Document:

Exhibit 10.7

 Exhibit 10.7 
 OMNIBUS TRANSITION SERVICES AGREEMENT 
 This OMNIBUS TRANSITION SERVICES
AGREEMENT (this “Agreement”), signed on November 17, 2011 and effective as of November 21, 2011 (this “Agreement”), by and between MARRIOTT INTERNATIONAL, INC., a Delaware corporation
(“MII”), and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (“MVWC”). 

RECITALS 

WHEREAS, pursuant to that certain Separation and Distribution Agreement, dated as of November 19, 2011 (the “Separation
Agreement”), between MII and MVWC, MII has agreed to distribute all of the issued and outstanding common shares of MVWC to the shareholders of MII on a pro rata basis, subject to the terms and conditions therein (the
“Spinoff”). 
 WHEREAS, in connection with the Spinoff, MII and MVWC have agreed that MII or its Affiliates
shall provide MVWC and its Affiliates with certain services on a temporary basis after the Closing; and 
 WHEREAS, capitalized
terms used and not otherwise defined herein shall have the meanings given to such terms in the Separation Agreement. 
 NOW,
THEREFORE, in consideration of the premises and covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, MII and MVWC agree as follows: 

1. Transition Services. For a period commencing on the Closing Date and continuing until the second anniversary of the Closing
Date (the “Transition Period”)(unless a different period is specified for a particular service on the applicable exhibit attached hereto (each, a “Services Exhibit”), MII shall provide, or cause its Affiliates to provide,
to MVWC and its Affiliates the services described in the Services Exhibits hereto (the “Transition Services”). Such services shall be provided at the charges described in the Services Exhibits and in accordance with Section 3
below. MVWC may cancel any Transition Services upon not less than one hundred twenty (120) days’ prior written notice of cancellation to MII, unless a different period is provided for in the Services Exhibits. The cancellation of
one category of Transition Services shall not operate to cancel or otherwise affect the remaining Transition Services, it being understood that some services are bundled and cannot be cancelled separately. To the extent possible, the cancellation of
a Transition Service shall be effected at the end of a MII Accounting Period. MVWC may use the Transition Services for its own internal business purposes for its business conducted under brands licensed from MII and its Affiliates, consistent with
the terms of the underlying agreement between MII and the applicable product/service vendor, and may not resell the Transition Services or otherwise make them available for use by third parties (provided, that a property owner’s association or
similar entity for a project operated by MVW or its Affiliates under brands licensed from MII and its Affiliates shall not be considered a third party for purposes of this Section 1). 

 2. Standard of Service. MII will provide, or cause to be provided, the Transition
Services in accordance with MII’s standard policies, procedures and practices in effect immediately prior to the date hereof, as the same may be changed from time to time, and the Services Exhibits. In providing the Transition Services, MII
shall at all times exercise the same care and skill as it exercises in performing like services for itself and other third parties, including franchisees. Except as provided in the preceding sentence, the Transition Services are provided on an
“AS IS” basis. 
 3. Billing and Payment. 

A. Payments. MVWC will pay the costs set forth in the Services Exhibits for the Transition Services provided
pursuant to Section 1 of this Agreement during the Transition Period. Such costs that are currently allocated are subject to change based on annual budgets, actual expenditures, or other metrics, whether or not such allocation is set forth or
described in the Services Exhibits; provided, that all such allocations to MVW shall be made on a fair and reasonable basis, and MVW acknowledges that such allocation methodologies in place as of the Closing Date are fair and reasonable;
provided further, that if a portion of the costs for any Transition Services are attributable to the development of systems enhancements with a total cost of $5 million or more, (i) if such systems enhancements are not intended to become
effective during the Transition Period, MVWC shall not be allocated any costs for such systems enhancements, and (ii) if such systems enhancements become effective before the end of the term during which the related Transition Services are
provided under this Agreement, then MII and MVWC shall discuss and agree on a reasonable allocation of such costs to MVWC taking into consideration the remaining term of the provision of the related Transition Services hereunder. Such allocations
shall be subject to periodic “true-ups” for actual allocated costs. MII or one of its Affiliates shall bill MVWC for the Transition Services at the times and in the manner as such billing is made immediately prior to the Closing Date, and
MVWC shall pay MII at the times and in the manner as payment is customarily made as of the Closing Date, in each case unless otherwise specified in the Services Exhibits, but in no event shall any payments be made more than thirty
(30) days after the invoice date. Notwithstanding the foregoing, payments made by MII to third parties (or MVWC employees) on behalf of MVWC or its Affiliates will be drawn by MII directly from MVWC bank accounts which MVWC shall keep funded
with sufficient amounts to enable MII to make such payments, and MII shall not be required to advance or use any of its own funds to make any such payments. Any payments not made by MVWC to MII when due shall bear interest, computed daily, from the
date due to the date of payment based on the annual percentage rate equal to the Prime Rate, plus three percentage points (3%). “Prime Rate” means the “rate” that Citibank, N.A. (or its successor entity) publishes from
time to time as its prime lending rate in effect from time to time. MII shall be entitled to the costs of collecting any overdue amounts including reasonable attorneys’ fees and expenses. 

B. Termination-Related Services and Payments. In connection with the termination or cancellation of the provision
of any Transition Services hereunder, whether at the end of the term of this Agreement or earlier, MII shall provide commercially reasonable services and assistance to transition such services to MVWC and its Affiliates or a third party provider,
including such termination services as may be described in the Services Exhibits (as described herein, the “Termination Services”). Except as otherwise provided in a Services Exhibit, with

  
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respect to the Termination Services: (i) MII shall make available to MVWC such books and records (subject to MII’s reasonable records retention policies) as will be needed by MVWC to
prepare the accounting statements for the Transition Services for the accounting period of MVWC in which the termination or cancellation of the Transition Services or this Agreement, as the case may be, occurs and for any subsequent periods,
(ii) MII shall use commercially reasonable efforts to facilitate the orderly transfer of all information contained within such books and records from MII’s systems to MVWC’s or a successor’s systems, provided MII shall not be
required to transfer any information that is confidential and/or proprietary to MII, (iii) MII acknowledges and agrees to provide MVWC all such data, books, and records, in such forms and electronic formats as agreed by MI and MVCW, and
(iv) MII shall, within ninety (90) days after termination or cancellation of the Transition Services or of this Agreement, as the case may be, prepare and deliver to MVWC a final accounting statement with respect to the Transition
Services. MVWC shall have no obligation to reimburse MII for any costs relating to data retention or storage by MII for legal, regulatory or other purposes. 
 MVWC shall reimburse MII for (i) any out of pocket costs incurred by MII or its Affiliates in providing the Termination Services, (ii) any costs and expenses of employees of MII or any Affiliate
that are allocated to a fund or specified payment source (for the avoidance of doubt, MVWC is not responsible for internal costs incurred by MII, and not allocated to such a fund or specified payment source, that otherwise would have been incurred
if the Termination Services were not provided), in providing Termination Services, and (iii) severance and other termination payments made by MII or its Affiliates for the termination of employment of employees of MII or its Affiliates (if
any), it being understood that MVW shall only be responsible for such severance and termination costs as are mutually agreed to by MII and MVWC with respect to employees of MII or its Affiliates that are primarily engaged in providing Transition
Services (for the avoidance of doubt, MVWC is not responsible for severance and other termination payments made by MII for the termination of employees of MII or its Affiliates that were not primarily engaged in providing Transition Services to
MVWC), in each case as may be described in more detail in the Services Exhibits. 
 4. Access. Each party shall make
available on a timely basis to the other party and its Affiliates, as applicable, all information and materials reasonably requested by such Persons to enable them to provide or receive the Transition Services, as applicable, consistent with past
practice. MVWC will give MI and its Affiliates, as applicable, reasonable access, during regular business hours and at such other times as are reasonably required, to the premises of MVWC and its Affiliates and their respective personnel for the
purposes of providing the Transition Services. 
 5. Subcontracting. To the extent necessary or desirable to
perform the Transition Services, MII or its Affiliates, as applicable, may subcontract any part of such services; provided, however, MII will continue to be responsible for its obligations under this Agreement on behalf of itself and
any subcontractors of MII or its Affiliates. MII or its Affiliates, as applicable, shall be responsible for all payments to such subcontractors (provided, that such obligation of MII to pay such subcontractors shall not alter the amount MII
is entitled to receive from MVWC for Transition Services hereunder). 

  
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 6. Taxes. MVWC will pay all applicable taxes (including, without limitation, sales,
use, services, value-added, and other such transaction-based taxes), duties, and tariffs and all other taxes or charges imposed on the provision of the Transition Services by MII or its Affiliates, as applicable, except for taxes based on net income
of Parent or its Affiliates. If any such taxes are levied on MII or deducted from amounts otherwise due to MII hereunder, MVWC shall “gross up” the payments to MII so that the net amount received by MII is equal to the amount required to
be paid to MII hereunder. 
 7. Firmware or Software. MVWC acknowledges that it will acquire no right, title or interest
(including any license rights or rights of use) in any firmware or software, and the licenses therefor which are owned by MII or its Affiliates, as applicable, by reason of the provision of the Transition Services provided hereunder, except to the
extent that any such license rights or rights of use are provided for in a written agreement signed by MII and MVWC. 
 8.
Relationship of Parties. In providing the Transition Services, MII and its Affiliates, as applicable, shall act under this Agreement solely as independent contractors and not as agents or partners of MVWC. All employees and representatives
providing the Transition Services shall be under the direction, control and supervision of MII and its Affiliates, as applicable (and not of MVWC) and MII and its Affiliates, as applicable, shall have the sole right to exercise all authority with
respect to such employees and representatives and in no event shall such employees and representatives be deemed to be employees or agents of MVWC. Except as specifically provided herein, neither party shall act or represent or hold itself out as
having authority to act as an agent or partner of the other party, or in any way bind or commit the other party to any obligations. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency, trust or
other association of any kind, each party being individually responsible only for its obligations as set forth in this Agreement. Without limiting the foregoing, no services provided under this Agreement shall be construed as legal, accounting or
tax advice or shall create any fiduciary obligations on the part of MII or any of its Affiliates to MVWC or any of its Affiliates, or to any plan trustee or any customer of any of them. 

9. Force Majeure. No party shall be liable for any interruption, delay or failure to perform any obligation under this Agreement
when such interruption, delay or failure is due to causes beyond its reasonable control, including any strikes, lockouts, acts of any government, riot, insurrection or other hostilities, embargo, fuel or energy shortage, fire, flood, acts of God, or
general inability (not specific to the claiming party) to obtain necessary labor, materials or utilities. In any such event, the claiming party’s obligations hereunder shall be postponed for such time as its performance is suspended or delayed
on account thereof and the claiming party shall have no liability to the other party in connection therewith. The claiming party will promptly notify the other party, in writing, upon learning of the occurrence of such event of force majeure. Upon
the cessation of the force majeure event, the claiming party will use reasonable commercial efforts to resume its performance promptly. 
 10. Termination. This Agreement shall terminate on the earliest to occur of (a) the latest date on which any Transition Service is to be provided as indicated on the Services Exhibits,
(b) the date on which the provision of all Transition Services has terminated or been canceled pursuant to Section 1 and (c) the date on which this Agreement is terminated pursuant

  
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to Section 11. Sections 3, 6, 7, 8, 9, 12, 13 and 17 shall survive any termination of this Agreement or cancellation of any Transition Services hereunder. 

11. Breach of Agreement. For purposes hereof, an “Event of Default” shall mean a party’s failure to comply
in all material respects with its obligations hereunder which failure remains uncured for a period of 10 Business Days following such party’s receipt of written notice of such failure,. In the event of an Event of Default, the non-defaulting
party may terminate this Agreement immediately by providing written notice of termination. Without limiting the foregoing, a payment or other breach by MVWC with respect to one or more Transition Services shall give MII the right to suspend such
Transition Services until such breach is cured. The failure of a party to exercise its rights hereunder with respect to a breach by the other party shall not be construed as a waiver of such rights nor prevent such party from subsequently asserting
such rights with regard to the same or similar defaults. 
 12. Disclaimers; Indemnification; Limitation of Liability.

 (a) EXCEPT AS SET FORTH IN SECTION 2, MII DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, CUSTOM OR USAGE IN THE TRADE, IN CONNECTION WITH THE PROVISION OF THE TRANSITION SERVICES UNDER THIS AGREEMENT. 

(b) With regard to any and all damages, fines, penalties, deficiencies, losses, liabilities (including settlements and judgments) and
expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants and other experts and professionals or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment)
(collectively, “Losses”) arising out of a breach of MII’s obligations in connection with the provision of Transition Services under this Agreement, other than Losses arising as a result of the fraud or willful misconduct of
MII, MII’s sole liability for such Losses shall be to use reasonable commercial efforts to re-perform, or cause its Affiliates to re-perform, such services. MII agrees to indemnify, defend and hold harmless MVWC and its Affiliates and their
respective directors, officers, employees and agents as a result of the fraud or willful misconduct of MII. MVWC shall promptly advise MII of any such breach of which it becomes aware. 

(c) EXCEPT FOR ITS OBLIGATION TO COMPLY WITH SUBSECTION (b) ABOVE, MII SHALL NOT BE LIABLE FOR ANY LOSSES IN CONNECTION WITH THIS
AGREEMENT. MVWC AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS MII AND ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS (“INDEMNIFIED PERSONS”) FROM ANY CLAIMS ASSERTED, OR ASSOCIATED LOSSES, BY OR ON BEHALF OF THIRD PARTIES
OR WHICH RESULT FROM GOVERNMENTAL ACTION. TO THE MAXIMUM EXTENT PERMISSIBLE UNDER APPLICABLE LAW, IN NO EVENT SHALL A PARTY OR ITS AFFILIATES OR AGENTS BE LIABLE TO ANY INDEMNIFIED PERSON FOR LOSS OF PROFITS, LOSS OF BUSINESS, OR LOSS OF DATA, OR
FOR ANY PUNITIVE, SPECIAL, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL OR OTHER INDIRECT DAMAGES, IN CONNECTION WITH THIS AGREEMENT UNLESS SUCH DAMAGES ARE AWARDED AND REQUIRED 

  
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TO BE PAID BY AN INDEMNIFIED PERSON TO A THIRD PARTY PURSUANT TO AN ORDER OF A GOVERNMENTAL AUTHORITY. 
 (d) The party required to indemnify pursuant to this Article (the “Indemnitor”), upon demand by a party (“Indemnitee”), at Indemnitor’s sole cost and expense, shall
resist or defend such Claim (in the Indemnitee’s name, if necessary), using such attorneys as the Indemnitee shall approve, which approval shall not be unreasonably withheld. If, in the Indemnitee’s reasonable opinion, there exists a
conflict of interest which would make it inadvisable to be represented by counsel for the Indemnitor, the Indemnitor and the Indemnitee shall jointly select acceptable attorneys, and the Indemnitor shall pay the reasonable fees and disbursements of
such attorneys. 
 (e) The foregoing provisions of this Article set forth the full extent of the parties’ liability
(monetary or otherwise) under this Agreement for any and all Losses. 
 13. Confidentiality. Each party agrees to treat,
and to cause its employees and agents to treat, confidentially all records and other information with respect to the other party. Specifically, each party agrees that it will, and will cause its employees and agents to, during the term of this
Agreement and thereafter (except where required by law or court order or administrative agency order or subpoena): (a) retain all such information of the other party in confidence; (b) not disclose any such information to any third party
without the permission of the other party, except as required by Law; (c) not use any such information of the other party for any purposes other than performing its obligations under this Agreement; (d) limit access to the information of
the other party to those employees and agents who have a need to know the information for the business purposes of this Agreement, and maintain reasonable arrangements to protect confidentiality satisfactory to the other party with such party’s
employees and agents having access to such information and with third parties having any access to such information; and (e) ensure that all tangible objects and copies thereof in such party’s possession or under its control containing or
imparting any such information of the other party shall be returned to the other party at any time upon the request of the other party or upon termination of this Agreement. 
 14. Modification of Procedures. MII may make changes from time-to-time in its practices and procedures for performing the Transition Services. Notwithstanding the foregoing sentence, unless
required by law, MII shall not implement any substantial changes affecting MVWC or its Affiliates unless: 
 (a)
MII has furnished MVWC notice (the same notice MII provides its own business) thereof; 
 (b) MII changes such
practices and procedures for its own business units at the same time; and 
 (c) MII gives MVWC a reasonable
period of time for MVWC (i) to adapt its operations to accommodate such changes or (ii) reject such changes. In the event MVWC fails to accept or reject a proposed change on or before a reasonable date specified in such notice of change,
such failure shall be deemed to have accepted such change. In the event MVWC rejects a proposed change but does not terminate this Agreement, MVWC agrees to pay any reasonable 

  
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expenses resulting to MII’s need to maintain difference versions of the same systems, procedures, technologies, or services or resulting from requirements of their party vendors. 

15. Compliance Audits. Upon notice from MII, MVWC shall provide MII, its auditors (including internal audit staff and external
auditors), inspectors, regulators and other reasonably designated representatives as MII may from time to time designate in writing (collectively, the “MII Auditors”) with access to, at reasonable times, to any MVWC facility or part of a
facility at which MVWC is using the Transition Services, to MVWC personnel, and to data and records relating to the Transition Services for purposes of verifying compliance with this Agreement. MII audits may include security reviews (including
MVWC’s completion of security related questionnaires) of the Transition Services and MVWC’s systems, including reasonable use of automated scanning tools such as network scanners, port scanners, and web inspection tools. MVWC will provide
any assistance that MII Auditors may reasonably require with respect to such audits. 
 16. Audit Rights. MVWC
shall have the right, upon at least thirty (30) days written notice to MII, and in a manner to avoid interruption to MII’s business, to perform audit procedures over MII’s internal controls and procedures for the Transition Services
provided by MII under this Agreement; provided that, such audit right shall exist solely to the extent required by MVWC’s external auditors to ensure MVWC’s compliance with the Sarbanes-Oxley Act of 2002, to determine if MVWC’s
financial statements conform to Generally Accepted Accounting Principles (GAAP) or to the extent required by governmental agencies. MII shall provide MVWC and MVWC’s auditors with appropriate space, furnishings, and telephone, facsimile
and photocopy equipment as MVWC or MVWC’s auditors may reasonably require to perform such audit procedures. MII shall consider in good faith, but shall not be obligated to make, changes to its controls and procedures to address any
findings of such audits. MVWC shall pay or reimburse all of MII’s incremental costs arising from all such audit-related activities, provision of space, furnishings and equipment, and analysis and implementation, if any, of any potential
changes in MII’s controls or procedures described in this Section 16. 
 17. Miscellaneous. The following
sections of the Separation Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein (references in this Section 17 to an “Article”
or “Section” shall mean Articles or Sections of the Separation Agreement): Article VIII (Further Assurances); Article IX (Termination); Section 11.1 (Counterparts; Entire Agreement; Corporate Power); Section 11.2 (Governing Law);
Section 11.3 (Jurisdiction); Section 11.4 (Waiver of Jury Trial); Section 11.5 (Assignment); Section 11.6 (Third Party Beneficiaries); Section 11.7 (Notices); Section 11.8 (Severability); Section 11.10 (Headings);
Section 11.11 (Waivers of Default); Section 11.12 (Specific Performance); Section 11.3 (Amendments); and Section 11.16 (Interpretation). 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date and year first set forth above. 
  

			
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	/s/    Kevin M. Kimball
		 	Name: Kevin M. Kimball
		 	Title: Vice President
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	/s/    Ralph Lee Cunningham
		 	Name: Ralph Lee Cunningham
		 	Title: Executive Vice President

 Services Exhibits 
 Contents: 
 Marriott Business Services (MBS) 

Golf Services 
 Faldo Golf Institute Marketing
Services 
 Tax Services for Fixed Assets 
 Risk Management Services 
 Marriott Business Services (MBS) 

 

	1.	Purchasing Card Processing and Administration. MII will: 

  

	 	•	 	 Provide access to Paymentnet application to MVWC users to monitor, review and approve PCard transactions, as well as provide access to run reports in
Paymentnet. 

  

	 	•	 	 Provide direct reimbursement to JP Morgan for purchasing card transactions from an MVWC disbursement bank account. 

 

	 	•	 	 Administer a purchasing card program to MVWC associates for business expenses, including issuing cards with appropriate controls, including MCC
blocking and card limits 

  

	 	•	 	 Provide a financial rebate on a quarterly basis to MVWC related to their volume as based on JP Morgan calculations. 

 

	 	•	 	 Provide access to Quickbase application or manual form equivalent to validate PCard holder rights and limits, as well as other supporting information.

  

	2.	Fixed Assets Services and System Support. 

  

	 	•	 	 Activity 1: Fixed Assets Processing. 

  

	 	•	 	 Transaction processing to maintain subsidiary fixed asset registers in MI systems (FAS and PSAM). 

 

	 	•	 	 Tax Book maintenance for MVWC domestic fixed assets. 

  

	 	•	 	 Corporate and Local Book maintenance for MVWC international assets. 

 

	 	•	 	 Provide journal entry detail as required; MVWC to post to MVGL 

 

	 	•	 	 Provide Fixed Asset Registers via OnDemand reporting or other as required. 

 

	 	•	 	 MI labor costs for above expected to approximate 2 full-time equivalents; adjusted as dictated by business requirements. 

 

	 	•	 	 Annual ongoing cost for fully-loaded FTEs including MBS overhead and governance expected to be approximately $160K/year. 

 

	 	•	 	 Activity 2: Application Support and Systems Costs 

 

	 	•	 	 Annual estimated total costs for the categories below are: 

 Annual Estimate 
  

					
	 IRAS Labor
	  	$	143,100	  
	 IR Service Fee & Other IR
	  	$	46,500	  
	 Ideal License
	  	$	260,000	  
	 Mainframe EDP
	  	$	345,100	  

					
	 OnDemand
	  	$	 24,300	  
	 Infor Maintenance Contract
	  	$	47,500	  
	 CSG/FIN
	  	$	116,000	  
		  	  
	  
	 
	 Total
	  	$	982,500	  

  

	 	•	 	 Ongoing Application Support and System costs will be apportioned between the parties using total assets as metric, subject to change as described in
“General” section below: 

  

	 	•	 	 Annual estimate: MVWC assets 19,189 (19%), MII assets 83,022 (81%) = $186,675 MVW 

 

	 	•	 	 General: Provisions applicable to Activity 1 and 2. 

 

	 	•	 	 Term to commence at the spin date and expire after period 13, 2012 (activities to provide year-end 2012 data included). 

 

	 	•	 	 Ad hoc transitional or separation accounting and consulting services may be provided by MII at a mutually agreed-upon cost.

  

	 	•	 	 Amounts are estimates and intended to reflect actual MBS accounting labor costs and 19% of MII application support and system costs, and are subject to
change as dictated by business requirements. Methodology is subject to review in the event of material change in system requirements, support costs, relevant metrics or accounting method. 

 

	3.	Comprehensive Accounts Payable Services. 

  

	 	•	 	 Activity 1: Vendor maintenance and compliance. MII will: 

 

	 	•	 	 Provide MVWC vendor setup and maintenance in PeopleSoft Accounts Payable, including tax ID and vendor banking maintenance.

  

	 	•	 	 Provide MVWC vendor support through a support call center consistent with MII-defined business hours 

 

	 	•	 	 Set terms the same as with MII vendors (standard terms are currently 45 days for suppliers). 

 

	 	•	 	 Activity 2: Invoice processing and payments. MII will: 

 

	 	•	 	 Provide PeopleSoft AP system access to MVWC users to enter in invoice payments for processing. 

 

	 	•	 	 Produce and distribute AP payments via check, ACH or other electronic payment methods funded from an MVWC disbursement account. Exception includes
properties using Bottomline technology; these properties will print their own checks onsite using a local printer. 

  

	 	•	 	 Provide client support through a support call center consistent with MII-defined business hours. 

 

	 	•	 	 Leverage ATCAT application to identify and reduce duplicate payments as well as process returned checks. 

 

	 	•	 	 Provide payment administration for outstanding payments such as stop and reissue payment processing. 

 

	 	•	 	 Image invoices and provide access to imaged invoices to MVWC users as long as MII offers the imaging functionality. 

 

	 	•	 	 Provide support and system maintenance to PeopleSoft AP system. 

  
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	 	•	 	 Provide supply chain accounts payable services to MVWC Development Group (contract purchasing, purchasing including purchase order and item
maintenance, project administration, project reporting). 

  

	 	•	 	 Provide access to queries and reporting for accounts payable activity. 

 

	 	•	 	 Send and receive positive pay files for payment sent to Citibank account. 

 

	 	•	 	 Provide limited services from the Luton Shared Services Centre for technical support. 

 

	 	•	 	 Activity 3: Accounts Payable Compliance. MII will: 

 

	 	•	 	 Produce and submit state filing for all 50 US states related to unclaimed property. 

 

	 	•	 	 Produce and submit 1099 filing for US payments. 

  

	 	•	 	 Produce and submit 1042S filing for US payments made to foreign MVWC owners. 

 

	 	•	 	 Administer approval authority in PeopleSoft AP for MVWC users. 

 

	 	•	 	 Provide application to MVWC vendors to access their own information in PeopleSoft (ESupplier). 

 

	 	•	 	 Account reconciliation services for AP related balance sheet accounts. 

 

	 	•	 	 MVWC’s Costs for Activity 1, 2 and 3. 

  

	 	•	 	 Costs before the Spinoff are: 

  

	 	•	 	 $1.22 per distribution line on an invoice. 

  

	 	•	 	 Express payments are $7.27 per distribution line. 

  

	 	•	 	 The AP System Usage Fee is $.48 per distribution line. 

 

	 	•	 	 The rate for properties using these services outside the US is $1.51 per distribution line. 

 

	 	•	 	 Costs after the Spinoff will be based on the current rate methodology in line with projected budget for that service year. Incremental to this rate
will be the cost of additional FTEs for accounting services. 

  

	4.	Comprehensive Travel Card and Expense Report Processing and Administration. MII will: 

 

	 	•	 	 Provide access to Carlson Wagonlit tools to book travel. 

 

	 	•	 	 Provide access to IBM GERS system (MarrExpress) to process travel expense reports. 

 

	 	•	 	 Provide direct reimbursement to JP Morgan for Corporate Travel Card transactions processed through MarrExpress using an MVWC disbursement bank account.

  

	 	•	 	 Provide direct reimbursement to the associate for reimbursable items to the associate processed through MarrExpress using an MVWC disbursement bank
account. 

  

	 	•	 	 Administer a corporate travel card program to MVWC associates for business expenses. 

 

	 	•	 	 Provide a financial rebate to MVWC related to their volume as based on JP Morgan calculations. 

 

	 	•	 	 Provide limited audit procedures, including selecting samples of expense reports to ensure receipts are provided for all expense items that require a
receipt. 

  

	 	•	 	 Provide card services for all MVWC associates who have a Corporate Card. 

 

	 	•	 	 Costs to MVWC before the Spinoff are $3.09 per distribution line on an invoice. 

 

	 	•	 	 Costs to MVWC after the Spinoff will be based on the current rate methodology in line with projected budget for that service year.

  

	5.	Sales/Use Tax Services 

  
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	 	•	 	 Activity 1: Filing sales/use tax returns. MII will timely file and pay sales/use taxes related to MVWC administrative units by statutory due
dates. (NOTE: If MBS does not have access and training for new MVWC ledger, MBS may not be able to provide this service.) 

  

	 	•	 	 Activity 2: Filing tangible personal property tax returns. MII will timely file tangible personal property tax returns for MVWC resorts by
statutory due dates. MVWC will provide asset listings as of January 1 each year, including additions and dispositions. 

  

	 	•	 	 Activity 3: Payment of TPP tax bills. MII will timely pay tax bills by statutory due dates. 

 

	 	•	 	 Activity 4: Coordinating tax audits related to filed returns. MII will respond to requests from tax authorities to review records related to tax
return filings, in timeframe prescribe by tax authority. MVWC will provide additional records as required by the tax authorities. 

  

	 	•	 	 Activity 5: Performing Tax Research. MII will perform ad hoc tax law research at the request of MVWC Tax, based on information provided by MVWC.

  

	 	•	 	 Property tax costs are anticipated to be similar to prior year costs, provided the number of units does not materially change. Costs for sales tax will
include a cost per location for filed returns (currently 31 locations), as well as an overhead cost not previously charged to MVWC for ad hoc research. The total sales tax cost for the first year is estimated to be $78,000, but could change
based on projected budget.

  

	6.	Bundling of Services for Cancellation Purposes. 

  

	 	•	 	 Section 1 of the Omnibus Transition Services Agreement provides as follows: 

The cancellation of one category of Transition Services shall not operate to cancel or otherwise affect the remaining Transition Services,
it being understood that some services are bundled and cannot be cancelled separately. 
  

	 	•	 	 MII and MVWC hereby agree that the Transition Services outlined in this Exhibit titled “Marriott Business Services (MBS)” shall be bundled as
follows: 

  

	 	•	 	 Bundle #1: The Transition Services set forth above in Category 1 above titled “Purchasing Card Processing and Administration,”
Category 3 above titled “Comprehensive Accounts Payable Services,” and Category 4 above titled “Comprehensive Travel Card and Expense Report Processing and Administration.” 

 

	 	•	 	 Bundle #2: The Transition Services set forth above in Category 2 above titled “Fixed Assets Services and System Support.”

  

	 	•	 	 Bundle #3: The Transition Services set forth above in Category 5 above titled “Sales/Use Tax Services.” 

 

	 	•	 	 For example, MVWC may cancel the Transition Services in Bundle #1 without cancelling the Transition Services in Bundle #2 or Bundle #3.

  

	 	•	 	 For another example, if MVWC desires to cancel the Transition Services in Category 1 above titled “Purchasing Card Processing and
Administration,” then MVWC must also simultaneously 

  
 12 

	 	 
cancel the Transition Services in Category 3 above titled “Comprehensive Accounts Payable Services,” and Category 4 above titled “Comprehensive Travel Card and Expense Report
Processing and Administration.” 

  

	7.	Financial Application Configuration Support. 

  

	 	•	 	 Activity 1: Configuration items such as PeopleSoft General Ledger Business Units, ChartFields, Combination Edits, etc. will continue to be
maintained by MII representatives (FIM team). This is required for MVWC to utilize the MII non-general ledger financial applications within the FIN 8.8 shared environment. MII representatives (FR&A Team) will review MVWC account configuration
requests (i.e. all business unit and chartfield additions/changes/deletions to accounts in Marriott’s shared environment) as needed and make determination to ensure no adverse impact to Marriott’s ability to record and report. MII actual
hours of support will be billed $88k/year assuming 80 hours/pd and standard FIM billing rates. Billing for FIM support will start in January 2012, FR&A: $77/per account configuration request. 

 

	8.	Consulting Services for MVWC Financial Applications. 

  

	 	•	 	 Activity 1: MII (FIM) to provide business consulting services as needed to MVCI related to their financial applications (e.g., general ledger).
MII (FIM) shall make available up to twenty (20) hours per period of such consulting services. The cost is estimated to be $28,600 per year, based on MVWC’s use of twenty (20) hours per period. Actual consulting hours will be billed
at standard FIM billing rates. This time will be charged to MVWC via OFB’s periodic billing process. MVWC will utilize MII FIM’s existing process for submitting requests. These requests will be prioritized with all requests and worked on
in the prioritized order. MII (FIM) will identify a lead point of contact for escalation. 

  

	 	•	 	 Activity 2: MII (IR) shall make available up to twenty-four (24) hours per period of technical consulting services as needed to MVWC
related to their financial applications (e.g., MVGL). The cost is estimated to be $44,616 annually, based on MVWC’s use of twenty-four (24) hours per period. Actual consulting hours will be billed at standard IR billing rates. This time
will be charged to MVWC via OFB’s periodic billing process. MVWC will utilize MII IR Finance Systems existing process for submitting requests. These requests will be prioritized with all requests and worked on in the prioritized order. MII IR
Finance Systems will identify a lead point of contact for escalation. 

  

	9.	IT2 Treasury Workstation. 

  

	 	•	 	 Activity 1: MII IR to provide consulting support/advice for MVWC’s own instance of IT2 Treasury Workstation (8 hours/pd). Anticipated costs
for these services: $10,400/yr ongoing (based upon 8 hrs/pd). Actual hours will be billed via OFB based on standard IR billing rates. MVWC will contact Denise Hughes for service. 

 

	10.	Term. MI and MVWC hereby agree that the Transition Period for the Transition Services outlined in this Exhibit titled “Marriott Business Services
(MBS)” shall commence on the Closing Date and continue until December 31, 2013, including any activities necessary to provide year- end 2013 data (e.g. filing 1099 forms). 

  
 13 

 GOLF SERVICES 

1. Provision of Golf Services. Beginning on the Closing Date and continuing thereafter until the end of the 2012 fiscal
year of Marriott Vacations Worldwide Corporation (“MVWC”), unless terminated as provided in Section 2 below, Marriott International, Inc. (“MII”) shall provide the services described in Section 3 below
(collectively, the “Golf Services”) to all golf course properties (each a “Golf Property”) owned or managed by MVWC or any MVWC Affiliate. 
 For avoidance of doubt, as of the Closing Date the Golf Properties are as follows: 
  

	 	•	 	 Grande Pines Golf Club (Orlando, Florida) 

  

	 	•	 	 Grande Vista Golf Club and the Faldo Golf Institute by Marriott (Orlando, Florida) 

 

	 	•	 	 Kauai Lagoons Golf Club (Lihue, Hawaii) 

  

	 	•	 	 Shadow Ridge Golf Club and the Faldo Golf Institute by Marriott (Palm Desert, California) 

 

	 	•	 	 Son Antem Golf Club (Mallorca, Spain) 

  

	 	•	 	 The Abaco Club on Winding Bay (Abaco, Bahamas) 

 

	 	•	 	 The Ritz-Carlton Golf Club & Spa (Jupiter, Florida) 

 Unless otherwise provided in this Schedule, MII’s provision of the Golf Services shall be consistent with practices, procedures and levels of service, including the frequency, quality and duration of
service, in effect immediately prior to the Closing Date. 
 2. Addition and Deletion of Golf Properties.

 a. Addition of Golf Properties. MII and MVWC acknowledge and agree that MVWC or its Affiliates may from time to
time acquire, develop or be engaged to manage one or more additional golf properties. Upon at least thirty (30) days prior written notice to MII from MVWC, any such additional golf property shall become a Golf Property without any requirement
for further action on behalf of either party, including but not limited to amendment of this Schedule. MII shall provide the Golf Services to the new Golf Property in accordance with the terms of this Schedule. Golf Services Fees will be $27,230 per
year for each additional Golf Property added plus reimbursement of reasonable travel expenses pursuant to Section 4.b below. 
 b. Deletion of Golf Properties. MII and MVWC acknowledge and agree that MVWC may from time to time terminate MII’s provision of Golf Services to a Golf Property. Upon at least sixty
(60) days prior written notice to MII, MVWC may remove a Golf Property from the terms of this Schedule and terminate MII’s provision of Golf Services to such Golf Property. Any such termination shall not affect the provision of Golf
Services to the remaining Golf Properties, and such termination shall be effective without any requirement for further action on behalf of either party, including but not limited to amendment of this Schedule. Any fees for provision of the Golf
Services to such Golf Property which are accrued and unpaid as of the date of termination (the “Termination Date”) shall be due and payable to MII within thirty (30) days after the date on which the Golf Property ceases to
receive Golf Services. Beginning 

  
 14 

 
on the Termination Date, the annual Golf Services Fee will be reduced by the remaining annual Golf Services Fee for the exiting Golf Property. 

3. Description of Golf Services. MII shall provide the Golf Services generally described below to each Golf Property:

 a. Brand Standards. MII will make available and communicate applicable brand standards for golf operations by
interfacing with MVWC corporate and Golf Property leadership, for three categories of standards: 
  

	 	•	 	 Operational standards (for example, golf services offered to guests, cleanliness, recommendations for staffing, associate compensation and benefits,
retail merchandising, guest recognition programs and other similar programs, etc.). 

  

	 	•	 	 Golf Grounds Operations 

  

	 	•	 	 Golf Shop Operations 

  

	 	•	 	 Retail Merchandising 

  

	 	•	 	 Outside Service Operations 

  

	 	•	 	 Instructional Programming 

  

	 	•	 	 Tournament Operations 

  

	 	•	 	 Physical standards of the golf course (for example, course design, course conditioning level, quality of the golf facilities, FF&E, and fixed asset
supplies, frequency of FF&E replacements, etc.). 

  

	 	•	 	 Technology standards (for example, those relating to software, hardware, telecommunications, systems security and information technology).

 b. Financial Review. MII shall provide the following services related to the Golf Property’s
financial performance and budgeting: 
  

	 	•	 	 As requested, support the annual golf budget development process by reviewing draft projections and making recommendations to MVWC corporate executives
and Golf Property managers. 

  

	 	•	 	 For new projects or renovations, support MVWC development with the golf proforma process which includes providing guidance on projections of golf
rounds and revenue from multiple user groups (MVWC owners, resort, residents, members, and outside play). Provide on-going guidance and recommendations as requested throughout the course of the project. 

 

	 	•	 	 Provide recommendations for fixed asset schedules and inventory controls. 

 

	 	•	 	 Provide semi-annual industry benchmark performance data based on available data. 

c. Human Capital Readiness. 
  

	 	•	 	 Include Golf Properties in recruiting programs that benefit the Marriott and Ritz-Carlton (as appropriate) portfolios. 

  
 15 

	 	•	 	 Assist with reviewing job descriptions, as requested, for management, supervisory personnel and other key personnel. 

 

	 	•	 	 Assist with the identification and interview of management employees, as requested by MVWC; provided, however, that final hiring decisions shall
be made solely by MVWC. Reimbursement of reasonable travel expenses may apply. 

  

	 	•	 	 Coordinate with MVWC’s Human Resources department, as requested by MVWC, to provide information regarding golf industry standard employee
benefits, insurance, and compensation plans; provided, however, that final determinations regarding such benefits and plans shall be made solely by MVWC. 

 

	 	•	 	 MII and MVWC acknowledge and agree that day-to-day supervision, evaluation, promotion, termination other employment related functions regarding
individuals working at the Golf Properties shall be conducted solely by MVWC. 

 d. Training. MII will
transfer information and knowledge of golf club operations and marketing to MVWC and Golf Property personnel through formal and informal means. 
  

	 	•	 	 Conduct training seminars with MVWC leadership and Golf Property personnel, as reasonably requested, about golf clubs and the key elements of their
success. 

  

	 	•	 	 Offer attendance at MII’s corporate sponsored training seminars, including any proprietary training program as scheduled by MII at its regional
locations in the United States, to senior Golf Property staff. 

 e. Marriott Programs &
Processes. Make available to and facilitate for the benefit of the Golf Property programs that are implemented throughout the Marriott or Ritz-Carlton (as appropriate) portfolio. Current examples (which are subject to change) of such programs
are: 
  

	 	•	 	 Marketing: Marriott Golf Links, Global Getaways, Marriott Golf Reciprocal Membership Program, Community Footprint Initiatives, National Golf
Foundation customer survey program, tee time reservation system, websites, golfer satisfaction survey, industry financial benchmarking, newsletters, sweepstakes, and promotions. Certain marketing programs are optional at the discretion of each Golf
Property, and fees may apply. 

  

	 	•	 	 Procurement: to the extent permitted and/or possible, make available preferred vendor discount programs and vendor rebates, that are in place at
other Marriott or Ritz-Carlton golf locations. 

  

	 	•	 	 Environmental programs / “green” initiatives 

 g. Golf Course / Clubhouse Design, Construction, and Renovation Projects. MII will make the following services available to MVWC and its Affiliates for an additional fee: 

 

	 	•	 	 Review plans and specifications for the construction in co-ordination with MVWC A&C and Golf Course / Clubhouse Architects

  
 16 

	 	•	 	 Review the master plan for the construction of the full development to ensure that all phases are coordinated and that MVWC’s opening targets are
met. 

  

	 	•	 	 Assist in the review and selection of the golf course / clubhouse contractors. 

 

	 	•	 	 Assist with developing a pre-opening budget estimate to include all expenses incurred during the time period from the start of grassing to the property
opening. 

  

	 	•	 	 Provide guidelines for staffing levels, and make recommendations for leased maintenance equipment, purchased maintenance equipment, operating supplies,
systems, marketing, and working capital. 

  

	 	•	 	 Review MVWC’s budget forecasts and advise on any changes necessary. 

 

	 	•	 	 Advise on layout and operational procedures for the golf facility. 

 

	 	•	 	 Review plans and proposals through the design phase. 

  

	 	•	 	 Provide program/space parameters for all golf buildings. 

 

	 	•	 	 Provide Golf Design Standards Guide to MVWC for planning purposes. 

 

	 	•	 	 Review construction cost forecasts through the design phase in relation to the projects financial targets. 

 

	 	•	 	 Assist in establishing ground maintenance budgets. 

  

	 	•	 	 Help finalize orders for maintenance equipment. 

  

	 	•	 	 Review plans and scheduling of final FF&E procurement. 

 In the event MVWC desires to obtain any of the services described in this Section 3.g., MII and MVWC (or their respective Affiliates, as appropriate) will enter into a technical services agreement to
document such services, the applicable fees, and the other applicable terms and conditions. 
 4. Fees and Expenses.

 a. Golf Services Fee. The annual fee (“Golf Services Fee”) payable by MVWC to MII for the Golf
Services provided to the seven Golf Properties reflected in Section 1 shall be equal to a total of $190,610 annually ($27,230 per Golf Property). The Golf Services Fee shall be payable to MII in equal periodic (13 periods per year)
installments, in arrears, within fifteen (15) days after the end of each period. 
 b. Travel Expenses. MII’s
reasonable actual travel expenses to Golf Properties outside of the United States in connection with MII’s provision of the Golf Services will be reimbursed by MVWC. Such travel expenses shall be subject to MVWC’s prior written approval,
and will be reimbursed within thirty (30) days after MVWC’s receipt from MII of invoices detailing such actual travel expenses. 
 FALDO GOLF INSTITUTE MARKETING SERVICES 
 1. Provision of
Services. Beginning on the Closing Date and continuing thereafter until the end of the 2012 fiscal year of Marriott Vacations Worldwide Corporation (“MVWC”), unless terminated as provided in Section 2 below, Marriott
International, Inc. (“MII”) shall provide the services described in Section 3 below (collectively, the “FGI Services”) to the Faldo 

  
 17 

 
Golf Institute locations (the “FGl Properties”) owned and/or operated by MVWC or any MVWC Affiliate. 
 For avoidance of doubt, as of the Closing Date the FGI Properties are as follows: 
  

	 	•	 	 Grande Vista Golf Club and the Faldo Golf Institute by Marriott (Orlando, Florida) 

 

	 	•	 	 Shadow Ridge Golf Club and the Faldo Golf Institute by Marriott (Palm Desert, California) 

Unless otherwise provided in this Schedule, MII’s provision of the FGI Services shall be consistent with practices, procedures and levels of
service, including the frequency, quality and duration of service, in effect immediately prior to the Closing Date. 
 2.
Addition of FGI Properties. 
 a. Addition of FGI Properties. MII and MVWC acknowledge and agree that MVWC or
its Affiliates may from time to time acquire, develop, license or be engaged to manage one or more additional FGI Properties. Upon at least thirty (30) days prior written notice to MII from MVWC, any such additional FGI Property shall become
subject to this Schedule without any requirement for further action on behalf of either party, including but not limited to amendment of this Schedule. MII shall provide the FGI Services to the new FGI Property in accordance with the terms of this
Schedule. 
 b. Deletion of FGI Properties. MII and MVWC acknowledge and agree that MVWC may from time to time terminate
MII’s provision of FGI Services to an FGI Property. Upon at least sixty (60) days prior written notice to MII, MVWC may remove an FGI Property from the terms of this Schedule and terminate MII’s provision of FGI Services to such FGI
Property. Any such termination shall not affect the provision of FGI Services to the remaining FGI Properties, and such termination shall be effective without any requirement for further action on behalf of either party, including but not limited to
amendment of this Schedule. 
 3. Description of FGI Services. MII shall provide the FGI Services generally
described below to each FGI Property: 
  

	 	•	 	 Develop and implement the national golf advertising plan based on the approved budget provided by MVWC. Oversee the implementation of the agreed to
marketing activities for the Faldo Golf Institute, including but not limited to the marketing services described above under “Golf Services.” 

 

	 	•	 	 Provide recommendations for contract negotiations with Sir Nick Faldo. 

 

	 	•	 	 Review and make recommendations, as requested, on instructional curriculum. 

4. Fees. In consideration of MII’s provision of the FGI Services to the FGI Properties, MVWC shall pay to MII an
annual fee (the “FGI Fee”) equal to ten percent (10%) of the annual national marketing budget for FGI Properties, which budget shall be determined by MVWC in its sole discretion. The FGI Fee shall be payable in equal periodic
(13 periods per 

  
 18 

 
year) installments, in arrears, within fifteen (15) days after the end of each period. The budget, and the corresponding FGI Fee, shall be adjusted as necessary to reflect any addition or
deletion of FGI Properties as contemplated by Section 2 above. 
 Tax Services for Fixed Assets 

1. Tax Fixed Assets Calculation and Maintenance of Tax Depreciation and Amortization. 

 

	 	•	 	 MII will calculate tax depreciation, amortization and asset gain/(loss) detail adequate to complete MVWC’s 2011 year-end tax provisions for
certain fixed assets of MVWC through the end of Fiscal Year 2011. 

  

	 	•	 	 Completion of MVWC’s 2011 IRS Forms 4562, 4626 and 4797 for short period (date after Spin-Off through the end of the 2011 Fiscal Year), including
calculation of tax depreciation, amortization and gain/(loss) on dispositions. 

  

	 	•	 	 Completion of tax fixed asset system database as of January 1, 2012 in a manner that properly reflects the tax basis and tax depreciable lives in
MVWC assets, including adjustments required as a result of the Spin-Off and related to pre-transactional restructuring. 

  

	 	•	 	 Tax consulting services relating, among other things, to migration and establishment of MVWC’s tax fixed asset systems and M-1 related items for
capitalized interest deductions. 

  

	 	•	 	 MVWC will pay the costs related to the tax consulting services including the costs of the salary and benefits of a Senior Manager (MRP $104,350) to
perform this work, which is estimated to take 35-40 hours. 

 Risk Management Services 

1. Shared Safety and Security Services between MII-Operated Hotels and MVWC-Operated Resorts. These shared services, including
property tours and emergency response, will continue to be provided pursuant to the terms and conditions of the existing agreements. If a vehicle is owned by MII, MII’s insurance will be primary and MII will defend and indemnify MVWC. If a
vehicle is owned by MVWC, MVWC’s insurance will be primary and MVWC will defend and indemnify MII and each party waives its and its insurer’s rights of recovery and subrogation with respect to any third party liability and/or workers
compensation claims. 
 2. Historic Casualty Insurance Loss Data Runs for MVWC Operations. In June of 2012 and June of
2013, MVWC will request from MII a 5-year casualty insurance loss run (Workers’ Compensation, General/Auto Liability, Employment Practices) valued as of June 30, 2012 and June 30, 2013, respectively. By July 31, 2012 and
July 31, 2013 (or other dates mutually agreed upon), MII will provide such loss data in Excel format or similar electronic format at a cost of $100 per each hour of time spent by MII to prepare the report (currently estimated to take 10 hours
of work for each report). The loss run will be used by MVWC to support annual insurance program renewal processes and will include the following information: 

  
 19 

	 	•	 	 State 

  

	 	•	 	 Claim Number 

  

	 	•	 	 Claim Description (brief) 

  

	 	•	 	 Location (unit number) 

  

	 	•	 	 Date of Loss 

  

	 	•	 	 Type of Loss 

  

	 	•	 	 Incurred Loss Value 

  

	 	•	 	 Paid Loss Value 

  

	 	•	 	 Status 

  

	 	•	 	 Closed Date (if closed) 

  

	 	•	 	 Recovery (if any) 

 3. Emergency Response Services outside the Americas from Global Safety & Security. These services will be provided only if requested by MVWC in a particular instance and only if MII
resources can be effectively deployed in such instance. In each instance, MII and MVWC will enter into a services agreement in a mutually agreed upon form. In instances where the parties are unable to enter into an agreement due to the immediacy of
the needs in an emergency situation, the parties agree that MVWC shall pay all reasonable expenses incurred by MII at the direction of MVWC in responding to such requests for assistance and the following charges for personnel: 

 

	 	•	 	 $150 per hour or $1200 per day for the Vice President of International Global Safety & Security 

 

	 	•	 	 $125 per hour or $1000 per day for Area Director 

  
 20Exhibit 10.8

 Exhibit 10.8 
 PAYROLL SERVICES AGREEMENT 
 by and between 

MARRIOTT INTERNATIONAL, INC. 
 and 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

effective 

November 19, 2011 

 TABLE OF CONTENTS 

 

					
	 Section 1 — Definition of Terms
	  	 	1	  
		
	 Section 2 —Services
	  	 	2	  
		
	 Section 3 — Billing and Payment
	  	 	3	  
		
	 3.1      Non-Termination Services
	  	 	3	  
		
	 3.2      Termination Services
	  	 	3	  
		
	 3.3      Additional Costs
	  	 	4	  
		
	 Section 4 — Term and Termination
	  	 	4	  
		
	 Section 5 — Ownership of Systems and Material
	  	 	4	  
		
	 Section 6 — Obligations and Relationship
	  	 	5	  
		
	 6.1      Service Provider’s Obligations
	  	 	5	  
		
	 6.2      Client’s Obligations
	  	 	5	  
		
	 6.3      Taxes
	  	 	7	  
		
	 6.4      Access
	  	 	7	  
		
	 6.5      Subcontracting
	  	 	7	  
		
	 6.6      Relationship of Parties
	  	 	7	  
		
	 6.7      Audit Rights
	  	 	7	  
		
	 Section 7 — Confidential Treatment of Information 
	  	 	8	  
		
	 7.1      Confidentiality
	  	 	8	  
		
	 7.2      Client Information
	  	 	8	  
		
	 7.3      Retention of Client Information
	  	 	9	  
		
	 Section 8 — Disclaimers; Indemnification; Limitations of Liability 
	  	 	9	  
		
	 8.1      Limited Warranty
	  	 	9	  
		
	 8.2      Limitations of Liability and Indemnification
	  	 	9	  
		
	 8.3      Force Majeure
	  	 	10	  
		
	 8.4      Laws and Government Regulations
	  	 	10	  
		
	 8.5      Exclusive Liability
	  	 	10	  
		
	 Section 9 — Default
	  	 	11	  
		
	 Section 10 — Miscellaneous
	  	 	11	  

  
 i 

					
	 EXHIBIT A — SOFTWARE SERVICES
	  	 	1	  
		
	 EXHIBIT B — PAYROLL SERVICES
	  	 	1	  
		
	 EXHIBIT C – TERMINATION SERVICES
	  	 	1	  
		
	 EXHIBIT D — COST SCHEDULE
	  	 	1	  

  
 ii 

 PAYROLL SERVICES AGREEMENT 

This PAYROLL SERVICES AGREEMENT (this “Agreement”), together with the Exhibits attached hereto and made a part hereof
(each “Exhibit” or, together, the “Exhibits”), is made and entered into on November 17, 2011 (the “Agreement Date”), effective November 19, 2011, by and between MARRIOTT INTERNATIONAL, INC., a
Delaware corporation (“MII”) and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (“MVWC”). 
 R E C I T A L S 
 WHEREAS, pursuant to that certain Separation and
Distribution Agreement, effective on November 19, 2011 (the “Separation Agreement”), between MII and MVWC, MII has agreed to distribute all of the issued and outstanding common shares of MVWC to the shareholders of MII on a pro
rata basis, subject to the terms and conditions therein (the “Spinoff”). 
 WHEREAS, in connection with the
Spinoff, MII and MVWC have agreed that MII and its Affiliates (as defined in the Separation Agreement) (collectively, “Service Provider”) shall provide MVWC and its Affiliates (collectively, “Client”) with certain
services on a temporary basis after the Closing, including employee payroll and payroll-related services; 
 WHEREAS,
capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Separation Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Client and Service
Provider agree as follows: 
 Section 1 — Definition of Terms 

As used in this Agreement, the following capitalized terms shall have the meanings set forth herein: 

 

	 	(a)	 “Client Information” shall be all Client data and information entered into or held by Marriott for purposes of entry into the Marrpay® Software, or generated by the Marrpay® Software. 

  

	 	(b)	“Default” shall have the meaning specified in Section 9. 

 

	 	(c)	 “LMS” shall mean the labor management scheduling application that interfaces with Marrpay® for processing of time and attendance records, as such application may be updated or replaced by Service Provider
from time to time. 

  
 I – 1

	 	(d)	 “Marrpay On-Line
Service®” shall mean those mainframe-computer-based features of the Marrpay® Software which permit remote entry and retrieval of information. It includes, among other things, information
retrieval, file maintenance, time data entry processes and Report Writer functionality. 

  

	 	(e)	
“Marrpay® Software” shall
mean the mainframe-computer-based software system which performs payroll and employee services processing in order to, among other things, issue payroll payments, payroll registers, Forms W-2, and information reports. 

 

	 	(f)	“MBS” shall mean the Marriott Business Services department of Marriott International, Inc. 

 

	 	(g)	“Services” shall mean the services as described in Section 2 below and in Exhibits A, B and C to be provided by Service Provider to Client in
any Client location within the United States including the U.S. Virgin Islands. 

  

	 	(h)	 “Software Products” shall mean all the proprietary software, including but not limited to Marrpay® Software, On-Demand and LMS, owned and developed or procured by Service Provider, including any Third-Party Software
relating thereto, and any and all materials, procedures, manuals and other documentation to be utilized for the provision of the Services. 

  

	 	(i)	 “Weeks Reported for Pay” shall mean each instance in which an employee has time data reported for payroll payment as tracked and
reported by Marrpay®. 

 Section 2 —Services 
 During the term of this Agreement as defined in
Section 4, Service Provider shall provide to Client the following Services: 
  

	 	(a)	the software products and related rights, access and services including but not limited to the rights, access and services identified in Exhibit A (the
“Software Services”); 

  

	 	(b)	payroll and payroll-related services (the “Payroll Services”) which shall include but are not limited to the services identified in Exhibit B
(collectively with the Software Services, the “Non-Termination Services”); and 

  

	 	(c)	services provided in connection with the termination or cancellation of the provision of any Non-Termination Services (the “Termination Services”),
which include but are not limited to the services specifically identified in Exhibit C. 

 Client may use the Services for its own
internal business purposes for its business conducted under brands licensed from Service Provider, consistent with the terms of the underlying agreement between Service Provider and the applicable product/service vendor, and may not

  
 I – 2

 
resell the Services or otherwise make them available for use by third parties (provided, that a property owner’s association or similar entity for a project operated by Client under brands
licensed from Service Provider shall not be considered a third party for purposes of this Section 2). 

Section 3 — Billing and Payment 
  

	3.1	Non-Termination Services. Client will pay the costs set forth in Exhibit D for the Non-Termination Services performed pursuant to this Agreement. Such costs that
are currently allocated are subject to change based on annual budgets, actual expenditures, or other metrics, whether or not such allocation is set forth or described in the Exhibits; provided, that all such allocations to Client shall be
made on a fair and reasonable basis, and Client acknowledges that such allocation methodologies in place as of the Closing Date are fair and reasonable; provided further, that if a portion of the costs for any Non-Termination Services are
attributable to the development of systems enhancements with a total cost of $5 million or more, (i) if such systems enhancements are not intended to become effective during the period during which the Non-Termination Services are provided,
Client shall not be allocated any costs for such systems enhancements, and (ii) if such systems enhancements become effective before the end of the period during which the Non-Termination Services are provided under this Agreement, then Service
Provider and Client shall discuss and agree on a reasonable allocation of such costs to Client taking into consideration the remaining term of the provision of the related Non-Termination Services hereunder. Such allocations shall be subject to
periodic “true-ups” for actual allocated costs. Service Provider shall bill Client for the Non-Termination Services at the times and in the manner as such billing is made immediately prior to the Closing Date, and Client shall pay Service
Provider at the times and in the manner as payment is customarily made as of the Closing Date, in each case unless otherwise specified in the Exhibit D, but in no event shall any payments be made more than thirty (30) days after the
invoice date. Notwithstanding the foregoing, payments made by Service Provider to third parties (or Client employees) on behalf of Client will be drawn by Service Provider directly from Client bank accounts which Client shall keep funded with
sufficient amounts to enable Service Provider to make such payments, and Service Provider shall not be required to advance or use any of its own funds to make any such payments. Any payments not made by Client to Service Provider when due shall bear
interest, computed daily, from the date due to the date of payment based on the annual percentage rate equal to the Prime Rate, plus three percentage points (3%). “Prime Rate” means the “rate” that Citibank, N.A. (or its
successor entity) publishes from time to time as its prime lending rate in effect from time to time. Service Provider shall be entitled to the costs of collecting any overdue amounts including reasonable attorneys’ fees and expenses.

  

	3.2	Termination Services. Client will pay the costs set forth in paragraph 4 of Exhibit D for the Termination Services. 

  
 I – 3

	3.3	Additional Costs. Client will pay the costs for audits as set forth in Section 6.7 and the costs for retaining access to LMS as set forth in paragraph
(4) of Exhibit A, as applicable. 

 Section 4 — Term and Termination 

 

	4.1	This Agreement shall terminate on the earliest to occur of (a) the latest date on which any Service is to be provided as indicated in Section 4.2 and
the Exhibits, and (b) the date on which the provision of all Services has been terminated or cancelled pursuant to this Section 4. Sections 3, 5, 6.3, 6.4, 6.6, 7 and 8 shall survive any termination of this Agreement or cancellation of any
Services hereunder. 

  

	4.2	Unless cancelled earlier pursuant to Section 4.3, the Non-Termination Services shall expire upon completion of all regular payroll processing activities for
Client for the 2013 payroll tax year. No Non-Termination Services will relate to the 2014 or any subsequent payroll tax year. The term during which the Termination Services shall be provided is as set forth in Exhibit C. 

 

	4.3	Notwithstanding Section 4.1 and 4.2, either party shall have the right to terminate this Agreement upon the Default of the other party immediately by
providing written notice of termination. Client may terminate this Agreement for any reason or no reason upon one hundred twenty (120) days notice to Service Provider. 

 

	4.4	Notwithstanding Section 4.3, this Agreement may not be terminated by Client with respect to only some of the Services, but must be terminated with respect
to all Services except as Service Provider agrees otherwise. 

 Section 5 — Ownership of Systems
and Material 
 All Software Products, systems, programs, operating instructions, and other documentation prepared by Service Provider
in connection with provision of the Services shall be and remain confidential and proprietary to Service Provider or third parties that supplied them and shall not be used for any purpose independent of the Services provided by Service Provider.
Client acknowledges that it will acquire no right, title or interest (including any license rights or rights of use) in any firmware or software, and the licenses therefore which are owned by Service Provider by reason of the provision of the
Services provided hereunder, except to the extent that any such license rights or rights of use are provided for in a written agreement signed by Service provider and Client. Client shall treat these Software Products and all Services and related
procedures as confidential, except to the extent Client is required to disclose information by valid order of a court or governmental agency or if the information is available in the public domain through no fault of Client. Client agrees that
Software Products provided to Client under this Agreement are for Client’s internal use only. Client shall not copy, modify, reverse engineer, or in any way alter or make available to others the Software Products, without Service
Provider’s express written consent. 

  
 I – 4

 Upon expiration or termination of this Agreement, with or without cause, Client shall immediately cease to
use and shall, upon Service Provider’s instruction, promptly return all Software Products and other materials and documentation provided by Service Provider pursuant to this Agreement or, at Service Provider’s option and instructions,
destroy and certify to the destruction of all such materials. Nothing in this paragraph shall prevent Client from using (except not in a way that interferes with Service Provider’s delivery of the Services during the term of this Agreement) or
developing software with the same or similar functionality as the Software Products. 
 Section 6 — Obligations
and Relationship 
  

	6.1	Service Provider’s Obligations. Service Provider will provide, or cause to be provided, the Services in accordance with Service Provider’s standard
policies, procedures and practices in effect immediately prior to the date hereof, as the same may be changed from time to time, and the Exhibits. In providing the Services, Service Provider shall at all times exercise the same care and skill as it
exercises in performing like services for itself and other third parties, if any. Except as provided in the preceding sentence, the Services are provided on an “AS IS” basis. 

 

	6.2	Client’s Obligations. In addition to any Client obligations described in the Exhibits or in any other provision of this Agreement: 

 

	 	(a)	Before such time as disbursements are required, Client shall be obligated to sufficiently fund its bank accounts on which Client payroll checks are drawn, from which
direct deposits are made, from which payroll-related taxes are paid, and from which payments are made to creditors to fulfill wage attachments processed by Service Provider on behalf of Client employees. 

 

	 	(b)	Client shall be solely responsible for all costs, expenses and liabilities caused by its failure to provide Service Provider with timely, complete and accurate
information and funds for disbursement. 

  

	 	(c)	Client shall be solely responsible for entering and verifying the accuracy, timeliness and completeness of any and all data transmitted to and produced by Service
Provider as part of Services. 

  

	 	(d)	Client shall be solely responsible for compliance with Service Provider’s payroll processing procedures except to the extent doing so would be a violation of law.

  

	 	(e)	Client shall adopt reasonable measures to limit its exposure with respect to any potential losses and damages, including examination of relevant materials prior to use,
provision for identification and correction of errors and omissions, preparation and storage of Client’s own backup data sources, replacement of lost or mutilated documents, and reconstruction of data. 

  
 I – 5

	 	(f)	Client shall notify Service Provider promptly of any error or omission, or unscheduled delay, interruption, or unavailability of the Services of which it becomes aware.

  

	 	(g)	Client shall be the guarantor and obligor of all costs, expenses and liabilities of Service Provider arising out of the acts or omissions of Client’s locations
receiving the Services, or any portion thereof, including any and all liabilities or obligations arising under Section 8.2 herein. 

  

	 	(h)	Client shall pay its bank(s) directly for all bank account service fees and related bank account expenses related to the Services. 

 

	 	(i)	Client shall authorize Service Provider to access bank account(s) designated and funded by Client to enable Service Provider to timely issue paychecks, make direct
deposits and disburse payroll tax payments including but not limited to employee tax withholdings and employer tax contributions, as applicable (via checks and electronic funds transfer) and wage garnishment payments in accordance with its
responsibilities under this Agreement. 

  

	 	(j)	 Client shall identify its employees who are authorized to coordinate security system management, and its employees who are to have Marrpay® Software or LMS access. 

 

	 	(k)	Client shall not submit and Service Provider shall not accept paper submission of source documents unless expressly agreed to and identified by name or type in writing;
provided, however, that Service Provider agrees to accept master correction forms (which do not create journal entries to Client’s general ledger), Form W-2 correction documents, documentation to support requests for exemption from FICA
(OASDI/Medicare) tax withholding, credit-to-wage requests, stop payment requests and rules-table source documents in paper format. 

  

	 	(l)	Client shall comply, and ensure the compliance of any of its designated locations, with Service Provider’s security procedures. 

 

	 	(m)	 Client shall develop (or purchase) and install, at Client’s expense, any computer software necessary to establish connectivity to Marrpay® Software from its locations. 

 

	 	(n)	 Client shall be solely responsible for the proper identification of new payroll units, including the identification of the unit as a taxable entity and
the identification of all payroll and other taxes which are imposed on payments made under the MARRPAY® system
within the jurisdiction. 

  
 I – 6

	6.3	Taxes. Client will pay all applicable taxes (including, without limitation, sales, use, services, value-added, and other such transaction-based taxes), duties,
and tariffs and all other taxes or charges imposed on the provision of the Services by Service Provider, except for taxes based on net income of Service Provider. If any such taxes are levied on Service Provider or deducted from amounts otherwise
due to Service Provider hereunder, Client shall “gross up” the payments to Service Provider so that the net amount received by Service Provider is equal to the amount required to be paid to Service Provider hereunder.

  

	6.4	Access. The parties acknowledge and agree that in the ordinary course of business, Client may, from time to time, require access to Client’s payroll records
for various reasons. Service Provider shall provide access to Client’s payroll records upon request in accordance with the Marrpay Security Access Protocol. 

 

	6.5	Subcontracting. To the extent necessary or desirable to perform the Services, Service Provider may subcontract any part of such services; provided, however,
Service Provider will continue to be responsible for its obligations under this agreement on behalf of itself and any subcontractors of Service Provider. Service Provider shall be responsible for all payments to such subcontractors (provided that
such obligation of Service Provider to pay such subcontractors shall not alter the amount Service Provider is entitled to receive from Client for Services hereunder). 

 

	6.6	Relationship of Parties. In providing the Services, Service Provider shall act under this Agreement solely as an independent contractor and not as an agent or
partner of Client. All employees and representatives providing the Services shall be under the direction, control and supervision of Service Provider (and not of Client) and Service Provider shall have the sole right to exercise all authority with
respect to such employees and representatives and in no event shall such employees and representatives be deemed to be employees or agents of Client. Except as specifically provided herein, neither party shall act or represent or hold itself out as
having authority to act as an agent or partner of the other party, or in any way bind or commit the other party to any obligations. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency, trust or
other association of any kind, each party being individually responsible only for its obligations as set forth in this Agreement. Without limiting the foregoing, no services provided under this Agreement shall be construed as legal, accounting or
tax advice or shall create any fiduciary obligations on the part of Service Provider to Client, or to any plan trustee or any customer of any of them. 

  

	6.7	 Audit Rights. Client shall have the right, upon at least thirty (30) days written notice to Service Provider, and in a manner to avoid
interruption to Service Provider’s business, to perform audit procedures over Service Provider’s internal controls and procedures for the Services provided by Service Provider under this Agreement; provided that, such audit right shall
exist solely to the extent required by Client’s external auditors to ensure Client’s compliance with the Sarbanes-Oxley Act of 2002, to determine if Client’s 

  
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financial statements conform to Generally Accepted Accounting Principles (GAAP) or to the extent required by governmental agencies. Service Provider shall provide Client and Client’s
auditors with appropriate space, furnishings, and telephone, facsimile and photocopy equipment as Client or Client’s auditors may reasonably require to perform such audit procedures. Service Provider shall consider in good faith, but shall
not be obligated to make, changes to its controls and procedures to address any findings of such audits. Client shall pay or reimburse all of Service Provider’s incremental costs arising from all such audit-related activities, provision of
space, furnishings and equipment, and analysis and implementation, if any, of any potential changes in Service Provider’s controls or procedures described in this Section 6.7. 

Section 7 — Confidential Treatment of Information 

 

	7.1	Confidentiality. Each party agrees to treat, and to cause its employees and agents to treat, confidentially all records and other information with respect to the
other party. Specifically, each party agrees that it will, and will cause its employees and agents to, during the term of this Agreement and thereafter (except where required by law or court order or administrative agency order or subpoena):
(a) retain all such information of the other party in confidence; (b) not disclose any such information to any third party without the permission of the other party, except as required by Law; (c) not use any such information of the
other party for any purposes other than performing its obligations under this Agreement; (d) limit access to the information of the other party to those employees and agents who have a need to know the information for the business purposes of
this Agreement, and maintain reasonable arrangements to protect confidentiality satisfactory to the other party with such party’s employees and agents having access to such information and with third parties having any access to such
information; and (e) ensure that all tangible objects and copies thereof in such party’s possession or under its control containing or imparting any such information of the other party shall be returned to the other party at any time upon
the request of the other party or upon termination of this Agreement. 

  

	7.2	Client Information. Without limiting Section 7.1, for purposes of that section, any Client Information provided by Client to Service Provider for use in
connection with the performance of the Services shall remain the exclusive and confidential property of Client. Client’s employee database records and human resources and payroll information shall be deemed confidential information. Upon
Client’s request, Service Provider shall provide Client’s information to third parties identified by Client as a recipient of such Client Information. Service Provider shall instruct its employees who have access to Client Information to
keep the Client Information confidential by using the same care and discretion that Service Provider uses with respect to its own employee database records and human resources and payroll information. 

  
 I – 8

	7.3	Retention of Client Information. Without limiting Section 7.1, Service Provider shall, to the extent applicable, retain Client Information in accordance
with Service Provider’s records retention practices. Except as otherwise provided in Exhibit C, Service Provider shall, in conformity with its internal records retention practices and after advising Client of its intention at least 6 months in
advance, dispose of Client Information in any manner deemed appropriate by Service Provider unless Client, prior to such disposal, furnishes written instructions for the disposition of such Client Information at Client’s expense. Service
Provider shall provide to Client, in a standard format, Client Information which Client may reasonably request. 

Section 8 — Disclaimers; Indemnification; Limitations of Liability 

 

	8.1	Limited Warranty. EXCEPT AS SET FORTH IN SECTION 6.1, SERVICE PROVIDER DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, CUSTOM OR USAGE IN THE TRADE, IN CONNECTION WITH THE PROVISION OF THE SERVICES UNDER THIS AGREEMENT. 

 

	8.2	Limitations of Liability and Indemnification. 

  

	 	(a)	With regard to any and all damages, fines, penalties, deficiencies, losses, liabilities (including settlements and judgments) and expenses (including interest,
court costs, reasonable fees and expenses of attorneys, accountants and other experts and professionals or other reasonable fees and expenses of litigation or other proceedings or of any claim, default or assessment) (collectively,
“Losses”) arising out of a breach of Service Provider’s obligations in connection with the provision of Services under this Agreement, other than Losses arising as a result of the fraud or willful misconduct of Service
Provider, Service Provider’s sole liability for such Losses shall be to use reasonable commercial efforts to re-perform such services. Service Provider agrees to indemnify, defend and hold harmless Client and its Affiliates and their respective
directors, officers, employees and agents as a result of the fraud or willful misconduct of Service Provider. Client shall promptly advise Service Provider of any such breach of which it becomes aware. 

 

	 	(b)	 EXCEPT FOR ITS OBLIGATION TO COMPLY WITH SUBSECTION (a) ABOVE, SERVICE PROVIDER SHALL NOT BE LIABLE FOR ANY LOSSES IN CONNECTION WITH THIS
AGREEMENT. CLIENT AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS SERVICE PROVIDER AND ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS (“INDEMNIFIED PERSONS”) FROM ANY CLAIMS ASSERTED, OR ASSOCIATED LOSSES, BY OR ON BEHALF
OF THIRD PARTIES OR WHICH RESULT FROM GOVERNMENTAL ACTION. TO THE MAXIMUM EXTENT PERMISSIBLE UNDER APPLICABLE LAW, IN NO EVENT SHALL A PARTY OR ITS AFFILIATES OR AGENTS BE LIABLE TO ANY INDEMNIFIED

  
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PERSON FOR LOSS OF PROFITS, LOSS OF BUSINESS, OR LOSS OF DATA, OR FOR ANY PUNITIVE, SPECIAL, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL OR OTHER INDIRECT DAMAGES, IN CONNECTION WITH THIS AGREEMENT
UNLESS SUCH DAMAGES ARE AWARDED AND REQUIRED TO BE PAID BY AN INDEMNIFIED PERSON TO A THIRD PARTY PURSUANT TO AN ORDER OF A GOVERNMENTAL AUTHORITY. 

  

	 	(c)	The party required to indemnify pursuant to this Article (the “Indemnitor”), upon demand by a party (“Indemnitee”), at
Indemnitor’s sole cost and expense, shall resist or defend such Claim (in the Indemnitee’s name, if necessary), using such attorneys as the Indemnitee shall approve, which approval shall not be unreasonably withheld. If, in the
Indemnitee’s reasonable opinion, there exists a conflict of interest which would make it inadvisable to be represented by counsel for the Indemnitor, the Indemnitor and the Indemnitee shall jointly select acceptable attorneys, and the
Indemnitor shall pay the reasonable fees and disbursements of such attorneys. 

  

	8.3	Force Majeure. No party shall be liable for any interruption, delay or failure to perform any obligation under this Agreement when such interruption, delay or
failure is due to causes beyond its reasonable control, including any strikes, lockouts, acts of any government, riot, insurrection or other hostilities, embargo, fuel or energy shortage, fire, flood, acts of God, or general inability (not specific
to the claiming party) to obtain necessary labor, materials or utilities. In any such event, the claiming party’s obligations hereunder shall be postponed for such time as its performance is suspended or delayed on account thereof and the
claiming party shall have no liability to the other party in connection therewith. The claiming party will promptly notify the other party, in writing, upon learning of the occurrence of such event of force majeure. Upon the cessation of the force
majeure event, the claiming party will use reasonable commercial efforts to resume its performance promptly. 

  

	8.4	Laws and Government Regulations. Notwithstanding the obligations of Service Provider to perform the Services under this Agreement, Client shall be solely
responsible for compliance with all laws and government regulations affecting its business, including but not limited to payment of tax penalties and interest, garnishment payments and other compliance related expenses originating from the Services.

  

	8.5	Exclusive Liability. The foregoing provisions of this Section 8 set forth the full extent of the parties’ liability (monetary or otherwise) under this
Agreement for any and all Losses. 

  
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 Section 9 — Default 

Either party shall be in “Default” under this Agreement if (i) it is in breach of its obligations under this Agreement,
(ii) it receives notice of such breach, such notice to describe the nature of such breach in detail and (iii) such breach has not been cured within thirty (30) days of the date of receipt of such notice (in which event the day after
the last date of said cure period shall be the Default Date), except that it shall be a Default by Client if Client fails to make any required payment when due, which failure is not remedied within five (5) days after receipt of written notice
thereof, and either party shall be in Default on the date of its committing an act of liquidation or bankruptcy, including, without limitation, a filing under the Bankruptcy Act or under other similar bankruptcy laws, an assignment for the benefit
of creditors, or otherwise ceasing to continue business operations as a result of insolvency. Without limiting the foregoing, a payment or other breach by MVWC with respect to one or more Services shall give Service Provider the right to suspend
such Services until such breach is cured. The failure of a party to exercise its rights hereunder with respect to a breach by the other party shall not be construed as a waiver of such rights no prevent such party from subsequently asserting such
rights with regard to the same or similar defaults. 
 Service Provider shall not be liable or deemed to be in Default for any delay or failure
to perform hereunder resulting, directly or indirectly, from any cause beyond Service Provider’s reasonable control, including but not limited to limitations upon the availability of Client funds required to make timely disbursements, the
temporary unavailability of communications and computing facilities or equipment, or the failure of Client to satisfy the time requirements established by Service Provider for the provision of information. 

Section 10 — Miscellaneous 
 The following sections of the Separation Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein
(references in this Section 10 to an “Article” or “Section” shall mean Articles or Sections of the Separation Agreement unless otherwise indicated): Article VIII (Further Assurances); Article IX (Termination);
Section 11.1 (Counterparts; Entire Agreement; Corporate Power); Section 11.2 (Governing Law); Section 11.3 (Jurisdiction); Section 11.4 (Waiver of Jury Trial); Section 11.5 (Assignment); Section 11.6 (Third Party
Beneficiaries); Section 11.7 (Notices); Section 11.8 (Severability); Section 11.10 (Headings); Section 11.11 (Waivers of Default); Section 11.12 (Specific Performance); Section 11.13 (Amendments); and Section 11.16
(Interpretation). 
 [Signature page follows] 

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

									
		 		 	MARRIOTT INTERNATIONAL, INC.
					
	Date:	 	November 17, 2011	 		 	BY:	 	/s/    Kevin M. Kimball
		 		 		 		 	Name: Kevin M. Kimball
		 		 		 		 	Title: Vice President
			
		 		 	MARRIOTT VACATIONS WORLDWIDE CORPORATION
					
	Date:	 	November 17, 2011	 		 	BY:	 	/s/    Ralph Lee Cunningham
		 		 		 		 	Name: Ralph Lee Cunningham
		 		 		 		 	Title: Executive Vice President

  
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 EXHIBIT A — SOFTWARE SERVICES 

 

	(1)	Service Provider is the owner of, or the licensee of, certain Software Products. Service Provider agrees, pursuant to this Agreement, to license, sub-license or
sub-sub-license to Client those portions of the Software Products delivered to Client as necessary to provide the Services to Client, and to grant Client access to the Services. Except as otherwise provided in this Exhibit A, Client acknowledges
that it will acquire no right, title or interest (including any license rights or rights of use) in any firmware or software, and the licenses therefor which are owned by Service Provider, as applicable, by reason of the provision of the Services
provided hereunder. 

  

	(2)	 Subject to Section 6.1, as part of providing the Services, Service Provider shall provide Client with access to the Marrpay® Software through the Marrpay On-Line Service® (currently accessible via Host On Demand), and access to LMS. 

  

	(3)	Subject to the applicable costs specified in section (2) of Exhibit D, Client may add or remove business locations upon giving Service Provider no less than 30
days notice; provided that, in the event of an acquisition, business combination or other transaction by Client involving the addition of more than 1000 employees or more than 20 locations, Service Provider will not be required to provide services
with respect to such additional employees unless the parties shall mutually agree otherwise. 

  

	(4)	With respect to any enhancements to the Software Products that Service Provider initiates and develops in its sole discretion, Client shall accept such enhancements as
Service Provider will advise are appropriate to maintain compatibility with the latest version of the Software Products. Service Provider shall provide Client with reasonable notice of any such enhancements. Client also shall accept enhancements
made by Service Provider for the purpose of legal compliance. Notwithstanding the foregoing, unless required by law, Service Provider shall not implement any substantial changes affecting Client unless Service Provider has furnished Client notice
(the same notice Service Provider provides its own business) thereof. 

 Without limiting the foregoing, it is
understood that Service Provider has approved a project plan to replace LMS with another labor management scheduling application during 2013. Client may elect upon reasonable notice to Service Provider to maintain its LMS access for the term of this
Agreement, provided that in such event Client shall pay or reimburse all of Service Provider’s costs to provide such continued access to LMS. Commencing with the date hereof, Service Provider shall provide Client notice no less often than once
each calendar quarter, and beginning January 1, 2013, no less often than once each calendar month, which notice shall be deemed sufficient for purposes of this paragraph (4), of Service Provider’s latest assessment of the expected schedule
for implementing the replacement of LMS. 

  
 I – A - 1

	(5)	 Service Provider will provide Client with commercially reasonable programming support solely to establish and maintain the necessary interfaces between
Client’s third party benefit providers and Marrpay®. “Reasonable programming support”
shall be deemed to be the level of support that would be required, utilizing existing personnel, to reprogram existing interfaces to accommodate outside parties if such parties accepted the current interface format. Nothing in this paragraph shall
require Service Provider to provide support or develop functions for services that it is not currently providing to Client or to modify any systems that are currently being used to provide services to Client except to the extent described above as
“Reasonable programming support.” 

  
 I – A - 2

 EXHIBIT B — PAYROLL SERVICES 

 

	(1)	Payroll Payment Production 

  

	 	•	 	 Provide for weekly and bi-weekly payroll-payment frequencies 

 

	 	•	 	 Provide for acceptance of time data inputs from applications to include LMS, Mosaic, and/or Marrpay® Online Services. 

  

	 	•	 	 Provide for edit and validation of time data and certain other controls for computing gross compensation, tax deductions, wage attachments, insurance
deductions, receivables, deductions for savings plans, and others which facilitate computing net pay 

  

	 	•	 	 Produce payroll payments via check, direct deposit and/or pay card 

 

	 	•	 	 Manage 3rd party relationship with TALX for Employment Verification Services 

  

	 	•	 	 Manage ancillary processes to include: manual check production, check reversals, stop payments 

 

	 	•	 	 Manage garnishment/wage attachment process to include set up, withholdings, and payments to creditors 

 

	 	•	 	 Manage all tables required to ensure Marrpay® function, including, but not limited to, occupation code tables, unit header tables and deduction code tables 

 

	 	•	 	 Provide new hire reporting as required 

  

	(2)	Payroll Accounting 

  

	 	•	 	 Provide payroll activity data for recording to general ledger 

 

	 	•	 	 Balance sheet account reconciliations 

  

	 	•	 	 Initiate payroll payments from Client bank accounts (Citibank for checks, JPMC for direct deposit and pay card) 

 

	 	•	 	 Bank account management for Citibank account via Drafts Reconciliation System (check issues/clears) 

 

	 	•	 	 Journal entry processing 

  

	(3)	Payroll Tax 

  

	 	•	 	 Withholding for Federal, State, Local, Virgin Islands, and Unemployment taxes 

 

	 	•	 	 File Federal, State, Local, Unemployment, Bureau of Labor Statistics, and SSA returns and make appropriate tax deposits 

 

	 	•	 	 Calculating, depositing and reporting of certain miscellaneous employer payroll taxes and information returns (e.g., Nevada Business Tax)

  

	 	•	 	 Social Security Number Verification 

  

	 	•	 	 Preparing, distributing, and filing of Forms W-2 and automated Forms W-2C; Forms 8027 (employees Annual Information Return of Tip Income and Allocated
Tips) 

  

	 	•	 	 Manage 3rd party relationship with TALX for Unemployment services 

  

	 	•	 	 Manage tip and TEFRA sales reporting 

  

	 	•	 	 Partner with AonHewitt on F1/J1 associates, IRS Lock in Letters, and federal and state tax exempt withholding requests 

  
 I – B - 1

	 	•	 	 Tax research and compliance 

  

	 	•	 	 Reconciliations as needed for executive compensation schedules for proxy statements, divorce, etc. 

 

	 	•	 	 Maintain tax tables for rate changes and new unit set ups 

 

	 	•	 	 Support properties under examination for federal, state, local, and union audits 

 

	(4)	Payroll User Support 

  

	 	•	 	 Provide Help Desk support to associates, HR Professionals, Paymasters, Payroll administrators, etc. for payroll-related inquiries

  

	 	•	 	 Provide access that allows for entry and retrieval of payroll information 

 

	(5)	Payroll Systems Support and Maintenance 

  

	 	•	 	 Provide support for system maintenance and required regulatory updates to include applicable federal, state, and local tax tables

  

	 	•	 	 Provide configuration and on boarding support for new business units to Marrpay® and LMS 

  
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 EXHIBIT C – TERMINATION SERVICES 

 

	(1)	The Termination Services shall commence upon or before the expiration of the Non-Termination Services, as applicable, and each of such Termination Services shall cease
upon expiration of the applicable periods of service set forth in paragraph 4 below, or such other period as mutually agreed between the parties. Nothing in this Exhibit C shall be deemed to constitute an extension of the period for which
Non-Termination Services are provided under this Agreement. 

  

	(2)	Notwithstanding paragraph (1) of this Exhibit C, Client must pay Service Provider all costs due Service Provider under the Agreement relating to already-performed
Non-Termination Services before Service Provider shall perform the Termination Services. 

  

	(3)	Client shall pay Service Provider all applicable costs set forth in Exhibit D for the Termination Services. If Client fails to pay such costs timely pursuant to
Section 3 of the Agreement, Service Provider may terminate the provision of all Termination Services upon notice to Client regarding Client’s Default, provided such Default is not cured within 5 days of such notice. This shall not relieve
Client of its obligations to pay all costs or interest under Section 3 of the Agreement. 

  

	(4)	Subject to the provisions of this Exhibit C, and to additional terms and conditions to be negotiated and mutually agreed upon by the parties in good faith, Service
Provider shall provide commercially reasonable services and assistance to transition the Non-Termination services to Client or a third party provider, including but not limited to any of the following Termination Services as elected to be received
by Client: 

  

	 	a)	Change in Tax Filing Status: Service Provider shall notify federal, state and local taxing jurisdictions regarding cessation of common pay agent status effective
following the pertinent tax quarter. 

  

	 	b)	 Tip-reporting data: Service Provider shall accumulate and report all Client tip-reporting data on Marrpay® to the appropriate taxing authorities for the final year of the Termination Services. 

 

	 	c)	Garnishments: Service Provider shall provide Client with copies of all then-current garnishment orders pursuant to a mutually agreed upon schedule and term. Service
Provider shall provide Client with new garnishment orders (that Service Provider reasonably believes are intended for Client) received by Service Provider during the six-month period following the earlier of June 30, 2014 or expiration or
cancellation of Non-Termination Services in accordance with Section 4 of the Agreement. 

  
 I – C - 1

	 	d)	Data: Service Provider shall provide Client with all necessary information to allow Client to transition to a new payroll vendor, as mutually agreed upon by the
parties. This information may include payroll payment data for all Client employees, file layouts and data mapping, and OnDemand reports. 

  

	 	e)	File of Draft Reconciliation Software (DRS) Data: Service Provider shall provide Client a file containing the information on outstanding payroll checks that have not
cleared the banking system in DRS as of the expiration or cancellation of Non-Termination Services in accordance with Section 4 of the Agreement. 

  

	 	f)	Escheatment: Service Provider will perform escheat-compliance services during the six-month period following the earlier of June 30, 2014 or the date that the
Non-Termination Services expire or are cancelled in accordance with Section 4 of the Agreement. 

  

	 	g)	Form W-2 Services: For the nine-month period following the end of the last tax year for which Non-Termination Services are provided, Service Provider shall file manual
Forms W-2c and provide to Client re-issues of Forms W-2 and Forms W-2c relating to such tax year. 

  
 I – C - 2

 EXHIBIT D — COST SCHEDULE 

The costs paid by Client to Service Provider shall include the sum of all of the costs specified below, as applicable. 

 

	(1)	Base Services Fee. The Base Services Fee for 2011 shall be $2.04 per Weeks Reported for Pay. The Base Services Fee shall be adjusted for 2012 and 2013 in
accordance with Section 3.1 with respect to allocated costs. 

  

	(2)	LMS Fee. In addition to the Base Services Fee, Client shall be charged one or both of the following costs, as applicable, for access to, use of and/or changing
of LMS as part of the Services: 

  

	 	a.	LMS Application Support Fee. This fee is for ongoing support of LMS at each Client location as of the Closing. In 2011, such fee shall be based on the rate of
$40 per manager per period. This fee shall be adjusted for 2012 and 2013 in accordance with Section 3.1 with respect to allocated costs. 

  

	 	b.	LMS On-boarding Fee. This fee shall apply to each new Client location/unit to receive Services, and shall include: 

 

	 	i.	One-time charge for configuration – Fee shall be $4,100 in 2011, which shall be adjusted for 2012 and 2013 in accordance with Section 3.1 with respect to
allocated costs. 

  

	 	ii.	One-time charge for training – Fee shall be $8,500 for training commenced in 2011, which shall be adjusted for 2012 and 2013 in accordance with Section 3.1
with respect to allocated costs. 

  

	 	iii.	Systems changes – Fee shall be determined based on the specific services requested. 

 

	(3)	Unemployment Services Fee. Client shall be charged a separate fee on a quarterly basis for Unemployment services described in Exhibit B, section (3). Such fee
shall be at Service Provider’s cost which shall be the amount invoiced by the third party vendor (currently, TALX) pertaining to services provided exclusively to Client, and Service Provider shall provide Client with invoice from such third
party vendor. 

  

	(4)	 Termination Services Fee. Client shall reimburse Service Provider for (i) any out of pocket costs incurred by Service Provider in providing
the Termination Services, (ii) any costs and expenses of employees of Service Provider that are allocated to a fund or specified payment source (for the avoidance of doubt, Client is not responsible for internal costs incurred by Service
Provider, and not allocated to such a fund or specified payment source, that otherwise would have been incurred if the Termination Services were not provided), in providing Termination Services, and (iii) severance and other termination
payments made by Service Provider for the termination of employment of employees of Service Provider (if any), it being understood that Client shall only be responsible for such severance and termination costs as are mutually agreed to by Service

  
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Provider and Client with respect to employees of Service Provider who are primarily engaged in providing the Services (for the avoidance of doubt, Client is not responsible for severance and
other termination payments made by Service Provider for the termination of employees of Service Provider who were not primarily engaged in providing the Services to Client). 

  
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