Document:

EXHIBIT 10.3

 Exhibit 10.3 
 FORM OF 
 EMPLOYEE BENEFITS AND OTHER EMPLOYMENT 

MATTERS ALLOCATION AGREEMENT 
 by and between 
 MARRIOTT INTERNATIONAL, INC. 

and 
 MARRIOTT
VACATIONS WORLDWIDE CORPORATION 
 dated as of 
 November         , 2011 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	  	DEFINITIONS	  	 	2	  
	 Section 1.01
	  	Definitions	  	 	2	  
	 Section 1.02
	  	Other Terms	  	 	6	  
	 Section 1.03
	  	Certain Constructions	  	 	6	  
	 Section 1.04
	  	Schedules, Sections	  	 	6	  
	 Section 1.05
	  	Survival	  	 	6	  
			
	 ARTICLE II
	  	EMPLOYEE BENEFITS	  	 	7	  
	 Section 2.01
	  	Employment	  	 	7	  
	 Section 2.02
	  	Profit Sharing Plans	  	 	8	  
	 Section 2.03
	  	Deferred Compensation Plans	  	 	9	  
	 Section 2.04
	  	Comprehensive Stock Plans	  	 	10	  
	 Section 2.05
	  	Medical/Dental/Vision Plans	  	 	11	  
	 Section 2.06
	  	Short-Term Disability Plan	  	 	13	  
	 Section 2.07
	  	Long-Term Disability Plan	  	 	13	  
	 Section 2.08
	  	Vacation and Sick Pay Liabilities	  	 	14	  
	 Section 2.09
	  	Group Term Life /AD&D/BTA Insurance Plan	  	 	14	  
	 Section 2.10
	  	Severance Pay Plan	  	 	14	  
	 Section 2.11
	  	Dependent Care Spending Account Plan	  	 	15	  
	 Section 2.12
	  	Other Plans	  	 	15	  
	 Section 2.13
	  	Preservation of Right To Amend or Terminate Plans	  	 	15	  
	 Section 2.14
	  	Reimbursement	  	 	15	  
	 Section 2.15
	  	Payroll Reporting and Tax Withholding	  	 	15	  
			
	 ARTICLE III
	  	LABOR AND EMPLOYMENT MATTERS	  	 	16	  
	 Section 3.01
	  	Separate Employers	  	 	16	  
	 Section 3.02
	  	Employment Policies and Practices	  	 	17	  
	 Section 3.03
	  	Collective Bargaining Agreements	  	 	17	  
	 Section 3.04
	  	Employment Claims	  	 	17	  
	 Section 3.05
	  	Intercompany Service Charge	  	 	18	  
	 Section 3.06
	  	WARN Claims	  	 	18	  
	 Section 3.07
	  	Employees on Leave of Absence	  	 	18	  
	 Section 3.08
	  	Third Party Beneficiary Rights	  	 	18	  
	 Section 3.09
	  	Attorney-Client Privilege	  	 	19	  
			
	 ARTICLE IV
	  	DEFAULT	  	 	19	  
	 Section 4.01
	  	Default	  	 	19	  
	 Section 4.02
	  	Force Majeure	  	 	19	  

  
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	 ARTICLE V
	  	MISCELLANEOUS	  	 	19	  
	 Section 5.01
	  	Relationship of Parties	  	 	19	  
	 Section 5.02
	  	Access, to Information: Cooperation	  	 	19	  
	 Section 5.03
	  	Assignment	  	 	19	  
	 Section 5.04
	  	Headings	  	 	20	  
	 Section 5.05
	  	Severability of Provisions	  	 	20	  
	 Section 5.06
	  	Notices	  	 	20	  
	 Section 5.07
	  	Further Action	  	 	21	  
	 Section 5.08
	  	Waiver	  	 	21	  
	 Section 5.09
	  	Governing Law	  	 	21	  
	 Section 5.10
	  	Consent to Jurisdiction: Waiver of Jury Trial	  	 	21	  
	 Section 5.11
	  	Entire Agreement	  	 	21	  

  
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 EMPLOYEE BENEFITS AND OTHER EMPLOYMENT MATTERS 

ALLOCATION AGREEMENT 
 This EMPLOYEE BENEFITS AND OTHER EMPLOYMENT MATTERS ALLOCATION AGREEMENT (“Agreement”) is made and entered into as of November         , 2011, by
and between MARRIOTT INTERNATIONAL, INC., a Delaware corporation (“MII”) and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation and, prior to the Distribution, a wholly owned subsidiary of MII (“MVWC”). 

RECITALS 

WHEREAS, pursuant to that certain Separation and Distribution Agreement dated as of
                         , 2011, between MII and MVWC (the “Distribution Agreement”) MII will distribute
to the Record Holders (as defined in the Distribution Agreement) on a pro rata basis, all the outstanding shares of common stock, of MVWC owned by MII (the “Distribution”); and 

WHEREAS, pursuant to the Distribution Agreement, MII and MVWC have agreed to enter into an agreement allocating responsibilities with
respect to employee compensation, benefits, labor and certain other employment matters pursuant to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MII and MVWC agree as follows:

  
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 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions: As used in this Agreement, the
following terms shall have the meanings indicated below: 
 Adjusted MII Stock Option: a 2011 Distribution
Award based on a MII Stock Option. 
 Adjusted MII SAR: a 2011 Distribution Award based on a MII SAR.

 Benefit Plans: Plans maintained by MII before the Effective Date. 

Code: the Internal Revenue Code of 1986, as amended, or any successor legislation. 

Collective Bargaining Agreement: any collective bargaining agreement or other labor agreement to which MII or any
of its Subsidiaries was a party on or before the Cut-off Date. 
 Company Contribution: the contribution
by MII and its Subsidiaries to the MII Profit Sharing Plan in accordance with the terms thereof. 
 Cut-off
Date: the date immediately preceding the Effective Date. 
 Distribution: has the meaning specified in
the recitals of this Agreement. 
 Distribution Agreement: the agreement described in the recitals of this
Agreement. 
 Distribution Date: has the meaning specified in the Distribution Agreement. 

Distribution Ratio: has the meaning specified in the Distribution Agreement. 

Effective Date: as of 12:01 a.m. on the Saturday before the Distribution Date set forth in the Distribution
Agreement. 
 Employee: with respect to any entity, an individual who is considered, according to the
payroll and other records of such entity, to be employed by such entity. 
 Employer Subsidy: The amount
of the cost of the MII Medical/Dental/Vision Plan for an Employee and the Employee’s eligible family members to participate in the Plan that is paid by MII, a portion of which may be paid by MVWC pursuant to Section 2.05(e). 

  
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 Employment Claim: any actual or threatened lawsuit, arbitration,
ERISA claim, or federal, state, or local judicial or administrative proceeding of whatever kind involving a demand by or on behalf of or relating to an employee or former employee, or by or relating to a collective bargaining agent of employees, or
by or relating to any federal, state, or local government agency alleging liability against an employer or against an employee pension, welfare or other benefit plan, or an administrator, trustee or fiduciary thereof. 

ERISA: the Employee Retirement Income Security Act of 1974, as amended, or any successor legislation. 

HMO: any health maintenance organization organized under 42 U.S.C. §300e-9, or a state health maintenance
organization statute that provides medical services for Retained Individuals or MVWC Individuals under any Plan. 

IRS: the Internal Revenue Service. 

MI Shares: MI Share Awards under the MII Stock Plan. 

MII: Marriott International, Inc., a Delaware corporation and its Subsidiaries. 

MII Common Stock: the Class A common stock, par value $1 per share, of MII after the Effective Date.

 MII Deferred Compensation Plan: the Marriott International, Inc. Executive Deferred Compensation Plan
that is continued by MII after the Effective Date pursuant to Section 2.03(b). 
 MII Group Term
Life/AD&D/BTA Insurance Plan: the Marriott International, Inc. Group Term Life Insurance Plan, the Marriott International, Inc. Accidental Death & Dismemberment Insurance Plan and the Marriott International, Inc. Business Travel
Accident Insurance Plan. 
 MII Medical/Dental/Vision Plan: the Marriott International, Inc. Medical Plan,
the Marriott International, Inc. Dental Plan, the Marriott International, Inc. Vision Plan and the Marriott International, Inc. Health Care Spending Account Plan. 

MII Profit Sharing Plan: the Marriott International, Inc. Employees’ Profit Sharing, Retirement and Savings
Plan and Trust, as in effect prior to the Effective Date. 
 MII Qualified Beneficiary: any Retained
Employee who becomes a Qualified Beneficiary on or after the Effective Date and any Retained Individual who is or becomes a Qualified Beneficiary as a result of loss in coverage under the MII Medical/Dental/Vision Plan. 

MII Retained Business: has the meaning set forth in the Distribution Agreement. 

MII SAR: an unexercised, vested or unvested stock-settled stock appreciation right issued under the MII Stock Plan
which is outstanding immediately prior to the Distribution. 

  
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 MII Stock Award: an award of restricted shares, deferred bonus stock,
a deferred stock agreement or MI Shares under the MII Stock Plan. 
 MII Stock Option: an unexercised,
vested or unvested nonqualified stock option to purchase MII Common Stock issued under the MII Stock Plan which is outstanding immediately prior to the Distribution. 

MII Stock Plan: the Marriott International, Inc. Stock and Cash Incentive Plan as maintained by MII prior to the
Effective Date. 
 MII Terminee: any individual formerly employed by MII or any Subsidiary of MII
(including MVWC) who terminated such employment prior to the Effective Date. 
 MVWC: has the meaning set
forth in the heading hereto. 
 MVWC Business: has the meaning specified in the Distribution Agreement.

 MVWC Common Stock: the common stock of MVWC. 

MVWC Employee: has the meaning set forth in Section 2.01 hereof. 

MVWC Group: has the meaning specified in the Distribution Agreement. 

MVWC Group Term Life/AD&D/BTA Insurance Plan: The Marriott Vacations Worldwide Corporation Group Term Life
Insurance Plan, the Marriott Vacations Worldwide Corporation Accidental Death & Dismemberment Insurance Plan and the Marriott Vacations Worldwide Corporation Business Travel Accident Insurance Plan as established by MVWC in accordance with
Section 2.09(b). 
 MVWC Individual: any individual who (i) is a MVWC Employee, (ii) is, as
of the Cut-off Date, a MII Terminee whose last employment with MII or a MVWC Subsidiary was with a MVWC Business, or is a beneficiary of any individual specified in clause (i) or (ii). 

MVWC Medical/Dental/Vision Plan: The Marriott Vacations Worldwide Corporation Medical Plan, the Marriott Vacations
Worldwide Corporation Dental Plan, the Marriott Vacations Worldwide Corporation Vision Plan and the Marriott Vacations Worldwide Corporation Health Care Spending Account Plan as established by MVWC in accordance with Section 2.05(b).

 MVWC 401(k) Plan: the Plan intended to be qualified under Sections 401(a) and 401(k) of the Code,
established or designated and maintained by MVWC pursuant to Section 2.02(b). 
 MVWC Qualified
Beneficiary: any MVWC Individual who is or becomes a Qualified Beneficiary on or after 11:59 p.m. November 4, 2011. 

  
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 MVWC RSUs: MVWC RSU Awards under the MVWC Stock Plan. 

MVWC SAR: an unexercised, vested or unvested nonqualified stock-settled stock appreciation right issued under the
MVWC Stock Plan. 
 MVWC Stock Award: an award of restricted shares, deferred bonus stock, a deferred
stock agreement or MVWC RSUs under the MVWC Stock Plan. 
 MVWC Stock Option: an unexercised, vested or
unvested nonqualified stock option to purchase MVWC Common Stock issued under the MVWC Stock Plan. 
 MVWC
Stock Plan: the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan to be adopted by MVWC pursuant to Section 2.04(b). 
 Medical/Dental/Vision Plan: any of the following welfare plans providing health benefits to Employees and their dependents: MII Medical/Dental/Vision Plan; and MVWC Medical/Dental/Vision Plan.

 Option: either a MII Option or a MVWC Option. 

Plan: any plan, policy, arrangement, contract or agreement providing compensation or benefits for any group of
Employees or individual Employee, or the dependents or beneficiaries of any such Employee(s), whether formal or informal or written or unwritten, and including, without limitation, any means, whether or not legally required, pursuant to which any
benefit is provided by an employer to any Employee or the beneficiaries of any such Employee. The term “Plan” as used in this Agreement does not include any contract, agreement or understanding relating to settlement of actual or potential
Employment Claims. 
 Post-Conversion Stock Price: the closing New York Stock Exchange prices per share of
MVWC Common Stock or MII Common Stock, as applicable, on the Distribution Date. 
 Post-retirement Medical
Benefits: means post-retirement benefits under Welfare Plans maintained by MII before the Effective Date. 

Pre-Distribution Employee: an Employee who was employed by MII or one of its Subsidiaries as of the Cut-off Date.

 Qualified Beneficiary: an individual (or dependent thereof) who either (1) experiences a
“qualifying event” (as that term is defined in Code Section 4980B(f)(3) and ERISA Section 603) while a participant in any Medical/Dental/Vision Plan, or (2) becomes a “qualified beneficiary” (as that term is
defined in Code Section 4980B(g)(1) and ERISA 607(3)) under any Medical/Dental/Vision Plan. 
 Retained
Employee: has the meaning set forth in Section 2.01 hereof. 

  
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 Retained Individual: any individual who (i) is a Retained
Employee, (ii) is, as of the Cut-off Date, a MII Terminee whose last employment with MII or a Subsidiary of MII was primarily related to a MII Retained Business, or (iii) is a beneficiary of any individual described in clause (i) or
(ii). 
 Retained Subsidiary: a Subsidiary of MII as of the Effective Date. 

SAR: either a MII SAR or a MVWC SAR. 

Service Credit: the period taken into account under any Plan for purposes of determining length of service or plan
participation to satisfy eligibility, vesting, benefit accrual and similar requirements under such Plan. 

Spread: the difference between the price of a share of stock and the exercise price of an Option or SAR to purchase
that share of stock. 
 Stock Plan: either the MII Stock Plan or the MVWC Stock Plan. 

Subsidiary: has the meaning specified in the Distribution Agreement. 

Transaction Agreements: has the meaning specified in the Distribution Agreement. 

2011 Distribution Award: has the meaning set forth in Section 2.04(c) hereof. 

2011 Plan Year: means the fiscal year of a Plan ending December 31, 2011. 

Welfare Plan: any Plan which provides medical, health, disability, accident, life insurance, death, dental or any
other welfare benefit, including, without limitation, any post-employment benefit. 
 Section 1.02 Other Terms. Any
capitalized terms used herein but not defined herein shall have the meaning set forth in the Distribution Agreement. 

Section 1.03 Certain Constructions. References to the singular in this Agreement, or in the Distribution Agreement to the
extent terms in this Agreement are defined by reference to the Distribution Agreement, shall refer to the plural and vice-versa and references to the masculine shall refer to the feminine and vice-versa. 

Section 1.04 Schedules, Sections. References to a “Schedule” are, unless otherwise specified, to one of the
Schedules attached to this Agreement, and references to a “Section” are, unless otherwise specified, to one of the Sections of this Agreement. 
 Section 1.05 Survival. Obligations described in this Agreement shall remain in full force and effect and shall survive the Effective Date. 

  
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 ARTICLE II 
 EMPLOYEE BENEFITS 
 Section 2.01 Employment. 

(a) Allocation of Employees. MII and MVWC shall take all steps necessary or appropriate so that all of the
Employees of MII and its Subsidiaries as of the Cut-off Date are allocated between the MII Retained Business and MVWC Business as of the Effective Date in accordance with the principles set forth in paragraphs (i) and (ii) of this
Section 2.01(a). In making such allocation of Employees of MII and its Subsidiaries pursuant to this Section 2.01(a), MII and MVWC shall share such information regarding the allocation of Employees as is reasonably requested. An Employee
who is (1) allocated to the MII Retained Business and (2) employed by MII or a Retained Subsidiary as of the Effective Date is a “Retained Employee.” An Employee who is (1) allocated to the MVWC Group and (2) employed
by MVWC or a MVWC Subsidiary as of the Effective Date is a “MVWC Employee”. All Employees of MII and its Subsidiaries as of the Cut-off Date shall be allocated as either Retained Employees or MVWC Employees on the Effective Date.

 (i) In making the allocation provided for in this Section 2.01(a), and subject to paragraph
(ii) hereof, MII and MVWC shall allocate each Employee whose employment duties prior to the Effective Date relate exclusively to the MII Retained Business to MII and each Employee whose employment duties prior to the Effective Date relate
exclusively to the MVWC Business to the MVWC Group. MII and MVWC shall allocate all other Employees, in a mutually agreeable manner that, to the extent possible, takes into account the Employees’ expertise, experience and existing positions and
duties and does not unreasonably disrupt either the MII Retained Business or MVWC Business and maximizes the ability of each of the MII Retained Business and MVWC Business to manage and operate their respective businesses after the Effective Date,
taking into account the respective needs of such businesses as established by past practice. 
 (ii) MII and MVWC
each agree that, between the date hereof and the Effective Date, Employees will not be transferred between the MII Retained Business or MVWC Business except as (A) necessary to effect the second sentence of paragraph (i) of this subsection
2.01(a), (B) in the ordinary course of business consistent with past practice or (C) in accordance with the procedures described in the next sentence. MII and MVWC agree that, between the date hereof and the Effective Date, the senior
human resources executive of each party will consult with the senior human resources executive of the other party in connection with the transfer of any employee whose duties relate primarily to the MVWC Business or MII Retained Business, as the
case may be, and whose supervisor objects to the transfer. Consent by the other party to any such transfer will not be required. 

  
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 (b) Allocation of Responsibilities as Employer. On the Effective
Date, except to the extent retained or assumed by MII under this Agreement or any other agreement relating to the Distribution, MVWC shall retain or assume, as the case may be, responsibility as employer for the MVWC Employees. On the Effective
Date, except to the extent retained or assumed by MVWC under this Agreement or any other agreement relating to the Distribution, MII shall retain or assume, as the case may be, responsibility as employer for the Retained Employees. The assumption or
retention of responsibility as employer by MII or MVWC described in this Section 2.01 shall not, of itself, constitute a severance or a termination of employment under any Plan of severance maintained by MII or MVWC. 

(c) Service Credits. In connection with the Distribution and for purposes of determining Service Credits (but
excluding accrual of benefits other than vacation, sick leave, health and welfare benefits, eligibility for Club 25 or Quarter Century Club associate discount programs or severance) under any Plans, MII shall credit each Retained Employee and MVWC
shall credit each MVWC Employee with such Employee’s Service Credits and current hire date as reflected in MII’s human resources system records as of the Cut-off Date. Such Service Credits and hire date shall continue to be maintained as
described herein for as long as the Employee does not terminate employment. 
 (d) Transfer of Employees
Following the Effective Date. For a period of ninety (90) days following the Effective Date, in the case of a transfer of a Pre-Distribution Employee from the MVWC Group to MII or from MII to the MVWC Group, (i) the transferee employer
will recognize the most recent hire date of such Employee prior to the Distribution with MII or one of its Subsidiaries for purposes of Service Credits with the transferee employer, including toward any waiting period under any Plan; (ii) such
Employee will be given credit under the transferee employer’s Medical/Dental/Vision Plan toward any deductible or out-of-pocket maximum for amounts paid while employed by the transferor employer; and (iii) the transferee employer shall
provide the Employee with the same balance of vested and unvested vacation and sick leave hours as had been accrued by the transferor employer through the date of transfer from the transferor employer; provided that the transferor employer shall
promptly notify the transferee employer in writing of the occurrence of any such termination subject to the provisions of this Section 2.01(d)(iii), and shall make a payment to such transferee employer within thirty (30) days of the
aforesaid termination date from the transferor employer in an amount equal to the value of the transferring employee’s vested and unvested balance of vacation leave accrued by the transferor employer through such termination date with such
transferor employer, based on the employee’s final rate of pay with the transferor employer. 
 Section 2.02
Retirement Plans. 
 (a) MII Profit Sharing Plan. Effective as of the Effective Date, MII shall
retain sponsorship of the MII Profit Sharing Plan. MVWC Employees shall cease contributions to the MII Profit Sharing Plan with respect to pay earned on or after November 5, 2011. 

  
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 (b) MVWC 401(k) Plan. Effective as of November 5, 2011, MVWC
shall take, or cause to be taken, or have taken, all action necessary and appropriate to establish and administer a Plan to be referred to herein as the MVWC 401(k) Plan. After the Distribution, MVWC shall retain all assets and liabilities of the
MVWC 401(k) Plan. Effective as of November 5, 2011, all MVWC Employees who, immediately prior to such date, were participants in or otherwise eligible to participate in the MII Profit Sharing Plan shall be eligible to participate in the MVWC
401(k) Plan with respect to pay earned on or after November 5, 2011. The MVWC 401(k) Plan shall be intended to qualify for tax-favored treatment under Sections 401(a) and 401(k) of the Code and to be in compliance with the applicable
requirements of ERISA. 
 (c) Company Contribution. MVWC Employees who made elective deferrals or
after-tax contributions to the MII Profit Sharing Plan for the period of the 2011 calendar year preceding November 5, 2011, shall be eligible for a Company Contribution for the 2011 Plan Year based on contributions made to the MII Profit
Sharing Plan and compensation during such period, notwithstanding the fact that they are not employed by MII as of the last day of the 2011 Plan Year and such contributions should be made no later than March 31, 2012. 

(d) Rollovers from MII Profit Sharing Plan to MVWC 401(k) Plan. Effective as of the Distribution Date, the MVWC
401(k) Plan will accept rollovers from the MII Profit Sharing Plan provided participants comply with the procedures specified by both Plans. 
 Section 2.03 Deferred Compensation Plans. 
 (a) MII
Deferred Compensation Plan. Effective as of the Effective Date, MII shall retain sponsorship of the MII Deferred Compensation Plan. MII shall be responsible for payment of all liabilities and obligations of MII accrued under the MII Deferred
Compensation Plan, regardless of when such payment becomes due, including, but not limited to, liabilities to MVWC Employees pursuant to participation in the MII Deferred Compensation Plan for periods prior to the Cut-off Date, along with notional
earnings required to be credited to account balances included therein in accordance with the terms of the MII Deferred Compensation Plan. Nothing herein shall limit MII’s ability to terminate the MII Deferred Compensation Plan at any time and
make immediate distributions of all accounts. 
 (b) Liability for Distributions to MVWC Employees.
Following the Effective Date, in the case of distributions by MII to participants in the MII Deferred Compensation Plan who are or were MVWC Employees on the Cut-off Date (or on any date during the 90-day period described in Section 2.01(d)),
MVWC shall be responsible for paying MII the amount of such distributions within thirty (30) days of receipt of an invoice from MII detailing the amount of such distributions. 

(c) Sharing of Information. Within thirty (30) days following the Effective Date, MII will submit to MVWC a
listing of all MVWC Employees who maintain a balance in the MII Deferred Compensation Plan and will provide an updated list one hundred twenty (120) days following the Effective Date. MVWC shall inform MII of MVWC Employees who terminate

  
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employment with the MVWC Group and who are or were participants in the MII Deferred Compensation Plan as of the Cut-off Date (or any date during the 90-day period described in
Section 2.01(d)). MVWC acknowledges that receipt of timely information concerning termination of employment of MVWC Employees with accounts under the MII Deferred Compensation Plan is essential to avoid penalties under Code Section 409A
and shall indemnify MII for any liability arising by reason of the failure to properly distribute accounts under the MII Deferred Compensation Plan to MVWC Employees due to MVWC’s failure to timely advise MII of a termination of employment. For
purposes of this section 2.03(c), information concerning terminations of employment shall include instructions by MVWC regarding which employees shall be subject to the six-month delay on distributions to “specified employees” under Code
Section 409A. 
 Section 2.04 Comprehensive Stock Plans. 

(a) MII Stock Plan. Effective as of the Effective Date MII shall continue the MII Stock Plan. 

(b) MVWC Stock Plan. As soon as practicable after the date hereof and effective as of the Effective Date, MVWC
shall take, or cause to be taken, or have taken, all action necessary and appropriate to adopt and administer the MVWC Stock Plan, and to provide 2011 Distribution Awards for all (i) MVWC Employees, (ii) MII Employees and (iii) MII
Terminees, in accordance with Section 2.05(d). All awards under the MVWC Stock Plan will be denominated in MVWC Common Stock. 
 (c) 2011 Distribution Awards. 
 (i) MII Stock Award:
On the Distribution Date, each Employee who is a holder of a MII Stock Award as of the Cut-off Date shall receive as part of the Distribution an award under the MVWC Stock Plan of a number of shares of MVWC Common Stock equal to the number of shares
of MII Common Stock subject to the MII Stock Award held by such Employee multiplied by the Distribution Ratio, with terms and conditions substantially similar to the terms and conditions applicable to the MII Stock Award. MVWC Stock Awards shall be
distributed with fractional shares calculated to the tenth (1/10) of a share. 
 (ii) MII Stock Options
and MII SARs: (A) On the Distribution Date, each Employee who is a holder of a MII Stock Option or MII SAR shall receive as part of the Distribution each of the following as a substitute for the MII Stock Option or MII SAR: (I) an
Adjusted MII Stock Option or Adjusted MII SAR under the MII Stock Plan for the same number of shares as under the MII Stock Option or MII SAR and (II) a MVWC Stock Option or MVWC SAR under the MVWC Stock Plan for the number of shares as under the
MII Stock Option or MII SAR multiplied by the Distribution Ratio. (B) The Spread on the Adjusted MII Stock Option or Adjusted MII SAR shall equal the Spread on the MII Stock Option or MII SAR before the Distribution multiplied by (I) the
Post-Conversion Stock Price of MII Common Stock 

  
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divided by (II) the sum of (x) the Post-Conversion Stock Price of MII Common Stock and (y) the Post-Conversion Stock Price of MVWC Common Stock divided by the Distribution Ratio.
(C) The exercise price of the Adjusted MII Stock Option or Adjusted MII SAR shall equal the Post-Conversion Stock Price of MII Common Stock minus the Spread on the Adjusted MII Stock Option or Adjusted MII SAR divided by the number of shares
subject to the Adjusted MII Stock Option or the Adjusted MII SAR. (D) The Spread on the MVWC Stock Option or MVWC SAR shall equal the Spread on the MII Stock Option or MII SAR before the Distribution multiplied by (I) the Post-Conversion
Stock Price of MVWC Common Stock divided by (II) the sum of (x) the Post-Conversion Stock Price of MII Common Stock and (y) the Post-Conversion Stock Price of MVWC Common Stock divided by the Distribution Ratio. (E) The exercise price
of the MVWC Stock Option or MVWC SAR shall equal the Post-Conversion Stock Price of MVWC Common Stock minus the Spread on the MVWC Stock Option or MVWC SAR divided by the number of shares subject to the MVWC Stock Option or the MVWC SAR. (F) An
Adjusted MII Stock Option, Adjusted MII SAR, MVWC Stock Option or MVWC SAR issued as a 2011 Distribution Award shall have terms and conditions substantially similar to the terms and conditions of the MII Stock Option or MII SAR to which it relates
under this Section 2.04(c)(ii). (G) All adjustments made pursuant to this Section 2.04(c) shall be effected in a manner such that no award becomes subject to the requirements of Section 409A of the Code. 

(d) Service Credit: The 2011 Distribution Awards shall be administered with respect to any provisions relating to
continuing employment requirements to give Service Credit for service with the party employing the grantee as of the Cut-off Date (or on any date during the 90-day period described in Section 2.01(d)). 

(e) Cooperation. MVWC and MII agree to cooperate in good faith to ensure that each party’s Stock Plan is
administered properly, including providing information on the termination of employment of employees who continue to hold stock awards denominated the shares of the other party’s common stock. 

Section 2.05 Medical/Dental/Vision Plan. 

(a) MII Medical/Dental/Vision Plan. Effective as of November 5, 2011, MII will continue the MII
Medical/Dental/Vision Plan. MVWC Employees who were eligible for any MII Medical/Dental/Vision Plan as of November 4, 2011, will be entitled to continue participating in those Plans until December 31, 2011. MVWC Employees who were employed
on or before November 4, 2011, but who have not completed their benefits waiting period for the MII Medical/Dental/Vision Plan as of November 4, 2011, shall be eligible to participate in the MII Medical/Dental/Vision Plan as of the date
they would have been eligible had they been a Retained Employee, and will be entitled to continue participating in that Plan until December 31, 2011. Any MVWC Employee covered under the MII Medical/Dental/Vision Plan who has a qualifying status
change (e.g., birth/adoption of a child, marriage) will be able to make changes to their enrollment based on the event in accordance with the terms of the MII Medical/Dental/Vision Plan. MVWC shall be responsible for paying MII the amount of the
Employer Subsidy with respect to participation in the MII Medical/Dental/Vision Plan by MVWC Employees during the period following November 4, 2011 within thirty (30) days of receipt of an invoice from MII detailing the amount of such
Employer Subsidy. 

  
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 (b) Establishment of MVWC Medical/Dental/Vision Plan. Effective as of
January 1, 2012, MVWC or one of its Subsidiaries shall take, or cause to be taken, or have taken, all action necessary and appropriate to establish or designate and administer the MVWC Medical/Dental/Vision Plan and to provide benefits
thereunder for all eligible MVWC Employees who choose to enroll in the plans. 
 (c) Continuation Coverage.
 
 (i) Subject to Section 2.05(c)(ii), as of the Effective Date, (A) MII or a Retained Subsidiary
shall assume or retain and shall be solely responsible for, or cause the MII Medical/Dental/Vision Plan, insurance carriers or HMOs to be responsible for, the continuation coverage requirements imposed by Code Section 4980B and ERISA Sections
601 through 608 (“COBRA”) as they relate to any MII Qualified Beneficiary, and MVWC and the MVWC Subsidiaries shall have no liability or obligation with respect thereto, and (B) MVWC or a MVWC Subsidiary shall assume or retain and
shall be solely responsible for, or cause the MVWC Medical/Dental/Vision Plan, its insurance carriers or HMOs to be responsible for, such continuation coverage requirements as they relate to any MVWC Qualified Beneficiary, and MII and the Retained
Subsidiaries shall have no liability or obligation with respect thereto. 
 (ii) An MVWC Qualified Beneficiary
who becomes entitled to continuation coverage by reason of an event that occurs after November 4, 2011 and on or before December 31, 2011, shall be entitled to coverage under the MII Medical/Dental/Vision Plan through December 31,
2011, and thereafter for the remainder of what would have been the required continuation coverage period had such MVWC Qualified Beneficiary had a COBRA qualifying event shall be entitled to coverage under the MVWC Medical/Dental/Vision Plan.

  
 12 

 (d) Post-retirement Medical Benefits. Notwithstanding anything herein
to the contrary, as of the Effective Date, MII or a Retained Subsidiary shall assume or retain, and shall be solely responsible for, or cause the Marriott International, Inc. Medical Plan, its insurance carriers or HMOs, to be responsible for
Post-retirement Medical benefits to which MII Terminees have become entitled as of the Cut-off Date under the Marriott International, Inc. Medical Plan maintained by MII before the Effective Date, and MVWC shall have no liability with respect
thereto. 
 Section 2.06 Short-Term Disability Plan. 

(a) MII Short-Term Disability Plan. Effective as of November 5, 2011, MII or a Retained Subsidiary shall
continue the MII Short-Term Disability Plan. MVWC Employees shall cease coverage under the MII Short-Term Disability Plan effective 11:59 pm November 4, 2011. In accordance with the terms of the MII Short-Term Disability Plan, coverage will be
provided to a MVWC Employee for a payable claim that occurs while the MVWC Employee is covered under the Plan. 

(b) Establishment of MVWC Short-Term Disability Plan. Effective as of November 5, 2011, MVWC or a MVWC
Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to establish, designate or administer a short-term disability plan and to provide benefits thereunder for all eligible MVWC Employees who enroll
therein. 
 Section 2.07 Long-Term Disability Plan. 

(a) MII Long-Term Disability Plan. Effective as of November 5, 2011, MII or a Retained Subsidiary shall
continue the MII Long-Term Disability Plan. MVWC Employees shall cease coverage under the MII Long-Term Disability Plan effective 11:59 pm November 4, 2011. In accordance with the terms of the MII Long-Term Disability Plan, coverage will be
provided to a MVWC Employee for a payable claim that occurs when the MVWC Employee is covered under the Plan. 

(b) Establishment of MVWC Long-Term Disability Plan. Effective as of November 5, 2011, MVWC or a MVWC
Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to establish, designate or administer a long-term disability plan and to provide benefits thereunder for all eligible MVWC Employees who enroll
therein. 

  
 13 

 Section 2.08 Vacation and Sick Pay Liabilities. 

(a) Division of Liabilities. Effective on the Effective Date, MVWC shall assume, as to the MVWC Employees, and MII
shall retain, as to the Retained Employees, all accrued liabilities (whether vested or unvested, and whether funded or unfunded) for vacation and sick leave in respect of all Employees of MII and its Subsidiaries as of the Cut-off Date. MVWC shall
be solely responsible for the payment of such vacation or sick leave to MVWC Individuals after the Cut-off Date, and MII shall be solely responsible for the payment of such vacation or sick leave to Retained Individuals after the Cut-off Date. Each
party shall provide to its own Employees on the Effective Date the same vested and unvested balances of vacation and sick leave as credited to such Employee on MII’s payroll system on the Cut-off Date. As of the Effective Date, MII shall
continue to accrue vacation and sick leave in respect of each Retained Employee according to the same rate of accrual as accrued in respect of such individual by MII on the Cut-off Date. As of the Effective Date, MVWC shall continue to accrue
vacation and sick leave in respect of each MVWC Employee according to the MVWC accrual schedule as communicated per MVWC policy as of the Cut-off Date. The preceding sentence shall not be construed as in any way limiting the right of either MVWC or
MII to change its vacation or sick leave plans or policies as it deems appropriate, subject to the application of Section 2.01(d). 
 Section 2.09 Group Term Life/AD&D/BTA Insurance Plan. 
 (a) MII Group Term Life Insurance Plan. Effective as of November 5, 2011, MII or a Retained Subsidiary shall continue the MII Group Term Life/AD&D/BTA Insurance Plan. MVWC Employees shall
cease coverage under the MII Group Term Life/AD&D/BTA Insurance Plan effective 11:59 pm November 4, 2011. 
 (b) MVWC Group Term Life Insurance Plan. Effective as of November 5, 2011, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to
establish, designate or administer the MVWC Group Term Life/AD&D/BTA Insurance Plan and to provide benefits thereunder for all eligible MVWC Employees who enroll therein. 
 Section 2.10 Severance Pay Plan. 
 (a) Effective as of
the Effective Date, MII or a Retained Subsidiary shall continue the MII Severance Plan. 
 (b) Effective as of
the Effective Date, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to establish, designate or administer a severance plan for eligible MVWC Employees. 

(c) Employees of the MVWC Business who become entitled to benefits under the MII Severance Plan for terminations of
employment occurring on or before the Cut-off Date shall be entitled to continue to receive such benefits in accordance with the terms of the MII Severance Plan. MVWC shall be responsible for paying MII the amount of the cost of benefits for such
participants under the MII Severance Plan within thirty (30) days of receipt of an invoice from MII detailing the amount of such costs. 

  
 14 

 Section 2.11 Dependent Care Spending Account Plan. Effective November 5,
2011, MVWC Employees will cease to contribute to the Marriott International, Inc. Dependent Care Spending Account Plan; provided, however, that MVWC Employees may continue to make claims for eligible expenses incurred through November 4, 2011,
in accordance with the terms of the Plan. 
 Section 2.12 Other Plans. Except as otherwise expressly provided
herein, MII shall retain all liabilities under all Plans to the extent relating to Retained Individuals or maintained by a Retained Subsidiary, and MVWC shall be responsible for all liabilities under all Plans to the extent relating to MVWC
Individuals or maintained by a MVWC Subsidiary. 
 Section 2.13 Preservation of Right To Amend or Terminate Plans.
Except as otherwise expressly provided in Article II, no provisions of this Agreement, including, without limitation, the agreement of MII or MVWC, or any Retained Subsidiary or MVWC Subsidiary, to make a contribution or payment to or under any Plan
herein referred to for any period, shall be construed as a limitation on the right of MII or MVWC or any Retained Subsidiary or MVWC Subsidiary to amend such Plan or terminate its participation therein which MII or MVWC or any Retained Subsidiary or
MVWC Subsidiary would otherwise have under the terms of such Plan or otherwise, and no provision of this Agreement shall be construed to create a right in any Employee or former Employee, or dependent or beneficiary of such Employee or former
Employee under a Plan which such person would not otherwise have under the terms of the Plan itself. 
 Section 2.14
Reimbursement. MII and MVWC acknowledge that MII and the Retained Subsidiaries, on the one hand, and MVWC and the MVWC Subsidiaries, on the other hand, may incur costs and expenses, including, but not limited to, contributions to Plans and
the payment of insurance premiums arising from or related to any of the Plans which are, as set forth in this Agreement, the responsibility of the other party hereto. Accordingly, MII (and any Retained Subsidiary responsible therefor) and MVWC (and
any MVWC Subsidiary responsible therefor) shall reimburse each other, as soon as practicable, but in any event within thirty (30) days of receipt from the other party of appropriate verification, for all such costs and expenses. 

Section 2.15 Payroll Reporting and Tax Withholding. 

(a) Form W-2 Reporting. MVWC and MII hereby adopt the “alternate procedure” for preparing and filing IRS
Forms W-2 (Wage and Tax Statements), as described in Section 5 of Revenue Procedure 96-60, 1996-53 I.R.B. 24 (December 30, 1996) (“Rev. Proc. 96-60”). Under this procedure, MVWC as the successor employer shall provide all required
Forms W-2 to all MVWC Individuals reflecting all wages paid and taxes withheld by both MII as the predecessor and MVWC as the successor employer for the entire year during which the Distribution takes place. MII shall provide all required Forms W-2
to all Retained Individuals reflecting all wages and taxes paid and withheld by MII before, on and after the Effective Date. 

  
 15 

 In connection with the aforesaid agreement under Rev. Proc. 96-60, each business unit or
business operation of MII shall be assigned to either MII or MVWC, depending upon whether it is a MII Retained Business or a MVWC Business, and each Retained Individual or MVWC Individual associated with such business unit or business operation
shall be assigned for payroll reporting purposes to MII or MVWC, as the case may be. 
 (b) Garnishments. Tax
Levies, Child Support Orders, and Wage Assignments. With respect to Employees with garnishments, tax levies, child support orders, and wage assignments in effect with MII as of November 4, 2011, MVWC as the successor employer with respect
to each such Employee who is a MVWC Individual shall honor such payroll deduction authorizations and will continue -to make payroll deductions and payments to the authorized payee, as specified by the court or governmental order which was filed with
MII. MII will provide to MVWC a list of MVWC Individuals who have garnishments, tax levies, child support orders and wage assignments in effect as of November 4, 2011. 

(c) Authorizations for Payroll Deductions. Unless otherwise prohibited by this or another agreement entered into in
connection with the Distribution, or by a Plan document or by law, with respect to Employees with authorizations for payroll deductions and direct deposits in effect with MII as of November 4, 2011, MVWC as the successor employer will honor
such payroll deduction authorizations relating to each MVWC Individual, and shall not require that such MVWC Individual submit a new authorization to the extent that the type of deduction by MVWC does not differ from that made by MII. Such deduction
types include, without limitation, contributions to any Plan, U.S. Savings Bonds, and United Giver’s Fund; scheduled loan repayments to an employee credit union; and direct deposit of payroll, union dues, employee relocation loans, and other
types of authorized company receivables usually collectible through payroll deductions. 
 ARTICLE III 

LABOR AND EMPLOYMENT MATTERS 
 Notwithstanding any other provision of this Agreement or any other Agreement between MVWC and MII to the contrary, MVWC and MII understand and agree that: 

Section 3.01 Separate Employers. On and after the Effective Date and the separation of Employees into their respective
companies, MVWC and MII will be separate and independent employers. 

  
 16 

 Section 3.02 Employment Policies and Practices. Subject to the provisions of
ERISA and Sections 2.01(c) and (d), MVWC and MII may adopt, continue, modify or terminate such employment policies, compensation practices, retirement plans, welfare benefit plans, and other employee benefit plans of any kind or description, as each
may determine, in its sole discretion, are necessary and appropriate, with respect to its Employees. 
 Section 3.03
Collective Bargaining Agreements. 
 (a) With regard to Employees of MII and its Subsidiaries covered by a
Collective Bargaining Agreement on the Cut-off Date who become MVWC Employees or Retained Employees, MVWC and MII promise and covenant to each other not to take any action which disrupts or otherwise negatively impacts the labor relations of the
other. 
 (b) Effective as of the Effective Date, MVWC or a MVWC Subsidiary shall retain or assume each
Collective Bargaining Agreement covering MVWC Employees, including any obligations thereunder requiring contributions to any multiemployer plan as defined in Section 3(37) of ERISA (“Multiemployer Plan”), and MII shall have no further
liability thereunder. Effective as of the Effective Date, MII or a Retained Subsidiary shall retain or assume each Collective Bargaining Agreement covering Retained Employees, including any obligations thereunder requiring contributions to any
Multiemployer Plan. MVWC shall be solely responsible for any withdrawal liability arising in connection with any Multiemployer Plan in which MVWC Individuals participate, and MII shall have no liability with respect thereto. MII shall be solely
responsible for any withdrawal liability arising with respect to any Multiemployer Plan in which Retained Individuals participate, and MVWC shall have no liability with respect thereto. 

Section 3.04 Employment Claims. 
 (a) MVWC will be solely responsible for any uninsured Employment Claims arising with respect to MVWC Individuals on, before or after the Effective Date. MII will be solely liable for any Employment Claims
arising with respect to Retained Individuals on, before or after the Effective Date as well as any insured Employment Claims arising with respect to MVWC Individuals on or before the Effective Date. 

(b) MVWC and MII acknowledge that avoiding or successfully defending against claims by third parties against either MVWC
or MII in any way relating to the employment of any individual by MII before the Distribution, or relating to the employment of any individual by MVWC in connection with its continuing operation of the MVWC Business (“Legal Claims”) is
essential for the protection of the common legal and financial interests of the Parties; therefore, MVWC and MII intend that upon and after the Effective Date they and their legal counsel shall cooperate fully on the subject of their common legal
and financial interests and act in a coordinated fashion in the defense of those interests in the event of a potential or actual Legal Claim. MVWC and MII intend that this Agreement shall apply to all potential or actual Legal Claims, both currently
pending and as may arise in the future. 

  
 17 

 (c) MVWC and MII agree that attorney-client privilege, the work product
doctrine and all other evidentiary privileges and non-disclosure doctrines shall apply to the fullest extent permitted by law to any communication of privileged information among counsel for the parties, or between counsel for either party and the
other party. In entering into and complying with this Agreement the parties do not intend to waive any such privilege or doctrine. 
 Section 3.05 Intercompany Service Charge. Professional, managerial, administrative, clerical, consulting, and support or production services provided to one party by personnel of the other
party, upon the request of the first party or when such services are otherwise required by this Agreement between MVWC and MII, shall be charged to the party receiving such services on commercially reasonable terms to be negotiated (or in accordance
with the provisions of any applicable agreement between the parties). 
 Section 3.06 WARN Claims. Before and after
the Effective Date, each party shall comply in all material respects with the Worker Adjustment and Retraining Notification Act and similar state laws (“WARN”). MII and the Retained Subsidiaries shall be responsible for WARN claims
relating to Retained Individuals or to Employees who prior to the Effective Date were employed in a MII Retained Business; MVWC and the MVWC Subsidiaries shall be responsible for WARN Claims relating to MVWC Individuals or to Employees who prior to
the Effective Date were employed in a MVWC Business. Each party shall indemnify, defend and hold harmless the other in connection with WARN claims for which the indemnitor is responsible and which are brought against the indemnitee. 

Section 3.07 Employees on Leave of Absence. After the Effective Date, MVWC shall assume responsibility, if any, as employer
for all Employees returning from an approved leave of absence who prior to the Effective Date were employed in a MVWC Business. After the Effective Date, MII shall assume responsibility, if any, as employer for all Employees returning from an
approved leave of absence who prior to the Effective Date were employed in a MII Retained Business. 
 Section 3.08
Third Party Beneficiary Rights. Except as provided below, neither this Agreement nor any other intercompany agreement between MVWC and MII is intended to nor does it create any third party contractual or other common law rights. No person
shall be deemed a third-party beneficiary of the agreements between MVWC and MII. 

  
 18 

 Section 3.09 Attorney-Client Privilege. The provisions herein requiring either
party to this Agreement to cooperate shall not be deemed to be a waiver of the attorney-client privilege for either party nor shall it require either party to waive its attorney/client privilege. 

ARTICLE IV 

DEFAULT 

Section 4.01 Default. If either party materially defaults hereunder, the non-defaulting party shall be entitled to all
remedies provided by law or equity (including reasonable attorneys’ fees and costs of suit incurred). 
 Section 4.02
Force Majeure. MVWC and MII shall incur no liability to each other due to a default under the terms and conditions of this Agreement resulting from fire, flood, war, strike, lock-out, work stoppage or slow-down, labor disturbances, power
failure, major equipment breakdowns, construction delays, accident, riots, acts of God, acts of United States’ enemies, laws, orders or at the insistence or result of any governmental authority or any other delay beyond each other’s
reasonable control. 
 ARTICLE V 
 MISCELLANEOUS 
 Section 5.01 Relationship of Parties. Nothing in this
Agreement shall be deemed or construed by the parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the parties, it being understood and agreed that no provision contained herein, and no
act of the parties, shall be deemed to create any relationship between the parties other than the relationship set forth herein. 
 Section 5.02 Access, to Information: Cooperation. MII and MVWC, their respective Subsidiaries and their authorized agents will be given reasonable and timely access to and may take copies of
all information relating to the subjects of this Agreement (to the extent permitted by federal and state confidentiality laws) in the custody of the other party, including any agent, contractor, subcontractor, agent or any other person or entity
under the contract of such party. The parties will provide one another with such information within the scope of this Agreement as is reasonably necessary to administer each party’s Plans. The parties will cooperate with each other to minimize
the disruption caused by any such access and providing of information. 
 Section 5.03 Assignment. This Agreement
and all of the provisions hereof shall be binding upon, and inure to the benefit of the parties and their respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned by either party (whether by operation of law or otherwise) without the prior written consent of the other party. 

  
 19 

 
Notwithstanding the preceding sentence, prior to the consummation of the transactions contemplated by the Distribution Agreement, MVWC) may assign its rights and obligations hereunder to any
wholly-owned U.S. Subsidiary of MII other than a Retained Subsidiary, which wholly owned Subsidiary shall, following the Distribution, own all of the assets of MII and its Subsidiaries (including shares of capital stock of Subsidiaries and any other
ownership interests in any Person) other than the MII Retained Business. In the event of such an assignment and assumption, the assignor shall be released from all of its obligations under this Agreement and the assignee shall become MVWC for all
purposes under this Agreement and the Transaction Agreements. 
 Section 5.04 Headings. The headings used in this
Agreement are inserted only for the purpose of convenience and reference, and in no way define or limit the scope or intent of any provision or part hereof. 
 Section 5.05 Severability of Provisions. Neither MII nor MVWC intend to violate statutory or common law by executing this Agreement. If any section, sentence, paragraph, clause or combination
of provisions in this Agreement is in violation of any law, such sections, sentences, paragraphs, clauses or combinations shall be inoperative and the remainder of this Agreement shall remain in full force and effect and shall be binding upon the
parties. 
 Section 5.06 Notices. All notices, consents, approvals and other communications given or made pursuant
hereto shall be in writing and shall be deemed to have been duly given when delivered personally or by overnight courier or three days after being mailed by registered or certified mail (postage prepaid, return receipt requested) to the named
representatives of the parties at the following addresses (or at such other address for a party as shall be specified by like notice; except that notices of changes of address shall be effective upon receipt): 

 

	 	(a)	if to MII 

 MARRIOTT
INTERNATIONAL, INC. 
 10400 Fernwood Road 
 Bethesda, Maryland 20817 
 Attention: GENERAL COUNSEL 

Facsimile: 301-380-6727 
  

	 	(b)	if to MARRIOTT VACATIONS WORLDWIDE CORPORATION 

 6649 Westwood Boulevard, 3rd Floor 
 Orlando, Florida 32821 

Attention: GENERAL COUNSEL 
 Facsimile: 407-206-6420 

  
 20 

 with a copy to: 
 6649 Westwood Boulevard, 1st Floor 
 Orlando, Florida 32821 

Attention: VP, Global Compensation & Benefits 
 Facsimile: 407-206-6039 
 Section 5.07 Further Action. MVWC and MII
each shall cooperate in good faith and take such steps and execute such papers as may be reasonably requested by the other party to implement the terms and provisions of this Agreement. 

Section 5.08 Waiver. MVWC and MII each agree that the waiver of any default under any term or condition of this Agreement
shall not constitute a waiver of any subsequent default or nullify the effectiveness of that term or condition. 

Section 5.09 Governing Law. All controversies and disputes arising out of or under this Agreement shall be determined
pursuant to the laws of the State of New York, regardless of the laws that might be applied under applicable principles of conflicts of laws. 
 Section 5.10 Consent to Jurisdiction: Waiver of Jury Trial. Each party irrevocably agrees that any legal action or proceeding arising out of or relating to this agreement shall be instituted
in any state or federal court sitting in New York City, Borough of Manhattan (and each party agrees not to commence any legal action or proceeding except in such courts), and each party irrevocably submits to the jurisdiction of such courts in any
such action or proceeding. Each party irrevocably consents to service of process in any such action or proceeding upon it by mail at its address set forth in Section 5.06 of this Agreement. The foregoing provisions shall not limit the right of
any party to bring any such action or proceeding or to obtain execution on any judgment rendered in any such action or proceeding in any other appropriate jurisdiction or in any other manner. EACH PARTY HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. 
 Section 5.11 Entire
Agreement. This Agreement and the Transaction Agreements constitute the entire understanding between the parties hereto, and supersede all prior written or oral communications, relating to the subject matter covered by said agreements. No
amendment, modification, extension or failure to enforce any condition of this Agreement by either party shall be deemed a waiver of any of its rights herein. This Agreement shall not be amended except by a writing executed by the parties.

  
 21 

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

			
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	 
	[Name]	 	
	[Title]	 	
	
	MARRIOTT VACATIONS WORLDWIDE
CORPORATION
		
	By:	 	 
	[Name]	 	
	[Title]	 	

  
 22EXHIBIT 10.5

 Exhibit 10.5 
 Form of 
 MARRIOTT REWARDS AFFILIATION AGREEMENT 

by and among 
 MARRIOTT INTERNATIONAL, INC., 
 MARRIOTT REWARDS, LLC, 

MARRIOTT VACATIONS WORLDWIDE CORPORATION 
 and 
 MARRIOTT OWNERSHIP RESORTS, INC. 

Dated as of [    ], 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Rewards Points Offered by MVW in the Licensed Destination Club Business
	  	 	2	  
	 Section 2.
	 	 Payment for Rewards Points Issued on or After the Commencement Date
	  	 	3	  
	 Section 3.
	 	 Payment for Rewards Points Redeemed Prior to the Commencement Date or Outstanding as of the Commencement Date
	  	 	5	  
	 Section 4.
	 	 Restrictions
	  	 	6	  
	 Section 5.
	 	 MVW Inventory Use
	  	 	7	  
	 Section 6.
	 	 Deemed Order of Usage of Rewards Points
	  	 	7	  
	 Section 7.
	 	 Redemption of Rewards Points by Rewards Members
	  	 	8	  
	 Section 8.
	 	 Elite Status Program
	  	 	8	  
	 Section 9.
	 	 Marketing
	  	 	9	  
	 Section 10.
	 	 Joint & Several Liability
	  	 	11	  
	 Section 11.
	 	 Default & Term
	  	 	11	  
	 Section 12.
	 	 Effect of Termination
	  	 	18	  
	 Section 13.
	 	 Changes to the Rewards Program
	  	 	18	  
	 Section 14.
	 	 Cooperation
	  	 	20	  
	 Section 15.
	 	 Reporting
	  	 	21	  
	 Section 16.
	 	 Third Party Consents
	  	 	22	  
	 Section 17.
	 	 Assignment
	  	 	22	  
	 Section 18.
	 	 MVW Associates
	  	 	23	  
	 Section 19.
	 	 Notices
	  	 	24	  
	 Section 20.
	 	 Governing Law; Jurisdiction
	  	 	25	  
	 Section 21.
	 	 WAIVER OF JURY TRIAL AND PUNITIVE AND EXEMPLARY DAMAGES
	  	 	26	  
	 Section 22.
	 	 Third Party Rights
	  	 	26	  
	 Section 23.
	 	 Amendment
	  	 	26	  
	 Section 24.
	 	 Approvals, Consents and Waivers
	  	 	26	  
	 Section 25.
	 	 Construction and Severability
	  	 	27	  
	 Section 26.
	 	 Independent Contractor
	  	 	28	  
	 Section 27.
	 	 Arbitration
	  	 	28	  
	 Section 28.
	 	 Expert Resolution
	  	 	29	  
	 Section 29.
	 	 Injunctive Relief
	  	 	30	  
	 Section 30.
	 	 Costs of Enforcement
	  	 	30	  
	 Section 31.
	 	 Indemnification
	  	 	30	  
	 Section 32.
	 	 Reasonable Business Judgment
	  	 	31	  
	 Section 33.
	 	 Counterparts; Authorization of Authority
	  	 	31	  
	 Section 34.
	 	 Guaranty
	  	 	32	  
	 Section 35.
	 	 Currency; Place of Payment
	  	 	34	  

 Exhibit A – Rewards Points Rates 
 Schedule 1(e) – Exempted MVW Properties 
 Schedule 3(b) – Cost of Outstanding
Certificates 

  
 i 

 INDEX OF DEFINED TERMS 

 

			
	 Defined Term
	  	 Location

		
	 AAA Rules
	  	Section 27
	 Adjusted MHR Funding Rate
	  	Exhibit A
	 Affiliates
	  	License Agreement
	 Agreement
	  	Preamble
	 Airline Miles
	  	Recitals
	 Applicable Law
	  	Section 25
	 Award
	  	Section 3(a)
	 Bankruptcy Code
	  	License Agreement
	 Blocked Person
	  	License Agreement
	 Bonus Point Funding Rate
	  	Exhibit A
	 Bonus Points
	  	Exhibit A
	 Brand Standards
	  	License Agreement
	 Branded Elements
	  	License Agreement
	 Certificate
	  	Section 3(a)
	 Change in Control
	  	License Agreement
	 Combo Award
	  	Section 14(a)
	 Commencement Date
	  	Section 2(d)
	 Commencement Date Points
	  	Section 3(a)
	 Communication Standards
	  	Section 9(d)
	 Controlling Interest
	  	License Agreement
	 Determination Date
	  	Section 3(b)
	 Dispute
	  	Section 27
	 Distribution
	  	Recitals
	 Distribution Agreement
	  	Recitals
	 Effective Date
	  	Section 11(a)
	 Elite Referral Program
	  	Section 8(b)
	 Elite Status
	  	Section 8(a)
	 Exchange Ratio Rules
	  	Section 4(a)
	 Exchange Ratios
	  	Section 4(a)
	 Exchange/Sales Uses
	  	Section 1(b)
	 Exchanges
	  	Section 1(b)
	 Expert
	  	License Agreement
	 Explorer Program
	  	Section 4(b)
	 Extraordinary Events
	  	License Agreement
	 GDP Deflator
	  	License Agreement
	 Guarantor
	  	Preamble
	 Guarantor Obligations
	  	Section 34(c)
	 Guaranty
	  	Section 34(a)
	 IMS
	  	Section 2(a)
	 Incentives
	  	Section 1(b)
	 Indemnified Party
	  	Section 31(a)
	 Indemnifying Party
	  	Section 31(a)
	 Licensed Business
	  	Recitals
	 Licensed Destination Club Business
	  	Recitals
	 Licensed Destination Club Products
	  	License Agreement
	 Licensed Destination Club Units
	  	License Agreement

  
 ii 

			
	 Licensed Projects
	  	License Agreement
	 Licensor Lodging Facilities
	  	License Agreement
	 Lodging Competitor
	  	License Agreement
	 Marriott
	  	Preamble
	 Marriott Confidential Information
	  	License Agreement
	 Marriott Guest Services
	  	License Agreement
	 Marriott License Agreement
	  	Recitals
	 Marriott Rewards Members
	  	Recitals
	 Marriott Rewards Points
	  	Recitals
	 Marriott Rewards Program
	  	Recitals
	 Material Program Changes
	  	Section 13(a)
	 Maximum Available Net Assets
	  	License Agreement
	 Measuring Period
	  	Exhibit A
	 MHR Funding Points
	  	Exhibit A
	 MHR Funding Rate
	  	Exhibit A
	 MHR Hotels
	  	License Agreement
	 MII
	  	Preamble
	 MORI
	  	Preamble
	 MVW
	  	Preamble
	 MVW Associate Rewards Members
	  	Section 18(a)
	 MVW Associates
	  	Section 18 (a)
	 MVW Base Funding Rate
	  	Exhibit A
	 MVW Breakage Rate
	  	Exhibit A
	 MVW Confidential Information
	  	License Agreement
	 MVW Redemption Premium
	  	Exhibit A
	 MVW Redemption Rates
	  	Section 5(b)
	 MVWC
	  	Preamble
	 Obligations
	  	Section 34(a)
	 Offering Documents
	  	License Agreement
	 Owner Assurance
	  	Section 1(b)
	 Participating Properties
	  	Recitals
	 Permitted Uses
	  	Section 1(b)
	 Program Rules
	  	Section 1(a)
	 Qualifying Stays
	  	Section 1(a)
	 Recognition Benefits
	  	Section 1(b)
	 Referrals
	  	Section 1(b)
	 Remediation Arrangement
	  	License Agreement
	 Rewards
	  	Preamble
	 Rewards Members
	  	Recitals
	 Rewards Points
	  	Recitals
	 Rewards Program
	  	Recitals
	 Ritz-Carlton
	  	Recitals
	 Ritz-Carlton License Agreement
	  	Recitals
	 Ritz-Carlton Rewards Members
	  	Recitals
	 Ritz-Carlton Rewards Points
	  	Recitals
	 Sales Incentives
	  	Section 1(b)
	 Specially Designated National
	  	License Agreement
	 Standard Points
	  	Exhibit A

  
 iii

			
	 System
	  	License Agreement
	 Tail Period
	  	Section 11(a)
	 Tax
	  	License Agreement
	 The Ritz-Carlton Rewards Program
	  	Recitals
	 Total Available Net Assets
	  	Section 34(c)
	 Transaction Agreements
	  	License Agreement
	 URR
	  	Exhibit A
	 Usage Rights
	  	Section 4(a)

  
 iv 

 MARRIOTT REWARDS AFFILIATION AGREEMENT 

This Marriott Rewards Affiliation Agreement (this “Agreement”), dated as of [    ], 2011 and
effective as of the Effective Date (as defined in Section 11(a)), is by and among MARRIOTT INTERNATIONAL, INC. (“MII”), a Delaware corporation, MARRIOTT REWARDS, LLC (“Rewards”, and together with MII,
“Marriott”), an Arizona limited liability company, MARRIOTT VACATIONS WORLDWIDE CORPORATION (“MVWC”), a Delaware corporation, and MARRIOTT OWNERSHIP RESORTS, INC. (“MORI”, and together with MVWC,
“MVW”), a Delaware corporation. As used in this Agreement, the terms “Rewards”, “MII”, “Marriott”, “MORI”, “MVWC”, and “MVW” shall mean Rewards, MII, Marriott, MORI, MVWC,
and MVW, as the case may be, and their respective subsidiaries. 
 Recitals 

A. Pursuant to the Separation and Distribution Agreement (the “Distribution Agreement”) dated as of
[    ], 2011, MII has agreed to distribute to its stockholders all of MVWC’s issued and outstanding capital stock (the “Distribution”) if the conditions set forth in the Distribution Agreement are satisfied,
including, among others, that the parties hereto have entered into this Agreement. 
 B. Marriott has developed a sales
promotional program known as Marriott Rewards (the “Marriott Rewards Program”), under which participants (“Marriott Rewards Members”) are awarded “Marriott Rewards Points” based on (i) their stays and
spending at participating hotels, resorts and vacation ownership resorts affiliated with Marriott, including The Ritz-Carlton Hotel Company, L.L.C. (“Ritz-Carlton”), a Delaware limited liability company (such participating hotels,
resorts and vacation ownership resorts, the “Participating Properties”) or (ii) the purchase of Licensed Destination Club Products and exchange of Usage Rights in respect thereof. In addition, Marriott has developed “The
Ritz-Carlton Rewards Program” (“The Ritz-Carlton Rewards Program”, and together with the Marriott Rewards Program, the “Rewards Program”), under which participants (“Ritz-Carlton Rewards
Members”, and together with Marriott Rewards Members, “Rewards Members”) are awarded “Ritz-Carlton Rewards Points” based on their stays and spending at Participating Properties. MVW customers may elect to
participate in either the Marriott Rewards Program or The Ritz-Carlton Rewards Program and receive Marriott Rewards Points or Ritz-Carlton Rewards Points, respectively (any or all of such points, “Rewards Points”). Rewards Points
may be redeemed for free stays at Participating Properties; car rentals; airline miles; or other rewards. In connection with the Distribution, MVW will enter into a License, Services and Development Agreement with MII (the “Marriott License
Agreement”) and a License, Services and Development Agreement with Ritz-Carlton (the “Ritz-Carlton License Agreement”) pursuant to which, among other things, Marriott and Ritz-Carlton will grant certain licenses to MVW to
use the “Marriott Vacation Club”, “Grand Residence by Marriott”, “The Ritz-Carlton Destination Club” and “Ritz-Carlton Residences” brands and certain intellectual property after the Distribution. 

C. Following the Distribution, MVW will own and conduct the Licensed Destination Club Business (as defined below). For purposes of this
Agreement, the terms “Licensed Destination Club Business” and “Licensed Business” shall have the meanings assigned to each term in the Marriott License Agreement, provided, however, that for the avoidance of doubt,
the 

 
terms “Licensed Destination Club Business” and “Licensed Business” as used in this Agreement shall not include Ritz-Carlton Destination Club properties,
provided, further, however, that any Destination Club Units or Residential Units in Existing Projects (as defined in the Ritz-Carlton License Agreement) that are included as part of Licensed Destination Club Products under the Marriott License
Agreement will be deemed to be Licensed Destination Club Units for purposes of this Agreement. 
 D. Rewards purchases miles
from airlines to award to Rewards Members who elect to receive miles in lieu of Rewards Points in connection with qualified stays at Participating Properties (“Airline Miles”). 

E. In connection with the transactions contemplated by the Distribution Agreement, the parties have agreed that MVW will retain the
ability to participate in the Rewards Program after the Distribution on the terms and conditions set forth herein, including the ability to offer Rewards Points to MVW customers in connection with the Licensed Destination Club Business. 

F. As an inducement to enter this Agreement, Marriott Resorts Hospitality Corporation, a South Carolina corporation, MVCI Asia Pacific
Pte. Ltd., a Singapore private limited company, and MVCO Series LLC, a Delaware limited liability company, (each of Marriott Resorts Hospitality Corporation, MVCI Asia Pacific Pte. Ltd. and MVCO Series LLC, a “Guarantor”) agree to
guarantee the performance by MVW of its obligations under this Agreement. 
 G. Capitalized terms used herein that are not
otherwise defined shall have the respective meanings set forth in the Marriott License Agreement. 
 Agreement 

In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the
parties agree as follows: 
 Section 1. Rewards Points Offered by MVW in the Licensed Destination Club Business.

 (a) MVW will offer, in accordance with all Rewards Program rules, policies and terms & conditions, except as
otherwise provided in this Agreement or the Services Manual, as such may be modified by Marriott from time to time (subject to Section 13(c)) (“Program Rules”), Rewards Members the opportunity to earn Rewards Points or Airline
Miles for eligible cash rentals of units and related eligible spending during such rental stays for products and services offered by the Licensed Destination Club Business at Licensed Destination Club Projects or Licensed Destination Club Units
eligible for earning Rewards Points under the Rewards Program (“Qualifying Stays”). 
 (b) Subject to
Section 1(c), MVW may offer Rewards Points to Rewards Members in connection with the Licensed Destination Club Business: (i) as an incentive to customers to close on a purchase of Licensed Destination Club Products, including first day
benefits, as set forth in the Services Manual (“Sales Incentives”); (ii) in exchange for Usage Rights (as defined in Section 4(a)) (“Exchanges”); (iii) for referrals of potential purchasers of

  
 2 

 
Licensed Destination Club Products as set forth in the Services Manual (“Referrals”, and collectively with Sales Incentives and Exchanges, the “Exchange/Sales
Uses”); (iv) to resolve customer service issues (“Owner Assurance”); (v) as sales presentation, tour, financing and certain other specified incentives in connection with the offer and sale of Licensed Destination
Club Products, as set forth in the Services Manual (“Incentives”), and (vi) as a recognition benefit provided to Rewards Members with Elite Status (as defined in Section 8(a)) as provided in Section 8(c)
(“Recognition Benefits”) (collectively with Exchange/Sales Uses, Owner Assurance, Incentives, Recognition Benefits and Qualifying Stays, the “Permitted Uses”). MVW may not offer Rewards Points for any purpose other
than a Permitted Use without Marriott’s prior written consent. Marriott will reasonably consider MVW’s requests to offer Rewards Points for any purpose other than a Permitted Use. 

(c) MVW may not utilize or affiliate with any customer loyalty program offered by any third-party hotel, destination club, lodging
operation or other travel customer loyalty program that is primarily focused on the lodging industry other than the Rewards Program in connection with the Licensed Destination Club Business, except for any loyalty program provided by a third-party
timeshare exchange company such as Interval International or Resort Condominium International. For clarification, and by way of example only, the parties agree that the customer loyalty programs operated by the online travel agencies Expedia, Orbitz
and Travelocity are travel customer loyalty programs that, as of the Effective Date, are primarily focused on the lodging industry. Notwithstanding the foregoing, except as may be otherwise set forth in Section 14(b), MVW may not, as part of
the Licensed Destination Club Business, utilize or affiliate with any customer loyalty program provided by a third-party timeshare exchange company that (i) is an Affiliate of a Lodging Competitor or (ii) issues “points” or other
currency of a loyalty program of a Lodging Competitor. 
 (d) MVW will permit its customers to elect whether Rewards Points
issued in connection with Permitted Uses are issued as Marriott Rewards Points or Ritz-Carlton Rewards Points. MVW will also permit its customers to elect to receive Airline Miles for Qualifying Stays. 

(e) Marriott acknowledges that MVW is not required to offer Rewards Points or Airline Miles for Qualifying Stays, or allow Rewards
Members to pay for stays using Rewards Points, at Licensed Projects where transient rental is not offered pursuant to the Reservation System due to applicable legal or contractual restrictions. All such Licensed Projects as of the Effective Date are
listed on Schedule 1(e). MVW will update Schedule 1(e) as and when necessary to reflect any changes thereto after the Effective Date and will provide prompt written notice to Rewards of any such changes and the reason for such changes.

 (f) Except as otherwise expressly provided herein or as set forth in the Services Manual, MVW will comply with all Program
Rules. 
 Section 2. Payment for Rewards Points Issued on or After the Commencement Date. 

(a) Rewards shall issue Rewards Points to MVW customers who are Rewards Members for Permitted Uses upon notification by MVW by posting
such information to the 

  
 3 

 
Information Management System (“IMS”) using codes designated by Marriott, or as otherwise required or allowed by Marriott, that (i) such Rewards Member has qualified for
Rewards Points, (ii) the date and method by which such Rewards Member qualified for such Rewards Points and (iii) the number of Rewards Points to be issued to such Rewards Member. 

(b) Rewards shall issue Airlines Miles to MVW customers who are Rewards Members for Qualifying Stays upon notification by MVW by posting
such information to IMS using codes designated by Marriott or as otherwise required or allowed by Marriott, that (i) such Rewards Member has qualified for Airlines Miles, (ii) the date and method by which such Rewards Member qualified for
such Airline Miles and (iii) the number of Airline Miles to be issued to such Rewards Member. 
 (c) MVW will pay Rewards
for Rewards Points and Airline Miles issued in connection with Qualifying Stays at the rates set forth on Exhibit A hereto. Marriott will invoice MVW for Rewards Points and Airline Miles issued pursuant to Qualifying Stays in a manner
consistent with the invoicing process used by Marriott with respect to Rewards Points and Airline Miles purchased by MHR Hotels through their participation in the Rewards Program. MVW’s payment terms under such invoices shall be consistent with
the payment terms received by MHR Hotels in connection with their participation in the Rewards Program. The parties acknowledge and agree that this Agreement does not change the invoice process for Rewards Points and Airline Miles issued in
connection with Qualifying Stays from the invoice process in effect prior to the Effective Date, provided, however, the parties acknowledge and agree that the invoice process may change following the Effective Date. 

(d) MVW will pay Rewards for Rewards Points issued on or after the later of (i) the Effective Date or (ii) December 31,
2011 (such later date, the “Commencement Date” ) to MVW customers for Permitted Uses (other than Qualifying Stays) when such Rewards Points are issued in accordance with Section 2(e). MVW will pay the rates set forth on
Exhibit A hereto for Rewards Points issued on or after the Commencement Date. A sample calculation is set forth in the Services Manual. 
 (e) Following the Commencement Date, Marriott will invoice MVW each period for Rewards Points issued during the prior period to MVW customers for Permitted Uses (other than Qualifying Stays) and payment
will be due within 30 days of the invoice date. Notwithstanding the foregoing, for the period from the Effective Date through the last day of fiscal year 2018, payments for Rewards Points issued to MVW customers for Exchanges between October 1
and December 31 of any such year shall be due 120 days after December 31 of such year. 
 (f) If (i) the
percentage of Rewards Points issued to MVW customers in connection with Permitted Uses during any fiscal year as a percentage of all Rewards Points issued for the entire Rewards Program during such fiscal year increases to greater than 25% and
(ii) solely as a result of the increase from the percentage of Rewards Points issued to MVW customers during the 2011 fiscal year as a percentage of all Rewards Points issued for the entire Rewards Program to a percentage greater than 25% of
all Rewards Points issued for the entire Rewards Program, there is a material cost increase to Rewards for the Rewards Program, the 

  
 4 

 
parties hereto agree to negotiate in good faith an adjustment to the rates paid by MVW for Rewards Points to offset such increased costs. 

(g) For purposes of this Agreement, unless otherwise specified or the context otherwise requires, each reference in this Agreement to
“fiscal year”, “fiscal quarter” or “period” shall mean Marriott’s fiscal year, fiscal quarter or accounting period, respectively. 
 Section 3. Payment for Rewards Points Redeemed Prior to the Commencement Date or Outstanding as of the Commencement Date. 

(a) Subject to Section 3(b), MVW will pay Rewards for Rewards Points issued to MVW customers for Permitted Uses (other than
Qualifying Stays) that are (i) redeemed (but remain unpaid for) prior to the Commencement Date or (ii) outstanding as of the Commencement Date (any or all such Rewards Points, the “Commencement Date Points”) as and when
such Rewards Points are redeemed. Marriott will invoice MVW each period for Commencement Date Points redeemed during the prior fiscal period and payment will be due within 30 days of the invoice date. MVW will pay the following amounts for redeemed
Commencement Date Points: (i) for Commencement Date Points redeemed in exchange for hotel stays, one hundred and five percent (105%) of the actual cost to Rewards of such hotel stays; and (ii) for all other redemptions of Commencement
Date Points, the “average actual cost” to Rewards of such redemptions. The “average actual cost” referred to in clause (ii) above, which will be determined at least every other year, will be calculated by determining the
weighted average of the costs associated with each type or category (as determined by Rewards) of Rewards Points redemption (each such type or category, an “Award”) during the previous two year period covered by such review.
Notwithstanding anything herein to the contrary, the parties acknowledge and agree that, for the purposes of the calculations to be made under this Section 3, for redemptions of Commencement Date Points for hotel stays, an MVW customer shall be
deemed to have “redeemed” Rewards Points at the time such MVW customer tenders the Certificate (as defined below) in redemption of such Rewards Points in payment for a hotel stay and not at the time such MVW customer makes a hotel
reservation with respect to such redemption. For redemptions of Commencement Date Points other than for hotel stays, an MVW customer shall be deemed to have “redeemed” Rewards Points at the time a Certificate is ordered.
“Certificate” means a certificate issued pursuant to any Award. 
 (b) After the first to occur of (i) the
termination of this Agreement or (ii) the fourth anniversary of the Commencement Date (such earlier date, the “Determination Date”), MVW will pay Rewards in full for all Commencement Date Points then outstanding (after
excluding any Certificates issued using Commencement Date Points that have expired, been revoked or otherwise terminated without being redeemed), after reducing the amount due using the historical MVW breakage rate as calculated by Marriott using
MVW’s breakage calculation methodology, including but not limited to using a 30 year redemption curve and a 95% a priori factor. Marriott will invoice MVW for the amounts due under this Section 3(b) within the 30 days of the
Determination Date and payment will be due within 30 days of the invoice date. The price per point for such Commencement Date Points shall equal the average price of Rewards Points redeemed by MVW for all Commencement Date Points redeemed during
(i) the most recently completed fiscal year if the Agreement is terminated prior to the fourth anniversary of the Commencement Date or (ii) if the Agreement is not terminated prior to the fourth

  
 5 

 
anniversary of the Commencement Date, the period that consists of thirteen consecutive periods, with the last of such periods as the penultimate period ending prior to the fourth anniversary of
the Commencement Date. To determine the amounts due under this Section 3(b), Marriott shall prepare a schedule of expected annual redemptions utilizing a 30 year redemption curve and the price per point as stated in this Section 3(b)
and such amounts shall be discounted to their present value at a rate equal to 4.7%. 
 (c) After the Determination Date, MVW
will pay Rewards in full for any outstanding Certificates (i.e., Certificates that have not expired, been revoked, or otherwise terminated without being redeemed in accordance with their terms) issued using Commencement Date Points at the cost
described in Schedule 3(c), adjusted for breakage as calculated by Marriott in accordance with Marriott’s past practice. Marriott will invoice MVW for the amounts due under this Section 3(c) within 30 days of the Determination Date
and payment will be due within 30 days of the invoice date. 
 Section 4. Restrictions. 

(a) In connection with the execution of this Agreement, the parties have confirmed in writing the ratios or allocations in effect as of
the Effective Date used to determine the number of Rewards Points a Rewards Member will receive upon exchange of such Rewards Member’s usage rights in respect of Licensed Destination Club Products (collectively, “Usage Rights”)
for Rewards Points (such ratios or allocations, the “Exchange Ratios”). The methodology for determining such Exchange Ratios, and limitations on the exchange of Usage Rights for Rewards Points, are set forth in the Services Manual
(such methodology and restrictions, the “Exchange Ratio Rules”). MVW’s right to alter a Rewards Member’s ability to exchange such Rewards Member’s Usage Rights for Rewards Points shall be determined in accordance with
the Exchange Ratio Rules. MVW shall certify annually in writing to Marriott that MVW is in compliance with the Exchange Ratio Rules, and provide the then-current Exchange Ratios to Marriott. MVW shall deliver such certification to Marriott within
thirty days of each anniversary of the Effective Date. 
 (b) MVW may not, without Marriott’s prior written consent,
implement a “hotel exchange” program under which owners of Licensed Destination Club Products exchange Usage Rights for stays at Participating Properties and MVW pays for such stays using Rewards Points; provided, however, that MVW may
operate a program (“Explorer Program”), such as the existing “Hotel Explorer” and “Club Connections” programs, under which owners of Licensed Destination Club Products exchange Usage Rights for stays at a
Participating Property and MVW pays such Participating Property for such stay in cash under a separate agreement between MVW and such Participating Property. 
 (c) In its marketing and public communications, MVW will not (i) position the ability to exchange Usage Rights for Rewards Points as the primary benefit of purchasing Licensed Destination Club
Products or (ii) give any greater prominence to the ability to exchange Usage Rights for Rewards Points than is given to other use or exchange options for Usage Rights, in each case consistent with past practice. MVW’s Offering Documents
shall include the ability to exchange Usage Rights for Rewards Points or pursuant to a hotel exchange program permitted under Section 4(b) only as an ancillary benefit of purchasing Usage Rights. MVW

  
 6 

 
may, as part of a sales presentation and in marketing collateral, describe the ability to exchange Usage Rights for Rewards Points, or pursuant to any hotel exchange program permitted under
Section 4(b), as a benefit of purchasing Usage Rights in accordance with MVW’s sales and marketing practices in use as of the Effective Date. 
 (d) MVW will not have any right to modify any terms of the Rewards Points issued to MVW customers, including imposing an expiration date on any Rewards Points; except that, in accordance with the Program
Rules and the procedures set forth in the Services Manual, MVW may request that Rewards suspend, or use other available remedies related to, a MVW customer’s membership in the Rewards Program as a result of such customer’s failure to pay
amounts related to Licensed Destination Club Products as set forth in the Services Manual. Rewards shall not unreasonably withhold its consent to such requests. All Rewards Points issued shall be subject to Program Rules. 

Section 5. MVW Inventory Use. 
 (a) MVW will make Licensed Destination Club Units available for Rewards Points redemption stays as described in the Services Manual, subject to the limitations described in Section 1(e) and as
otherwise set forth in the Services Manual. The parties acknowledge that MVW shall have no obligation to make Licensed Destination Club Units at the Licensed Projects listed on Schedule 1(e) available for Rewards Points redemption stays.

 (b) Rewards will pay MVW for the use of Licensed Destination Club Units by Rewards Members who pay for such usage with
Rewards Points in a manner consistent with the payment process used by Rewards with the MHR Hotels in connection with redemption stays. In connection with the execution of this Agreement, the parties hereto have confirmed in writing the rates for
such usage in effect as of the Effective Date for a standard room and multi-bedroom units (such rates, the “MVW Redemption Rates”). The MVW Redemption Rates are intended to approximate the average rate paid by wholesalers who
purchase a similar volume and type of accommodations, and will be adjusted by Marriott, in the first fiscal quarter of every fiscal year to reflect the rates paid by wholesalers in the prior fiscal year. The Services Manual sets forth the current
process for the determination of the rates paid by wholesalers. In the event of a Dispute (as defined in Section 27) among the parties over the MVW Redemption Rates, the parties will resolve such Dispute in accordance with the process set forth
in the Services Manual. 
 (c) Marriott shall determine the number of Rewards Points that a Rewards Member must redeem to pay
for stays at Licensed Destination Club Units on a fair and nondiscriminatory basis and generally on a basis consistent with similarly situated and equipped resort and hotel properties or, if there are no similarly situated and equipped resort and
hotel properties, the number of Rewards Points shall be determined by Marriott on a similar redemption cost per point basis as other Participating Properties in the Rewards Program. In the event of a Dispute among the parties over the number of
Rewards Points required for stays at Licensed Destination Club Units, the parties will resolve such Dispute in accordance with the process set forth in the Services Manual. 
 Section 6. Deemed Order of Usage of Rewards Points. If a Rewards Member redeems Rewards Points for any purpose, the Rewards Member will be deemed to have 

  
 7 

 
redeemed Rewards Points in the following order: (i) first, any Rewards Points issued prior to the Commencement Date to such Rewards Member in connection with Exchange/Sales Uses, which
redemption shall occur in accordance with Section 3(a), (ii) second, any Rewards Points issued to such Rewards Member on or after the Commencement Date in connection with Exchange/Sales Uses, and (iii) third, any other Rewards Points
held by such Rewards Member. 
 Section 7. Redemption of Rewards Points by Rewards Members. 

(a) The redemption of Rewards Points by MVW customers shall be subject to the Program Rules. 

(b) Rewards Points issued for Permitted Uses by Rewards to MVW customers may be redeemed by such MVW customers for all uses allowed by
the Rewards Program as of the applicable redemption date, including any special awards that may exist exclusively for MVW customers. MVW customers who are Rewards Members may also convert their Rewards Points into Airline Miles subject to the
Program Rules. 
 (c) Marriott customer service associates shall assist MVW customers regarding questions, issues and problems
related to travel partners associated with the Rewards Program. MVW shall be allocated, and pay, costs related to such customer service in accordance with allocation methods in place as of the Effective Date as the same may be reasonably revised by
Marriott from time to time. 
 Section 8. Elite Status Program. 

(a) Rewards Members will be offered the opportunity to receive credits towards “Elite” status in the Rewards Program
(“Elite Status”) in connection with (i) Qualifying Stays, (ii) the exercise of Usage Rights for stays at Licensed Destination Club Units, and (iii) the exercise of Usage Rights for stays at Participating Properties
pursuant to the “Club Connections” Program, as more specifically described in the Services Manual. 
 (b) Subject to
the following sentence, MVW may recognize and upgrade MVW customers with Elite Status utilizing the Elite Status referral, approval and fulfillment processes described in the Services Manual and paying the associated fees as determined by Rewards
from time to time (the “Elite Referral Program”). As of the date that MVW upgrades a MVW customer to Elite Status through the Elite Referral Program, the number of MVW customers that MVW has upgraded to Elite Status through the
Elite Referral Program during the then current fiscal year may not exceed the percentage listed in the Services Manual of the number of MVW customers that own Usage Rights as of such date. Any amounts charged to MVW in connection with the Elite
Referral Program will be consistent with those charged to other participants in the Elite Referral Program. Marriott shall have the right to change any terms or conditions relating to the Elite Referral Program, including, without limitation, the
pricing, benefits or the referral and fulfillment processes associated with the Elite Referral Program, at any time, in its sole discretion, subject only to any express obligation or limitation set forth in this Agreement, provided that such changes
are applied on a general program basis to the participants in the Elite Referral Program. 

  
 8 

 (c) Subject to the following sentence, MVW will provide Rewards Members who have Elite
Status with the recognition benefits listed in the Services Manual in connection with such Rewards Members’ (i) Qualifying Stays, (ii) exercise of Usage Rights for stays at Licensed Destination Club Units and (iii) redemption
stays. Marriott may request that MVW change the recognition benefits listed in the Services Manual to be provided by MVW to Rewards Members who have Elite Status if MHR Hotels change the corresponding recognition benefits they will provide to
Rewards Members with Elite Status, and MVW shall not unreasonably withhold its agreement to make such change. Subject to the restrictions listed in the Services Manual, MVW shall honor the Elite Status recognition benefits guarantee as set forth in
the Program Rules and shall either pay directly, or reimburse Marriott for, amounts payable to Rewards Members with Elite Status because such Rewards Members did not receive the guaranteed recognition benefits to be provided to them by MVW.

 (d) MVW shall not offer any new programs to its customers related to Elite Status (other than due to changes in the Program
Rules) without Marriott’s prior written approval obtained in accordance with Section 13(b). 
 (e) The parties
acknowledge that this Section 8 is not intended to limit, expand or modify in any way the terms of the trial program regarding Elite Status between MVW and Rewards in effect as of the date of this Agreement memorialized in the description of
such trial program titled “Evaluation of Purchasing Rewards Elite Status for Select MVC Members,” dated June 29, 2011. 
 Section 9. Marketing. 
 (a) Marriott will include MVW and the
Licensed Destination Club Products on a reasonable basis consistent with past practice, taking into account the purpose of the communications described below and the nature of the Licensed Destination Club Products in: 

(i) communications sent by Rewards to Rewards Members and other Marriott customers through (A) communication channels
then in use which may include, for example, (x) electronic and print newsletter distribution, (y) promotional channels such as “Hotel Specials” emails, “E-Breaks” emails, “METT” emails, PointSaver, and
internet promotional offerings and (z) Rewards websites and (B) enhanced or new channels or methods of communication to Rewards Members and other Marriott customers which become available, including digital media channels such as social
media and mobile media; and 
 (ii) segmented communications sent by Rewards tailored to select audiences of
Rewards Members and Marriott customers included within the Rewards database, including non-English language communications, regional communications and communications with Rewards Members who have Elite Status. 

(b) MVW may request that Marriott utilize customer targeting tools developed by Marriott, such as those listed in the Services Manual, in
connection with MVW communications. Marriott shall consider such requests in good faith. 
 (c) Marriott will include MVW and
the Licensed Destination Club Products in Rewards’ other marketing and promotional materials, in addition to those otherwise listed in 

  
 9 

 
Section 9(a), on a reasonable basis consistent with past practice, taking into account the purpose of such marketing and promotional materials and the nature of the Licensed Destination Club
Products. 
 (d) Public communications made by MVW (including general communications with MVW customers and Rewards Members)
relating to the Rewards Program or to any changes in the Rewards Program or in MVW’s use or participation in the Rewards Program shall be accurate, fairly represent the Rewards Program and comply with the Brand Standards (collectively
“Communication Standards”). Marriott may review such public communications upon reasonable notice to MVW (on a periodic audit basis) for the purpose of ensuring that such public communications comply with the Communication
Standards. If such public communications do not comply with the Communication Standards, Marriott will provide notice thereof to MVW, which notice shall identify the deficiencies in the public communication. MVW shall promptly make changes to any
deficient public communication and provide the revised public communication to Marriott for Marriott’s review and approval of the changes. MVW shall not use the revised public communication (or permit the revised public communication to be
used) until such changes have been approved by Marriott. MVW shall have the right to seek Marriott’s review and approval of any public communications, on a confidential basis, in advance, and may repeat specific material included in public
communications that Marriott has previously approved in reliance upon Marriott’s prior approval unless Marriott revokes its previous approval. With respect to public communications for which MVW has not received Marriott’s prior written
approval (or that do not repeat specific material included in public communications previously approved by Marriott which have not been revoked), Marriott shall have the right to object to any such public communication in the event Marriott believes
that such public communication is inconsistent with the Communication Standards. In the event MVW and Marriott are not able to come to agreement on the issue, then either party may refer the matter to an Expert for resolution, or if MVW initiates a
public communication without first seeking confirmation that such public communication is consistent with the Communication Standards and Marriott determines that such public communication is not consistent with the Communication Standards, then
Marriott may refer the matter to an Expert for resolution. In either case, if the Expert finds in favor of Marriott, then Marriott’s prior written consent shall be required for each new public communication that is implemented on a system-wide
or region-wide (e.g., throughout the United States, Europe, the Middle East, Latin America, Asia Pacific or a substantial portion thereof) basis for the twenty-four (24) month period following any such determination. MVW will provide Marriott
with advance written notice of not less than 5 business days prior to any public communication made by MVW concerning any significant change related to the Rewards Program; such notice shall identify the significant change in the communication.

 (e) MVW will not conduct a marketing campaign that features or promotes the ability of MVW customers to (i) earn
Ritz-Carlton Rewards Points for Qualifying Stays or Permitted Uses or (ii) participate in The Ritz-Carlton Rewards Program. Any permitted MVW marketing campaign will comply with the applicable Brand Standards. Nothing in this Agreement shall be
deemed to prohibit MVW from informing MVW customers that such customer may elect to participate in either the Marriott Rewards Program or The Ritz-Carlton Rewards Program, or of any details of participation in The Ritz-Carlton Rewards Program.

  
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 (f) The parties shall cooperate reasonably regarding the content of any communications
provided for in Section 9(a) and Section 9(c). The parties acknowledge that such communications are generally intended to include general brand related information (e.g., new product features, property openings, Rewards and Elite benefits
at Licensed Projects), generate general awareness, and communicate promotional offers and related information (e.g., rental, tour, lead generation, opt-in or direct sale offers) intended to generate revenues for the Licensed Business. To the extent
any communication includes an offer related to the Licensed Business, MVW shall provide the terms and conditions of such offer to Marriott together with any statements or disclosures that may be required by Applicable Law in connection therewith.

 Section 10. Joint & Several Liability. The obligations of MVWC and MORI under this Agreement shall be
joint and several. MII shall be jointly and severally liable for the obligations of Rewards under this Agreement. 

Section 11. Default & Term. 
 (a) This Agreement will be effective on [                    ] (the “Effective Date”)
and will remain in effect until the earlier of (i) the termination of this Agreement pursuant to Section 11(b) or (ii) the termination or expiration of the Marriott License Agreement. However, if the Marriott License Agreement expires
in accordance with its terms, this Agreement will continue until the expiration of the “tail period” under Section 4.2(b) of the Marriott License Agreement (the “Tail Period”) subject to the limitations described
below in Section 12. For the avoidance of doubt, during the Tail Period, the restrictions on MVW’s use of Rewards Points set forth in Section 1 shall continue to apply and any Project that ceases to be a Licensed Project shall not be
considered part of the Licensed Destination Club Business for purposes of this Agreement. Notwithstanding the foregoing, if the Distribution has not closed prior to March 31, 2012, either MVW or Marriott may terminate this Agreement by delivery
of written notice to the other party prior to the Effective Date. 
 (b) The breaches listed in (i) through
(viii) below are deemed to be material breaches for which MVW may be placed in default under this Agreement if (x) Marriott gives MVW notice of the breach that provides the applicable cure period for the applicable breach (or such greater
number of days given by Marriott in its sole discretion or required by Applicable Law) and (y) MVW fails to cure the breach in the time and manner specified in the notice of breach or as specifically provided in this
 Section 11(b). If
MVW fails to cure the breach and is placed in default, then Marriott may exercise the applicable remedy for the specific default as set forth below: 
 (i) If MVW or its Affiliates fails to pay any amounts due under this Agreement to Rewards or any of its Affiliates when the same become due and payable, then Marriott may issue a notice of breach to MVW
with respect to such failure. MVW shall have ten (10) business days following notice of breach to cure the failure to pay. If MVW in good faith disputes the amount due and payable and the parties are unable to resolve the discrepancy, then MVW
shall pay to Rewards the undisputed amount, if any, and MVW shall pay the disputed amount into an escrow account. The disagreement regarding the disputed amount shall be submitted to an arbitration panel for resolution pursuant to Section 27.
Notwithstanding anything to the contrary in Section 27, the non-prevailing 

  
 11 

 
party shall pay the prevailing party’s costs of the arbitration, including attorneys’ fees. If the arbitration panel determines that any or all of the disputed amount is owed to Rewards
or its Affiliates, then MVW shall pay such amount and may use the amount in the escrow to pay such amount. If the arbitration panel determines that none of the disputed amount is owed to Rewards or its Affiliates, then MVW shall not be required to
pay the disputed amount and the escrowed funds shall be released to MVW. If MVW fails to cure the payment breach, Marriott may issue a notice of default to MVW and exercise any of the remedies under Section 11(c), and if the aggregate amount
outstanding that MVW has failed to pay at any time is in excess of five million dollars ($5,000,000) (as adjusted annually after the Effective Date by the GDP Deflator), Marriott may terminate this Agreement and all rights granted to MVW hereunder
immediately upon notice to MVW; 
 (ii) If MVW or its Affiliates fail to pay any amount in excess of two million
five hundred thousand dollars ($2,500,000) (as adjusted annually after the Effective Date by the GDP Deflator) due to Rewards or any of its Affiliates when the same becomes due and payable, in each case, after having been issued a notice of breach
by Marriott and having failed to cure the failure to pay within ten (10) business days following such notice, three (3) or more times within any thirty-six (36) month period, Marriott may issue a notice of default and terminate this
Agreement immediately upon notice to MVW and/or exercise any of the other remedies under Section 11(c); 

(iii) If MVW or its Affiliates fail to pay when due a total amount in excess of five million dollars ($5,000,000) (as
adjusted annually after the Effective Date by the GDP Deflator) under the Distribution Agreement, the Marriott License Agreement, the Ritz-Carlton License Agreement, the Tax Sharing and Indemnification Agreement, the Employee Benefits Allocation
Agreement or under all such agreements taken together, then Marriott may issue a notice of breach to MVW with respect to such failure. MVW shall have ten (10) business days following notice of breach to cure the failure to pay. If MVW in good
faith disputes the amount due and payable and the parties are unable to resolve the discrepancy, then MVW shall pay to Marriott the undisputed amount, if any, and MVW shall pay the disputed amount into an escrow account. The disagreement regarding
the disputed amount shall be submitted to an arbitration panel for resolution pursuant to Section 27. Notwithstanding anything to the contrary in Section 27, the non-prevailing party shall pay the prevailing party’s costs of the
arbitration, including attorneys’ fees. If the arbitration panel determines that any or all of the disputed amount is owed to Marriott or its Affiliates, then MVW shall pay such amount and may use the amount in the escrow to pay such amount. If
the arbitration panel determines that none of the disputed amount is owed to Marriott or its Affiliates, then MVW shall not be required to pay the disputed amount and the escrowed funds shall be released to MVW. If MVW fails to cure the payment
breach, then Marriott may issue a notice of default to MVW and terminate this Agreement and all rights granted to MVW hereunder immediately upon notice to MVW and/or exercise any of the other remedies under Section 11(c); 

(iv) If MVW or any principal, director, officer, shareholder, or agent of MVW, contrary to the provisions of this
Agreement, discloses, causes, or fails to exercise 

  
 12 

 
commercially reasonable efforts to prevent the disclosure of, or otherwise uses in an unauthorized manner, any Marriott Confidential Information in violation of this Agreement then: 

 

	 	(i)	Marriott may issue a notice of breach to MVW. In connection with such breach, Marriott may, depending on various factors, including, the severity of the breach, whether
the breach was intentional or unintentional, and the damages or potential damages resulting from such breach, exercise any of the remedies provided for in Section 11(c). 

 

	 	(ii)	If an arbitration panel under Section 27 determines that (i) a material breach has occurred, (ii) (x) MVW has failed to exercise commercially
reasonable efforts to prevent such breach or (y) such breach was intentional or resulted from MVW’s gross negligence, and (iii) such breach has or may result in the goodwill associated with the Rewards Program being so materially
damaged as a result of the breach that interim injunctive relief is an inadequate remedy and that termination of the entire relationship contemplated by this Agreement is the only adequate remedy, then upon the rendering of arbitration panel’s
determination Marriott may issue a notice of default to MVW and terminate this Agreement and all rights granted to MVW hereunder and/or exercise any of the other remedies under Section 11(c); 

(v) If MVW or any of its Affiliates is convicted of a felony or other similar crime or offense or engages in a pattern or
practice of acts or conduct that, as a result of the adverse publicity that has occurred in connection with such offense, acts, or conduct: 
  

	 	(i)	is likely to have or has had a material adverse effect on the Rewards Program, the goodwill associated with the Rewards Program or Marriott’s interests therein,
then Marriott may issue a notice of default and exercise any of the other remedies under Section 11(c); and 

  

	 	(ii)	has or may result in the goodwill associated with the Rewards Program being so materially damaged that termination of the entire relationship contemplated by this
Agreement is the only adequate remedy, then Marriott may issue a notice of breach. Upon such notice of breach, the parties will agree to a Remediation Arrangement under which MVW will undertake to remedy the breach to Marriott’s satisfaction.
If MVW fails to enter into a Remediation Arrangement within ninety (90) days following the date of the notice of breach or fails to cure the breach pursuant to the Remediation Arrangement, Marriott may issue a notice of default and terminate
this Agreement and all rights granted to MVW hereunder immediately upon notice to MVW and/or exercise any of the other remedies under Section 11(c). 

  
 13 

 (vi) If MVW assigns this Agreement, any of its rights hereunder or delegates
any of its duties under this Agreement in violation of this Agreement, Marriott may issue a notice of default. If MVW fails to notify Marriott within fourteen (14) days following the notice of breach that MVW intends to unwind such assignment
or fails to actually unwind such assignment in a manner satisfactory to Marriott within ninety (90) days following the notice of breach, then Marriott may issue a notice of default and terminate this Agreement and all rights granted to MVW
hereunder immediately upon notice to MVW and/or exercise any of the other remedies under Section 11(c); provided, however, that nothing herein shall restrict or limit Marriott’s ability to seek injunctive relief to stop such assignment at
any time; 
 (vii) If MVW dissolves or liquidates except in connection with an assignment permitted by
Section 17 of this Agreement, Marriott may issue a notice of default and terminate this Agreement and all rights granted to MVW hereunder immediately upon notice to MVW and/or exercise any of the other remedies under Section 11(c); or

 (viii) To the extent permitted by Applicable Law, if MVW becomes insolvent, generally does not pay its debts
as they become due, or files a voluntary petition (or consents to an involuntary petition or an involuntary petition is filed and is not dismissed within sixty (60) days) under any bankruptcy, insolvency, or similar law, and such bankruptcy or
insolvency has a material adverse effect on Marriott, Marriott’s Affiliates or the Rewards Program, Marriott may issue a notice of default and terminate this Agreement and all rights granted to MVW hereunder immediately upon notice to MVW
and/or exercise any of the other remedies under Section 11(c). 
 (c) Upon any default under Section 11(b)(i) through
(viii), Marriott shall have the right to pursue any one or more of the following remedies in addition to the remedies provided for in Sections 11(b)(i) through (viii): 

(i) To institute any and all proceedings permitted by Applicable Law or in equity with respect to such event of default,
including, without limitation, actions for injunctive and/or declaratory relief (including specific performance) and/or damages. MVW acknowledges and agrees that, in the event that Marriott terminates this Agreement pursuant to a termination right
expressly identified in Section 11(b), Marriott will, in addition to the right to terminate, have the right to seek and obtain damages with respect to the termination of the Agreement. MVW agrees that Marriott has devoted substantial resources
to developing and building the Rewards Program and that the Rewards Program, including the significant reputation and goodwill associated therewith, have been developed by Marriott over a period of years prior to the Effective Date. MVW further
acknowledges and agrees that, in the event Marriott terminates this Agreement as a result of a material event of default hereunder by MVW, it would be commercially impossible for Marriott to take measures to recreate the Licensed Business or develop
an equivalent business, and, therefore it would be unreasonable to expect or require Marriott to mitigate its damages resulting from such default and termination; 

  
 14 

 (ii) To suspend MVW’s rights to offer Rewards Points for any type of
Permitted Use, upgrade MVW customers with Elite Status or be included in Rewards’ communications, marketing or promotional materials until the breach is cured; and 

(iii) To suspend MVW’s right to access and use information included in the Rewards Program for sales and marketing
efforts until the breach is cured. 
 (d) The breaches listed in (i) through (viii) below are deemed to be material
breaches for which Marriott may be placed in default under this Agreement if (x) MVW gives Marriott notice of the breach that provides the applicable cure period for the applicable breach (or such greater number of days given by MVW in its sole
discretion or required by Applicable Law) and (y) Marriott fails to cure the breach in the time and manner specified in the notice of breach or as specifically provided in this Section. If Marriott fails to cure the breach and is placed in
default, then MVW may exercise the applicable remedy for the specific default as set forth below: 
 (i) If
Marriott or its Affiliates fail to pay any amounts due under this Agreement to MVW or any of its Affiliates when the same becomes due and payable, then MVW may issue a notice of breach to Marriott with respect to such failure. Marriott shall have
ten (10) business days following notice of breach to cure the failure to pay. If Marriott in good faith disputes the amount due and payable and the parties are unable to resolve the discrepancy, then Marriott shall pay to MVW the undisputed
amount, if any, and Marriott shall pay the disputed amount into an escrow account. The disagreement regarding the disputed amount shall be submitted to an arbitration panel for resolution pursuant to Section 27. Notwithstanding anything to the
contrary in Section 27, the non-prevailing party shall pay the prevailing party’s costs of the arbitration, including attorneys’ fees. If the arbitration panel determines that any or all of the disputed amount is owed to MVW or its
Affiliates, then Marriott shall pay such amount and may use the amount in the escrow to pay such amount. If the arbitration panel determines that none of the disputed amount is owed to MVW or its Affiliates, then Marriott shall not be required to
pay the disputed amount and the escrowed funds shall be released to Marriott. If Marriott fails to cure the payment breach, MVW may issue a notice of default to Marriott and exercise any of the remedies under Section 11(e), and if the aggregate
amount outstanding that Rewards has failed to pay at any time is in excess of five million dollars ($5,000,000) (as adjusted annually after the Effective Date by the GDP Deflator), MVW may terminate this Agreement immediately upon notice to
Marriott; 
 (ii) If Marriott or its Affiliates fail to pay any amount in excess of two million five hundred
thousand dollars ($2,500,000) (as adjusted annually after the Effective Date by the GDP Deflator) due to MVW or any of its Affiliates when the same becomes due and payable, in each case, after having been issued a notice of breach by MVW and having
failed to cure the failure to pay within ten (10) business days following such notice, three (3) or more times within any thirty-six (36) month period, MVW may issue a notice of default and terminate this Agreement immediately upon
notice to Marriott and/or exercise any of the other remedies under Section 11(e); 

  
 15 

 (iii) If Marriott or its Affiliates fails to pay when due a total amount in
excess of five million dollars ($5,000,000) (as adjusted annually after the Effective Date by the GDP Deflator) under the Distribution Agreement, Marriott License Agreement, Ritz-Carlton License Agreement, under the Tax Sharing and Indemnification
Agreement, under the Employee Benefits Allocation Agreement or under all such agreements taken together, then MVW may issue a notice of breach to Marriott with respect to such failure. Marriott shall have ten (10) business days following notice
of breach to cure the failure to pay. If Marriott in good faith disputes the amount due and payable and the parties are unable to resolve the discrepancy, then Marriott shall pay to MVW the undisputed amount, if any, and Marriott shall pay the
disputed amount into an escrow account. The disagreement regarding the disputed amount shall be submitted to an arbitration panel for resolution pursuant to Section 27. Notwithstanding anything to the contrary in Section 27, the
non-prevailing party shall pay the prevailing party’s costs of the arbitration, including attorneys’ fees. If the arbitration panel determines that any or all of the disputed amount is owed to MVW or its Affiliates, then Marriott shall pay
such amount and may use the amount in the escrow to pay such amount. If the arbitration panel determines that none of the disputed amount is owed to MVW or its Affiliates, then Marriott shall not be required to pay the disputed amount and the
escrowed funds shall be released to Marriott. If Marriott fails to cure the payment breach, then MVW may issue a notice of default to Marriott and terminate this Agreement immediately upon notice to Marriott and/or exercise any of the other remedies
under Section 11(e); 
 (iv) If Marriott or any principal, director, officer, shareholder, or agent of
Marriott, contrary to the provisions of this Agreement, discloses, causes, or fails to exercise commercially reasonable efforts to prevent the disclosure of, or otherwise uses in an unauthorized manner, any MVW Confidential Information in violation
of this Agreement then: 
  

	 	(i)	MVW may issue a notice of breach to Marriott. In connection with such breach, MVW may, depending on various factors, including, the severity of the breach, whether the
breach was intentional or unintentional, and the damages or potential damages resulting from such breach, exercise any of the remedies provided for in Section 11(e). 

 

	 	(ii)	If an arbitration panel under Section 27 determines that (i) a material breach has occurred, (ii) (x) Marriott has failed to exercise commercially
reasonable efforts to prevent such breach or (y) or such breach was intentional or resulted from Marriott’s gross negligence, and (z) such breach has or may result in the goodwill associated with MVW’s use of the Rewards Program
in connection with the Licensed Business being so materially damaged as a result of the breach that interim injunctive relief is an inadequate remedy and that termination of the entire relationship contemplated by this Agreement is the only adequate
remedy, then upon the rendering of arbitration panel’s determination MVW may issue a notice of default to Marriott and terminate this Agreement and/or exercise any of the other remedies under Section 11(e); 

  
 16 

 (v) If Marriott assigns this Agreement, any of its rights hereunder or
delegates any of its duties under this Agreement in violation of this Agreement, MVW may issue a notice of default. If Marriott fails to notify MVW within fourteen (14) days following the notice of breach that Marriott intends to unwind such
assignment or fails to actually unwind such assignment in a manner satisfactory to MVW within ninety (90) days following the notice of breach, then MVW may issue a notice of default and terminate this Agreement and all rights granted to
Marriott hereunder immediately upon notice to Marriott and/or exercise any of the other remedies under Section 11(c); provided, however, that nothing herein shall restrict or limit MVW’s ability to seek injunctive relief to stop such
assignment at any time; 
 (vi) If Marriott dissolves or liquidates, except in connection with an assignment
permitted by Section 17 of this Agreement, MVW may issue a notice of default and terminate this Agreement immediately upon notice to Marriott and/or exercise any of the other remedies under Section 11(e); 

(vii) To the extent permitted by Applicable Law, if Marriott becomes insolvent, generally does not pay its debts as they
become due, or files a voluntary petition (or consents to an involuntary petition or an involuntary petition is filed and is not dismissed within sixty (60) days) under any bankruptcy, insolvency, or similar law, and such bankruptcy or
insolvency has a material adverse effect on the Rewards Program or MVW or MVW’s Affiliates, MVW may issue a notice of default and terminate this Agreement immediately upon notice to Marriott and/or exercise any of the other remedies under
Section 11(e); or 
 (viii) If Marriott or any of its Affiliates is convicted of a felony or other similar
crime or offense and such conviction is the actual and sole cause of MVW being prevented from obtaining or retaining the licenses that it requires to continue operating the Licensed Business: 

 

	 	(i)	at any individual Project(s), then MVW may issue a notice of breach and exercise any of the remedies under Section 11(e); 

 

	 	(ii)	at all or substantially all of the Projects and the Licensed Business is so materially damaged that termination of the entire relationship contemplated by this
Agreement is the only adequate remedy, then MVW may issue a notice of breach. Upon such notice of breach, the parties will agree to a Remediation Arrangement under which Marriott will undertake to remedy the breach to MVW’s satisfaction. If
Marriott fails to enter into a Remediation Arrangement within ninety (90) days following the date of the notice of breach or fails to cure the breach pursuant to the Remediation Arrangement, MVW may issue a notice of default and terminate this
Agreement immediately upon notice to Marriott and/or exercise any of the other remedies under Section 11(e). 

(e) Upon any default under Section 11(d)(i) through (viii), MVW shall have the right to pursue any one or more of the following
remedies in addition to the remedies provided for in Sections 11(d)(i) through (viii): 
 (i) To institute any
and all proceedings permitted by Applicable Law or in equity with respect to such event of default, including, without limitation, actions for injunctive and/or declaratory relief (including specific performance) and/or damages. Marriott
acknowledges and agrees that, in the event that MVW terminates this Agreement pursuant to a termination right expressly identified in Section 11(d), MVW will, in addition to the right to terminate, have the right to seek and obtain damages with
respect to the termination of the Agreement; or 
 (ii) To suspend provision of the services that MVW is required
to provide to Marriott under this Agreement until the breach is cured. 
 (f) If MVW or Marriott materially fail to fulfill any
of the other material covenants, undertakings, obligations or conditions set forth in this Agreement, the Electronic Systems License Agreement, or the Design Review Addendum, except for where specific remedies are identified for breaches and
defaults described in Section 11(b) through (e), the non- defaulting party shall have the right to institute any and all proceedings permitted by Applicable Law or in equity with respect to such failure, including, without limitation, actions
for injunctive and/or declaratory relief (including specific performance) and/or damages; provided, however, 

  
 17 

 
that the non-defaulting party shall not have the right to terminate this Agreement with respect to such failure unless it is determined by an arbitration panel under Section 27 that
(i) the non-defaulting party has been or will be damaged in an amount in excess of fifty million dollars ($50,000,000) (as adjusted annually after the Effective Date by the GDP Deflator) or (ii) the goodwill associated with the Rewards
Program (if Marriott is the non-defaulting party) or the Licensed Business (if MVW is the non-defaulting party) has been or will be so materially damaged as a result of the conduct of the defaulting party that interim injunctive relief is an
inadequate remedy and that termination of the entire relationship contemplated by this Agreement is the only adequate remedy, then the non-defaulting party shall have the right to terminate this Agreement upon the rendering of arbitration
panel’s determination. The parties acknowledge and agree that, in the event that the non-defaulting party terminates this Agreement pursuant to this Section 11(f), the non-defaulting party will, in addition to the right to terminate, have
the right to seek and obtain damages with respect to the termination of this Agreement. 
 (g) If either MVW’s or
Marriott’s failure to conform to, keep, perform, fulfill, or satisfy any representation, warranty, covenant, undertaking, obligation, standard, test, or condition set forth in this Agreement, other than an obligation to make monetary payments
or provide monetary funding, is caused in whole or in material part by one or more Extraordinary Events, such failure shall not constitute a failure or a default under this Agreement, and such failure shall be excused for as long as the failure is
caused in whole or in part by such Extraordinary Event(s) and so long as cure is diligently pursued. 
 (h) If either MVW’s
or Marriott’s failure to conform to, keep, perform, fulfill, or satisfy a material obligation set forth in this Agreement that affects all or substantially all of the services to be provided under this Agreement or that has a material adverse
effect on the Rewards Program as a whole, other than an obligation to make monetary payments or provide monetary funding, is caused in whole or in material part by one or more Extraordinary Events, such failure shall not constitute a failure or a
default under this Agreement, and such failure shall be excused for as long as the failure is caused in whole or in part by such Extraordinary Event(s) and so long as cure is diligently pursued. 

Section 12. Effect of Termination. 
 (a) The termination or expiration of the Agreement will have no effect on any Rewards Points earned by, or issued by Rewards to, MVW customers for Permitted Uses prior to such termination, which Rewards
Points will continue to be usable by Rewards Members in a manner consistent with the Program Rules. 
 (b) Any unpaid amounts
payable by MVW to Rewards as of the date of termination under Sections 2 or 3 above will be automatically due and payable in full upon termination of this Agreement. 
 Section 13. Changes to the Rewards Program. 
 (a) Marriott and
MVW agree to meet annually at a mutually agreed upon time and place to discuss anticipated material changes to the Rewards Program (“Material Program 

  
 18 

 
Changes”). Marriott will use good faith efforts to meet with MVW on a quarterly basis to discuss any Material Program Changes. 

(b) Marriott will reasonably consider changes to the Rewards Program suggested by MVW which address issues specifically relevant to the
Licensed Destination Club Business (including any systems enhancements needed to implement such changes) within a reasonable time after receiving a formal proposal from MVW containing, as applicable: (i) the business rationale for such change,
(ii) the expected impact on MVW of such change and, to the extent known, the expected impact on the Rewards Program and (iii) a proposed implementation plan and estimate of any known implementation costs. Within 30 days of receipt of a
formal proposal from MVW regarding a suggested change to the Rewards Program, Marriott shall (i) acknowledge receipt of such formal proposal from MVW and (ii) provide a preliminary estimate of the timeframe for a response to such formal
proposal. MVW shall provide such additional information about a proposed change to the Rewards Program as Marriott reasonably requests. Marriott may condition its consent to changes to the Rewards Program suggested by MVW on factors such as, for
example: MVW’s assumption of the costs related to such implementation, including, without limitation, incremental internal or out-of-pocket design costs and operating costs (and the allocation thereof on a fair and reasonable basis to other
Rewards Program participants who benefit from the change); the difficulties of designing or administering such changes; the impact of such changes on the Rewards Program generally; third party consent requirements; the prioritization of other
Rewards Program projects; and considerations relating to owners and franchisees associated with Licensor Lodging Facilities. 

(c) Marriott shall have the right to make changes to the Rewards Program at any time, in its sole discretion, subject only to any express
obligation or limitation set forth in this Agreement. Notwithstanding the foregoing, Marriott agrees that in no event shall Marriott, without MVW’s prior consent, (i) impose new Program Rules that are, or amend or modify any Program Rules,
that as amended or modified would be, in conflict with Applicable Law, (ii) impose new Program Rules or amend or modify any Program Rules or exceptions thereto that, in each case, exclusively relate to the Licensed Destination Club Business,
including without limitation the Program Rules set forth in the Services Manual, or (iii) impose new Program Rules or amend or modify any Program Rules that have a disproportionate adverse impact on an individual Rewards Member who owns a
Licensed Destination Club Product as compared to a similarly situated Rewards Member who does not own a Licensed Destination Club Product. The Program Rules shall continue to provide that Rewards Points issued by MVW in respect of Usage Rights may
not be redeemed for stays at Licensed Destination Club Projects. MVW shall, as part of the sales process with respect to the sale of Licensed Destination Club Products, provide written disclosure to each prospective purchaser to the effect that
(i) all Rewards Points are subject to the Program Rules and (ii) Marriott may modify the Program Rules at any time in its sole discretion. MVW shall be permitted to incorporate such disclosure with other disclosures MVW makes to
prospective purchasers. 
 (d) If Marriott adopts a new Program Rule that becomes effective after the Effective Date, or amends
or modifies any Program Rule after the Effective Date, that MVW reasonably believes is in conflict with MVW’s contractual obligations to persons who own Licensed Destination Club Products, MVW shall notify Marriott in writing as promptly as
practicable and the parties agree to enter into good faith negotiations to reach a resolution 

  
 19 

 
regarding such conflict and such new or amended Program Rule shall not apply to MVW while such good faith negotiations are occurring. If the parties are not able to resolve such conflict through
such good faith negotiations within 30 days after MVW notifies Marriott in writing of such conflict, the parties will resolve such conflict in accordance with the process set forth in the Services Manual, and such new or amended Program Rule shall
not apply to MVW while such conflict resolution process is occurring. 
 (e) MVW acknowledges that Marriott is under no
obligation to continue the Rewards Program. In the event that the Rewards Program is eliminated, Marriott will treat MVW and MVW customers who hold Rewards Points in a manner consistent with other Rewards Program participants. In the event monetary
contributions made by participants in the Rewards Program are refunded to participants, applicable refunds to MVW and MVW customers will be made in a fair and reasonable manner, as determined by Marriott in its reasonable discretion. 

(f) In the event the Rewards Program is combined with or becomes part of another loyalty program, Marriott will treat MVW and MVW
customers in a manner consistent with other Rewards Program participants. 
 Section 14. Cooperation.

 (a) Marriott will reasonably cooperate with MVW to develop and offer packages that enable Rewards Members to redeem
Rewards Points for awards that include both hotel stays and Airline Miles (“Combo Awards”) and other specific awards that support MVW’s sales processes and value proposition. Marriott and MVW acknowledge that the “5 Night
Combo Award” feature was created specifically to support MVW’s sales process and value proposition. If Marriott terminates the use of any Combo Awards in the Rewards Program, Marriott may also terminate the use of similar Combo Awards by
MVW customers; however, such termination will only be effective upon six months’ prior notice to MVW, provided, that if the termination of such Combo Awards is due to action by a third party, such six month notice period may be shortened to
correspond to the date on which such third party action becomes effective. 
 (b) Marriott agrees to enter into (and to cause
Ritz-Carlton to enter into) good faith negotiations with MVW in the event that MVW desires to participate in The Ritz-Carlton Rewards Program in connection with the Ritz-Carlton Destination Club Business (as such term is defined in the Ritz-Carlton
License Agreement). During the twenty-four (24) months following the Effective Date, MVW will not, directly or indirectly, enter into any negotiations or other discussions with any Person other than Marriott and Ritz-Carlton with respect to the
affiliation of the Ritz-Carlton Destination Club Business with a travel customer loyalty program provided by a third-party. In the event that the parties are unable to agree on terms under which the Ritz-Carlton Destination Club Business will
participate in The Ritz-Carlton Rewards Program within twenty-four (24) months following the Effective Date, the parties agree that, with respect to the Ritz-Carlton Destination Club Business only, MVW may affiliate with a travel customer
loyalty program provided by a third-party if (i) such travel customer loyalty program is not primarily focused on the lodging industry and is consistent with the luxury positioning of the Ritz-Carlton brand and (ii) MII provides its prior
written consent, not to be unreasonably withheld, to such affiliation; 

  
 20 

 
provided, however, that “Ritz-Carlton” may not be used in the name of such third-party loyalty program. In the event of a Dispute regarding clause (i) or (ii) above, either
party may refer the matter to an Expert for resolution. The parties agree that MVW will pay any initial costs incurred by Rewards to enable MVW to participate in The Ritz-Carlton Rewards Program in connection with the Ritz-Carlton Destination Club
Business. 
 (c) Marriott will use commercially reasonable efforts to enable MVW to participate after the Effective Date in
Rewards Program partner agreements in which MVW is eligible to participate such that MVW will have access to partner marketing channels, incentives, customer database and marketing programs and platforms on a basis generally consistent with the MHR
Hotels brand (after taking into account differences in the Licensed Destination Club Business as compared with the business conducted by other Licensor Lodging Facilities), as set forth in the Services Manual. 

Section 15. Reporting. 
 (a) Marriott will report to MVW the information relating to Rewards Program usage by MVW customers set forth in the Services Manual and such other information as is otherwise reasonably requested by MVW.
The parties acknowledge that the type of information provided by Marriott to MVW may change as Marriott’s reporting systems and capabilities change. Marriott will modify its reporting systems, within parameters determined by Marriott in its
sole discretion, to enable Marriott to provide reports to MVW that segregate redemption and billing data for Rewards Points issued for Sales/Exchanges into two distinct categories for (i) Commencement Date Points and (ii) Rewards Points
issued to MVW customers on or after the Commencement Date. Marriott’s modification to its reporting systems pursuant to the preceding sentence will be at no cost to MVW. 
 (b) MVW shall receive, upon request, (i) the Statement of Program Activity for Marriott Rewards, prepared by Marriott’s independent auditors on an annual basis and (ii) Marriott’s
report named “Reconciliation Analysis of MHR Brand Funding” (or the successor report), including a schedule showing the calculation to convert the funding rate for MHR Hotels to the MVW charge per 1,000 Rewards Points, on an annual basis
to verify the accuracy of the calculation of the MVW Base Funding Rate (as defined in Exhibit A). Due to the unique nature of the calculation of the MVW Base Funding Rate (as defined in Exhibit A), Marriott has agreed that MVW may
receive the following information regarding the calculation of the MVW Base Funding Rate. In connection with the preparation of the Statement of Program Activity for Marriott Rewards for any year, if a new MVW Base Funding Rate became effective as
of the beginning of the then-current year, Marriott will direct the independent auditor that is preparing the Statement of Program Activity for Marriott Rewards to determine whether such new MVW Base Funding Rate was calculated in accordance with
this Agreement. Such auditor will provide a copy of its audit opinion letter regarding the calculation of the MVW Base Funding Rate to MVW and the cost of such audit opinion will not be paid by MVW. If the auditor concludes that such MVW Base
Funding Rate was not calculated in accordance with this Agreement and was higher than it should have been, Rewards shall pay (or credit, if applicable) an amount equal to the excess paid by MVW to MVW in connection with the incorrect MVW Base
Funding Rate the within 30 days of such determination. If the auditor concludes that such MVW Base Funding Rate was not calculated in accordance with this Agreement and was lower than it should have

  
 21 

 
been, MVW shall pay an amount equal to the shortfall to Rewards within 30 days of such determination. 
 Section 16. Third Party Consents. MVW acknowledges that certain provisions of this Agreement may be subject to third party approval. 

Section 17. Assignment. 
 (a) Except as otherwise expressly provided herein, MVW may not assign this Agreement or assign any of its rights hereunder, or delegate any of its duties under this Agreement, or sell, transfer or dispose
of all or substantially all of its assets relating to the Licensed Business, or merge or consolidate with any other entity in which MVW is not the surviving entity, or engage in a transaction or series of related transactions that result in a Change
in Control without Marriott’s prior written consent which it may grant or withhold in its sole discretion. Any such assignment will be a material default under this Agreement, and Marriott shall be entitled to enjoin or obtain a court order
prohibiting such assignment without posting a bond. MVW shall not assign any rights under this Agreement to a Specially Designated National or Blocked Person. If a Specially Designated National or Blocked Person acquires a Controlling Interest in
MVW, Marriott shall have the right to terminate this Agreement immediately upon notice to MVW. 
 (b) None of the Guarantors may
assign this Agreement or assign any of its rights hereunder, or delegate any of its duties under this Agreement without Marriott’s prior written consent which it may grant or withhold in its sole discretion. 

(c) Except as otherwise expressly provided herein, MII may not assign this Agreement or assign any of its rights hereunder, or delegate
any of its duties under this Agreement without MVW’s prior written consent which it may grant or withhold in its sole discretion, provided, however, that MII may assign, delegate, sell or transfer this Agreement without prior notice, or consent
of, MVW, to an assignee who (a) assumes MII’s obligations to MVW under this Agreement and (b) (i) is an Affiliate of MII that has the legal, financial, and operational ability to perform the obligations of MII under this
Agreement or (ii) acquires all or substantially all of MII’s rights in respect of (i) the System, (ii) MHR Hotels, and (iii) the Branded Elements. This Agreement will be binding on and inure to the benefit of MII and the
successors and assigns of MII. MII shall not assign any rights under this Agreement to a Specially Designated National or Blocked Person. If a Specially Designated National or Blocked Person acquires a Controlling Interest in MII, MVW shall have the
right to terminate this Agreement immediately upon notice to Marriott. 
 (d) Except as otherwise expressly provided herein,
Rewards may not assign this Agreement or assign any of its rights hereunder, or delegate any of its duties under this Agreement without MVW’s prior written consent which it may grant or withhold in its sole discretion, provided, however, that
Rewards may without such consent assign this Agreement or any of its rights hereunder, or delegate any of its duties under this Agreement to any of MII’s Affiliates or in connection with an assignment by MII permitted hereunder. This Agreement
will be binding on and inure to the benefit of each of the parties hereto, their successors and assigns, provided that the terms of this Section 17 shall have been met. 

  
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 (e) MVW acknowledges that Marriott and its Affiliates operate as a multi-national business
enterprise. Without limiting this Section 17, Marriott has the right to assign all or part of its rights under this Agreement to any of Marriott’s Affiliates and, in connection therewith, require MVW to pay amounts due under this Agreement
to such Affiliates. However, if, as a result of any such assignment, MVW will be liable for greater Tax liability for payments due hereunder following such assignment, any resulting increase in Tax liability shall be borne by Marriott and not by
MVW. 
 (f) Without limiting Section 17, no assignment of any interest in this Agreement will be made to a Lodging
Competitor. Any such assignment will be a material default under this Agreement, and Marriott shall be entitled to enjoin or obtain a court order prohibiting such assignment without posting a bond. 

(g) MVW may not assign, mortgage, or grant a security interest in, or pledge as collateral, this Agreement, except as permitted
hereunder. At MVW’s request, Marriott hereby agrees to provide to MVW’s lender a comfort letter that is substantially similar to the form of comfort letter that has been agreed to by the parties as of the Effective Date, so long as such
lender is not an Affiliate of MVW and MVW is not in breach of any of its obligations under this Agreement. However, Marriott has no obligation to provide a “comfort letter” in connection with, or consent to, a transaction that would be
prohibited by this Section 17. If a lender forecloses on, or otherwise exercises its rights against the interests of MVW in this Agreement, or MVW violates this Section 17, Marriott will have the right to pursue the remedies provided for
in Section 11. 
 Section 18. MVW Associates. 

(a) Marriott agrees that following the Effective Date, MVW associates (“MVW Associates”) shall be eligible to become
Rewards Members (MVW Associates who become Rewards Members, “MVW Associate Rewards Members”). MVW Associate Rewards Members shall be subject to all Program Rules; provided, that MVW Associate Rewards Members shall not earn Rewards
Points or room night credits towards Elite Status with respect to stays at Participating Properties when such MVW Associate Rewards Members pay “Associate Pleasure” or “Associate Business” rates. 

(b) All inquiries regarding Rewards Member accounts must be addressed to Marriott Guest Services. MVW Associates may not access their own
Rewards Member accounts or the accounts of their friends and/or family members through Marriott systems including the IMS/CRIS systems. 
 (c) As of or prior to the Effective Date, MVW shall adopt and maintain a policy directed at preventing MVW Associates from engaging in fraudulent activity in connection with the Rewards Program. Among
other things, this policy shall prohibit MVW Associates from accessing their own Rewards Member accounts or the accounts of their friends and/or family members through Marriott systems. MVW shall provide a copy of this policy, and any changes
thereto, to Marriott. MVW shall provide such assistance as Marriott reasonably requests in connection with Marriott’s efforts to determine whether any MVW Associate is engaging in fraudulent activity in connection with the Rewards Program.

  
 23 

 Section 19. Notices. 

(a) Subject to Section 19(b) below, all notices, requests, demands, statements, and other communications required or permitted to be
given under the terms of this Agreement will be in writing, in the English language, and delivered by hand against receipt or carried by reputable overnight/international courier service, to the respective party at the following addresses

 To Rewards, to: 
 Marriott Rewards, LLC 
 10400 Fernwood Road 

Bethesda, MD 20817 
 Attention: SVP Marriott Rewards/CRM; Dept. 559MR01 
 Facsimile:
(301) 380-5133 
 with a copy (which shall not constitute notice) to: 

Marriott International, Inc. 
 10400 Fernwood Road 
 Bethesda, Maryland 20817 

Attention: Law Department/Lodging Operations 
 Dept. 52/923.27 
 Facsimile: (301) 380-6727 

To MII, to: 

Marriott International, Inc. 
 10400 Fernwood Road 
 Bethesda, Maryland 20817 

Attention: Chief Financial Officer 
 Dept. 52/924.11 
 Facsimile: (301) 380-5067 

with a copy (which shall not constitute notice) to: 
 Marriott International, Inc. 
 10400 Fernwood Road 

Bethesda, Maryland 20817 
 Attention: General Counsel 
 Dept. 52/923 

Facsimile: (301) 380-6727 
 To MVWC and the Guarantors, to: 
 Marriott Vacations Worldwide Corporation

 6649 Westwood Blvd. 
 Suite 500 

  
 24 

 Orlando, Florida 32821 

Attention: President & Chief Executive Officer 
 Facsimile: (407) 206-6037 
 with a copy (which shall not constitute notice) to:

 Marriott Vacations Worldwide Corporation 
 6649 Westwood Blvd. 
 Suite 500 

Orlando, Florida 32821 
 Attention: General Counsel 
 Facsimile: (407) 513-6680 

To Marriott Ownership Resorts, Inc., to: 
 Marriott Ownership Resorts, Inc. 
 6649 Westwood Blvd. 

Suite 500 

Orlando, Florida 32821 
 Attention: President & Chief Executive Officer 
 Facsimile: (407)
206-6037 
 with a copy (which shall not constitute notice) to: 

Marriott Ownership Resorts, Inc. 
 6649 Westwood Blvd. 
 Suite 500 

Orlando, Florida 32821 
 Attention: General Counsel 
 Facsimile: (407) 513-6680 

or at such other address as designated by notice from the respective party to the other parties. Any such notice or communication will be deemed to have
been given at the date and time of: (i) receipt or first refusal of delivery if delivered by hand or; (ii) two days after the posting thereof if sent via reputable overnight/international courier service. 

(b) The parties may exchange routine information and invoices by regular mail or by e-mail, facsimile, or by making such information
available to the other parties on the Internet, an extranet, or other electronic means. 
 Section 20. Governing Law;
Jurisdiction. This Agreement is executed pursuant to, and will be interpreted and construed under the laws of New York, without regard to the conflict of laws provisions of such jurisdiction. Nothing in this Section 20 is intended to invoke
the application of any franchise, business opportunity, antitrust, “implied covenant,” unfair competition, fiduciary or any other doctrine of law of the State of New York or any other state which would not otherwise apply absent this
Section 20. Each party hereto hereby expressly and irrevocably submits itself to the non-exclusive jurisdiction of the courts of New York for the 

  
 25 

 
purpose of resolving any Disputes under Section 29. So far as is permitted under the laws of New York, this consent to personal jurisdiction will be self-operative. 

Section 21. WAIVER OF JURY TRIAL AND PUNITIVE AND EXEMPLARY DAMAGES. THE PARTIES AGREE THAT EACH PARTY HEREBY ABSOLUTELY,
IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY AND THE RIGHT TO CLAIM OR RECEIVE SPECIAL, CONSEQUENTIAL, PUNITIVE AND EXEMPLARY DAMAGES IN ANY ARBITRATION, LITIGATION, ACTION, CLAIM, SUIT OR PROCEEDING, AT LAW OR IN EQUITY, ARISING OUT OF,
PERTAINING TO OR IN ANY WAY ASSOCIATED WITH THE COVENANTS, UNDERTAKINGS, REPRESENTATIONS OR WARRANTIES SET FORTH IN THIS AGREEMENT, THE RELATIONSHIPS OF THE PARTIES HERETO, THIS AGREEMENT, WHETHER AS “MARRIOTT” “GUARANTOR” OR
“MVW” OR OTHERWISE OR ANY ACTIONS OR OMISSIONS IN CONNECTION WITH ANY OF THE FOREGOING. 
 Section 22.
Third Party Rights. The provisions of this Agreement are solely for the benefit of the parties hereto, and are not intended to confer upon any person except the parties hereto, any rights or remedies hereunder. There are no third party
beneficiaries of this Agreement and this Agreement will not provide any third person with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 23. Amendment. No agreement of any kind relating to the matters covered by this Agreement will be binding upon any
party unless and until the same has been made in a written, non-electronic instrument that has been duly executed by the non-electronic signature of all interested parties. This Agreement may only be amended in a written, non-electronic instrument
that has been duly executed by the non-electronic signature of all interested parties and may not be amended or modified by conduct manifesting assent, or by electronic signature, and each party is hereby put on notice that any individual purporting
to amend or modify this Agreement by conduct manifesting assent or by electronic signature is not authorized to do so. 

Section 24. Approvals, Consents and Waivers. Except as otherwise provided in this Agreement, approvals, designations, and
consents required under this Agreement will not be effective unless evidenced by a writing signed by the duly authorized officer or agent of the party giving such approval or consent. No waiver, delay, omission, or forbearance on the part of a party
hereto to exercise any right, option or power arising from any default or breach by the other party, or to insist upon strict compliance by the other party with any obligation or condition hereunder, will affect or impair the respective rights of a
party hereto, with respect to any such default or breach or subsequent default or breach of the same or of a different kind. Any delay or omission of any party to exercise any right arising from any such default or breach will not affect or impair
such party’s rights with respect to such default or breach or any future default or breach. No party will be liable to any other party for providing (or denying) any waiver, approval, consent, or suggestion to such other party in connection
with this Agreement or by reason of any delay or denial of any request. 

  
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 Section 25. Construction and Severability. 

(a) Except as expressly provided to the contrary in this Agreement, each section, part, term and/or provision of this Agreement,
including Section 31, will be considered severable; and if, for any reason any section, part, term, or provision is determined to be invalid, unenforceable or contrary to, or in conflict with, any existing or future laws, regulations,
ordinances, rules, orders, decrees, and requirements of any governmental authority (“Applicable Law”) or by an arbitral tribunal, a court or agency having valid jurisdiction, such will not impair the operation of, or have any other
effect upon, such other sections, parts, terms, and provisions of this Agreement as may remain otherwise intelligible, and the latter will continue to be given full force and effect and bind the parties hereto. To the extent possible, such invalid
or unenforceable sections, parts, terms, or provisions will be deemed to be replaced with a provision that is valid and enforceable and most nearly reflects the original intent of the invalid or unenforceable provision. 

(b) No right or remedy conferred upon or reserved to a party hereto by this Agreement is intended to be, nor will be deemed, exclusive of
any other right or remedy herein or by law or equity provided or permitted, but each will be cumulative of every other right or remedy. 
 (c) When this Agreement provides that any party may take or refrain from taking any action or exercise discretion, such as rights of approval or consent, or to modify the Rewards Program or any part of
it, or to make other determinations or modifications under this Agreement, such party may do so from time to time. 
 (d) Unless
otherwise stated, references to Sections are to Sections of this Agreement. 
 (e) Unless otherwise stated, references to
Exhibits are to Exhibits to this Agreement, and all of such are incorporated by reference into this Agreement. 
 (f) Words
importing the singular include the plural and vice versa as the context may imply. Words importing a gender include each gender as the context may imply. 
 (g) Unless otherwise stated, references to days, months, and years are to calendar days, calendar months, and calendar years, respectively. 

(h) The words “include,” “included” and “including” will be terms of enlargement or example (meaning that,
for instance, “including” will be read as “including but not limited to”) and will not imply any restriction or limitation unless the context clearly requires otherwise. 

(i) Captions and section headings are used for convenience only. They are not part of this Agreement and will not be used in construing
it. 
 (j) The Recitals are incorporated in and made part of this Agreement. 

  
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 Section 26. Independent Contractor. This Agreement does not create a fiduciary
relationship between Marriott and MVW. Marriott and MVW are independent contractors, and nothing in this Agreement is intended to constitute either MVW or Marriott as an agent, legal representative, subsidiary, joint venturer, partner, manager,
employee, or servant of the other for any purpose. Nothing in this Agreement authorizes any party to make any contract, agreement, warranty, or representation on any other party’s behalf or to incur any debt or other obligation in any other
party’s name. 
 Section 27. Arbitration. 

(a) Except as otherwise specified in this Agreement, any dispute, controversy, or claim arising out of or relating to this Agreement, or
the making, breach, termination, or invalidity of this Agreement, or the relationship created thereby (a “Dispute”) or any other matter concerning any aspect of the relationship of the parties will be finally settled, by arbitration
administered by the American Arbitration Association under its Commercial Arbitration Rules, except as modified herein (the “AAA Rules”), conducted in Washington, D.C. 

(b) There will be three (3) arbitrators. If there are only two (2) parties to the arbitration, each of Marriott and MVW will
appoint one (1) arbitrator within twenty (20) days after receipt by respondent of a copy of the demand for arbitration. For purposes of this Section 27, Marriott and its Affiliates, on one hand, and MVW and its Affiliates, on the
other hand, will each be deemed to be one (1) party. The two (2) party-appointed arbitrators will have twenty (20) days from the appointment of the second (2nd) arbitrator to agree on a third (3rd) arbitrator who will chair
the arbitral tribunal. Any arbitrator not timely appointed by the parties under this Section 27(b) will be appointed in accordance with AAA Rule R.11, and in any such procedure, each party will be given a limited number of strikes, excluding
strikes for cause. 
 (c) Any Dispute to be settled by arbitration under this Section 27 will at the request of MVW or
Marriott be resolved in a single arbitration before a single tribunal together with any Dispute arising out of or relating to this Agreement or any other agreement (including any other Transaction Agreements) between or among MVW, the Guarantors and
their respective Affiliates on the one hand and Marriott or its Affiliates on the other. If there are multiple claimants and/or multiple respondents to the effect that there are more than two (2) parties to the arbitration, all claimants and/or
all respondents will attempt to agree upon their respective appointments. If such multiple parties fail to nominate an arbitrator within thirty (30) days, the AAA will appoint an arbitrator on their behalf. In such circumstances, any existing
nomination of the arbitrator chosen by the party or parties on the other side of the proposed arbitration will be unaffected, and the remaining arbitrators will be appointed in accordance with AAA Rules R. 12 and R. 13. 

(d) Any controversy concerning whether a Dispute is an arbitrable Dispute, whether arbitration has been waived, whether an assignee of
this Agreement is bound to arbitrate, or as to the interpretation or enforceability of this Section 27 will be determined by the arbitrators. 
 (e) The decision of the arbitral tribunal will be final and binding upon the parties, and such decision will be enforceable through any courts having jurisdiction. The

  
 28 

 
arbitral tribunal will have no authority to amend or modify the terms of this Agreement. The arbitral tribunal may award or include in their award any relief they deem proper in the
circumstances, including money damages (with Interest on unpaid amounts from the date due), specific performance and legal fees and costs in accordance with this Agreement; however, the arbitral tribunal may not award special, punitive,
consequential or exemplary damages. The costs and expenses of arbitration will be allocated and paid by the parties as determined by the arbitral tribunal. The arbitral tribunal will have the authority to make such orders granting interim or
provisional relief during the pendency of the arbitration as it deems just and equitable. Any such order will be without prejudice to the final determination of the controversy. 

(f) The parties will use their reasonable best efforts to encourage the arbitrators to resolve any arbitration related to any Dispute as
promptly as practicable. Subject to Applicable Law, including disclosure or reporting requirements, or the parties’ agreement, the parties will maintain the confidentiality of the arbitration. Unless agreed to by all the parties or required by
Applicable Law, including disclosure or reporting requirements, the arbitrators and the parties will maintain the confidentiality of all information, records, reports, or other documents obtained in the course of the arbitration, and of all awards,
orders, or other arbitral decisions rendered by the arbitrators. 
 (g) Any arbitration proceeding under this Agreement will be
conducted on an individual (not a class-wide) basis and will not be consolidated with any other arbitration proceedings to which Marriott is a party, except as specified below. No decision on any matter in any other arbitration proceeding in which
Marriott is a party will prevent any party to the arbitration proceeding from submitting evidence with respect to the same or a similar matter or prevent the arbitral tribunal from rendering an independent decision without regard to such decision in
such other arbitration proceeding. 
 (h) Marriott or MVW may, without waiving any rights it has under this Agreement, seek from
a court having jurisdiction any interim or provisional relief that may be necessary to protect its rights or property. 
 (i)
The provisions of this Section 27 will survive the expiration or termination of this Agreement. 
 Section 28.
Expert Resolution. Where this Agreement calls for a matter to be referred to an Expert for determination, the following provisions shall apply: 
 (a) The use of an Expert shall be the exclusive remedy of the parties and no party shall attempt to adjudicate any dispute in any other forum. The decision of the Expert shall be final and binding on the
parties and shall not be capable of challenge, whether by arbitration, in court or otherwise. Recognition and enforcement of any decision or award rendered by the Expert may be sought in any court of competent jurisdiction. 

(b) If any party calls for a determination by an Expert in accordance with the terms of this Agreement, the parties shall have ten
(10) days from the date of such request to agree upon and appoint an Expert and, if they fail to agree, each party shall have an additional ten (10) days to make its respective selection of an Expert, and within ten (10) days of such

  
 29 

 
respective selections, the two (2) respective Experts so selected shall select a third (3rd) Expert. If either party fails to make its respective selection of an Expert within the
specified period, then the other party’s selection shall be the Expert. If the two (2) respective Experts selected by the parties fail to select a third (3rd) Expert, then the third Expert shall be appointed by the AAA. Any dispute to
be determined by the Expert pursuant to this Section shall, at the request of either party, be resolved in a single Expert proceeding before the same Expert(s) together with any dispute to be determined by an Expert arising out of or relating to
this Agreement. In the event there is more than one (1) Expert, then the decision of Experts shall be determined by a majority vote. 
 (c) Each party shall be entitled to make written submissions to the Expert(s), and if a party makes any submission, it shall also provide a copy to the other parties and the other parties shall have the
right to comment on such submission within the time periods established pursuant to Section 28(e). During the period beginning with the appointment of an Expert or the appointment of three (3) Experts pursuant to Section 28(b) and
continuing until an Expert determination is rendered, no party shall communicate with any of the Experts regarding the subject matter submitted for determination without disclosing the content of any such communication to the other parties. The
parties shall make available to the Expert(s) such books and records relating to the issue in dispute and shall render to the Expert(s) any assistance requested of the parties. The costs of the Expert(s) and the proceedings shall be borne as
directed by the Expert(s) unless otherwise provided for herein. 
 (d) The Expert(s) shall decide the matter referred for
determination by applying the terms, conditions and standards set forth in this Agreement regarding such matter. 
 (e) The
terms of engagement of the Expert(s) shall include an obligation on the part of the Expert(s) to: (i) notify the parties in writing of the decision within thirty (30) business days from the date on which the Expert (or the last Expert, if
there are three (3)) has been selected (or such other period as the parties may agree or as set forth herein); and (ii) establish a timetable for the making of submissions and replies. 

Section 29. Injunctive Relief. Marriott or MVW will be entitled to injunctive or other equitable relief from a court of
competent jurisdiction, without the necessity of proving the inadequacy of money damages as a remedy or irreparable harm, without the necessity of posting a bond, and without waiving any other rights or remedies at law or in equity, for any actual
or threatened material breach or violation of this Agreement for which such relief is an available remedy. 

Section 30. Costs of Enforcement. If for any reason it becomes necessary for any party to initiate any legal or equitable
action to secure or protect its rights under this Agreement, the prevailing party will be entitled to recover all costs incurred by it in successfully enforcing such rights, including reasonable lawyers’ fees. 

Section 31. Indemnification. 
 (a) Each of MVW and Marriott (each, an “Indemnifying Party” as applicable) will, and hereby does, indemnify, defend, and hold harmless the other party and its Affiliates,

  
 30 

 
their officers, directors, agents and employees, and their respective successors and assigns (each, an “Indemnified Party”), from and against all losses, costs, liabilities,
damages, claims, and expenses of every kind and description, including allegations of negligence by such Indemnified Party, to the fullest extent permitted by Applicable Law, and including reasonable lawyers’ fees, arising out of or resulting
from any breach by the Indemnifying Party of any representation or warranty or covenant or agreement made by the Indemnifying Party in this Agreement. 
 (b) MVW or Marriott, as applicable, on behalf of the Indemnified Party, will promptly give notice to the Indemnifying Party of any action, suit, proceeding, claim, demand, inquiry, or investigation
related to the foregoing for which the Indemnified Party may seek indemnification hereunder and shall provide the Indemnifying party with such information with respect thereto as the Indemnifying Party may reasonably request. The failure to provide
such notice, however, shall not release the Indemnifying Party from any of its obligations under this Section 31 except to the extent that the Indemnifying Party is materially prejudiced by such failure. Under no circumstances will an
Indemnified Party be required or obligated to seek recovery from third parties or otherwise mitigate its losses in order to maintain a claim for indemnification under this Agreement, and the failure to pursue such recovery or mitigate a loss will in
no way reduce the amounts recoverable from an Indemnifying Party by an Indemnified Party hereunder. The parties’ obligations under this Section 31 will survive the termination or expiration of this Agreement. 

(c) MVW shall indemnify Marriott and its Affiliates, their officers, directors, agents and employees, and their respective successors and
assigns from and against all losses, costs, liabilities, damages, claims, and expenses of every kind and description, arising out of or resulting from fraudulent activity by MVW Associates in connection with the Rewards Program. 

Section 32. Reasonable Business Judgment. Unless Marriott has reserved “sole discretion,” Marriott will use its
reasonable business judgment when discharging its obligations or exercising its rights or discretion under this Agreement. MVW agrees that Marriott, in the exercise of its reasonable business judgment, may act with the intention to benefit the
Rewards Program and Marriott’s business as a whole. MVW will have the burden of establishing that Marriott failed to exercise reasonable business judgment, and neither the fact that Marriott benefited economically from an action nor the
existence of other “reasonable” or “commercially reasonable” alternatives will, by themselves, imply such a failure. To the extent that any implied covenant, such as the implied covenant of good faith and fair dealing, or civil
law duty of good faith is applied to this Agreement, Marriott and MVW intend that Marriott will not have violated such covenant or duty if Marriott has exercised reasonable business judgment. 

Section 33. Counterparts; Authorization of Authority. 

(a) This Agreement may be executed in a number of identical counterparts, each of which will be deemed an original for all purposes and
all of which will constitute, collectively, one agreement. Delivery of an executed signature page to this Agreement by electronic transmission will be effective as delivery of a manually signed counterpart of this Agreement. 

  
 31 

 (b) As of the date of this Agreement, this Agreement, including, all exhibits, attachments,
and the Transaction Agreements contain the entire agreement between the parties as it relates to the Rewards Program and Rewards Points. This is a fully integrated agreement. 
 (c) Each party represents, warrants and covenants that: (i) it is a legal entity duly formed, validly existing, and in good standing under the laws of the jurisdiction of its formation; (ii) it
and its Affiliates have and will continue to have the ability to perform its obligations under this Agreement; and (iii) it has and will continue to have all necessary power and authority to execute and deliver this Agreement. 

(d) Each party represents, warrants and covenants that the execution and delivery of this Agreement and the performance by such party of
its obligations hereunder: (i) have been duly authorized by all necessary action; (ii) subject to Section 17, do not require the consent, vote, or approval of any third parties (including lenders) except for such consents as have been
properly obtained; and (iii) do not and will not contravene, violate, result in a breach of, or constitute a default under (A) its certificate of formation, operating agreement, articles of incorporation, by-laws, or other governing
documents, (B) any Applicable Law; or (C) subject to Section 17, any agreement, indenture, contract, commitment, restriction or other instrument to which it or any of its Affiliates is a party or by which it or any of its Affiliates
is bound. 
 (e) Each party represents and warrants that all information provided in connection with this Agreement is true,
correct and complete as of the time made and as of the Effective Date, regardless of whether such information was provided by such party or one of its Affiliates, or by a third party on behalf of such party, unless such has notified the other party
hereto of a change in the information and the other party has approved the change. 
 Section 34. Guaranty.

 (a) Each Guarantor unconditionally and irrevocably guaranties to Marriott that if MVW fails for any reason to perform when
due any of its respective obligations to Marriott under this Agreement (the “Obligations”) within the time specified therein, it will without any demand or notice whatsoever promptly pay or perform such Obligations (the
“Guaranty”). The Guarantors acknowledge that the Guaranty is a continuing guaranty and may not be revoked and shall not otherwise terminate unless this (i) Agreement has terminated or expired in accordance with Section 11
and (ii) all amounts owing to Marriott by MVW and the Guarantors pursuant to the Obligations have been paid in full. The liability of each Guarantor hereunder is independent of and not in consideration of or contingent upon the liability of MVW
or any other Guarantor and a separate action or actions may be brought and prosecuted against any Guarantor, whether or not any action is brought or prosecuted against MVW or any other Guarantor or whether MVW or any other Guarantor is joined in any
such action or actions. The Guaranty shall be construed as a continuing, absolute and unconditional guaranty both of performance and of payment (and not merely of collection) without regard to: (i) any modification, amendment or variation in or
addition to the terms of any of the Obligations or any covenants in respect thereof or any security therefor, (ii) any extension of time for performance or waiver of performance of any covenant of MVW or any other Guarantor or any failure or
omission to enforce any right with regard to or any other indulgence with respect to any of the Obligations, (iii) any exchange, surrender, release of any other guaranty of or security for any of

  
 32 

 
the Obligations or (iv) any bankruptcy, insolvency, reorganization, or proceeding involving or affecting MVW or any other Guarantor, it being the Guarantor’s intent that the
Guarantor’s obligations hereunder shall be absolute and unconditional under any and all circumstances. 
 (b) Each
Guarantor hereby expressly waives diligence, presentment, demand, protest, and all notices whatsoever with regard to any of the Obligations and any requirement that Marriott exhaust any right, power or remedy or proceed against the MVW or any other
Guarantor of or any security for any of the Obligations. Each and every default in payment or performance by MVW of any of the Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder against
any Guarantor as each cause of action arises. Notwithstanding the foregoing, MII hereby acknowledges and agrees that the Guarantors do not waive any defense that an Obligation has already been paid, already been performed, is not due or yet due, or
is subject to offset under the terms of this Agreement. For the avoidance of doubt, nothing herein shall obligate any Guarantor to make any payment which is illegal for such Guarantor to have made under any Applicable Law now or hereafter in effect
in any jurisdiction applicable to such Guarantor. 
 (c) It being understood that the intent of Marriott is to obtain a guaranty
from each Guarantor, and the intent of each Guarantor is to incur guaranty obligations, in an amount no greater than the largest amount that would not render such obligations subject to avoidance under Section 548 of the Bankruptcy Code or any
applicable state law relating to fraudulent conveyances or fraudulent transfers, it is hereby agreed that: 
 (i)
if (A) the sum of the obligations of the Guarantors hereunder (the “Guarantor Obligations”) exceeds (B) the sum (such sum, the “Total Available Net Assets”) of the Maximum Available Net Assets of
the Guarantors and MVWC, in the aggregate, then the Guarantor Obligations of each Guarantor shall be limited to the greater of (x) the Total Available Net Assets and (y) the value received by such Guarantor in connection with the
incurrence of the Guarantor Obligations to the greatest extent such value can be determined; and 
 (ii) if, but
for the operation of this clause (ii) and notwithstanding clause (i) above, the Guarantor Obligations of any Guarantor hereunder otherwise would be subject to avoidance under Section 548 of the Bankruptcy Code or any applicable state
law relating to fraudulent conveyances or fraudulent transfers, taking into consideration such Guarantor’s (A) rights of contribution, reimbursement and indemnity from MVWC and the other Guarantors with respect to amounts paid by such
Guarantor in respect of the Obligations (calculated so as to reasonably maximize the total amount of obligations able to be incurred hereunder), and (B) rights of subrogation to the rights of MII, then the Guarantor Obligations of such
Guarantor shall be the largest amount, if any, that would not leave such Guarantor, after the incurrence of such obligations, insolvent or with unreasonable small capital within the meaning of Section 548 of the Bankruptcy Code or any
applicable state law relating to fraudulent conveyances or fraudulent transfers, or otherwise make such obligations subject to such avoidance. 

  
 33 

 Any Person asserting that the Guarantor Obligations of a Guarantor are subject to clause (i) or are
avoidable as referenced in clause (ii) shall have the burden (including the burden of production and of persuasion) of proving (x) the extent to which such Guarantor Obligations, by operation of clause (i), are less than the Obligations
owed by MVW to Marriott or (y) that, without giving effect to clause (ii), the Guarantor Obligations of such Guarantor hereunder would be avoidable and the extent to which such Guarantor Obligations, by operation of clause (ii), are less than
the Obligations of MVW, as the case may be. 
 Section 35. Currency; Place of Payment. 

(a) All amounts payable to MVW or MII or their respective Affiliates under this Agreement or any other Transaction Agreement (including
any judgment or arbitral award) must be paid in United States Dollars. 
 (b) Payments due to any party hereto or their
respective Affiliates, unless otherwise agreed, will be paid by wire transfer of immediately available funds, as applicable, in the United States to the accounts designated by the receiving party. 

(c) Any amount to be paid or reimbursed under this Agreement to MVW or MII or their respective Affiliates for reimbursable expenses shall
be made free and clear and without deduction for any Taxes so that the amount actually received in respect of such payment (after payment of Taxes) equals the full amount stated to be payable in respect of such payment. To the extent any Applicable
Law requires or allows deduction, payment or withholding of Taxes to be paid by the paying party directly to a governmental authority, the paying party must account for and pay such amounts promptly and provide to the receiving party receipts or
other proof of such payment promptly upon receipt. 
 [Signature Page Follows] 

  
 34 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement, effective as of the
Effective Date. 
  

			
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MARRIOTT REWARDS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [ADDITIONAL SIGNATURES BLOCKS APPEAR ON THE FOLLOWING PAGE] 

 SOLELY FOR THE PURPOSES OF THE GUARANTY IN SECTION 34: 

 

			
	MARRIOTT RESORTS HOSPITALITY CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MVCI ASIA PACIFIC PTE. LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MVCO SERIES LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Exhibit A 

 

					
	 POINTS ISSUED
	 	 RATE

	 •    
	 	For Exchange/Sales Uses	 	 The MVW charge per 1,000 Rewards Points is an amount equal to (i) the MHR Funding Rate (as defined below), increased or decreased, as
applicable, by (ii) the difference in the MI Breakage Rate and the MVW Breakage Rate and increased or decreased, as applicable, by (iii) the MVW Redemption Premium (this rate, the “MVW Base Funding Rate”).

 
 For the three fiscal year period beginning on December 31, 2011, the funding rate for
MHR Hotels (the “MHR Funding Rate”) is calculated by dividing Rewards Points funding received for the MHR Brand from (i) Rewards Points issued at the standard chargeout rate (“Standard Points”) and (ii) Bonus Points
(as defined below), by the number of Rewards Points issued in each of these categories over the previous four year period (fiscal year 2008 through fiscal year 2011) (“MHR Funding Points”). The MHR Funding Rate will be recalculated
every three fiscal years based on the MHR Funding Points issued in the most recently completed Measuring Period in the formula set forth above, and such recalculated amount shall be used for the following three fiscal years.

 
 To the extent either the standard chargeout rate or the Bonus Point Funding Rate (as
defined below) used in the calculation of the MHR Funding Rate is changed at any time during the term of this Agreement, the MHR Funding Rate shall be changed accordingly (such adjusted rate, the “Adjusted MHR Funding Rate”), and
the MVW Base Funding Rate will be recalculated accordingly effective as of the same date the new standard chargeout rate becomes effective. The recalculated MVW Base Funding Rate would be equal to (i) the Adjusted MHR Funding Rate increased or
decreased, as applicable, by (ii) the difference in the MI Breakage Rate and the MVW Breakage Rate and increased or decreased, as applicable, by (iii) the MVW Redemption Premium. For clarification, the MI Breakage Rate, MVW Breakage Rate and MVW
Redemption Premium used for such calculation shall be those used in the most recent calculation of the MVW Base Funding Rate.
  

The Adjusted MHR Funding Rate shall be calculated by dividing Rewards Points funding that would have been

  
 Exhibit A
– Page 1 

					
	 POINTS ISSUED
	 	 RATE

		 		 	 received during the Measuring Period for the MHR Brand from (i) Standard Points issued at the standard chargeout rate (which rate
shall be the changed standard chargeout rate, if applicable) and (ii) Bonus Points issued at the Bonus Points Funding Rate (which rate shall be the changed Bonus Points Funding Rate, if applicable), by the number of MHR Funding Points. For
clarification, the Standard Points, Bonus Points and MHR Funding Points used for such calculation shall be those used in the most recent calculation of the MHR Funding Rate.

 
 “Measuring Period” is defined as follows: (i) for the first
3 years of the term of this Agreement, the Measuring Period is the period from fiscal 2008 through fiscal 2011 and (ii) for each subsequent 3 year period during the term of this Agreement, the Measuring Period is the 3 fiscal
year period that ends as of the day preceding the first day of such subsequent 3 year period.
  
 The “MVW Breakage Rate” is the MVW breakage rate as determined in the Marriott liability calculation. The Marriott liability calculation determines an estimated lifetime usage of Rewards
Points issued for Exchanges/Sales Uses through an analysis of historical point usage by year. The most recent years in the analysis are used to calculate a weighted average of redemption use for the life of the Rewards Points issued for
Exchanges/Sales Uses, which is used to project future usage of Rewards Points issued for Exchanges/Sales Uses by year. From this projected usage by year, an aggregate “Ultimate Redemption Ratio” (the “URR”) is developed.
The MVW Breakage Rate is equal to 100% minus the URR.
  
 For the three fiscal
year period beginning on December 31, 2011 the “MVW Redemption Premium” will be the difference between (x) (i) the actual redemption costs per Rewards Point redeemed by MVW customers (other than Rewards Points redeemed for hotel
stays) over the previous four year period (fiscal year 2008 through fiscal year 2011), plus (ii) 105% of the actual redemption costs of Rewards Points redeemed by MVW customers for hotel stays plus (iii) related overhead costs and (y) the MHR
Funding Rate adjusted by the MVW Breakage Rate.
  
 The MVW Redemption Premium
will be recalculated every three fiscal years by using the actual redemption costs for the most recently completed prior three fiscal years in the

  
 Exhibit A
– Page 2 

					
	 POINTS ISSUED
	 	 RATE

		 		 	 formula set forth above and such recalculated amount shall be used for the following three fiscal years.

 
 The MVW Breakage Rate will be recalculated every three fiscal years based on the
relative breakage experience for MVW and the Rewards Program during the most recently completed fiscal year, and such recalculated amount shall be used for the following three fiscal years.

			
	 •    
	 	All Permitted Uses other than Qualifying Stays and Exchange/Sales Uses	 	The rate charged to MHR Hotels for Rewards Points issued other than for hotel stays or Rewarding Events (referred to as “Bonus Points”) at the time such Rewards
Points are issued (such rate, the “Bonus Point Funding Rate”).
			
	 •    
	 	Qualifying Stays	 	The standard chargeout rate for purchasing Rewards Points or Airline Miles charged to MHR Hotels for hotel stays at the time such Rewards Points or Airline Miles are
issued.

  
 Exhibit A
– Page 3 

 Schedule 1(e) 

Exempted MVW Properties 
  

	1.	Marriott’s StreamSide Birch at Vail, Colorado 

  

	2.	Marriott’s StreamSide Douglas at Vail, Colorado 

  

	3.	Marriott’s StreamSide Evergreen at Vail, Colorado 

  

	4.	47 Park Street – Grand Residences by Marriott, London, England 

  

	5.	Marriott Vacation Club at The Empire Place, Bangkok, Thailand 

  

	6.	Marriott Vacation Club at The Buckingham, Macau, China 

  
 Schedules
– Page 1 

 Schedule 3(b) 

Cost of Outstanding Unused Certificates 
 To determine the cost of outstanding Certificates, Marriott values the Certificates expected to be redeemed in the next 13 periods. 
 A list of hotel certificates issued in the last 13 periods is obtained from IR. An estimated usage is assigned based upon data from the prior 13 periods, to determine the number of certificates expected
to be redeemed. After deducting certificates that have already been redeemed, the remaining certificates are valued based upon historical costs from the last 13 periods. 

  
 Schedules
– Page 2

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