Document:

Exhibit 10.13

 Exhibit 10.13 
 EXECUTION VERSION 
  

 
  

GUARANTEE AND COLLATERAL AGREEMENT 
 made by 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION, 

MARRIOTT OWNERSHIP RESORTS, INC. 
 and certain of its Subsidiaries 
 in favor of 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 Dated as of November 21, 2011 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
			
	 SECTION 1.
	 	 DEFINED TERMS
	  	 	1	  
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Other Definitional Provisions
	  	 	5	  
			
	 SECTION 2.
	 	 GUARANTEE
	  	 	5	  
	 2.1
	 	 Guarantee
	  	 	5	  
	 2.2
	 	 Right of Contribution
	  	 	6	  
	 2.3
	 	 No Subrogation
	  	 	6	  
	 2.4
	 	 Amendments, etc. with respect to the Borrower Obligations
	  	 	6	  
	 2.5
	 	 Guarantee Absolute and Unconditional
	  	 	7	  
	 2.6
	 	 Reinstatement
	  	 	7	  
	 2.7
	 	 Payments
	  	 	8	  
			
	 SECTION 3.
	 	 GRANT OF SECURITY INTEREST
	  	 	8	  
			
	 SECTION 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	9	  
	 4.1
	 	 Title; No Other Liens
	  	 	9	  
	 4.2
	 	 Perfected First Priority Liens
	  	 	9	  
	 4.3
	 	 Jurisdiction of Organization; Chief Executive Office
	  	 	9	  
	 4.4
	 	 Farm Products
	  	 	10	  
	 4.5
	 	 Investment Property
	  	 	10	  
	 4.6
	 	 Receivables
	  	 	10	  
	 4.7
	 	 Contracts
	  	 	10	  
	 4.8
	 	 Intellectual Property
	  	 	11	  
	 4.9
	 	 Commercial Tort Claims
	  	 	11	  
			
	 SECTION 5.
	 	 COVENANTS
	  	 	12	  
	 5.1
	 	 Delivery of Instruments, Certificated Securities and Chattel Paper
	  	 	12	  
	 5.2
	 	 Maintenance of Insurance
	  	 	12	  
	 5.3
	 	 Maintenance of Perfected Security Interest; Further Documentation
	  	 	12	  
	 5.4
	 	 Changes in Name, etc.
	  	 	12	  
	 5.5
	 	 Notices
	  	 	13	  
	 5.6
	 	 Investment Property
	  	 	13	  
	 5.7
	 	 Receivables
	  	 	14	  
	 5.8
	 	 Contracts
	  	 	14	  
	 5.9
	 	 Intellectual Property
	  	 	14	  
	 5.10
	 	 Commercial Tort Claims
	  	 	15	  
	 5.11
	 	 Time Share Interests
	  	 	15	  
	 5.12
	 	 Use of Collateral Prior to Default; Agreement regarding Control Agreements
	  	 	15	  
			
	 SECTION 6.
	 	 REMEDIAL PROVISIONS
	  	 	16	  
	 6.1
	 	 Certain Matters Relating to Receivables
	  	 	16	  
	 6.2
	 	 Communications with Obligors; Grantors Remain Liable
	  	 	16	  
	 6.3
	 	 Pledged Stock
	  	 	17	  
	 6.4
	 	 Proceeds to be Turned Over To Administrative Agent
	  	 	18	  
	 6.5
	 	 Application of Proceeds
	  	 	18	  

  
 i 

							
	 	 	 	  	 	 
	 6.6
	 	 Code and Other Remedies
	  	 	18	  
	 6.7
	 	 Registration Rights
	  	 	19	  
	 6.8
	 	 Subordination
	  	 	20	  
	 6.9
	 	 Deficiency
	  	 	20	  
			
	 SECTION 7.
	 	 THE ADMINISTRATIVE AGENT
	  	 	20	  
	 7.1
	 	 Administrative Agent’s Appointment as Attorney-in-Fact, etc.
	  	 	20	  
	 7.2
	 	 Duty of Administrative Agent
	  	 	21	  
	 7.3
	 	 Execution of Financing Statements
	  	 	22	  
	 7.4
	 	 Authority of Administrative Agent
	  	 	22	  
			
	 SECTION 8.
	 	 MISCELLANEOUS
	  	 	22	  
	 8.1
	 	 Amendments in Writing
	  	 	22	  
	 8.2
	 	 Notices
	  	 	22	  
	 8.3
	 	 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	22	  
	 8.4
	 	 Enforcement Expenses; Indemnification
	  	 	23	  
	 8.5
	 	 Successors and Assigns
	  	 	23	  
	 8.6
	 	 Set-Off
	  	 	23	  
	 8.7
	 	 Counterparts
	  	 	23	  
	 8.8
	 	 Severability
	  	 	23	  
	 8.9
	 	 Section Headings
	  	 	24	  
	 8.10
	 	 Integration
	  	 	24	  
	 8.11
	 	 GOVERNING LAW
	  	 	24	  
	 8.12
	 	 Submission To Jurisdiction; Waivers
	  	 	24	  
	 8.13
	 	 Acknowledgements
	  	 	24	  
	 8.14
	 	 Additional Grantors
	  	 	25	  
	 8.15
	 	 Releases
	  	 	25	  
	 8.16
	 	 WAIVER OF JURY TRIAL
	  	 	25	  

 SCHEDULES 
  

			
	 Schedule 1
	  	 Notice Addresses

	 Schedule 2
	  	 Investment Property

	 Schedule 3
	  	 Perfection Matters

	 Schedule 4
	  	 Jurisdictions of Organization and Chief Executive Offices

	 Schedule 5
	  	 [Reserved]

	 Schedule 6
	  	 Intellectual Property

	 Schedule 7
	  	 Contracts1

  

	1 	 To include all Intercompany Agreements and management contracts with homeowners’ associations. 

  
 ii 

 GUARANTEE AND COLLATERAL AGREEMENT 

GUARANTEE AND COLLATERAL AGREEMENT, dated as of November 21, 2011, made by each of the signatories hereto (together with any other
entity that may become a party hereto as provided herein, the “Grantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks and other
financial institutions or entities (the “Lenders”) from time to time parties to the Credit Agreement, dated as of October 20, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among MARRIOTT VACATIONS WORLDWIDE CORPORATION (“MVWC”), MARRIOTT OWNERSHIP RESORTS, INC. (the “Borrower”), the Lenders and the Administrative Agent. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms
and subject to the conditions set forth therein; 
 WHEREAS, the Borrower is a member of an affiliated group of companies that
includes each other Grantor; 
 WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in
part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 
 WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the extensions of credit under the
Credit Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective
extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the benefit of the Secured Parties; 

NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit
Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties, as follows: 

SECTION 1. DEFINED TERMS 
 1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following
terms are used herein as defined in the New York UCC: Accounts, Certificated Security, Chattel Paper, Clearing Corporation, Commercial Tort Claims, Documents, Entitlement Order, Electronic Chattel Paper, Equipment, Farm Products, Financial Assets,
Fixtures, General Intangibles, Instruments, Inventory, Letter-of-Credit Rights, Securities, Security Entitlement and Supporting Obligations. 
 (b) The following terms shall have the following meanings: 

“Agreement”: this Guarantee and Collateral Agreement, as the same may be amended, supplemented or otherwise modified
from time to time. 

 “Borrower Obligations”: the collective reference to the unpaid principal
of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of
the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any Letter of Credit or any other document made, delivered or given in connection with any of the
foregoing, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the
Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements). 

“Clearing Corporation Security” means a security that is registered in the name of, or indorsed to, a Clearing
Corporation or its nominee or is in the possession of the Clearing Corporation in bearer form or indorsed in blank by an appropriate Person. 
 “Collateral”: as defined in Section 3. 

“Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.1 or
6.4. 
 “Contracts”: each of the Intercompany Agreements and the contracts and agreements listed in Schedule
7, as the same may be amended, supplemented or otherwise modified from time to time, including, without limitation, (i) all rights of any Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all
rights of any Grantor to damages arising thereunder and (iii) all rights of any Grantor to perform and to exercise all remedies thereunder. 
 “Control” means “control” as defined in Section 9-104, 9-105, 9-106 or 9-107 of the New York UCC, as applicable. 

“Copyrights”: (i) all copyrights arising under the laws of the United States, any other country or any political
subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 6), all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals thereof. 
 “Copyright Licenses”: all agreements, whether written or oral, (including, without limitation, those listed in Schedule 6), providing for the grant by or to any Grantor of any
right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 
 “Custodian”: Wells Fargo Bank, National Association, in its capacity as custodian under the Custody Agreement, or any successor in such capacity or otherwise party to a Custody Agreement.
The term “Custodian” includes any agent or sub-custodian acting on behalf of the Custodian. 

 “Custody Agreement”: an agreement in form and substance reasonably
satisfactory to the Administrative Agent with respect to custody arrangements involving Time Share Receivables. 

“Deliver”, “Delivered” or “Delivery” (whether to the Administrative Agent or
otherwise) means, with respect to any Collateral consisting of the following, that such Collateral is held, registered or covered by a recorded UCC-1 financing statement as described below: 

(a) in the case of each Certificated Security (other than a U.S. Government Security or Clearing Corporation Security,),
that such Certificated Security is in the possession of the Administrative Agent and registered in the name of the Administrative Agent (or its nominee) or indorsed to the Administrative Agent or in blank; 

(b) in the case of each Instrument, that such Instrument is in the possession of the Administrative Agent indorsed to the
Administrative Agent or in blank or, in the case of a Time Share Receivable that is evidenced by an Instrument, that such Instrument is in the possession of the Custodian indorsed to the Custodian or in blank; 

(c) in the case of any Deposit Account or Securities Account that the bank or Securities Intermediary at which such
Deposit Account or Securities Account, as applicable, is located has agreed that the Administrative Agent has Control over such Deposit Account or Securities Account; 

(d) in the case of any money (regardless of currency), that such money has been credited to a Deposit Account over which
the Administrative Agent has Control; and 
 (e) in the case of any Investment Property not of a type covered by
the foregoing clauses (a) through (d) that such Investment Property has been transferred to the Administrative Agent in accordance with applicable law and regulation. 

“Deposit Account”: as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any event,
including, without limitation, any demand, time, savings, passbook or like account maintained with a depositary institution. 

“Foreign Subsidiary Voting Stock”: the voting Capital Stock of any Foreign Subsidiary. 

“Guarantor Obligations”: with respect to any Guarantor, all obligations and liabilities of such Guarantor which may
arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations,
fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this
Agreement or any other Loan Document). 
 “Guarantors”: the collective reference to each Grantor other than
the Borrower. 
 “Infringe”: as defined in Section 4.8(c); “Infringement” shall have a
correlative meaning. 
 “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks
and the Trademark Licenses, and all rights to sue at law or in equity for any Infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

 “Intercompany Note”: any promissory note evidencing loans made by any
Grantor to any other Group Member. 
 “Investment Property”: the collective reference to (i) all
“investment property” as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not
constituting “investment property” as so defined, all Pledged Notes and all Pledged Stock. 

“Issuers”: the collective reference to each issuer of any Investment Property. 

“New York UCC”: the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Obligations”: (i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each
Guarantor, its Guarantor Obligations. 
 “Patents”: (i) all letters patent of the United States, any
other country or any political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without limitation, any of the foregoing referred to in Schedule 6, (ii) all applications for
letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 6, and (iii) all rights to obtain
any reissues or extensions of the foregoing. 
 “Patent License”: all agreements, whether written or oral,
providing for the grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 6. 

“Pledged Notes”: all promissory notes listed on Schedule 2, all Intercompany Notes at any time issued to any
Grantor and all other promissory notes issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business). 

“Pledged Stock”: the shares of Capital Stock listed on Schedule 2, together with any other
shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect; provided that in no
event shall more than 66- 2/3% of the total
outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary be required to be pledged hereunder. 

“Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the New York UCC and, in
any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 

“Receivable”: any right to payment for goods sold or leased or for services rendered, whether or not such right is
evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account); provided that such term shall include only such rights to payment that constitute Collateral. 

 “Secured Parties”: the collective reference to the Administrative Agent,
the Lenders and any affiliate of any Lender to which Borrower Obligations or Guarantor Obligations, as applicable, are owed. 

“Securities Act”: the Securities Act of 1933, as amended. 

“Trademarks”: (i) all trademarks, trade names, brand names, corporate names, company names, business names,
fictitious business names, trade styles, trade dress, domain names, service marks, logos and other source or business identifiers, and all goodwill associated therewith and symbolized thereby, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 6, and (ii) the right to obtain all renewals thereof. 

“Trademark License”: any agreement, whether written or oral, providing for the grant by or to any Grantor of any right
to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 6. 
 1.2 Other
Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 

(b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor,
shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GUARANTEE 

2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the
Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Borrower Obligations. 
 (b) Anything herein or in any other Loan Document to the contrary
notwithstanding, the maximum liability of each Subsidiary Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Subsidiary Guarantor under applicable federal and state laws
relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2). 
 (c)
Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and
remedies of the Administrative Agent or any Lender hereunder. 

 (d) The guarantee contained in this Section 2 shall remain in full force and effect
until all the Borrower Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full, no Letter of Credit shall be outstanding and the Commitments shall be
terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 
 (e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by the Administrative Agent or any Lender from the Borrower, any of the
Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to
modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or
collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in full, no Letter of Credit shall be
outstanding and the Commitments are terminated. 
 2.2 Right of Contribution. Each Subsidiary Guarantor hereby agrees
that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other Subsidiary
Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in
no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent and the Lenders for the full amount guaranteed by
such Subsidiary Guarantor hereunder. 
 2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder
or any set-off or application of funds of any Guarantor by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other
Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement
from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower on account of the Borrower Obligations are paid in full, no Letter
of Credit shall be outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount
shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form
received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 

2.4 Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the
Administrative Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, 

 
extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other Loan Documents and any
other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable
from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower Obligations may be sold, exchanged, waived, surrendered or released. Neither the
Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Section 2 or any property
subject thereto. 
 2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation,
renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this
Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all
dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee
contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any
other Loan Document, any of the Borrower Obligations or any collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any defense,
set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other Person against the Administrative Agent or any Lender, or (c) any other circumstance
whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such Guarantor under
the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Administrative Agent or any Lender may, but
shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower
Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or
any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of
offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Administrative Agent or any Lender against any
Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or
otherwise, all as though such payments had not been made. 

 2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid
to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office. 
 SECTION 3. GRANT OF
SECURITY INTEREST 
 Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the
Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may
acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such
Grantor’s Obligations: 
 (a) all Accounts; 
 (b) all Chattel Paper; 
 (c) all Contracts; 

(d) all Deposit Accounts; 
 (e) all Documents (other than title documents with respect to Vehicles); 
 (f) all
Equipment; 
 (g) all Fixtures; 
 (h) all General Intangibles; 
 (i) all Instruments; 

(j) all Intellectual Property; 
 (k) all Inventory; 
 (l) all Investment Property; 

(m) all Letter-of-Credit Rights; 
 (n) the Collection Accounts including all sub-accounts thereof, and all cash, Securities, Securities Entitlements with respect thereto and other Financial Assets carried therein; 

(o) all other property not otherwise described above; 
 (p) all books and records pertaining to the Collateral; and 

 (q) to the extent not otherwise included, all Proceeds, Supporting Obligations and products
of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided, however, that notwithstanding any of the other provisions set forth in this Section 3, this Agreement shall not constitute a grant
of a security interest in any property that constitutes Excluded Property (it being understood that such grant will be applicable at such time as any such property ceases to constitute Excluded Property). 

SECTION 4. REPRESENTATIONS AND WARRANTIES 
 To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor
hereby represents and warrants to the Administrative Agent and each Lender that: 
 4.1 Title; No Other Liens. Except for
the security interest granted to the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Credit Agreement, such Grantor owns each item of the
Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed in favor
of the Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement or as are permitted by the Credit Agreement. For the avoidance of doubt, it is understood and agreed that any Grantor may, as part of its business, grant
licenses to third parties to use Intellectual Property owned or developed by a Grantor. For purposes of this Agreement and the other Loan Documents, such licensing activity shall not constitute a “Lien” on such Intellectual Property. Each
of the Administrative Agent and each Lender understands that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the Administrative Agent to utilize, sell, lease or transfer the
related Intellectual Property or otherwise realize value from such Intellectual Property pursuant hereto. 
 4.2 Perfected
First Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said
Schedule, have been delivered to the Administrative Agent in completed and duly executed form, as applicable) will constitute valid perfected security interests in (i) all of the Collateral and the Proceeds thereof in which a security
interest can be perfected by the filing of a UCC-1 financing statement, (ii) the Intellectual Property of the Loan Parties listed in Schedule 6, (iii) the Pledged Stock listed in Schedule 2 , and
(iv) the deposit accounts established by the Borrower pursuant to Section 6.11(a) of the Credit Agreement, in favor of the Administrative Agent, for the benefit of the Secured Parties, as collateral security for such
Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any such Collateral from such Grantor (except, with respect to purchasers, to the
extent provided otherwise under applicable law) and (b) are prior to all other Liens on the Collateral in existence on the date hereof except Liens permitted pursuant to Section 7.4 of the Credit Agreement. 

4.3 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization,
identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or sole place of business or principal residence, as the case may be, are specified on Schedule 4. Such Grantor has
furnished to the Administrative Agent a certified charter, certificate of incorporation or other organization document and long-form good standing certificate as of a date which is recent to the date hereof. 

 4.4 Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm
Products. 
 4.5 Investment Property. (a) The shares of Pledged Stock pledged by such Grantor
hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor other than the preferred Stock in the case of MVW U.S. Holdings, Inc. or, in the case of Foreign Subsidiary Voting
Stock, if less, 66- 2/3% of the outstanding Foreign
Subsidiary Voting Stock of each relevant Issuer. 
 (b) All the shares of the Pledged Stock have been duly and validly
issued and are fully paid and nonassessable. 
 (c) Each of the Pledged Notes constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (d) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims
of, any other Person, except the security interest created by this Agreement. 
 4.6 Receivables. (a) No amount
payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been Delivered. 
 (b) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate. 

4.7 Contracts. (a) No consent of any party (other than such Grantor) to any Contract is required, or purports to be required,
in connection with the execution, delivery and performance of this Agreement, except as has been obtained. 
 (b) Each Contract
is in full force and effect and constitutes a valid and legally enforceable obligation of the parties thereto, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

(c) No consent or authorization of, filing with or other act by or in respect of any Governmental Authority is required in connection
with the execution, delivery, performance, validity or enforceability of any of the Contracts by any party thereto other than those which have been duly obtained, made or performed, are in full force and effect and do not subject the scope of any
such Contract to any material adverse limitation, either specific or general in nature, the failure of which to obtain or make or perform could reasonably be expected to have a material adverse effect on the enforceability of such Contract against
the related obligor or its value as Collateral. 
 (d) Neither such Grantor nor (to the best of such Grantor’s knowledge)
any of the other parties to the Contracts is in default in the performance or observance of any of the material terms thereof, the failure of which to perform or observe could reasonably be expected to result in a Material Adverse Effect.

 (e) The right, title and interest of such Grantor in, to and under the Contracts are not
subject to any defenses, offsets, counterclaims or claims, the successful exercise of which could reasonably be expected to result in a Material Adverse Effect. 
 (f) Such Grantor has delivered to the Administrative Agent a complete and correct copy of each Contract, including all amendments, supplements and other modifications thereto. 

4.8 Intellectual Property. (a) Schedule 6 lists all Intellectual Property which is the subject of a U.S. federal
registration or application owned by such Grantor in its own name on the date hereof. 
 (b) Each Grantor owns free of all Liens
(other than Liens permitted pursuant to Section 7.4 of the Credit Agreement), or has the right to use, all Intellectual Property used in the operation of such Grantor’s business. 

(c) On the date hereof, all Intellectual Property is valid, subsisting, unexpired and enforceable, has not been abandoned and does not
infringe, misappropriate or otherwise violate (“Infringe”) the intellectual property rights of any other Person except to the extent that failure to comply with the foregoing could not reasonably be expected to have a Material Adverse
Effect or have a material adverse effect on the value of the Intellectual Property taken as a whole. 
 (d) Except as set forth
in Schedule 6, on the date hereof, none of the Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor. 

(e) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity,
enforceability, ownership or use of, or such Grantor’s rights in, any Intellectual Property in any respect, and such Grantor knows of no valid basis for same except to the extent that the existence of any of the foregoing could not reasonably
be expected to have a Material Adverse Effect or have a material adverse effect on the value of the Intellectual Property taken as a whole. 
 (f) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on the date hereof (i) seeking to limit, cancel or question the validity, enforceability, ownership or use of
any Intellectual Property or such Grantor’s interest therein, or (ii) which, if adversely determined, could reasonably be expected to have a Material Adverse Effect or would have a material adverse effect on the value of the Intellectual
Property taken as a whole. 
 4.9 Commercial Tort Claims. 

(a) On the date hereof no Grantor has rights in any Commercial Tort Claim with potential value in excess of $100,000. 

(b) Upon the filing of a financing statement covering any Commercial Tort Claim referred to in Section 5.9 against such Grantor in
the jurisdiction specified in Schedule 3 hereto, the security interest granted in such Commercial Tort Claim will constitute a valid perfected security interest in favor of the Administrative Agent, for the benefit of the Secured Parties, as
collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase such Collateral from Grantor, which security interest shall be
prior to all other Liens on such Collateral except for unrecorded liens permitted by the Credit Agreement which have priority over the Liens on such Collateral by operation of law. 

 SECTION 5. COVENANTS 

Each Grantor covenants and agrees with the Administrative Agent and the Lenders that, from and after the date of this Agreement until
the Obligations shall have been paid in full, no Letter of Credit shall be outstanding and the Commitments shall have terminated: 
 5.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any
(i) Instrument (other than an Instrument evidencing Time Share Receivables), Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be immediately Delivered, duly indorsed in a manner satisfactory
to the Administrative Agent, to be held as Collateral pursuant to this Agreement and (ii) Instrument evidencing a Time Share Receivable that constitutes Collateral, such Instrument shall be Delivered promptly to the Custodian to be held in
accordance with the Custody Agreement. 
 5.2 Maintenance of Perfected Security Interest; Further Documentation.
(a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 4.2 and shall defend such security interest against the claims and demands
of all Persons whomsoever, subject to the rights of such Grantor under the Loan Documents to dispose of the Collateral. 
 (b)
Such Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the
Administrative Agent may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the
written request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the
Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation
statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby, (ii) in the case of Investment Property, Deposit Accounts, Letter-of-Credit Rights and any
other relevant Collateral, taking any actions necessary to enable the Administrative Agent to obtain Control with respect thereto, and (iii) in the case of Intellectual Property, filing with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office or any similar office or agency in any other country or any political subdivision thereof) any such documents as may be necessary for the purpose of perfecting, confirming, continuing,
enforcing or protecting the security interests created hereby. 
 (d) Except as otherwise permitted under Section 7.4 of
the Credit Agreement and the applicable provisions of each other Loan Document, the Grantors shall not (a) file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like
instrument with respect to any of the Collateral in which the Administrative Agent is not named as the secured party as agent for the Secured Parties, or (b) cause or permit any Person other than the Administrative Agent or the Custodian (in
accordance with the Custody Agreement) to have Control of any Deposit Account, Securities Account, Electronic Chattel Paper, Investment Property or Letter-of-Credit Right constituting part of the Collateral. 

5.3 Changes in Name, etc. Such Grantor will not, except upon 15 days’ prior written notice to the Administrative Agent and
delivery to the Administrative Agent of all additional executed financing 

 
statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein, (i) change
its jurisdiction of organization or the location of its chief executive office or sole place of business or principal residence from that referred to in Section 4.3 or (ii) change its name. 

5.4 Notices. Such Grantor will advise the Administrative Agent and the Lenders promptly, in reasonable detail, of: 

(a) any Lien (other than security interests created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which
would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder; and 
 (b) of the
occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security interests created hereby. 

5.5 Investment Property. (a) If such Grantor shall become entitled to receive or shall receive any certificate (including,
without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of
the Capital Stock of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the
Administrative Agent and the Lenders, hold the same in trust for the Administrative Agent and the Lenders and deliver the same forthwith to the Administrative Agent in the exact form received, duly indorsed by such Grantor to the Administrative
Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to be held by the Administrative Agent, subject to the
terms hereof, as additional collateral security for the Obligations. Any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it
hereunder, as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Investment Property or any property shall be distributed upon or with respect to the Investment Property
pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Administrative
Agent, be delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so paid or distributed in respect of the Investment Property shall be received by such
Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, as additional
collateral security for the Obligations. 
 (b) Without the prior written consent of the Administrative Agent, such Grantor will
not (i) vote to enable, or take any other action to permit, any Issuer to issue any Capital Stock (other than Preferred Stock) of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any
Capital Stock of any nature of any Issuer, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property or Proceeds thereof (except pursuant to a transaction expressly permitted by
the Credit Agreement), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property or Proceeds thereof, or any interest therein, except for the security
interests created by this Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the Investment Property or Proceeds thereof.

 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will
be bound by the terms of this Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the
occurrence of any of the events described in Section 5.5(a) with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all actions
that may be required of it pursuant to Section 6.3(c) or 6.7 with respect to the Investment Property issued by it. 
 (d)
In addition to the other requirements of this Section 5.5, each Grantor agrees to comply with Section 6.11 of the Credit Agreement with respect to the proceeds of residual interests in Time Share SPV’s owned by such Grantor.

 5.6 Receivables. (a) Other than in the ordinary course of business consistent with its past practice or as
permitted in existing or future securitization transactions, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof,
(iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could
materially adversely affect the value thereof. 
 (b) Such Grantor will deliver to the Administrative Agent a copy of each
material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables. 

5.7 Contracts. (a) Such Grantor will perform and comply in all material respects with all its obligations under the
Contracts. 
 (b) Except as permitted under Section 7.17 of the Credit Agreement, such Grantor will not amend, modify,
terminate or waive any provision of any Contract (i) in any manner which could reasonably be expected to materially adversely affect the value of such Contract as Collateral. 

(c) Such Grantor will exercise promptly and diligently each and every material right which it may have under each Contract (other than
any right of termination). 
 (d) Such Grantor will deliver to the Administrative Agent a copy of each material demand, notice
or document received by it relating in any way to any Contract that questions the validity or enforceability of such Contract. 

5.8 Intellectual Property. (a) Such Grantor (either itself or through licensees) will (i) maintain each material
Trademark in full force free from any meritorious claim of abandonment for non-use, and in a manner consistent with the quality of goods and services offered under such Trademark in the past; (ii) use such Trademarks with the appropriate notice
of registration and all other notices and legends required by applicable Requirements of Law, (iii) not adopt or use any mark which is confusingly similar or a colorable imitation of such Trademarks unless the Administrative Agent, for the
ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement, and (iv) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby
such Trademark may become invalidated or impaired in any way. 
 (b) Such Grantor (either itself or through licensees) will not
(and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby (i) any portion of the Copyrights may (i) become invalidated or otherwise impaired or (ii) fall into the public domain.

 (c) Such Grantor (either itself or through licensees) will not do any act that knowingly
uses any Intellectual Property to Infringe the intellectual property rights of any other Person. 
 (d) Such Grantor will notify
the Administrative Agent and the Lenders promptly if it knows, or has reason to know, that any application or registration relating to any Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse
determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or
tribunal in any country) regarding such Grantor’s rights in, or the validity, enforceability, ownership or use of, any Intellectual Property, including, without limitation such Grantor’s right to register the same or to own and maintain
the same. 
 (e) Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an
application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such
Grantor shall report such filing to the Administrative Agent within fifteen Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor shall execute and deliver, and
have recorded, any and all agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Lenders’ security interest in such Intellectual Property and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby. 
 (f) Such Grantor will take all reasonable and
necessary steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to
maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of the Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of
incontestability and the payment of maintenance fees. 
 (g) In the event that any material Intellectual Property is Infringed
by a third party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic
value, promptly notify the Administrative Agent after it learns thereof and sue for Infringement, to seek injunctive relief where appropriate and to recover any and all damages for such Infringement. 

5.9 Commercial Tort Claims. If such Grantor shall obtain an interest in any Commercial Tort Claim with a potential value in excess
of $100,000, such Grantor shall within 30 days of obtaining such interest sign and deliver documentation acceptable to the Administrative Agent granting a security interest under the terms and provisions of this Agreement in and to such Commercial
Tort Claim. 
 5.10 Time Share Interests. Each Grantor agrees to comply with Section 6.11 of the Credit Agreement
with respect to the proceeds of Time Share Interests described therein that are owned by such Grantor. 
 5.11 Use of
Collateral Prior to Default; Agreement regarding Control Agreements. Unless a Default or an Event of Default shall have occurred and be continuing, the Grantors retain all rights to deal with and to manage the Collateral, including without
limitation, the right to sell or otherwise to dispose of, and to exercise all voting and corporate or other organizational rights with respect to, the Collateral so long as the same is otherwise in accordance with the provisions of this Agreement

 
and would not contravene a requirement of the Credit Agreement. The Administrative Agent agrees with the Grantors that it will not give or deliver any notice of exclusive control or similar
notice or any Entitlement Order or other instruction pursuant to any control agreement relating to any Collection Account or pursuant to the Custody Agreement unless (x) a Default or an Event of Default has occurred and is then continuing or
(y) if such notice, order or instruction is necessary or advisable, in the good faith judgment of the Administrative Agent, to prevent an action that would contravene a requirement of this Agreement or the Credit Agreement. 

SECTION 6. REMEDIAL PROVISIONS 
 6.1 Certain Matters Relating to Receivables. (a) The Administrative Agent shall have the right to make test verifications of the Receivables in any manner and through any medium that it
reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications. If an Event of Default has occurred and is continuing, at any time
and from time to time, upon the Administrative Agent’s reasonable request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the
Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables. 

(b) The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, provided that the Administrative
Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of
Default, any payments of such Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the
Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in
Section 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor. Each such deposit of Proceeds of such Receivables shall be
accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. The foregoing requirements are in addition to the requirements with respect to proceeds of Receivables set forth in this
Agreement and in the Credit Agreement. 
 (c) At the Administrative Agent’s request after the occurrence and during the
continuance of an Event of Default, each Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without
limitation, all original orders, invoices and shipping receipts. 
 6.2 Communications with Obligors; Grantors Remain
Liable. (a) Subject to compliance with applicable law, the Administrative Agent in its own name or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under
the Receivables and parties to the Contracts to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Receivables or Contracts. 

(b) Upon the request of the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each
Grantor shall notify obligors on the Receivables and parties to the Contracts that the Receivables and the Contracts have been assigned to the Administrative Agent for the benefit of the Secured Parties and that payments in respect thereof shall be
made directly to the Administrative Agent. 

 (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Receivables and Contracts to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Administrative Agent
nor any Lender shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) or Contract by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any Lender of any payment
relating thereto, nor shall the Administrative Agent or any Lender be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto) or Contract, to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

6.3 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall
have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged
Stock (subject to the obligations set forth in this Agreement and in Section 6.11 of the Credit Agreement in respect of the Capital Stock of Time Share SPVs) and all payments made in respect of the Pledged Notes, in each case paid in the normal
course of business of the relevant Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and to exercise all voting and corporate or other organizational rights with respect to the Investment Property; provided
however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which, in the Administrative Agent’s reasonable judgment, would impair the Collateral or which would be inconsistent with or result
in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 
 (b) If an Event of
Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all cash
dividends, payments or other Proceeds paid in respect of the Investment Property and make application thereof to the Obligations in such order as the Administrative Agent may determine, and (ii) any or all of the Investment Property shall be
registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Investment Property at any meeting of
shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Investment Property as if it were the absolute owner
thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate or other
organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Investment Property, and in connection therewith, the right to deposit and deliver any and
all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property
actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 

(c) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor hereunder to
(i) comply with any instruction received by it from the 

 
Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any
other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) thereafter, unless otherwise expressly permitted hereby, pay any dividends or other payments with
respect to the Investment Property directly to the Administrative Agent. 
 6.4 Proceeds to be Turned Over To Administrative
Agent. In addition to the rights of the Administrative Agent and the Lenders specified elsewhere in this Agreement and in the Credit Agreement with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all
Proceeds received by any Grantor (other than any Proceeds that are required to be held in escrow accounts or that constitute “pre-rescission” customer deposits) consisting of cash, checks and other near-cash items shall be held by such
Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor
(duly indorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and control.
All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Administrative Agent and the Lenders) shall continue to be held as collateral security for all the Obligations and shall not constitute
payment thereof until applied as provided in Section 6.5. 
 6.5 Application of Proceeds. At such intervals as may
be agreed upon by the Borrower and the Administrative Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of Proceeds
constituting Collateral, whether or not held in any Collateral Account, and any Proceeds of the guarantee set forth in Section 2, in payment of the Obligations in the following order: 

First, to pay incurred and unpaid fees and expenses of the Administrative Agent under the Loan Documents;

 Second, to the Administrative Agent, for application by it towards payment of amounts then due and
owing and remaining unpaid in respect of the Obligations, pro rata among the Secured Parties according to the amounts of the Obligations then due and owing and remaining unpaid to the Secured Parties; 

Third, to the Administrative Agent, for application by it towards prepayment of the Obligations, pro
rata among the Secured Parties according to the amounts of the Obligations then held by the Secured Parties; and 
 Fourth, any balance remaining after the Obligations shall have been paid in full, no Letters of Credit shall be outstanding and the Commitments shall have terminated shall be paid over to the
Borrower or to whomsoever may be lawfully entitled to receive the same. 
 6.6 Code and Other Remedies. If an Event of
Default shall occur and be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations, all rights and remedies of a secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may
in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, 

 
and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in
one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem
best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale
or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s
request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the
net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any
way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in such
order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the New
York UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any Lender
arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale
or other disposition. 
 6.7 Registration Rights. (a) If the Administrative Agent shall determine to exercise its
right to sell any or all of the Pledged Stock pursuant to Section 6.6, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Stock, or that portion thereof to be sold, registered under the provisions
of the Securities Act, the relevant Grantor will cause the Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all
such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to register the Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the
registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Stock, or that portion thereof to be sold, and (iii) make all amendments
thereto and/or to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the SEC applicable thereto. Each
Grantor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the Administrative Agent shall designate and to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 
 (b) Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and
applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own
account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the
period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer would agree to do so. 

 (c) Each Grantor agrees to use its best efforts to do or cause to be done all such other
acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable Requirements of Law. Each Grantor further agrees
that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the Lenders, that the Administrative Agent and the Lenders have no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement. 
 6.8
Subordination. Each Grantor hereby agrees that, upon the occurrence and during the continuance of an Event of Default, unless otherwise agreed by the Administrative Agent, all Indebtedness owing by it to any Subsidiary of the Borrower shall
be fully subordinated to the indefeasible payment in full in cash of such Grantor’s Obligations. 
 6.9 Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or
any Lender to collect such deficiency. 
 SECTION 7. THE ADMINISTRATIVE AGENT 

7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and
appoints the Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such
Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of
this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following:

 (i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any
checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or
otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or Contract or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Lenders’ security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor
relating thereto or represented thereby; 

 (iii) pay or discharge taxes and Liens levied or placed on or threatened
against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; and 
 (v) (1) direct any party liable
for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (2) ask or demand for, collect, and receive
payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or
warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of
competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral;
(6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with
the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and
(8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at
the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative
Agent’s and the Lenders’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Anything in this Section 7.1(a) to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this
Section 7.1(a) unless an Event of Default shall have occurred and be continuing. 
 (b) If any Grantor fails to perform or
comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1,
together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ABR Loans under the Credit Agreement, from the date of payment by the Administrative Agent to
the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
 (d) Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is
terminated and the security interests created hereby are released. 
 7.2 Duty of Administrative Agent. The
Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of 

 
the New York UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, any
Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise
dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the Lenders hereunder are
solely to protect the Administrative Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative Agent and the Lenders shall
be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act
hereunder, except for their own gross negligence or willful misconduct. 
 7.3 Execution of Financing Statements.
Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral without the signature of such Grantor in
such form and in such offices as the Administrative Agent determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. Each Grantor authorizes the Administrative Agent to use the collateral description
“all personal property” in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing statement with respect to the Collateral made prior to the date hereof.

 7.4 Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the
Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for
herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as
between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Grantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority. 
 SECTION 8. MISCELLANEOUS 

8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except in accordance with Section 10.1 of the Credit Agreement. 
 8.2 Notices. All notices, requests and
demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be
addressed to such Guarantor at its notice address set forth on Schedule 1. 
 8.3 No Waiver by Course of Conduct; Cumulative
Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any 

 
other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are
not exclusive of any other rights or remedies provided by law. 
 8.4 Enforcement Expenses; Indemnification.
(a) Each Guarantor agrees to pay or reimburse each Lender and the Administrative Agent for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or
preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each
Lender and of counsel to the Administrative Agent. 
 (b) Each Guarantor agrees to pay, and to save the Administrative Agent and
the Lenders harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in
connection with any of the transactions contemplated by this Agreement. 
 (c) Each Guarantor agrees to pay, and to save the
Administrative Agent and the Lenders harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 10.5 of the Credit Agreement. 

(d) The agreements in this Section 8.4 shall survive repayment of the Obligations and all other amounts payable under the Credit
Agreement and the other Loan Documents. 
 8.5 Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this
Agreement without the prior written consent of the Administrative Agent. 
 8.6 Set-Off. In addition to any rights and
remedies of the Lenders provided by law, each Lender shall have the right, without notice to any Grantor, any such notice being expressly waived by each Grantor to the extent permitted by applicable law, upon any Obligations becoming due and payable
by any Grantor (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and
any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or
agencies to or for the credit or the account of such Grantor. Each Lender agrees promptly to notify the relevant Grantor and the Administrative Agent after any such application made by such Lender, provided that the failure to give such
notice shall not affect the validity of such application. 
 8.7 Counterparts. This Agreement may be executed by one or
more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

8.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 

 8.9 Section Headings. The Section headings used in this Agreement are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

8.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent
and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set
forth or referred to herein or in the other Loan Documents. 
 8.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.12 Submission To
Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property
in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address referred to in
Section 8.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 
 (d)
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section any special, exemplary, punitive or consequential damages. 
 8.13 Acknowledgements. Each
Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents to which it is a party; 
 (b) neither the Administrative Agent nor any Lender has any
fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and Lenders, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders. 
 8.14 Additional
Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 6.10 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
 8.15 Releases. (a) At such time as the
Loans, the Reimbursement Obligations and the other Obligations shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens created hereby, and this
Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and
all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative Agent
hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 (b) Upon any Disposition by any Grantor of any Collateral that is not prohibited by the Credit Agreement (other than a Disposition of Collateral to another Grantor), the security interest of the
Administrative Agent in such Collateral shall be automatically released. Notwithstanding the foregoing, in the event that the Borrower reasonably so requests, the Administrative Agent shall sign release documentation that may be necessary or
desirable to confirm such release to third parties. Each such request for a release shall be deemed to be a representation and warranty by the Borrower under the Credit Agreement that such release is permitted pursuant to the Credit Agreement.

 (c) At the request and sole expense of the Borrower, a Subsidiary Guarantor shall be released from its obligations hereunder
in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative
Agent, at least ten Business Days prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof
and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 

8.16 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral
Agreement to be duly executed and delivered as of the date first above written. 
  

							
		 	MARRIOTT VACATIONS WORLDWIDE CORPORATION
				
		 	By:	 	 /s/ Joseph Bramuchi
	 	
		 	Name:	 	Joseph Bramuchi	 	
		 	Title:	 	Vice President and Treasurer	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

							
		 	MARRIOTT OWNERSHIP RESORTS, INC.
				
		 	By:	 	 /s/ Joseph Bramuchi
	 	
		 	Name:	 	Joseph Bramuchi	 	
		 	Title:	 	Vice President and Treasurer	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

							
		 	MVW US HOLDINGS
				
		 	By:	 	 /s/ Joseph Bramuchi
	 	
		 	Name:	 	Joseph Bramuchi	 	
		 	Title:	 	Vice President and Treasurer	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

							
			
		 	 E-CRM CENTRAL, LLC
	 	
			
		 	 EAGLE TREE CONSTRUCTION, LLC
	 	
			
		 	 HARD CARBON, LLC
	 	
			
		 	 HEAVENLY RESORT PROPERTIES, LLC
	 	
		
		 	 K D KAPULE LLC

		
		 	 KAUAI LAGOONS HOLDINGS LLC

		
		 	 KAUAI LAGOONS LLC

		
		 	 KAUAI LAGOONS VESSELS LLC

		
		 	 MARRIOTT KAUAI OWNERSHIP RESORTS, INC.

		
		 	 MARRIOTT OVERSEAS OWNERS SERVICES CORPORATION

		
		 	 MARRIOTT OWNERSHIP RESORTS PROCUREMENT, LLC

		
		 	 MARRIOTT RESORTS HOSPITALITY CORPORATION

		
		 	 MARRIOTT RESORTS SALES COMPANY, INC.

		
		 	 MARRIOTT RESORTS TITLE COMPANY, INC.

		
		 	 MARRIOTT RESORTS, TRAVEL COMPANY, INC.

		
		 	 MARRIOTT VACATION CLUB OWNERSHIP II LLC

		
		 	 MARRIOTT VACATION CLUB OWNERSHIP LLC

		
		 	 MARRIOTT VACATION PROPERTIES OF FLORIDA, INC.

		
		 	 MARRIOTT’S DESERT SPRINGS DEVELOPMENT CORPORATION

		
		 	 MH KAPALUA VENTURE, LLC

		
		 	 MORI GOLF (KAUAI), LLC

		
		 	 MORI MEMBER (KAUAI), LLC

		
		 	 MORI RESIDENCES, INC.

		
		 	 MORI SPC 2005-1 CORP.

		
		 	 MORI SPC 2005-2 CORP.

		
		 	 MORI SPC 2006-1 CORP

		
		 	 MORI SPC 2006-2 CORP.

		
		 	 MORI SPC 2007-1 CORP.

		
		 	 MORI SPC CORP.

		
		 	 MORI SPC II, INC.

			
		 	 MORI SPC III CORP.
	 	
			
		 	 MORI SPC SERIES CORP.
	 	
			
		 	 MORI SPC V CORP.
	 	
			
		 	 MORI SPC VI CORP.
	 	
			
		 	 MORI SPC VII CORP.
	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

							
			
		 	 MTSC, INC.
	 	
			
		 	 MVCO 2005-1 LLC
	 	
			
		 	 MVCO 2005-2 LLC
	 	
			
		 	 MVCO 2006-1 LLC
	 	
			
		 	 MVCO 2006-2 LLC
	 	
			
		 	 MVCO 2007-1 LLC
	 	
			
		 	 MVCO SERIES LLC
	 	
			
		 	 MVW OF NEVADA, INC.
	 	
			
		 	 MVW US HOLDINGS, INC.
	 	
			
		 	 R.C. CHRONICLE BUILDING, L.P.
	 	
			
		 	 RBF, LLC
	 	
			
		 	 RCC (GP) HOLDINGS LLC
	 	
			
		 	 RCC (LP) HOLDINGS L.P.
	 	
			
		 	 RCDC 942, L.L.C.
	 	
			
		 	 RCDC CHRONICLE LLC
	 	
			
		 	 THE COBALT TRAVEL COMPANY, LLC
	 	
			
		 	 THE LION & CROWN TRAVEL CO., LLC
	 	
		
		 	 THE RITZ-CARLTON DEVELOPMENT COMPANY, INC.

		
		 	 THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.

			
		 	 THE RITZ-CARLTON SALES COMPANY, INC.
	 	
			
		 	 THE RITZ-CARLTON TITLE COMPANY, INC.
	 	
			
		 	 as Grantors
	 	
				
		 	By:	 	 /s/ Joseph Bramuchi
	 	
		 	Name:	 	Joseph Bramuchi	 	
		 	Title:	 	Vice President and Treasurer	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

							
		 	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent
	 	
				
		 	By:	 	 /s/ Mark E. Constantino
	 	
		 	Name:	 	Mark E. Constantino	 	
		 	Title:	 	Executive Director	 	

  

[Guarantee and Collateral Agreement Signature Pages] 

 Schedule 1 
 NOTICE ADDRESSES OF GUARANTORS 
 [Name of Guarantor] 

Attn: Chief Financial Officer 

6649 Westwood Boulevard, 5th Floor 

Orlando, Florida 32821 
 Telephone:
(407) 206-6334 
 Facsimile: (407) 206-6005 
 With a copy to: 
 [Name of Guarantor] 
 Attn: General Counsel 
 6649 Westwood Boulevard, 3rd Floor 
 Orlando, Florida 32821 
 Telephone: (407) 513-6895 

Facsimile: (407) 206-6420 

 Schedule 2 
 DESCRIPTION OF INVESTMENT PROPERTY 
 PLEDGED STOCK 

Equity Interest in: 
 e-CRM
Central, LLC 
 Eagle Tree Construction, LLC 
 Hard Carbon, LLC 
 Heavenly Resort Properties, LLC 

K D Kapule LLC 

Kauai Lagoons Holdings LLC 
 Kauai Lagoons LLC 
 Kauai Lagoons Vessels LLC 

Marriott Kauai Ownership Resorts, Inc. 
 Marriott Overseas Owners Services Corporation 
 Marriott Ownership Resorts
Procurement, LLC 
 Marriott Resorts Hospitality Corporation 

Marriott Resorts Sales Company, Inc. 
 Marriott Resorts Title Company, Inc. 
 Marriott Resorts, Travel Company, Inc.

 Marriott Vacation Club Ownership II LLC 
 Marriott Vacation Club Ownership LLC 
 Marriott Vacation Properties of Florida,
Inc. 
 Marriott’s Desert Springs Development Corporation 

MH Kapalua Venture, LLC 
 MORI Golf (Kauai), LLC 
 MORI Member (Kauai), LLC 

MORI Residences, Inc. 
 MORI SPC 2005-1 Corp. 
 MORI SPC 2005-2 Corp. 

MORI SPC 2006-1 Corp 
 MORI SPC 2006-2 Corp. 
 MORI SPC 2007-1 Corp. 

MORI SPC Corp. 

MORI SPC II, Inc. 

MORI SPC III CORP. 
 MORI SPC Series Corp. 
 MORI SPC V Corp. 

MORI SPC VI Corp. 

MORI SPC VII Corp. 
 MTSC, INC. 
 MVCO 2005-1 LLC 

MVCO 2005-2 LLC 

MVCO 2006-1 LLC 

 MVCO 2006-2 LLC 
 MVCO 2007-1 LLC 
 MVCO Series LLC 

MVW of Nevada, Inc. 
 MVW US Holdings, Inc. 
 R.C. Chronicle Building, L.P. 

RBF, LLC 
 RCDC
942, L.L.C. 
 RCDC Chronicle LLC 
 The Cobalt Travel Company, LLC 
 The Lion & Crown Travel Co., LLC

 The Ritz-Carlton Development Company, Inc. 
 The Ritz-Carlton Management Company, L.L.C. 
 The Ritz-Carlton Sales Company, Inc.

 The Ritz-Carlton Title Company, Inc. 
 PLEDGED NOTES 
  

									
	 Trans.
	 	 Date
	 	 Maker/Obligor
	 	 Holder/Obligee
	 	 Type

	2004-1	 	14-May-04	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC VI Corp	 	Demand Note
	2004-2	 	8-Nov-04	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC VII Corp	 	Demand Note
	2005-1	 	20-May-05	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC 2005-1	 	Demand Note
	2005-2	 	20-Oct-05	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC 2005-2	 	Demand Note
	2006-1	 	18-May-06	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC 2006-1	 	Demand Note
	2006-2	 	8-Nov-06	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC 2006-2	 	Demand Note
	2007-1	 	21-May-07	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC 2007-1	 	Demand Note
	2007-2	 	12-Oct-07	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC	 	Demand Note
	2008-1	 	1-Jun-08	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC	 	Demand Note
	2009-2	 	1-Oct-09	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC	 	Demand Note
	2010-1	 	1-Nov-10	 	Marriott International (with indemnity by MVWC under Item 2 of Sch. 1.1 the Separation and Distribution Agreement)	 	MORI SPC	 	Demand Note
	2011-1	 	5-Oct-11	 	MORI SPC Series Corp	 	Marriott Ownership Resorts, Inc	 	Promissory Note

 Schedule 3 
 FILINGS AND OTHER ACTIONS 
 REQUIRED TO PERFECT SECURITY INTERESTS 

Uniform Commercial Code Filings 
  

			
	 Entity Name
	  	 Filing Office

	e-CRM Central, LLC	  	Delaware Secretary of State
	Eagle Tree Construction, LLC	  	Florida Department of State
	Hard Carbon, LLC	  	Nevada Secretary of State
	Heavenly Resort Properties, LLC	  	Nevada Secretary of State
	K D Kapule LLC	  	Hawaii Bureau of Conveyances
	Kauai Lagoons Holdings LLC	  	Delaware Secretary of State
	Kauai Lagoons LLC	  	Hawaii Bureau of Conveyances
	Kauai Lagoons Vessels LLC	  	Hawaii Bureau of Conveyances
	Marriott Kauai Ownership Resorts, Inc.	  	Delaware Secretary of State
	Marriott Overseas Owners Services Corporation	  	Delaware Secretary of State
	Marriott Ownership Resorts Procurement, LLC	  	Delaware Secretary of State
	Marriott Ownership Resorts, Inc.	  	Delaware Secretary of State
	Marriott Resorts Hospitality Corporation	  	South Carolina Secretary of State
	Marriott Resorts Sales Company, Inc.	  	Delaware Secretary of State
	Marriott Resorts Title Company, Inc.	  	Florida Department of State
	Marriott Resorts, Travel Company, Inc.	  	Delaware Secretary of State
	Marriott Vacation Club Ownership II LLC	  	Delaware Secretary of State
	Marriott Vacation Club Ownership LLC	  	Delaware Secretary of State
	Marriott Vacation Properties of Florida, Inc.	  	Delaware Secretary of State
	Marriott Vacations Worldwide Corporation	  	Delaware Secretary of State
	Marriott’s Desert Springs Development Corporation	  	Delaware Secretary of State
	MH Kapalua Venture, LLC	  	Delaware Secretary of State
	MORI Golf (Kauai), LLC	  	Delaware Secretary of State
	MORI Member (Kauai), LLC	  	Delaware Secretary of State
	MORI Residences, Inc.	  	Delaware Secretary of State
	MORI SPC 2005-1 Corp.	  	Delaware Secretary of State
	MORI SPC 2005-2 Corp.	  	Delaware Secretary of State
	MORI SPC 2006-1 Corp	  	Delaware Secretary of State
	MORI SPC 2006-2 Corp.	  	Delaware Secretary of State
	MORI SPC 2007-1 Corp.	  	Delaware Secretary of State
	MORI SPC Corp.	  	Delaware Secretary of State
	MORI SPC II, Inc.	  	Delaware Secretary of State
	MORI SPC III CORP.	  	Delaware Secretary of State

			
	 	  	 
	MORI SPC Series Corp.	  	Delaware Secretary of State
	MORI SPC V Corp.	  	Delaware Secretary of State
	MORI SPC VI Corp.	  	Delaware Secretary of State
	MORI SPC VII Corp.	  	Delaware Secretary of State
	MTSC, INC.	  	Delaware Secretary of State
	MVCO 2005-1 LLC	  	Delaware Secretary of State
	MVCO 2005-2 LLC	  	Delaware Secretary of State
	MVCO 2006-1 LLC	  	Delaware Secretary of State
	MVCO 2006-2 LLC	  	Delaware Secretary of State
	MVCO 2007-1 LLC	  	Delaware Secretary of State
	MVCO Series LLC	  	Delaware Secretary of State
	MVW of Nevada, Inc.	  	Nevada Secretary of State
	MVW US Holdings, Inc.	  	Delaware Secretary of State
	R.C. Chronicle Building, L.P.	  	Delaware Secretary of State
	RBF, LLC	  	Delaware Secretary of State
	RCC (GP) Holdings LLC	  	Delaware Secretary of State
	RCC (LP) Holdings L.P.	  	Delaware Secretary of State
	RCDC 942, L.L.C.	  	Delaware Secretary of State
	RCDC Chronicle LLC	  	Delaware Secretary of State
	The Cobalt Travel Company, LLC	  	Delaware Secretary of State
	The Lion & Crown Travel Co., LLC	  	Delaware Secretary of State
	The Ritz-Carlton Development Company, Inc.	  	Delaware Secretary of State
	The Ritz-Carlton Management Company, L.L.C.	  	Delaware Secretary of State
	The Ritz-Carlton Sales Company, Inc.	  	Delaware Secretary of State
	The Ritz-Carlton Title Company, Inc.	  	Delaware Secretary of State

 Patent and Trademark Filings 

Filing of the Trademark Security Agreement reflecting the grant of security interest in trademark rights by 

the applicable Grantor in favor of the Administrative Agent 
 in the United States Patent and Trademark Office 
 Actions with respect to
Pledged Stock and Pledged Notes 
 Originals, duly endorsed in blank for transfer, to be delivered to the Administrative
Agent 
 Other Actions 
 Execution and Delivery to the Administrative Agent of the Restricted (Non-Blocked) Account Agreement dated as of November 21, 2011 among Borrower, Administrative Agent and Sun Trust Bank 

 Schedule 4 
 LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE 
  

					
	 Grantor
	  	 Jurisdiction of
Organization
	  	 Location of Chief
Executive Office

			
	 e-CRM Central, LLC
	  	Delaware	  	Florida
			
	 Eagle Tree Construction, LLC
	  	Florida	  	Florida
			
	 Hard Carbon, LLC
	  	Nevada	  	Florida
			
	 Heavenly Resort Properties, LLC
	  	Nevada	  	Florida
			
	 K D Kapule LLC
	  	Hawaii	  	Florida
			
	 Kauai Lagoons Holdings LLC
	  	Delaware	  	Florida
			
	 Kauai Lagoons LLC
	  	Hawaii	  	Florida
			
	 Kauai Lagoons Vessels LLC
	  	Hawaii	  	Florida
			
	 Marriot Kauai Ownership Resorts, Inc.
	  	Delaware	  	Florida
			
	 Marriott Overseas Owners Services Corporation
	  	Delaware	  	Florida
			
	 Marriott Ownership Resorts Procurement, LLC
	  	Delaware	  	Florida
			
	 Marriott Ownership Resorts, Inc.
	  	Delaware	  	Florida
			
	 Marriott Resorts Hospitality Corporation
	  	South Carolina	  	Florida
			
	 Marriott Resorts Sales Company, Inc.
	  	Delaware	  	Florida
			
	 Marriott Resorts Title Company, Inc.
	  	Florida	  	Florida
			
	 Marriott Resorts, Travel Company, Inc.
	  	Delaware	  	Florida
			
	 Marriott Vacation Club Ownership LLC
	  	Delaware	  	Florida
			
	 Marriott Vacation Club Ownership II LLC
	  	Delaware	  	Florida
			
	 Marriott Vacation Properties of Florida, Inc.
	  	Delaware	  	Florida
			
	 Marriott Vacations Worldwide Corporation
	  	Delaware	  	Florida

					
	 	  	 	  	 
			
	 Marriott’s Desert Springs Development Corporation
	  	Delaware	  	Florida
			
	 MH Kapalua Venture, LLC
	  	Delaware	  	Florida
			
	 MORI Golf (Kauai), LLC
	  	Delaware	  	Florida
			
	 MORI Member (Kauai), LLC
	  	Delaware	  	Florida
			
	 MORI Residences, Inc.
	  	Delaware	  	Florida
			
	 MORI SPC 2005-1 Corp.
	  	Delaware	  	Florida
			
	 MORI SPC 2005-2 Corp.
	  	Delaware	  	Florida
			
	 MORI SPC 2006-1 Corp.
	  	Delaware	  	Florida
			
	 MORI SPC 2006-2 Corp.
	  	Delaware	  	Florida
			
	 MORI SPC 2007-1 Corp.
	  	Delaware	  	Florida
			
	 MORI SPC Corp.
	  	Delaware	  	Florida
			
	 MORI SPC II, Inc.
	  	Delaware	  	Florida
			
	 MORI SPC III CORP.
	  	Delaware	  	Florida
			
	 MORI SPC Series Corp.
	  	Delaware	  	Florida
			
	 MORI SPC V Corp.
	  	Delaware	  	Florida
			
	 MORI SPC VI Corp.
	  	Delaware	  	Florida
			
	 MORI SPC VII Corp.
	  	Delaware	  	Florida
			
	 MTSC, INC.
	  	Delaware	  	Florida
			
	 MVCO 2005-1 LLC
	  	Delaware	  	Florida
			
	 MVCO 2005-2 LLC
	  	Delaware	  	Florida
			
	 MVCO 2006-1 LLC
	  	Delaware	  	Florida
			
	 MVCO 2006-2 LLC
	  	Delaware	  	Florida
			
	 MVCO 2007-1 LLC
	  	Delaware	  	Florida
			
	 MVCO Series LLC
	  	Delaware	  	Florida

					
	MVW of Nevada, Inc.	  	Nevada	  	Florida
			
	MVW US Holdings, Inc.	  	Delaware	  	Florida
			
	R.C. Chronicle Building, L.P.	  	Delaware	  	Florida
			
	RBF, LLC	  	Delaware	  	Florida
			
	RCC (GP) Holdings LLC	  	Delaware	  	Florida
			
	RCC (LP) Holdings L.P.	  	Delaware	  	Florida
			
	RCDC 942, L.L.C.	  	Delaware	  	Florida
			
	RCDC Chronicle LLC	  	Delaware	  	Florida
			
	The Cobalt Travel Company, LLC	  	Delaware	  	Florida
			
	The Lion & Crown Travel Co., LLC	  	Delaware	  	Florida
			
	The Ritz-Carlton Development Company, Inc.	  	Delaware	  	Florida
			
	The Ritz-Carlton Management Company, L.L.C.	  	Delaware	  	Florida
			
	The Ritz-Carlton Sales Company, Inc.	  	Delaware	  	Florida
			
	The Ritz-Carlton Title Company, Inc.	  	Delaware	  	Florida

 Schedule 6 
 COPYRIGHTS AND COPYRIGHT LICENSES 
 NONE 

PATENTS AND PATENT LICENSES 
 NONE 
 TRADEMARKS AND TRADEMARK LICENSES 

 

															
	 Mark
	  	 Assigned
From
	  	 Assigned
To
	  	 Location/

Country
	  	 Status
	  	 Registration
No.
	  	 Registration
Date
	  	 International

Class

	CANOPY COVE®	  	MII	  	MVW	  	US	  	Registered	  	2509629	  	20-Nov-01	  	41
	FriendShare®	  	MII	  	MVW	  	US	  	Registered	  	1793867	  	21-Sep-93	  	36
	FUNCTION JUNCTION®	  	MII	  	MVW	  	US	  	Registered	  	2486114	  	04-Sep-01	  	41
	HORIZONS HARBOR®	  	MII	  	MVW	  	US	  	Registered	  	2550971	  	19-Mar-02	  	41
	JUST-IN-TIME VACATIONS®	  	MII	  	MVW	  	US	  	Registered	  	3958004	  	10-May-11	  	36
	KAUAI LAGOONS®	  	MII	  	MVW	  	US	  	Registered	  	1771511	  	18-May-93	  	21, 25, 28, 41, 42
	PUTT-OF-COURSE®	  	MII	  	MVW	  	US	  	Registered	  	3013949	  	8-Nov-05	  	41
	QUARTERDECK®	  	MII	  	MVW	  	US	  	Registered	  	2562312	  	16-Apr-02	  	41
	VACATION ARCHITECTURE®	  	MII	  	MVW	  	US	  	Registered	  	3230381	  	17-Apr-07	  	36
	VACATION ARCHITECTURE®	  	MII	  	MVW	  	US	  	Registered	  	3096271	  	23-May-06	  	35
	Unicorn Design®	  	MII	  	MVW	  	US	  	Registered	  	1785592	  	03-Aug-93	  	25, 28, 41
	WATERWORKS®	  	MII	  	MVW	  	US	  	Registered	  	2678787	  	21-Jan-03	  	41
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2264543	  	27-Jul-99	  	41
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2280863	  	28-Sep-99	  	24
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2259168	  	6-Jul-99	  	28
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2255363	  	22-Jun-99	  	9

															
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2266697	  	3-Aug-99	  	25
	FALDO GOLF INSTITUTE®	  	MII	  	MVW	  	US	  	Registered	  	2262679	  	20-Jul-99	  	16
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2219037	  	19-Jan-99	  	25
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2221762	  	2-Feb-99	  	28
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2219043	  	19-Jan-99	  	41
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2220577	  	26-Jan-99	  	24
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2219042	  	19-Jan-99	  	18
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2221770	  	2-Feb-99	  	9
	Golfer Logo	  	MII	  	MVW	  	US	  	Registered	  	2222893	  	9-Feb-99	  	16
	NICK’S GRILL®	  	MII	  	MVW	  	US	  	Registered	  	2198076	  	20-Oct-98	  	42
	Willow Creek Bistro	  	Ritz-Carlton	  	MVW	  	US	  		  		  		  	
	Eagle Tree	  	Ritz-Carlton	  	MVW	  	US	  		  		  		  	

  

							
	 Domain Name
	 	  	 	  	 	  
	 4yesyoucan.com

awardfriend.com
 awardfriends.com
 bigtimetickets.com

clubexperiencesurvey.com

clubfraction.com
 clubfriendshare.com
 doanythingsweeps.com

doanythingsweepstakes.com

dreamsvacationgroup.com

dreamvacationgroup.com

dreamvacationgroups.com

dreamvacationsgroup.com

europetimeshare.com

experiencelifeinspired.com

faldogolfinstitute.com

faldogolfinstruction.com
	 		 		 	

							
	 faldogolflesson.com
	 		 		 	
	 faldogolfschool.com

faldogolfvacation.com

friendshare.com
 friendshareclub.com
 gofaldo.com

gofaldo.travel
 horizonsbranson.com
 horizons-timeshare.com

myvacationclub.asia

my-vacationclub.co.uk

my-vacationclub.com

my-vacationclub.es

myvacationclub.mobi

my-vacationclub.mobi

napasonomasweeps.com

napavalley08sweeps.com

napavalleysweeps.com

prizedfriend.com
 prizedfriends.com
 registerwithvacationclub.com

surveyvacationclub.com

timeshare.asia
 timeshareholiday.com
 timeshareholidays.com

timesharehome.com

timesharevacation.com

timeshare-vacation.com

traveltimeshare.com

vacation4life.com

vacationclub.asia
	 		 		 	

							
	 vacationclub.biz
	 		 		 	
	 vacationclub.com

vacationclub.es
 vacationclub.travel
 vacationclubap.com

vacationclubasiapacific.com

vacationclubgroup.com

vacationclubme.com

vacationcluborlando.com

vacationclubpreview.com

vacation-group.com

vacationholiday.asia

vacationholidays.asia

vacationpointsclub.com

vacationpointsclubap.com

vacationportfolio.com

vacationvilla.com

valuedfriend.com
 valuedfriends.com
 villacert.com

villavacation.com
  

kauailagoons.com
 kauailagoons.net
 kauailagoonsgolf.com

kauailagoonsgolf.net

melleniavacationgroup.com

mileniavacationgroup.com

milleniavacationgroup.com

milleniavacationgroups.com

milleniavacationsgroup.com
	 		 		 	

							
	 mvwbenefits.com
	 		 		 	
	 mvwbrandpool.com

mvwcareer.com
 mvwcareers.com
 mvwcarer.com

mvwcarers.com
 mvwcarrer.com
 mvwcarrers.com

mvwcbenefits.com
 mvwcbrandpool.com
 mvwchr.com

mvwhr.com
 mymvw.com
 mymvwbenefits.com

mymvwc.com
 mymvwchr.com
 mymvwhr.com

owner-survey.com
 ownmyvacationclub.com
 sales-marcoisland.com

signaturesvacationgroup.com

signaturevacationgroup.com

signaturevacationgroups.com

signaturevacationsgroup.com

signeturevacationgroup.com

signturesvacationgroup.com

signturevacationgroup.com

signturevacationsgroup.com

trabajosmvw.com
 yourhomeinlondon.com
	 		 		 	

 Trademark Licenses 
 License, Services and Development Agreement between Marriott International, Inc., Marriott Worldwide Corporation and Marriott Vacations Worldwide Corporation, dated October 20, 2011 

License, Services and Development Agreement between The Ritz-Carlton Hotel Company, LLC and Marriott Worldwide Corporation, dated October 20, 2011

 Golf Institute License Agreement between Marriott Ownership Resorts, Inc., Faldo Enterprises US Ltd and Sir Nick Faldo, dated January 1,
2009 

 Schedule 7 
 CONTRACTS 
 Intercompany Agreements 

The License, Services and Development Agreement by Marriott International, Inc. and Marriott Worldwide Corporation as licensors and MVWC as licensee,
effective as of November 19, 2011 
 The License, Services and Development Agreement by The Ritz-Carlton Hotel Company, LLC, as licensor
and MVWC, as licensee, effective as of November 19, 2011 
 The Noncompetition Agreement between Marriott International, Inc. and MVWC,
dated as of November 21    , 2011 
 The Marriott Rewards Affiliation Agreement among Marriott International, Inc.,
Marriott Rewards, LLC, MVWC and Marriott Ownership Resorts, Inc, dated as of November 17    , 2011 
 The letter
agreement dated November   21  , 2011 executed and delivered by Marriott International, Inc. and Marriott Worldwide Corporation as licensors, MVWC as licensee and JPMorgan Chase Bank, N.A. as Administrative Agent 

The letter agreement dated November   21  , 2011 executed and delivered by The Ritz-Carlton Hotel Company, LLC as licensor, MVWC as
licensee and JPMorgan Chase Bank, N.A. as Administrative Agent 

 Management Agreement Summary Matrix 

 

															
	 Management
Entity
	 	 Site
	 	 Association Name
	 	 Initial Term
	 	 Length of Initial
Term
	 	 Initial Term
Expiration Date
	 	 Auto-Renewal

(Y/N)
	 	 Renewal Term(s)

								
	Marriott Resorts Hospitality Corporation	 	Barony	 	Barony Beach Club Owners’ Association, Inc.	 	03/11/99	 	approx 9 years	 	12/31/08	 	Y	 	5 successive 5 year terms
								
	Marriott Resorts Hospitality Corporation	 	BeachPlace	 	BeachPlace Towers Condominium Association, Inc.	 	09/23/96 Agr. Date (C.O. Date - 7/31/97)	 	3 years	 	07/30/00	 	Y	 	unlimited 3 year terms
	The Ritz-Carlton Management Company, L.L.C.	 		 	Bleu Florida Land Trust Association, Inc.	 	later of: (i) 5/21/09, (ii) 10/20/09; or (iii) date issuance of Notice of Use Rights	 	3 years	 		 	Y	 	successive periods of 3 years each
	Marriott Resorts Hospitality Corporation	 	Canyon Villas	 	Canyon Villas Vacation Owners Association	 	the date the property is first available for occupancy	 	5 years	 	 06/14/01
 Agr. Date

                    

 
 06/13/06
	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Crystal Shores	 	Crystal Shores Condominium Association, Inc.	 	Commencement Date 7/6/2008	 	3 years	 	07/05/11	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Custom House	 	Custom House Leasehold Condominium Association, LLC	 	12/12/96 Agr. Date	 	60 years	 	12/11/56	 	Y	 	unlimited 1 year terms
	Marriott Resorts Hospitality Corporation	 	Cypress Harbour	 	Cypress Harbour Condominium Association, Inc.	 	02/21/91	 	3 years	 	02/20/94	 	Y	 	unlimited 3 year terms

															
	Marriott Resorts Hospitality Corporation	 	Desert Springs Master	 	Desert Springs Villas Master Association	 	the date the original deed conveying the first condo or timeshare is recorded	 	1 year	 		 	Y	 	1 year terms
	Marriott Resorts Hospitality Corporation	 	Desert Springs I	 	Desert Springs Villas Timeshare Association	 	date on which the Original Deed conveying the first Timeshare interest is recorded	 	3 years	 		 	Y	 	1 year terms
	Marriott Resorts Hospitality Corporation	 	Desert Springs II	 	Desert Springs Villas II Timeshare Association	 	date original deed conveying the first timeshare interest is recorded	 	3 years	 		 	Y	 	1 year terms
	Marriott Resorts Hospitality Corporation	 	Fairway Villas	 	Fairway Villas at Seaview Condominium Association, Inc.	 	04/09/02	 	2 years	 	04/08/04	 	Y	 	10 successive 2 year terms
								
	Marriott Resorts Hospitality Corporation	 	Grande Chateau	 	Grand Chateau Owners’ Association, Inc.	 	 opening date-first guest stay
                    
  

04/26/04 Agr. Date
	 	5 years or 1st annual meeting	 	04/25/09	 	Y	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 	GRC Bay Point	 	Bay Point Residences Association, Inc.	 	07/16/07	 	3 years	 	07/15/10	 	Y	 	3 years
	Marriott Resorts Hospitality Corporation	 	Kauai Lagoons	 	Association of Owners of Kamamalu Condominium	 	01/03/09	 	5 years	 	01/02/14	 	Y	 	unlimited 5 year terms

															
	Marriott Resorts Hospitality Corporation	 	RGRC Lake Tahoe	 	GRCLT Condominium, Inc.	 	date on which original deed conveying first fractional ownership interest is recorded	 	5 years	 		 	Y	 	3 year term with mutual consent to renew, or 1 year term without any consent
	Marriott Resorts Hospitality Corporation	 	Grande Ocean	 	Grande Ocean Resort Owners’ Association, Inc.	 	06/03/93	 	approx 10 years	 	12/31/03	 	Y	 	5 successive 5 year terms
	Marriott Resorts Hospitality Corporation	 	Grande Vista	 	Grande Vista of Orlando Condominium Association, Inc.	 	08/15/96 Agr. Date (C.O. Date - 2/17/97)	 	3 years	 	02/16/00	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Harbour Club	 	Harbour Club Owners’ Association, Inc.	 	10/22/04	 	20 years	 	10/21/24	 	N	 	n/a
	Marriott Resorts Hospitality Corporation	 	Harbour Lake	 	HAO Condominium Association, Inc.	 	12/28/00 (C.O. Date)	 	3 years	 	12/27/03	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Harbour Pointe	 	Harbour Pointe Owners’ Association, Inc.	 	01/01/09	 	5 years	 	12/31/04	 	Y	 	3 successive 5 year terms
	Marriott Resorts Hospitality Corporation	 	Heritage Club	 	Heritage Club Owners’ Association, Inc.	 	01/01/99	 	5 years	 	12/31/04	 	Y	 	unlimited 5 year terms
	Marriott Resorts Hospitality Corporation	 	Mountain Valley Lodge	 	Mountain Valley Lodge Resort Owners Association, Inc., Hotel Breckenridge Condominium Association	 	01/01/95	 	3 years	 	12/31/98	 	Y	 	unlimited 1 year terms
	Marriott Resorts Hospitality Corporation	 	The Palms (Imperial)	 	Imperial Palm Villas Condominium Association, Inc.	 	Later of C.O. or 05/22/95	 	3 years	 	05/21/98	 	Y	 	unlimited 3 year terms

															
	Marriott Resorts Hospitality Corporation	 	Kauai Beach Club	 	Association of Apartment Owners of Marriott’s Kauai Resort and Beach Club	 	03/01/95	 	1 year	 	02/28/96	 	Y (unless (i) manager provides notice or (ii) manager is in default, or (iii) association votes and provides notice	 	unlimited 1 year terms
	Marriott Resorts Hospitality Corporation	 	Kauai Beach Club	 	Marriott’s Kauai Beach Club Owners Association	 	12/13/95	 	3 years	 	12/12/98	 	Y (unless (i) manager provides notice (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 	Kauai Lagoons	 	Kauai Lagoons Community Association	 	01/01/09 Eff. Date of Agr.	 	5 years	 	12/31/13	 	Y	 	unlimited 5 year terms
								
	Marriott Resorts Hospitality Corporation	 	Kauai Lagoons	 	Association of Owners of Kalanipu’u Condominium	 	01/03/09	 	5 years	 	12/31/13	 	Y	 	unlimited 5 year terms
	Marriott Resorts Hospitality Corporation	 	Kauai Lagoons	 	Kalanipu’u Vacation Owners Association	 	04/16/10	 	5 years	 	04/15/15	 	Y	 	unlimited 3 year terms

															
	Marriott Resorts Hospitality Corporation	 	Ko Olina Beach Club	 	Ko Olina Beach Club Vacation Owners Association	 	 12/19/2001
                    
  

06/12/01 Agr. Date
	 	5 years	 	 12/18/2006
                    
  

06/11/06
	 	Y (unless (i) manager provides notice (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Lakeshore Reserve	 	Lakeshore Reserve Condominium Association, Inc.	 	Commencement Date 4/1/2009	 	3 years	 	03/31/12	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Ledgends Edge	 	Legends Edge Condominium Association, Inc.	 	4/11/01 (C.O. Date)	 	3 years	 	04/10/04	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Manor Club	 	Manor Club at Ford’s Colony Condominium Association	 	04/02/04	 	20 years	 	04/01/24	 	N	 	n/a
	Marriott Resorts Hospitality Corporation	 	Manor Club	 	Manor Club at Ford’s Colony Time-Share Association	 	04/02/04	 	20 years	 	04/01/24	 	N	 	n/a
	Marriott Resorts Hospitality Corporation	 	Maui Ocean club	 	Association of Apartment Owners of Maui Ocean Club	 	06/08/99 Agr. Date	 	3 years	 	06/07/02	 	Y (unless (i) manager provides notice or (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 1 year terms

															
	Marriott Resorts Hospitality Corporation	 	Maui Ocean club	 	Maui Ocean Club Vacation Owners Association	 	12/29/99	 	3 years	 	12/28/02	 	Y (unless (i) manager provides notice (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 1 year terms
	Marriott Resorts Hospitality Corporation	 	Monarch	 	Monarch at Sea Pines Owners’ Association, Inc.	 	12/31/02	 	10 years	 	12/30/12	 	Y	 	5 successive 5 Fiscal Year terms
	Marriott Resorts Hospitality Corporation	 	Mountain Valley Lodge	 	Mountain Valley Lodge Resort Owners Association, Inc.	 	date deed for first interest in Resort recorded	 	3 years	 		 	Y	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 	MountainSide	 	MountainSide Condominium Association, Inc.	 	date of recording of first deed	 	3 years	 		 	Y	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 		 	MVC Trust Owners Association, Inc.	 	03/16/10 Date memo recorded	 	3 years	 	03/15/13	 	Y	 	successive periods of 3 years
								
	Marriott Resorts Hospitality Corporation	 	Newport Coast	 	Newport Coast Villas Condominium Association	 	 date deed for first condo or TS interest recorded
                    

05/05/99 Date of Agr.
	 	3 years	 	05/04/02	 	Y	 	1 year terms

															
	Marriott Resorts Hospitality Corporation	 	Newport Coast	 	Newport Coast Villas Master Association	 	 date deed for first condo or TS interest recorded
                    
  

05/05/99 Date of Agr.
	 	3 years	 	05/04/02	 	Y	 	1 year terms
	Marriott Resorts Hospitality Corporation	 	Newport Coast	 	Newport Coast Villas Timeshare Association	 	 date deed for first TS interest recorded
                    
  

05/05/99 Date of Agr.
	 	3 years	 	05/04/02	 	Y	 	1 year terms
								
	Marriott Resorts Hospitality Corporation	 	Ocean Pointe	 	Ocean Pointe at Beach Palm Beach Shores Condominium Association, Inc.	 	08/27/98 (Agt. Date) (C.O. Date - 3/11/99)	 	3 years	 	8/26/2001 (3/10/02)	 	Y	 	unlimited 3 year terms
								
	Marriott Resorts Hospitality Corporation	 	Oceana Palms	 	Oceana Palms Condominium Association, Inc.	 	Commencement Date 4/1/2008	 	3 years	 	03/31/11	 	Y	 	unlimited 3 year terms
								
	Marriott Resorts Hospitality Corporation	 	OceanWatch	 	OceanWatch Villas Owners Association	 	10/13/03	 	10 years	 	10/12/13	 	N	 	by Manager, at its option, for 5 successive 10 year terms
								
	Marriott Resorts Hospitality Corporation	 	The Palms (Royal Palms)	 	Royal Palms of Orlando Condominium Association, Inc.	 	Later of C.O. or 03/16/88	 	3 years	 	03/15/91	 	Y	 	unlimited 3 year terms

															
	Marriott Resorts Hospitality Corporation	 	The Palms (Sabal Palms)	 	Sabal Palms of Orlando Condominium Association, Inc.	 	01/09/87	 	3 years	 	01/08/90	 	Y	 	unlimited 3 year terms
	Marriott Resorts Hospitality Corporation	 	Shadow Ridge	 	Shadow Ridge Condominium Association	 	date on which the Original Deed conveying the first Timeshare or Condo interest is recorded	 	5 years	 		 	Y	 	3 year terms
	Marriott Resorts Hospitality Corporation	 	Shadow Ridge	 	Shadow Ridge Master Association	 	the date on which the original deed conveying the first condo or timeshare is recorded	 	5 years	 		 	Y	 	3 year terms
	Marriott Resorts Hospitality Corporation	 	Shadow Ridge	 	Shadow Ridge Timeshare Association	 	the date on which the co is issued for the unit represented by the Original Deed conveying the first Timeshare	 	5 years	 		 	Y	 	3 year terms
	Marriott Resorts Hospitality Corporation	 	Streamside (Birch)	 	Birch at StreamSide Condominium Association	 	05/02/06	 	5 years	 	05/01/11	 	Y	 	unlimited 5 year terms
	Marriott Resorts Hospitality Corporation	 	Streamside (Douglas)	 	Douglas at StreamSide Condominium Association	 	05/02/06	 	5 years	 	05/01/11	 	Y	 	unlimited 5 year terms
	Marriott Resorts Hospitality Corporation	 	Streamside (Evergreen)	 	Evergreen at StreamSide Condominium Association	 	05/02/06	 	5 years	 	05/01/11	 	Y	 	unlimited 5 year terms

															
	Marriott Resorts Hospitality Corporation	 	Streamside	 	Highland P.U.D. Association	 	01/01/11	 	5 years	 	05/01/16	 	Y	 	unlimited 5 year terms
								
	Marriott Resorts Hospitality Corporation	 	Summit Watch	 	Summit Watch Condominium Owners Association, Inc.	 	the date the original deed conveying first unit is recorded (Agt. date 7/13/1994)	 	3 years	 		 	Y (unless manager delivers 90 days notice not to extend term)	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 	Summit Watch	 	Summit Watch Resort Owners Association, Inc.	 	the date the original deed conveying first unit is recorded (Agt. date 08/08/1994)	 	3 years	 		 	Y (unless manager delivers 90 days notice not to extend term)	 	unlimited 1 year terms
								
	Marriott Resorts Hospitality Corporation	 	Sunset Pointe	 	Sunset Pointe Owners’ Association, Inc.	 	12/06/90	 	approx 11 years	 	12/31/03	 	Y	 	5 successive 5 year terms
								
	Marriott Resorts Hospitality Corporation	 	SurfWatch	 	SurfWatch Owners Association	 	06/22/04	 	10 years	 	06/21/14	 	N	 	by Manager, at its option, for 5 successive 10 Fiscal Years terms
	Marriott Resorts Hospitality Corporation	 	Timber Lodge	 	Timber Lodge Condominium Association	 	later of: 10/29/01; (ii) 10/24/01; or (iii) C.O. first condominium building	 	5 years	 		 	Y	 	3 year terms
	Marriott Resorts Hospitality Corporation	 	Timber Lodge	 	Timber Lodge Timeshare Association	 	later of: 10/29/01; (ii) 10/24/01; or (iii) C.O. first timeshare building	 	5 years	 		 	Y	 	3 year terms

															
	Marriott Resorts Hospitality Corporation	 	The Palms	 	Vacation Way Recreation Association, Inc.	 	04/27/95	 	3 years	 	04/26/98	 	Y	 	unlimited 3 year terms
								
	Marriott Resorts Hospitality Corporation	 	Villas at Doral	 	Villas at Doral Condominium Association, Inc.	 	10/27/99 Agr. Date (C.O. Date - 10/23/01)	 	3 years	 	10/26/02 (10/22/04)	 	Y	 	unlimited 3 year terms
								
	Marriott Resorts Hospitality Corporation	 	Waiohai Beach Club	 	Association of Apartment Owners of Waiohai Beach Club	 	03/14/01	 	1 year	 	03/13/04	 	Y (unless (i) manager provides notice or (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 1 year terms
	Marriott Resorts Hospitality Corporation	 	Waiohai Beach Club	 	Waiohai Beach Club Vacation Owners Association	 	 11/19/2001
                    
  

03/20/01 Agr. Date
	 	5 years	 	 11/18/2006
                    
  

03/19/06
	 	Y (unless (i) manager provides notice or (ii) manager is in default, or (iii) association votes and provides notice)	 	unlimited 3 year terms

															
	Marriott Resorts Hospitality Corporation	 	Willow Ridge	 	HAB Condominium Association, Inc.	 	10/01/2001 Agr. Date	 	10 years	 	09/30/11	 	Y	 	unlimited 5 year terms
								
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Aspen	 	Aspen Highlands Condominium Association, Inc.	 	(later of) 1/12/01 or C.O. date for first residential building	 	5 years	 		 	Y	 	5 year terms
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Bachelor Gulch	 	RCC-BG Condominium Association, Inc.	 	later of: 11/26/02 or C.O. for residential building to be occupied	 	5 years	 		 	Y	 	3 year terms
								
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Jupiter	 	Eagle Tree Condominium Association, Inc.	 	09/02/03	 	3 years	 	09/01/06	 	Y	 	3 year terms
								
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Jupiter	 	Eagle Tree Property Owners Association, Inc.	 	10/01/02	 	3 years	 	09/30/05	 	Y	 	3 year terms
	The Ritz-Carlton Development Company, Inc.	 	RCC - Kapalua Bay	 	Kapalua Bay Vacation Owners Association	 	later of: 6/19/06 or C.O. for any Club Property	 	5 years	 		 	Y	 	3 year terms
	The Ritz-Carlton Development Company, Inc.	 	RCC - Kapalua Bay	 	Association of Apartment Owners of Kapalua Bay Condominium	 	later of: 5/3/06 or C.O. for any Condo Property	 	1 year	 		 	Y	 	3 year terms
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Aspen	 	Highlands Resort Club Association, Inc.	 	later of: (i) C.O. for residential building to be occupied; (ii) 6/9/08; or (iii) 3/19/10	 	5 years	 		 	Y	 	3 year terms

															
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Lake Tahoe	 	Highlands Resort Condominium Association, Inc.	 	later of: (i) C.O. for residential building to be occupied; (ii) 6/9/09; or (iii) 5/16/08	 	5 years	 		 	Y	 	3 year terms
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - San Francisco	 	690 Market Club Owners Association	 	later of: (i) 6/15/06; or (ii) C.O. for any property subject to Club Interest Declaration	 	5 years	 		 	Y	 	3 years
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - San Francisco	 	690 Market Master Association	 	later of: (i) 6/15/06; or (ii) C.O. for any Master Association Property	 	1 year	 		 	Y	 	1 year
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - San Francisco	 	690 Market Homeowners Association	 	later of: (i) 6/15/06; or (ii) C.O. for any property subject to Residential Declaration	 	1 year	 		 	Y	 	1 year
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Vail	 	WDL Vail Club Association, Inc.	 	later of: (i) 5/30/08; (ii) recording date of fractional declaration; or (iii) C.O. for any of the fractional development	 	5 years	 		 	Y	 	5 year terms
	The Ritz-Carlton Management Company, L.L.C.	 	RCC - Vail	 	WDL Vail Condominium Association, Inc.	 	later of: (i) 12/22/06; (ii) 9/10/10; or (iii) C.O. for first residential building	 	5 years	 		 	Y	 	5 year termsSixth Amended and Restated 2006 Stock Plan

 Exhibit 10.2 
 CEMPRA, INC. 
 SIXTH AMENDED AND RESTATED 2006 STOCK PLAN 

WHEREAS, Cempra Holdings, LLC, a Delaware limited liability company, intends to complete an initial public offering (the
“IPO”) of the Company’s securities, and in conjunction with the IPO, will be converting (the “Conversion”) its existing membership interests into shares of stock of a new Delaware corporation, Cempra, Inc.
(collectively, “Cempra” or the “Company”); and 
 WHEREAS, in connection with the IPO and the
Conversion, effective upon the Conversion, Cempra shall adopt this Sixth Amended and Restated Stock Plan as set forth herein (the “Stock Plan”). 
 NOW THEREFORE, in connection with the above-referenced transactions, the Cempra Holdings, LLC Fifth Amended and Restated Unit Plan shall be amended and restated in its entirety effective as of the
Conversion to read as follows: 
 1. Purpose. This Sixth Amended and Restated 2006 Stock Plan (the
“Plan”) is intended to provide incentives: 
 (a) to employees of Cempra, Inc., formerly known as Cempra
Pharmaceuticals, Inc. and Cempra Holdings, LLC (the “Company”), or its parent (if any) or any of its present or future subsidiaries (collectively, “Related Corporations”), by providing them with opportunities to
purchase Common Stock (as defined below) of the Company pursuant to options granted hereunder that qualify as “incentive stock options” (“ISOs”) under Section 422 of the Internal Revenue Code of 1986, as amended, or
any successor statute (the “Code”); 
 (b) to directors, employees and consultants of the Company and Related
Corporations by providing them with opportunities to purchase Common Stock (as defined below) of the Company pursuant to options granted hereunder that do not qualify as ISOs (Nonstatutory Stock Options, or “NSOs”); 

(c) to employees, directors, and consultants of the Company and Related Corporations by providing them with bonus awards of Common Stock
(as defined below) of the Company (“Stock Bonuses”); and 
 (d) to employees, directors, and consultants of the
Company and Related Corporations by providing them with opportunities to make direct purchases of Common Stock (as defined below) of the Company (“Purchase Rights”). 

Both ISOs and NSOs are referred to hereafter individually as “Options”, and Options, Stock Bonuses, and Purchase Rights
are referred to hereafter collectively as “Stock Rights”. As 

 
used herein, the terms “parent” and “subsidiary” mean “parent corporation” and “subsidiary corporation”, respectively, as those terms are defined in
Section 424 of the Code. 
 2. Administration of the Plan. 

(a) The Plan shall be administered by (i) the Board of Directors of the Company (the “Board”) or (ii) a
committee consisting of directors or other persons appointed by the Board (the “Committee”). The appointment of the members of, and the delegation of powers to, the Committee by the Board shall be consistent with applicable federal
laws and regulations (including, without limitation, the Code, Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor rule thereto (“Rule 16b-3”), and any
applicable state law (collectively, the “Applicable Laws”). Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time, the Board may increase the size
of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly
administer the Plan, all to the extent permitted by the Applicable Laws. 
 (b) Subject to ratification of the grant or
authorization of each Stock Right by the Board (if so required by an Applicable Law), and subject to the terms of the Plan, the Committee, if so appointed, shall have the authority, in its discretion, to: 

(i) determine the employees of the Company and Related Corporations (from among the class of employees eligible under Section 3 to
receive ISOs) to whom ISOs may be granted, and to determine (from among the classes of individuals and entities eligible under Section 3 to receive NSOs, Stock Bonuses and Purchase Rights) to whom NSOs, Stock Bonuses and Purchase Rights may be
granted; 
 (ii) determine the time or times at which Options, Stock Bonuses, or Purchase Rights may be granted (which may be
based on performance criteria); 
 (iii) determine the number of shares of Common Stock subject to any Stock Right granted by
the Committee; 
 (iv) determine the option price of shares subject to each Option, which price shall not be less than the
minimum price specified in Section 6 hereof, as appropriate, and the purchase price of shares subject to each Purchase Right and to determine the form of consideration to be paid to the Company for exercise of such Option or purchase of shares
with respect to a Purchase Right; 
 (v) determine whether each Option granted shall be an ISO or NSO; 

(vi) determine (subject to Section 7) the time or times when each Option shall become exercisable and the duration of the exercise
period; 

  
 2 

 (vii) determine whether restrictions such as repurchase options are to be imposed on shares
subject to Options, Stock Bonuses and Purchase Rights and the nature of such restrictions, if any; 
 (viii) approve forms of
agreement for use under the Plan; 
 (ix) determine the fair market value of a Stock Right or the Common Stock underlying a
Stock Right; 
 (x) accelerate vesting on any Stock Right or to waive any forfeiture restrictions, or to waive any other
limitation or restriction with respect to a Stock Right; 
 (xi) subject to approval of the stockholders of the Company
required by Applicable Laws or the listing requirements of any securities exchange on which the Common Stock may then be traded, reduce the exercise price of any Stock Right if the fair market value of the Common Stock covered by such Stock Right
shall have declined since the date the Stock Right was granted; 
 (xii) subject to approval of the stockholders of the Company
required by Applicable Laws or the listing requirements of any securities exchange on which the Common Stock may then be traded, institute a program whereby outstanding Options can be surrendered in exchange for Options with a lower exercise price;

 (xiii) modify or amend each Stock Right (subject to Section 8(d) of the Plan) including the discretionary authority to
extend the post-termination exercisability period of Stock Rights longer than is otherwise provided for by terms of the Plan or the Stock Right; 
 (xiv) construe and interpret the Plan and Stock Rights granted hereunder and prescribe and rescind rules and regulations relating to the Plan; and 

(xv) make all other determinations necessary or advisable for the administration of the Plan. 

If the Committee determines to issue a NSO, it shall take whatever actions it deems necessary, under Section 422 of the Code and the
regulations promulgated thereunder, to ensure that such Option is not treated as an ISO. The interpretation and construction by the Committee of any provisions of the Plan or of any Stock Right granted under it shall be final unless otherwise
determined by the Board. The Committee may from time to time adopt such rules and regulations for carrying out the Plan as it may deem best. No member of the Board or the Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any Stock Right granted under it. 
 (c) The Committee may select one of its members as its
chairman, and shall hold meetings at such times and places as it may determine. Acts by a majority of the 

  
 3 

 
Committee, approved in person at a meeting or in writing, shall be the valid acts of the Committee. All references in this Plan to the Committee shall mean the Board if no Committee has been
appointed. From time to time the Board may increase the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies however caused, or remove
all members thereof and thereafter directly administer the Plan. 
 (d) Those provisions of the Plan that make express reference
to Rule 16b-3 shall apply to the Company only at such time as the Company’s Common Stock is registered under the Exchange Act, and then only to such persons as are required to file reports under Section 16(a) of the Exchange Act (a
“Reporting Person”). 
 (e) To the extent that Stock Rights are to be qualified as
“performance-based” compensation within the meaning of Section 162(m) of the Code, the Plan shall be administered by a committee consisting of two or more “outside directors” as determined under Section 162(m) of the
Code. 
 3. Eligible Employees and Others. 
 (a) Eligibility. ISOs may be granted to any employee of the Company or any Related Corporation. Those officers of the Company who are not employees may not be granted ISOs under the Plan. NSOs,
Stock Bonuses and Purchase Rights may be granted to any director, employee, or consultant of the Company or any Related Corporation. Granting of any Stock Right to any individual or entity shall neither entitle that individual or entity to, nor
disqualify him or her from, participation in any other grant of Stock Rights. 
 (b) Special Rule for Grant of Stock Rights
to Reporting Persons. The selection of a director or an officer who is a Reporting Person (as the terms “director” and “officer” are defined for purposes of Rule 16b-3) as a recipient of a Stock Right, the timing of the Stock
Right grant, the exercise price, if any, of the Stock Right and the number of shares subject to the Stock Right shall be determined either (i) by the Board, or (ii) by a committee of the Board that is composed solely of two or more
Non-Employee Directors having full authority to act in the matter. For the purposes of the Plan, a director shall be deemed to be a “Non-Employee Director” only if such person is defined as such under Rule 16b-3(b)(3), as interpreted from
time to time. 
 (c) Annual Limitation for Employees. To the extent the Company is subject to Section 162(m) of the
Code, no employee shall be eligible to be granted Stock Rights covering more than 3,000,000 shares of Common Stock during any calendar year. 
 4. Stock. The stock subject to Stock Rights shall be authorized but unissued shares of the Common Stock of the Company, par value $.001 per share (the “Common Stock”), or

  
 4 

 
such shares of the Company’s capital stock into which such class of shares may be converted pursuant to any reorganization, recapitalization, merger, consolidation or the like, or shares of
Common Stock reacquired by the Company in any manner. The aggregate number of shares that may be issued pursuant to the Plan is Nine Million Seven Hundred Thirty-Four Thousand Nine Hundred Twenty-Seven (9,734,927) shares of Common Stock
(subject to adjustment as provided herein), of which not more than Nine Million Seven Hundred Thirty-Four Thousand Nine Hundred Twenty-Seven (9,734,927) shares of Common Stock (subject to adjustment as set forth herein) may be issued as
ISO’s. Any such shares may be issued as ISOs, NSOs, or Stock Bonuses, or to persons or entities making purchases pursuant to Purchase Rights, so long as the number of shares so issued does not exceed such aggregate number, as adjusted. If any
Option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, or if the Company shall reacquire any shares issued pursuant to Stock
Rights, the unpurchased shares subject to such Options and any shares so reacquired by the Company shall again be available for grants of Stock Rights under the Plan. 
 5. Granting of Stock Rights. Stock Rights may be granted under the Plan at any time after the Effective Date, as set forth in Section 16, and prior to 10 years thereafter. The date of grant of
a Stock Right under the Plan will be the date specified by the Board or Committee at the time it grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Board or Committee acts. The Board or Committee
shall have the right, with the consent of the optionee, to convert an ISO granted under the Plan to an NSO pursuant to Section 17. 
 6. Minimum Price; ISO Limitations. 
 (a) The price per share specified in
the agreement relating to each NSO, Stock Bonus or Purchase Right granted under the Plan shall be established by the Board or Committee, taking into account any noncash consideration to be received by the Company from the recipient of Stock Rights.

 (b) The exercise price per share specified in the agreement relating to each ISO granted under the Plan shall not be less
than the fair market value per share of Common Stock on the date of such grant. In the case of an ISO to be granted to an employee owning stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any
Related Corporation, the price per share specified in the agreement relating to such ISO shall not be less than 110% of the fair market value per share of Common Stock on the date of the grant. 

(c) To the extent that the aggregate fair market value (determined at the time an ISO is granted) of Common Stock for which ISOs granted
to any employee are exercisable for the first time by such employee during any calendar year (under all stock option plans of the Company and any Related Corporation) exceeds $100,000; or such higher value as permitted under Code Section 422 at
the time of determination, such Options will be treated as NSOs, provided that this Section shall have no force or effect to the extent that its inclusion in the Plan 

  
 5 

 
is not necessary for Options issued as ISOs to qualify as ISOs pursuant to Section 422 of the Code. The rule of this Section 6(c) shall be applied by taking Options in the order in
which they were granted. 
 (d) If, at the time a Stock Right is granted under the Plan, the Company’s Common Stock is
publicly traded, “fair market value” shall be determined as of the last business day for which the prices or quotes discussed in this sentence are available prior to the time such a Stock Right is granted and shall mean: 

(i) if the Common Stock is then traded on a national securities exchange; or on the Nasdaq National Market (the
“NASDAQ/NMS”) or the Nasdaq SmallCap Market, the closing sale price for such stock (or the closing bid, if no sales were reported as quoted on such exchange or market); or 

(ii) the closing bid price or average of bid prices last quoted on that date by an established quotation service, if the Common Stock is
not reported on National Securities Exchange, the NASDAQ/NMS or the Nasdaq SmallCap Market. 
 However, if the Common Stock is
not publicly traded at the time a Stock Right is granted under the Plan, “fair market value” shall be deemed to be the fair value of the Common Stock as determined by the Board or Committee after taking into consideration all factors that
it deems appropriate. 
 7. Option Duration. Subject to earlier termination as provided in Sections 9 and 10, each Option
shall expire on the date specified by the Board or Committee, but not more than: 
 (a) 10 years from the date of grant in the
case of NSOs; 
 (b) 10 years from the date of grant in the case of ISOs generally; and 

(c) 5 years from the date of grant in the case of ISOs granted to an employee owning stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or any Related Corporation. 
 Subject to earlier termination as provided in
Sections 9 and 10, the term of each ISO shall be the term set forth in the original instrument granting such ISO, except with respect to any part of such ISO that is converted into an NSO pursuant to Section 17. 

8. Exercise of Options. Subject to the provisions of Section 9 through Section 12 of the Plan, each Option granted under
the Plan shall be exercisable as follows: 
 (a) the Option shall either be fully exercisable on the date of grant or shall
become exercisable thereafter in such installments as the Board or Committee may specify; 

  
 6 

 (b) once an installment becomes exercisable it shall remain exercisable until expiration or
termination of the Option, unless otherwise specified by the Board or Committee; 
 (c) each Option or installment may be
exercised at any time or from time to time, in whole or in part, for up to the total number of shares with respect to which it is then exercisable; and 
 (d) the Board or Committee shall have the right to accelerate the date of exercise of any installment of any Option, provided that the Board or Committee shall not accelerate the exercise date of any
installment of any ISO granted to any employee (and not previously converted into an NSO pursuant to Section 17) without the prior consent of such employee if such acceleration would violate the annual vesting limitation contained in
Section 422 of the Code, as described in Section 6(c). 
 9. Termination of Employment. If a grantee ceases to
be employed by the Company and all Related Corporations other than by reason of death or disability as defined in Section 10, or by reason of a termination “For Cause” as defined in this Section 9, unless otherwise
specified in the instrument granting such Stock Right, the grantee shall have the continued right to exercise any Stock Right held by him or her, to the extent of the number of shares with respect to which he or she could have exercised it on the
date of termination until the Stock Right’s specified expiration date; provided, however, in the event the grantee exercises any ISO after the date that is three months following the date of termination of employment, such ISO will
automatically be converted into an NSO subject to the terms of the Plan. Employment shall be considered as continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations or governmental
service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such grantee’s right to reemployment with the Company is guaranteed by statute or by contract. ISOs granted under the Plan shall not
be affected by any change of employment within or among the Company and Related Corporations, so long as the optionee continues to be an employee of the Company or any Related Corporation. 

For purposes of this Plan, a change in status from employee to a consultant, or from a consultant to employee, will not constitute a
termination of employment, provided that a change in status from an employee to consultant may cause an ISO to become an NSO under the Code. In the event of a termination “For Cause,” the right of a grantee to exercise a Stock Right shall
terminate as of the date of termination. For purposes of this Plan, “For Cause” shall mean the termination of a grantee’s status as an employee, a director or consultant (as applicable) for any of the following reasons, as
determined by the Committee in this sole discretion; provided, that, with respect to an employee that is party to an agreement with the Company where a termination for cause is defined in such agreement, the definition in such agreement shall govern
the determination under this Section 9: 
 (i) A grantee who is a consultant and who commits a material breach of any
consulting, noncompetition, confidentiality or similar agreement with the Company or a subsidiary, as determined under such agreement; 

  
 7 

 (ii) A grantee who is an employee or a consultant and who is convicted (including a trial,
plea of guilty or plea of nolo contendere) for committing an act of fraud, embezzlement, theft, or other act constituting a felony; 
 (iii) A grantee who is an employee or a consultant and who willfully engages in gross misconduct or willfully violates a Company or a subsidiary policy in any material respect; or 

(iv) A grantee who is a Company employee and who commits a material breach of any noncompetition, confidentiality or similar agreement
with the Company or a subsidiary, as determined under such agreement. 
 NOTHING IN THE PLAN SHALL BE DEEMED TO GIVE ANY GRANTEE
OF ANY STOCK RIGHT THE RIGHT TO BE RETAINED IN EMPLOYMENT OR OTHER SERVICE BY THE COMPANY OR ANY RELATED CORPORATION FOR ANY PERIOD OF TIME OR TO AFFECT THE AT-WILL NATURE OF ANY EMPLOYEE’S EMPLOYMENT. 

10. Death; Disability. 
 (a) If a grantee ceases to be employed by the Company and all Related Corporations by reason of death, or if a grantee dies within three months of the date his or her employment or other affiliation with
the Company has been terminated, any Stock Right held by him or her may be exercised to the extent of the number of shares with respect to which he or she could have exercised said Stock Right on the date of death, by his or her estate, personal
representative or beneficiary who has acquired the Stock Right by will or by the laws of descent and distribution (the “Successor Grantee”), unless otherwise specified in the instrument granting such Stock Right, prior to the
earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified expiration date, provided, however, that a Successor Grantee shall be entitled to ISO treatment under Section 421 of the Code only if the
deceased optionee would have been entitled to like treatment had he or she exercised such Option on the date of his or her death provided further in the event the Successor Grantee exercises an ISO after the date that is one year following the date
of termination by reason of death, such ISO will automatically be converted into a NSO subject to the terms of the Plan. 
 (b)
If a grantee ceases to be employed by the Company and all Related Corporations by reason of disability, he or she shall continue to have the right to exercise any Stock Right held by him or her on the date of termination until, unless otherwise
specified in the instrument granting such Stock Right, the earlier of (i) one year after the date of termination or (ii) the Stock Right’s specified expiration date, provided, however, in the event the grantee exercises an ISO
after the date that is one year following the date of termination by reason of disability, such ISO will automatically be converted into a NSO subject to the terms of the Plan. For the purposes of the Plan, the term “disability” shall mean
“permanent and total disability” as defined in Section 22(e)(3) of the Code. 

  
 8 

 (c) The provisions of subsections (a) and (b) of this Section 10 regarding
the exercise period of a Stock Right may be waived, extended or further limited, in the discretion of the Board or Committee, in an instrument granting a Stock Right that is not an ISO. 

11. Transferability and Assignability of Stock Rights. No ISO, NSO or Purchase Right granted under this Plan shall be assignable
or otherwise transferable by the optionee except by will or by the laws of descent and distribution. An ISO, NSO or Purchase Right may be exercised during the lifetime of the optionee only by the optionee. 

12. Terms and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such
forms as the Board or Committee may from time to time approve. Such instruments shall conform to the terms and conditions set forth herein and may contain such other provisions as the Board or Committee deems advisable that are not inconsistent with
the Plan, including restrictions (or other conditions deemed by the Board or Committee to be in the best interests of the Company) applicable to the exercise of Options or to shares of Common Stock issuable upon exercise of Options. In granting any
NSO, the Board or Committee may specify that such NSO shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Board or Committee may determine. The Board or
Committee may from time to time confer authority and responsibility on one or more of its own members and/or one or more officers of the Company to execute and deliver such instruments. The proper officers of the Company are authorized and directed
to take any and all action necessary or advisable from time to time to carry out the terms of such instruments. 
 13.
Adjustments. Upon the occurrence of any of the following events, the rights of a recipient of a Stock Right granted hereunder shall be adjusted as hereinafter provided, unless otherwise provided in the written agreement between the recipient
and the Company relating to such Stock Right. 
 (a) If the shares of Common Stock shall be subdivided or combined into a
greater or smaller number of shares or if the Company shall issue shares of Common Stock as a stock dividend on its outstanding Common Stock, the number of shares of Common Stock deliverable upon the exercise of outstanding Stock Rights shall be
appropriately increased or decreased proportionately, and appropriate adjustments shall be made in the purchase price (if any) per share to reflect such subdivision, combination or stock dividend. 

(b) If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the
Company’s assets or otherwise (an “Acquisition”), unless otherwise provided by the Board or Committee, in its sole discretion, the Board or Committee or the board of directors of any entity assuming the obligations of the
Company hereunder (the “Successor Board”) shall, as to outstanding Stock Rights, make appropriate provision for the continuation of such Stock Rights by either assumption of such Stock Rights or by substitution of such Stock Rights
with an equivalent award; provided, that, if such Stock Rights are so assumed or substituted by the Successor Board, in the event of a termination by the Company or its successor of a grantee’s employment or consulting relationship other than
For Cause in connection with the Acquisition or within one year after the time of closing of the Acquisition then the greater of (i) fifty percent (50%) of the shares subject to such grantee’s Stock Rights which remain unvested at the time
of closing of such Acquisition and (ii) the shares subject to such grantee’s Stock Rights which remain unvested at the time of closing of such Acquisition which are scheduled to otherwise vest over the twelve (12) month period after the
time of closing of such Acquisition shall vest and become immediately exercisable, all forfeiture restrictions shall be waived and any of such grantee’s additional remaining unvested Stock Rights that remain outstanding after the time of
closing of such Acquisition shall be deemed to have vested ratably over the remaining scheduled vesting period, subject to all other terms of the Plan and the instrument evidencing such Stock Rights. If the Board, the Committee, or the Successor
Board does not make appropriate provisions for the continuation of such Stock 

  
 9 

 
Rights by either assumption or substitution, unless otherwise provided by the Board or Committee in its sole discretion, Stock Rights shall become vested and fully and immediately exercisable and
all forfeiture restrictions shall be waived and all Stock Rights not exercised at the time of the closing of such Acquisition shall terminate notwithstanding anything to the contrary in Section 9 hereof; provided, that, in the event the Board
or Committee determines in its sole discretion not to vest in full the unvested Stock Rights at the time of closing of the Acquisition and the Company terminates grantee’s employment or consulting relationship other than For Cause at the time
of the closing of the Acquisition or in connection with the Acquisition then, taking into account for such purpose any partial vesting of unvested Stock Rights provided by the Board or Committee, and subject to the closing of the Acquisition, a
minimum of (i) fifty percent (50%) of the shares subject to such grantee’s Stock Rights which remain unvested at the time of closing of such Acquisition and (ii) the shares subject to such grantee’s Stock Rights which remain unvested at
the time of closing of such Acquisition and are scheduled to otherwise vest over the twelve (12) month period after the time of closing of such Acquisition, shall vest and become immediately exercisable, all forfeiture restrictions shall be waived
and such grantee’s Stock Rights not exercised at the time of closing of such Acquisition shall terminate, subject to all other terms of the Plan and the instrument evidencing such Stock Rights. 

(c) In the event of a transaction, including without limitation, a recapitalization or reorganization of the Company, a separation or
spin-off of a subsidiary, business unit, or division of the Company, or other similar transaction (other than a transaction described in subsection (b) above) pursuant to which securities of the Company or of another corporation are issued with
respect to the outstanding shares of Common Stock, an optionee or grantee upon exercising a Stock Right shall be entitled to receive for the purchase price paid upon such exercise the securities he or she would have received if he or she had
exercised the Stock Right immediately prior to such recapitalization or reorganization. 
 (d) In the event of the proposed
dissolution or liquidation of the Company, each Stock Right will terminate immediately prior to the consummation of such proposed action or at such other time and subject to such other conditions as shall be determined by the Board or Committee.

 (e) Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Right. No adjustments shall be made for dividends paid in cash or in
property other than Common Stock of the Company. 
 (f) No fractional shares shall be issued under the Plan and any optionee who
would otherwise be entitled to receive a fraction of a share upon exercise of a Stock Right shall receive from the Company cash in lieu of such fractional shares in an amount equal to the fair market value of such fractional shares, as determined in
the sole discretion of the Board or Committee. 
 (g) Upon the happening of any of the foregoing events described in subsections
(a), (b) or (c) above, the class and aggregate number of shares set forth in Section 4 hereof that are subject to Stock Rights that previously have been or subsequently may be granted under the Plan shall also be appropriately
adjusted to reflect the events described. The Board or Committee or the Successor Board shall determine the specific adjustments to be made under this Section 13 and, subject to Section 2, its determination shall be conclusive. 

14. Means of Exercising Stock Rights. Except as otherwise provided in this Plan or the instrument evidencing the Stock Right, a
Stock Right (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address to the attention of its President. Such notice shall identify the Stock Right being exercised and specify the
number of shares as to which such Stock Right is being exercised, accompanied by full payment of the exercise price therefor, if any, payable as follows (a) in United States dollars in 

  
 10 

 
cash or by check, (b) at the discretion of the Board or Committee, through the delivery of already-owned shares of Common Stock having a fair market value equal as of the date of the
exercise to the cash exercise price of the Stock Right and, in the case of such already-owned shares of Common Stock, having been owned by the participant for more than six months from the date of surrender, or (c) at the discretion of the
Board or Committee, except as prohibited under 402 of the Sarbanes-Oxley Act of 2002, by delivery of the grantee’s personal recourse note bearing interest payable not less than annually at a market rate that is no less than 100% of the lowest
applicable Federal rate, as defined in Section 1274(d) of the Code, or (d) at the discretion of the Board or Committee, through the surrender of shares of Common Stock then issuable upon exercise of the Stock Right having a fair market
value on the date of exercise equal to the aggregate price of the Stock Right, (e) at the discretion of the Board of Committee, delivery of a notice that the grantee has placed a market sell order with a broker with respect to shares of Common
Stock then issuable upon exercise of the Stock Right and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Stock Right Exercise Price, provided that payment of such
proceeds is then made to the Company upon settlement of the sale or (f) at the discretion of the Board or Committee, by any combination of (a), (b), (c), (d) and (e) or such other consideration and method of payment for the issuance
of shares to the extent permitted by applicable law or the Plan. If the Board or Committee exercises its discretion to permit payment of the exercise price of an ISO by means of the methods set forth in clauses (b), (c) (d), (e) or
(f) of the preceding sentence, such discretion shall be exercised in writing at the time of the grant of the ISO in question and such exercise shall also be governed by any terms set forth in the written agreement evidencing the grant of the
Stock Right. The holder of a Stock Right shall not have the rights of a stockholder with respect to the shares covered by the Stock Right until the date of issuance of a stock certificate for such shares. Except as expressly provided above in
Section 13 with respect to changes in capitalization and stock dividends, no adjustment shall be made for dividends or similar rights for which the record date is before the date such stock certificate is issued. 

15. Surrender of Stock Rights for Cash or Stock. The Board or Committee may, in its sole and absolute discretion and subject to
such terms and conditions as it deems appropriate, accept the surrender by an optionee or grantee of a Stock Right granted to him under the Plan and authorize payment in consideration therefor of an amount equal to the difference between the
purchase price payable for the shares of Common Stock under the instrument granting the Option and the fair market value of the shares subject to the Stock Right (determined as of the date of such surrender of the Stock Right). Such payment shall be
made in shares of Common Stock valued at fair market value on the date of such surrender, or in cash, or partly in such shares of Common Stock and partly in cash as the Board or Committee shall determine. The surrender shall be permitted only if the
Board or Committee determines that such surrender is consistent with the purpose set forth in Section 1, and only to the extent that the Stock Right is exercisable under Section 8 on the date of surrender. In no event shall an optionee or
grantee surrender his Stock Right under this Section if the fair market value of the shares on the date of such surrender is less than the purchase price payable for the shares of Common Stock subject to the Stock Right. Any ISO surrendered pursuant
to the provisions of this Section 15 shall be deemed to have been converted into a NSO immediately prior to such surrender. 

  
 11 

 16. Term and Amendment of Plan. The 2006 Stock Plan was adopted by the Board of
Directors of Cempra Pharmaceuticals, Inc. (the “Board”) on January 3, 2006 (the “Effective Date”), the first amended and restated 2006 Stock Plan was adopted by the Board on June 1, 2006, the second
amended and restated 2006 Stock Plan was adopted by the Board on January 31, 2007, the third amended and restated 2006 Stock Plan was adopted by the Board on June 8, 2007, the fourth amended and restated 2006 Stock Plan was adopted by the
Board on November 12, 2007, the fifth amended and restated 2006 Stock Plan was adopted by the Board on November 12, 2008, and this Plan was adopted by the Board of Representatives of Cempra Holdings, LLC on October 11, 2011, subject
(with respect to the validation of ISOs granted under the Plan) to approval of the Plan by the stockholders of the Company. The Plan will be approved by the stockholders of the Company within one year of the Effective Date. The Plan shall expire 10
years after the Effective Date (except as to Stock Rights outstanding on that date). Subject to the provisions of Section 5 above, Stock Rights may be granted under the Plan prior to the date of stockholder approval of the Plan. Subject to any
stockholder approval required under Applicable Laws or any securities exchange listing requirement, the Board may terminate or amend the Plan in any respect at any time, except that without the approval of the stockholders obtained within 12 months
before or after the Board adopts a resolution authorizing any of the following actions: 
 (a) the total number of shares that
may be issued under the Plan may not be increased (except by adjustment pursuant to Section 13); 
 (b) the provisions of
Section 3 regarding eligibility for grants of ISOs may not be modified; 
 (c) the provisions of Section 6(b)
regarding the exercise price at which shares may be offered pursuant to ISOs may not be modified (except by adjustment pursuant to Section 13); and 
 (d) the expiration date of the Plan may not be extended. 
 Except as provided in
Section 13(b) and the fifth sentence of this Section 16, in no event may action of the Board or stockholders adversely alter or impair the rights of a grantee, without his or her consent, under any Stock Right previously granted.

 17. Conversion of ISOs into NSOs; Termination of ISOs. The Board or Committee, with the consent of any optionee, may
in its discretion take such actions as may be necessary to convert an optionee’s ISOs (or any installments or portions of installments thereof) that have not been exercised on the date of conversion into NSOs at any time prior to the expiration
of such ISOs. These actions may include, but not be limited to, accelerating the exercisability, extending the exercise period or reducing the exercise price of the appropriate installments of optionee’s Options. At the time of such conversion,
the Board or Committee (with the consent of the optionee) may impose these conditions on the exercise of the resulting NSOs as the Board or Committee in its discretion may determine, provided that the conditions shall not be inconsistent with the
Plan. Nothing in the Plan shall be deemed to give any optionee the right to have such optionee’s ISOs converted into NSOs, and no conversion shall occur until and unless the Board 

  
 12 

 
or Committee takes appropriate action. The Board or Committee, with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of termination.

 18. Governmental Regulation. The Company’s obligation to sell and deliver shares of the Common Stock under the
Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance or sale of such shares. 
 19. Withholding of Additional Income Taxes. 
 (a) Upon the exercise of an
NSO, or the grant of a Stock Bonus or Purchase Right for less than the fair market value of the Common Stock, the making of a Disqualifying Disposition (as defined in Section 20), the vesting of restricted Common Stock acquired on the exercise
of a Stock Right hereunder or the surrender of an Option pursuant to Section 15, the Company, in accordance with Section 3402(a) of the Code and any applicable state statute or regulation, may require the optionee, Stock Bonus recipient or
purchaser to pay to the Company additional withholding taxes in respect of the amount that is considered compensation includable in such person’s gross income. With respect to (a) the exercise of an Option, (b) the grant of a Stock
Bonus, (c) the grant of a Purchase Right of Common Stock for less than its fair market value, (d) the vesting of restricted Common Stock acquired by exercising a Stock Right, or (e) the acceptance of a surrender of an Option, the
Committee in its discretion may condition such event on the payment by the optionee, Stock Bonus recipient or purchaser of any such additional withholding taxes. 
 (b) At the sole and absolute discretion of the Committee, the holder of Stock Rights may pay all or any part of the total estimated federal and state income tax liability arising out of the exercise or
receipt of such Stock Rights, the making of a Disqualifying Disposition, or the vesting of restricted Common Stock acquired on the exercise of a Stock Right hereunder (each of the foregoing, a “Tax Event”) by tendering already-owned
shares of Common Stock or (except in the case of a Disqualifying Disposition) by directing the Company to withhold shares of Common Stock otherwise to be transferred to the holder of such Stock Rights as a result of the exercise or receipt thereof
in an amount equal to the estimated federal and state income tax liability arising out of such event, provided that no more shares may be withheld than are necessary to satisfy the holder’s actual minimum withholding obligation with respect to
the exercise of Stock Rights. In such event, the holder of Stock Rights must, however, notify the Committee of his or her desire to pay all or any part of the total estimated federal and state income tax liability arising out of a Tax Event by
tendering already-owned shares of Common Stock or having shares of Common Stock withheld prior to the date that the amount of federal or state income tax to be withheld is to be determined. For purposes of this Section 19(b), shares of Common
Stock shall be valued at their fair market value on the date that the amount of the tax withholdings is to be determined. 
 20.
Notice to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately after the employee makes a Disqualifying Disposition (as defined below) of any Common Stock acquired
pursuant to the 

  
 13 

 
exercise of an ISO. A “Disqualifying Disposition” is any disposition (including any sale) of such Common Stock before either (a) two years after the date the employee was
granted the ISO, or (b) one year after the date the employee acquired Common Stock by exercising the ISO. If the employee has died before such stock is sold, these holding period requirements do not apply and no Disqualifying Disposition can
occur thereafter. 
 21. Governing Law; Construction. The validity and construction of the Plan and the instruments
evidencing Stock Rights shall be governed by the laws of the State of North Carolina. In construing this Plan, the singular shall include the plural and the masculine gender shall include the feminine and neuter, unless the context otherwise
requires. 
 22. Lock-up Agreement. Each recipient of securities hereunder agrees, in connection with the first
registration with the United States Securities and Exchange Commission under the Securities Act of 1933, as amended, of the public sale of the Company’s Common Stock, not to sell, make any short sale of, loan, grant any option for the purchase
of or otherwise dispose of any securities of the Company (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from
the effective date of such registration as the Company or the underwriters, as the case may be, shall specify. Each such recipient agrees that the Company may instruct its transfer agent to place stop-transfer notations in its records to enforce
this Section 22. Each such recipient agrees to execute a form of agreement reflecting the foregoing restrictions as requested by the underwriters managing such offering. 

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]