
	KEY WESTER LIMITED
	
	By: HTS-KW, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President
	
	PELICAN LANDING TIMESHARE VENTURES LIMITED PARTNERSHIP
	
	By: HTS-COCONUT POINT, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President

  
 [Signature page to
Registration Rights Agreement] 

 
					
	VACATION OWNERSHIP LENDING, L.P.
	
	By: VACATION OWNERSHIP LENDING GP, INC., a Delaware corporation, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Treasurer and Vice President
	
	VOL INVESTORS, L.P.
		
	By:	 	VOL GP, INC., a Delaware corporation,
its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	    Name:	 	Joseph J. Bramuchi
		 	    Title:	 	Vice President

  
 [Signature page to
Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

							
	J.P. Morgan Securities LLC
		
	    	 	Acting on behalf of itself
		 	and as Representative of
		 	the several Initial Purchasers
			
		 	By:	 	 /s/ Chris Lingenfelter

		 		 	Name:	 	Chris Lingenfelter
		 		 	Title:	 	Executive Director

  
 [Signature page to
Registration Rights Agreement]EX-10.1

 Exhibit 10.1 

AMENDMENT TO REGISTRATION RIGHTS AGREEMENTS 

This Amendment (the “Amendment”), dated as of September 30, 2019, is made to those certain Registration Rights
Agreements (the “Registration Rights Agreements”), dated as of July 11, 2019 (effective as of July 15, 2019), and August 15, 2019 between Delcath Systems, Inc. (the “Company”) and the purchasers
signatories thereto. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Registration Rights Agreements. 

WHEREAS, pursuant to Section 2(d)(iv) of the Registration Rights Agreements, the Company will incur certain penalties if “a
Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date of the Initial Registration Statement;” and 

WHEREAS, the “Effectiveness Date” is defined as “the 75th calendar day following the date of the July Registration
Rights Agreement (or, in the event of a “full review” by the Commission, the 120th calendar day following the date of the July Registration Rights Agreement);” and 

WHEREAS, on August 21, 2019, the Company filed the Initial Registration Statement with the Commission; and 

WHEREAS, on September 11, 2019, the Company received a comment letter from the Commission which stated in relevant part that
“We have limited our review of your registration statement to those issues we have addressed in our comments.” Notwithstanding this statement, one of the Commission’s comments questioned the Company’s entire authority to register
the Registrable Securities using the Initial Registration Statement, and the Holders’ ability to utilize it for the purpose of re-selling the Registrable Securities. The Company spent significant time and
resources preparing a response to this comment and, on September 25, 2019, filed an amendment to the Initial Registration Statement and a cover letter containing the Company’s response to this and the other comments of the Commission; and

 WHEREAS, although the Commission phrased its review of the Initial Registration Statement as being “limited” to certain
issues, the Company believes that due to the significance and scope of their main comment, the Company had to incur the same level of effort to respond to this comment as would have been required had the Commission undertaken a “full
review,” which would have given the Company a period of 120 days to achieve effectiveness without incurring penalties; and 

WHEREAS, pursuant to Section 6(f) of the Registration Rights Agreements, the Registration Rights Agreements may be amended by the
written consent of the Company and Holders of at least a majority in interest of the Registrable Securities; and 
 WHEREAS, the
Company and Holders of at least a majority in interest of the Registrable Securities desire to amend the definition of “Effectiveness Date” in the Registration Rights Agreements in order to give the Company 120 days following the date of
the July Registration Rights Agreement to achieve effectiveness without incurring penalties. 

 NOW, THEREFORE, in consideration of the premises set forth above, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	 	1.	 Definition of Effectiveness Date. The parties hereby agree to amend the definition of Effectiveness Date
in Section 1 by deleting the language appearing in strikethrough below, such that the definition shall hereafter read in its entirety as follows: 

“Effectiveness Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 75th
calendar day following the date of the July Registration Rights Agreement (or, in the event of a “full review” by the Commission, the 120th calendar day following the date of the July Registration Rights
Agreement) and with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 60th calendar day following the date on which an additional Registration Statement
is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 90th calendar day following the date such additional Registration Statement is required to be filed hereunder); provided, however, that in the
event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the
fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date
shall be the next succeeding Trading Day. 
 The amendment to the Registration Rights Agreements set forth herein shall take effect upon receipt of this
Amendment and amendments to the Registration Rights Agreements in substantially similar form to this Amendment, which together represent a majority in interest of Holders of the then outstanding Registrable Securities. 

Except as expressly set forth above, all of the terms and conditions of the Registration Rights Agreements shall continue in full force and effect after the
execution of this agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. 
 This Amendment may be executed in
two or more counterparts and by facsimile or “.pdf” signature or otherwise, and each of such counterparts shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. 

[signature pages follows] 

  
 2 

 This Amendment is effective as of the date hereof. 

 

			
	DELCATH SYSTEMS, INC.
		
	By:	 	/s/ Jennifer K. Simpson
	Name:	 	Jennifer K. Simpson
	Title:	 	President & CEO

 [Holder signature pages follow] 

  
 3 

 
			
	HOLDER: Altium Growth Fund LP
		
	By:	 	/s/ Mark Gottlieb
	Name:	 	Mark Gottlieb
	Title:	 	COO

 [Signature Page to DCTH Amendment] 

  
 4 

 
			
	HOLDER: Rosalind Master Fund LP (“RMF”)
		
	By:	 	/s/ Steven Salamon
	Name:	 	Steven Salamon
	Title:	 	President, Rosalind Advisors, Inc. (adviser to RMF)

 [Signature Page to DCTH Amendment] 

  
 5 

 
			
	HOLDER: Rosalind Opportunities Fund I LP (“ROFI”)
		
	By:	 	/s/ Steven Salamon
	Name:	 	Steven Salamon
	Title:	 	President, Rosalind Advisors, Inc. (adviser to ROFI)

 [Signature Page to DCTH Amendment] 

  
 6

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