Document:

Exhibit 10.27

 Exhibit 10.27 
 Execution Copy 
 OMNIBUS AMENDMENT No. 1 

THIS OMNIBUS AMENDMENT NO. 1, dated January 15, 2013 (this “Amendment”) is entered into by and among the
Transaction Parties (defined below) and relates to the following transaction documents (the “Transaction Documents”): (1) the Second Amended and Restated Indenture, dated as of September 1, 2012, by and among Marriott
Vacations Worldwide Owner Trust 2011-1, as issuer (the “Issuer”), Marriott Ownership Resorts, Inc., as servicer (the “Servicer” or “MORI”), and Wells Fargo Bank, National Association, as indenture
trustee (the “Indenture Trustee”) and as back-up servicer (the “Back-Up Servicer”) (the “Indenture”); (2) the Amended and Restated Note Purchase Agreement, dated September 11, 2012, by and
among the Issuer, the Servicer, MORI SPC Series Corp., as seller (the “Seller”), Marriott Vacation Worldwide Corporation, as performance guarantor (the “Performance Guarantor” or “MVW”), the
Purchasers (as defined in the Transaction Documents) and Deutsche Bank AG, New York Branch, as administrative agent (the “Administrative Agent”) (the “Note Purchase Agreement”); (3) the Amended and Restated
Purchase Agreement, dated as of September 1, 2012, by and between MORI and the Seller (the “Purchase Agreement”); (4) the Amended and Restated Sale Agreement, dated as of September 1, 2012, by and between the Seller
and the Issuer (the “Sale Agreement”); (5) the Amended and Restated Performance Guaranty, dated as of September 1, 2012, by and among the Issuer, the Performance Guarantor and the Indenture Trustee (the
“Performance Guaranty”); (6) the Custodial Agreement, dated as of September 1, 2011, by and among Wells Fargo Bank, National Association, as custodian (the “Custodian”), the Issuer, the Indenture Trustee
and the Servicer (the “Custodial Agreement”); (7) the Administration Agreement, dated as of September 1, 2011, by and among the Issuer, MORI, as administrator (the “Administrator”), the Indenture Trustee
and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”) (the “Administration Agreement”); (8) the Amended and Restated Trust Agreement, dated September 28, 2011, by and between
MVCO Series LLC, as owner (the “Owner” and together with the Issuer, MORI, MVW, the Seller, the Performance Guarantor, the Administrative Agent, the Indenture Trustee, the Servicer, the Administrator, the Back-Up Servicer, the
Custodian, the Purchasers and the Funding Agents, the “Transaction Parties”) and the Owner Trustee (the “Trust Agreement”); and (9) any other ancillary documents, agreements, supplements and/or certificates
entered into or delivered in connection with the foregoing. 
 RECITALS 

WHEREAS, the Transaction Parties desire to amend the Second Amended and Restated Standard Definitions attached or incorporated into each
of the Transaction Documents (the “Second Amended and Restated Standard Definitions”) in the manner set forth herein. 
 WHEREAS, the Transaction Parties desire to amend the Indenture and the Note Purchase Agreement each in the manner set forth herein. 

WHEREAS, the undersigned Purchasers and Funding Agents together constitute 100% of the Purchasers and Funding Agents. 

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

	 	Section 1.01.	Amendment to the Standard Definitions 

 The following definitions shall replace the corresponding definition in the Second Amended and Restated Standard Definitions: 
 ““Available Funds” shall mean for any Payment Date, (A) all funds on deposit in the Collection Account after making all transfers and deposits required from or by (i) the
Servicer pursuant to the Indenture and Servicing Agreement, (ii) the Reserve Account or Hedge Reserve Account pursuant to Section 3.02(b) or Section 3.02(e) of the Indenture and Servicing Agreement, (iii) the Seller or the Issuer
pursuant to Section 4.06 of the Indenture and Servicing Agreement, (iv) the Performance Guarantor pursuant to the Performance Guaranty, and (v) a Hedge Counterparty in respect of a Hedge Agreement, less (B) amounts on deposit in
the Collection Account related to collections related to any Due Periods subsequent to the Due Period related to such Payment Date.” 
 ““Hedge Agreement” shall mean collectively (i)(A) the related ISDA Master Agreement, the related Schedule to the ISDA Master Agreement, and the related Confirmation or (B) a
long form confirmation, and (ii) to the extent applicable, pursuant to Section 3.03(b)(v) of the Indenture, an ISDA Credit Support Annex relating thereto.” 
 ““LIBOR Rate” shall mean, (a) with respect to any Funding Period, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Bloomberg
L.P.’s Page BBAM1/(Official BBA USD Dollar Libor Fixings) (or any successor page) as the London interbank offered rate for deposits in U.S. dollars at approximately 11:00 A.M. (London time) two London Business Days prior to the first day of
such Funding Period for a term equal to the length of such Funding Period, as determined in accordance with Section 2.8 of the Note Purchase Agreement or (b) with respect to any day during an Interest Accrual Period, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Bloomberg L.P.’s Page BBAM1/(Official BBA USD Dollar Libor Fixings) (or any successor page or such other page or service as each Non-Conduit Committed Purchaser shall
determine in its sole discretion) as the London interbank offered rate for deposits in U.S. dollars for a term of thirty (30) days at approximately 11:00 A.M. (London time) on such day, or if such day is not a London Business Day on the
immediately preceding London Business Day; provided, however, if more than one rate is specified on the applicable page or screen, the applicable rate shall be the arithmetic mean of all such rates. If for any reason such rate is not
available, the term “LIBOR Rate” shall mean, (a) for any Funding Period, the rate at which deposits in U.S. dollars are offered to the applicable Funding Agent in the London interbank market at approximately 11:00 A.M. (London time)
two London Business Days prior to the first day of such Funding Period for a term equal to the length of such Funding Period or (b) for any day during an Interest Accrual Period, the rate at which deposits in U.S. dollars are offered to the
applicable Non-Conduit Committed Purchaser in the London interbank market at approximately 11:00 A.M. (London time) on such day, or if such day is not a London Business Day on the immediately preceding London Business Day for a term of thirty
(30) days.” 
 ““Trust Accounts” shall mean collectively, the Collection Account, the Reserve
Account, the Control Accounts, the Hedge Collateral Account, the Hedge Reserve Account and such other accounts established by the Indenture Trustee pursuant to Section 3.01(a) of the Indenture and Servicing Agreement.” 

  
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 The following definitions shall be added to the Second Amended and Restated Standard
Definitions in the appropriate alphabetical order: 
 ““Hedge Determination Date” shall mean the date that
is 2 Business Days prior to a Determination Date.” 
 ““Hedge Reserve Account” shall mean the account
established and maintained by the Indenture Trustee pursuant to Section 3.02(e) of the Indenture and Servicing Agreement.” 
 ““Hedge Reserve Option” shall mean the Issuer’s revocable election to deposit Hedge Reserve Amounts to fully or partially fund the Hedge Reserve Account in lieu of providing
Hedge Agreements pursuant to Section 3.03(c) of the Indenture and Servicing Agreement. 
 “Hedge Reserve Account
Required Balance” shall mean for any Funding Date or Hedge Determination Date, the higher of two bids obtained by the Servicer from broker/dealers approved by the Administrative Agent regarding the purchase price of a Hedge Agreement in the
form of an interest rate cap that meets the requirements of Section 3.03(b) for a notional amount equal to 95% of the Unhedged Outstanding Note Balance and based on the Hedge Amortization Schedule.” 

“Hedge Reserve Amounts’ shall mean amounts deposited in the Hedge Reserve Account in connection with the exercise by the
Issuer of the Hedge Reserve Option. 
 ““Hedge Trigger Event” shall exist if (i) on a Hedge
Determination Date, (A) the LIBOR Rate is greater than 3.00% or (B) to the extent that the Aggregate Loan Balance exceeds $0.00, the Gross Excess Spread Percentage is less than 7.00%, or (ii) an Amortization Event shall exist, or
(iii) the Facility Termination Date shall have occurred.” 
 ““Implied Hedged Amount” shall mean
as of any date of determination, the sum of (i) the notional amount of interest rate caps that can be purchased with the amount on deposit in the Hedge Reserve Account divided by 95% and (ii) the notional amount of the Hedge Agreements
divided by 90%.” 
 ““Unhedged Outstanding Note Balance” shall mean for any date of determination, an
amount equal to the greater of (A) $0 and (B) (i) the Outstanding Note Balance minus (ii) the notional amount of the Hedge Agreements divided by 90%.” 

 

	 	Section 1.02.	Amendment of the Indenture 

 Section 3.02(e) of the Indenture shall be amended by deleting the same in its entirety and replacing it with: 
 “(e) Hedge Reserve Account. The Issuer may exercise at any time an option to fund a hedge reserve account as set forth in this Section 3.02(e) to fully or partially fund its hedging
obligations hereunder in lieu of executing Hedge Agreements by providing notice to the Servicer, the Administrative Agent and the Indenture Trustee. The Issuer may also on any Hedge Determination Date, Payment Date or Funding Date, revoke its option
to fund a hedge reserve account at any time by sending written notice to the Servicer, the Administrative Agent and the Indenture Trustee; provided that at the time of such full or partial revocation the Implied Hedge Amount is equal to or greater
than the Outstanding Note Balance. The Issuer may elect multiple exercises and multiple revocations of its option to fund a hedge reserve account as set forth in this Section 3.02(e). Whenever the Issuer initially elects to exercise the Hedge
Reserve Option, the Indenture Trustee shall cause to be established and shall cause to be maintained an account (the “Hedge Reserve Account”) for the benefit of the Noteholders. The Hedge Reserve Account shall be an Eligible Bank
Account initially established at the Corporate Trust Office of the Indenture Trustee, bearing the designation “Marriott Vacations Worldwide Owner Trust 2011-1 – Hedge Reserve Account, Wells Fargo Bank, National Association, as Indenture
Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Hedge Reserve Account and in all proceeds thereof. The
Hedge Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the 

  
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Noteholders as their interests appear in the Trust Estate. If, at any time, the Hedge Reserve Account ceases to be an Eligible Bank Account, the Indenture Trustee shall within two Business Days
establish a new Hedge Reserve Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Hedge Reserve Account and from the date such new Hedge Reserve Account is established, it shall be the “Hedge
Reserve Account.” Amounts on deposit in the Hedge Reserve Account shall be invested in accordance with Section 3.01 hereof. Funding, withdrawals and payments from the Hedge Reserve Account shall be made in the following manner: 

(i) Funding. On each Funding Date on which the Issuer has elected to fund the Hedge Reserve Account and has not
revoked such election, the Issuer shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be equal to the Hedge Reserve Account Required Balance
(after giving effect to the Increase on such Funding Date, existing Hedge Agreements and Hedge Agreements entered into in respect of such Funding Date) and thereafter, on each Payment Date, if the amount on deposit in the Hedge Reserve Account
(after giving effect to any deposit of the applicable portion of the proceeds of any Increase on such Payment Date) is less than the Hedge Reserve Account Required Balance, a deposit shall be made to the Hedge Reserve Account, to the extent of
Available Funds as provided in Section 3.04 hereof. 
 (ii) Hedge Trigger Event. Upon the occurrence
of a Hedge Trigger Event, the Issuer shall, no later than 15 calendar days thereafter, purchase or cause to be purchased a Hedge Agreement that meets the requirements of Sections 3.03(b) and such that the Hedge Agreements collectively provide for a
notional amount at least equal to, in the aggregate, 90% of the Outstanding Note Balance (after giving effect to the reduction of the Outstanding Note Balance due to the issuance of any Exchange Notes pursuant to Section 2.13 hereof on such
date). The Indenture Trustee shall, as directed by the Issuer and the Administrative Agent, to the extent of funds available in the Hedge Reserve Account, either (i) pay the applicable Hedge Agreement premium to the related Hedge Counterparty,
or (ii) in the event the Issuer provides the Indenture Trustee with evidence that it has already paid such premium, reimburse the Issuer. To the extent there are funds remaining in the Hedge Reserve Account following the payment of such Hedge
Agreement premium, the Indenture Trustee shall withdraw such funds from the Hedge Reserve Account and deposit such funds into the Collection Account as Available Funds for the immediately following Payment Date. To the extent that the Issuer fails
to purchase or cause to be purchased the Hedge Agreement following a Hedge Trigger Event in the timeframe described above, the Administrative Agent is authorized to obtain such Hedge Agreement on behalf of the Issuer and to direct the Indenture
Trustee to withdraw from the Hedge Reserve Account, to the extent of funds available therein, the applicable Hedge Agreement premium and to pay such amount to the related Hedge Counterparty. 

(iii) Payment in Full. To the extent that on the Payment Date on which the Outstanding Note Balance will be
reduced to zero, there are amounts on deposit in the Hedge Reserve Account, the Indenture Trustee shall withdraw all amounts on deposit in the Hedge Reserve Account and shall deposit such amounts into the Collection Account. 

(iv) Amounts in Excess of Hedge Reserve Account Required Balance. If, on any Payment Date, amounts on deposit in
the Hedge Reserve Account are greater than the Hedge Reserve Account Required Balance (after giving effect to all other distributions and disbursements on such Payment Date), the Indenture Trustee shall, based on the Monthly Servicer Report,
withdraw funds in excess of the Hedge Reserve Account Required Balance from the Hedge Reserve Account and deposit such funds into the Collection Account as Available Funds on such Payment Date for application in accordance with Section 3.04
hereof. If on any Hedge Determination Date, Funding Date or Payment Date, the Issuer has revoked its election, in whole or in part, to fund the Hedge Reserve Account, provided that the Implied Hedge Amount is equal to or greater than the Outstanding
Note Balance and the Issuer has otherwise complied with the Hedge Requirements, amounts on deposit in the Hedge Reserve Account shall be deposited in the Collection Account as Available Funds. 

  
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 (v) Facility Termination Date. On the Payment Date immediately
following each Facility Termination Date on which Exchange Notes are being issued by the Issuer pursuant to Section 2.13, the Indenture Trustee acting at the direction of the Servicer, shall withdraw from the Hedge Reserve Account an amount
equal to the excess of (i) the amount of cash or other immediately available funds on deposit in the Hedge Reserve Account on such Payment Date over (ii) the amount withdrawn in accordance with the second sentence of
Section 3.02(e)(ii) above, and pay such amount, free and clear of the Lien of this Indenture and Servicing Agreement, to the indenture trustee under the related Exchange Notes Indenture, for deposit into the hedge reserve account for such
Exchange Notes; or if no hedge reserve account has been established for such Exchange Notes, into the related collection account for distribution in accordance with the indenture for such Exchange Notes.” 

Section 3.03 of the Indenture shall be amended by deleting the same in its entirety and replacing it with: 

“Section 3.03 Hedge Agreements and Hedge Reserve Amounts. 

(a) Hedge Requirements. The Issuer shall, at all times, so long as the Notes remain unpaid, provide Hedge Agreements and/or Hedge
Reserve Amounts in accordance with the terms described in this Section 3.03 (the “Hedge Requirements”). 

(b) Hedge Agreements. 
 (i) Each Hedge Agreement shall either be in the form of an interest rate cap or an interest rate swap, or a combination thereof, in each case between the Issuer and a Qualified Hedge Counterparty, with an
effective date on or prior to a Funding Date. 
 (ii) In the case of an interest rate swap, the related Hedge
Agreement shall provide for the payment on each Payment Date to the related Hedge Counterparty of interest on the notional amount thereof at a fixed rate per annum and the payment to the Indenture Trustee for deposit into the Collection Account of a
floating rate per annum equal to the LIBOR Rate for each Interest Accrual Period; provided that the Issuer and the Hedge Counterparties may, subject to the related Hedge Agreements, make payments on a net basis; provided, further, that
the fixed rate per annum paid to a Hedge Counterparty under an interest rate swap shall not exceed the weighted average coupon for the Borrowing Base Loans as of the last day of the related Due Period, less 8.50%. 

(iii) In the case of an interest rate cap, the related Hedge Agreement shall provide for the payment by the Hedge
Counterparty to the Indenture Trustee for deposit into the Collection Account on each Payment Date if the LIBOR Rate is greater than the Required Cap Rate for the related Interest Accrual Period, if any. 

(iv) Any confirmation related to the ISDA Master Agreement and schedule thereto or long form confirmation, in each case,
in the form of interest rate swaps, shall terminate on the last day that the Notes are assumed to be Outstanding based on the Hedge Amortization Schedules. 
 (v) Each Hedge Agreement may permit, if the related Hedge Counterparty fails to meet the rating requirements in clause (a) of the definition of Qualified Hedge Counterparty, such related Hedge
Counterparty to post collateral to secure its obligations under the related Hedge Agreement. To the extent such Hedge Agreement permits the posting of collateral, such Hedge Agreement shall require the following terms (the “Hedge Agreement
Collateral Posting Requirements”): 
 (A) the Hedge Counterparty shall, within 15 days’ of failing
to meet such rating requirement, secure its obligations under the related Hedge Agreement, by posting collateral to the Indenture Trustee for deposit into the Hedge Collateral Account in an amount equal to the Hedge Collateral Amount; 

  
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 (B) the Hedge Counterparty shall, at least on a weekly basis,
mark-to-market the related Hedge Agreement (pursuant to the terms thereof) and post additional collateral, as necessary such that the amount on deposit in the Hedge Collateral Account is at least equal to the Hedge Collateral Amount; and 

(C) “Hedge Collateral Amount” shall mean with respect to a Hedge Counterparty that has been downgraded
below the rating requirements in clause (a) of the definition of Qualified Hedge Counterparty, the following: 
  

	 	(1)	If the Hedge Counterparty has a long-term unsecured debt rating of below “A” from S&P or a short-term unsecured debt rating below “A-1” from
S&P but has a long-term unsecured debt rating of at least BBB+ from S&P, the Hedge Collateral Amount shall be calculated using the following formula: 

 Max[0, MtM] 
  

	 	(2)	If the Hedge Counterparty has a long-term unsecured debt rating of below “BBB+” from S&P or a short-term unsecured debt rating below “A-2” from
S&P but has a long-term unsecured debt rating of at least BBB- from S&P, the Hedge Collateral Amount shall be calculated using the following formula: 

 Max[0, MtM + (4% * notional amount of Hedge Agreement)] 
 “MtM” =
Mark-to-market value of the Hedge Agreement. For the avoidance of doubt, the Mark-to-market value shall be expressed as a negative number if the Issuer is net out-of-the-money with respect to the Hedge Agreement and as a positive number if the
Issuer is net in-the-money with respect to the Hedge Agreement. 
 (vi) Immediately upon receipt, the Indenture Trustee shall
deposit all amounts received in respect of the Hedge Agreements into the Collection Account (other than amounts in respect of the Hedge Agreement Collateral Posting Requirements, which shall be deposited into the Hedge Collateral Account). Other
than amendments or modifications to effect the adjustments to the notional amount of the Hedge Agreements required by this Section 3.03, any consents, directions or approvals of amendments or modifications to a Hedge Agreement required to be
given by the Indenture Trustee under the Hedge Agreement will require the direction of the Required Facility Investors. 
 (vii)
Upon notice or knowledge of any Hedge Event of Default or Termination Event, any party hereto shall provide notice to the other parties hereto and the Hedge Counterparty. 
 (viii) The Issuer agrees that if any Hedge Counterparty ceases to be a Qualified Hedge Counterparty, unless 100% of the Purchasers agree that such Hedge Counterparty shall continue, the Issuer shall have
five (5) Business Days (x) to cause such Hedge Counterparty to assign its obligations under the related Hedge Agreement to a new Qualified Hedge Counterparty (or such Hedge Counterparty shall have five (5) Business Days to again
become a Qualified Hedge Counterparty), (y) to obtain a guarantor (with such form of guarantee meeting S&P’s then current criteria) that meets the definition of Qualified Hedge Counterparty, or (z) to obtain a substitute Hedge
Agreement, together with the related Qualified Hedge Counterparty’s acknowledgement of the pledge by the Issuer to the Indenture Trustee of the Issuer’s rights under such Hedge Agreement provided, that the Issuer shall not terminate
ineligible Hedge Agreements until the related substitute Hedge Agreements are effective. 

  
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 (ix) Three Business Days prior to (1) each Funding Date, and (2) each Hedge
Determination Date, the Servicer, on behalf of the Issuer shall, provide to the Administrative Agent a timeshare loan data file with sufficient information so that, if required, the Administrative Agent may prepare the Hedge Amortization Schedule.
Subject to the timely delivery of information by the Servicer, with respect to each Funding Date and each Hedge Determination Date, the Administrative Agent shall provide the Issuer and the Servicer with the Hedge Amortization Schedule no later than
two (2) Business Days thereafter. 
 (x) Subject to the limitation on Hedge Agreements in the form of interest rate swaps
set forth in Section 3.03(b)(xii), without affecting the Issuer’s obligations under Section 3.03(b)(viii), the parties hereto agree that the Hedge Requirements do not obligate the Issuer to cause the Hedge Counterparty to terminate,
assign or collateralize its Hedge Agreement as a result of such Hedge Counterparty no longer satisfying the definition of Qualified Hedge Counterparty, and, consequently, the Issuer may be party to multiple Hedge Agreements and/or interest rate
swaps or interest rate caps with counterparties which are Qualified Hedge Counterparties as well as counterparties that are not Qualified Hedge Counterparties, all collectively having an aggregate notional amount in excess of 100% of the Outstanding
Note Balance. 
 (xi) In the event the Issuer shall execute a Securitization Take-Out Transaction, whereby all of the
Outstanding Note Balance of the Notes is repaid, it shall terminate all confirmations related to the ISDA Master Agreement and schedules thereto or long form confirmations, in each case, in the form of interest rate swaps. 

(xii) The notional amount of Hedge Agreements in the form of interest rate swaps may not exceed 105% of Outstanding Note Balance.

 (c) Hedge Reserve Option and Hedge Reserve Amounts. So long as no Hedge Trigger Event has occurred, in lieu of
providing Hedge Agreements, the Issuer may, upon prior written notice to the Administrative Agent, elect to exercise the Hedge Reserve Option and to deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge
Reserve Account. 
 (d) Notional Amounts and Adjustments. 

(i) the Issuer shall, on each Hedge Determination Date, ensure that collectively, the Hedge Agreements and the Hedge
Reserve Amounts cause the Implied Hedged Amount to be equal to or greater than the Outstanding Note Balance; 

(ii) the Issuer shall, as of each Funding Date, cause the notional amount of the Hedge Agreements to be adjusted, enter
into new Hedge Agreements and/or make additional deposits to the Hedge Reserve Account such that the Implied Hedged Amount shall be equal to or greater than the Outstanding Note Balance; 

(iii) the Issuer shall, on each Funding Date, adjust (A) the Hedge Agreements to reflect the Required Cap Rate (in
the case of a Hedge Agreement in the form of an interest rate cap) if such Hedge Agreements provides for a cap rate which is below the Required Cap Rate; and (B) the termination date of the Hedge Agreements in accordance with the Hedge
Amortization Schedule following such Funding Date; and 
 (iv) on any Funding Date, (A) any Hedge Reserve
Amounts to be deposited to the Hedge Reserve Account and (B) any additional premium, termination payment or other out-of-pocket costs and expenses relating to the adjustments to the Hedge Agreements, or new Hedge Agreements shall be funded by
the Issuer from the proceeds of the related Increase.” 

  
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 Section 3.04 of the Indenture shall be amended by deleting the same in its entirety and
replacing it with: 
 Section 3.04 Distributions. 

“(a) Priority of Distributions. So long as no Acceleration Event has occurred and is continuing, to the extent of Available
Funds on deposit in the Collection Account (including any Reserve Account Draw Amount deposited therein), on each Payment Date the Indenture Trustee shall, based on the Monthly Servicer Report, make the following disbursements and distributions to
the following parties no later than 11:00 A.M. (New York City time), in the following order of priority: 
 (i)
to the Indenture Trustee, the Indenture Trustee Fee, plus any accrued and unpaid Indenture Trustee Fees with respect to prior Payment Dates, and Indenture Trustee Expenses and Custodial Fees incurred and charged by the Indenture Trustee during the
related Due Period; provided that payments to the Indenture Trustee as reimbursement for any expenses will be limited to $25,000 per calendar year (up to a cumulative total of $250,000) as long as no Event of Default has occurred, and the Notes have
not been accelerated, or the Trust Estate sold, pursuant to this Indenture and Servicing Agreement; 
 (ii) to
the Back-Up Servicer, the Back-Up Servicing Fee, plus any accrued and unpaid Back-Up Servicing Fees with respect to prior Payment Dates and any Transition Expenses incurred during the related Due Period (up to an aggregate cumulative total of
$340,000); 
 (iii) on the Payment Date occurring in January of each year only, to the Owner Trustee, the Owner
Trustee Fee, and on each Payment Date, expenses incurred by the Owner Trustee; provided that payments to the Owner Trustee as reimbursement for any expenses will be limited to $10,000 per calendar year (up to a cumulative total of $100,000) as long
as no Event of Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold, pursuant to this Indenture and Servicing Agreement; 
 (iv) on the Payment Date occurring in January of each year only, to the Administrator, the Administrator Fee, and on each Payment Date, expenses incurred by the Administrator; provided that payments to
the Administrator as reimbursement for any expenses will be limited to $5,000 per calendar year (up to a cumulative total of $30,000 as long as no Event of Default has occurred, and the Notes have not been accelerated, or the Trust Estate sold,
pursuant to this Indenture and Servicing Agreement; 
 (v) to the Servicer, the Servicing Fee, plus any accrued
and unpaid Servicing Fees with respect to prior Payment Dates; 
 (vi) to each Hedge Counterparty, its Net Hedge
Payment, if any; 
 (vii) to the Administrative Agent, the Administrative Agent Fee, plus any accrued and unpaid
Administrative Agent Fees with respect to prior Payment Dates; 
 (viii) to the Noteholders, the Interest
Distribution Amount and any unpaid Interest Distribution Amounts from prior Payment Dates; 
 (ix) to the
Noteholders, the related Unused Fees and any NPA Costs (other than the portion thereof related to clause (iii) of the definition of Breakage and Other Costs), plus any accrued and unpaid Unused Fees and/or NPA Costs (other than the portion
thereof related to clause (iii) of the definition of Breakage and Other Costs) from prior Payment Dates; 

  
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 (x) on a pari passu basis (A) to the Noteholders, the Principal
Distribution Amount and (B) other than if the Hedge Counterparty is the “Defaulting Party” or the sole “Affected Party” (as such terms are defined in the Hedge Agreement), to the Hedge Counterparty, the Hedge Termination
Payment, if any; 
 (xi) to the Noteholders, the Usage Step-Up Fees and any unpaid Usage Step-Up Fees from prior
Payment Dates; 
 (xii) to the Noteholders, any NPA Costs not paid in accordance with (ix) above;

 (xiii) after the occurrence and continuance of an Amortization Event, or on and after the Facility
Termination Date, to the Noteholders, all remaining Available Funds until the Outstanding Note Balance is reduced to zero; 
 (xiv) to the Hedge Reserve Account, all remaining amounts until the amounts on deposit in the Hedge Reserve Account shall equal the Hedge Reserve Account Required Balance; 

(xv) to the Reserve Account, all remaining amounts until the amounts on deposit in the Reserve Account shall equal the
Reserve Account Required Balance; 
 (xvi) to the Hedge Counterparty, any Hedge Termination Payment required
under the Hedge Agreement and not paid in accordance with clause (x) above; 
 (xvii) to the Indenture
Trustee, Custodian and Back-Up Servicer any expenses not paid in accordance with (i) and (ii) above; 

(xviii) to the Owner Trustee, any expenses not paid in accordance with (iii) above; 

(xix) to the Administrator, any expenses not paid in accordance with (iv) above; and 

(xx) to the Owner Trustee for distribution to the owners of the beneficial interests in the Issuer, any remaining
Available Funds on deposit in the Collection Account. 
 (b) Acceleration Event. If an Acceleration Event shall have
occurred and be continuing, distributions shall be made in the manner and priority set forth in Section 6.06 hereof.” 

Section 5.03(a)(xvii) of the Indenture shall be amended by deleting the same in its entirety and replacing it with: 

“(xvii) (1) on behalf of the Issuer, monitor the Hedge Agreements and any amounts on deposit in the Hedge Reserve Account and
to prepare such data and information as may be required by the Issuer, from time to time, to determine whether the Hedge Requirements are being satisfied, (2) to the extent the Hedge Reserve Option is exercised and not revoked, provide data and
information to the Administrative Agent three (3) Business Days prior to each Hedge Determination Date and in the Monthly Servicer Report regarding amounts on deposit in the Hedge Reserve Account and the Hedge Trigger Events and (3) to the
extent the Hedge Reserve Option is exercised, on each Funding Date and on each Hedge Determination Date (x) obtain two bids from broker/dealers approved by the Administrative Agent regarding the purchase price of a Hedge Agreement in the form
of an interest rate cap that meets the requirements of Section 3.03(b) for a notional amount equal to 95% of the Unhedged Outstanding Note Balance and is based on the Hedge Amortization Schedule and (y) provide the bids to the Issuer and
the Administrative Agent.” 

  
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 Section 6.01(k) of the Indenture shall be amended by deleting the same in its entirety
and replacing it with: 
 “(k) the failure to maintain Hedge Agreements and/or Hedge Reserve Amounts satisfying the Hedge
Requirements or any Hedge Counterparty ceases to be a Qualified Hedge Counterparty and such failure continues for five (5) Business Days; or” 
  

	 	Section 1.03.	Amendment of the Note Purchase Agreement 

 Section 2.02(a)(ix) of the Note Purchase Agreement shall be amended by deleting the same in its entirety and replacing it with: 

“(ix) with respect to any Funding Date, (A) the Hedge Agreements shall have been adjusted, new Hedge Agreements shall have been
entered into and/or additional deposits to the Hedge Reserve Account shall have been made such that the Implied Hedged Amount is equal to or greater than the Outstanding Note Balance after giving effect to such Increase and (B) the Hedge
Amortization Schedule shall have been adjusted in accordance with the Hedge Requirements;” 
  

	 	Section 2.01.	Representations and Warranties 

 MVW, MORI, the Seller and the Issuer hereby represent and warrant to each of the other Transaction Parties that, after giving effect to this Amendment: (a) the representations and warranties set
forth in each of the Transaction Documents by each of MVW, MORI, the Seller and the Issuer are true and correct in all material respects on and as of the date hereof, with the same effect as though made on and as of such date (except to the extent
that any representation and warranty expressly relates to an earlier date, then such earlier date), (b) on the date hereof, no Default has occurred and is continuing, and (c) the execution, delivery and performance of this Amendment in
accordance with its terms and the consummation of the transactions contemplated hereby by any of them do not and will not (i) require any consent or approval of any Person, except for consents and approvals that have already been obtained,
(ii) violate any applicable law, or (iii) contravene, conflict with, result in a breach of, or constitute a default under their organization documents, as the same may have been amended or restated, or contravene, conflict with, result in
a breach of or constitute a default under (with or without notice or lapse of time or both) any indenture, agreement or other instrument, to which such entity is a party or by which it or any of its properties or assets may be bound. 

 

	 	Section 2.02.	References in all Transaction Documents. 

 To the extent any Transaction Document contains a provision that conflicts with the intent of this Amendment, the parties agree that the provisions herein shall govern. 

 

	 	Section 2.03.	Counterparts. 

 This Amendment may be executed (by facsimile or otherwise) in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and
the same instrument. 

  
 KL2 2780484.5 

 
 10 

	 	Section 2.04.	Governing Law. 

 THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE TRANSACTION PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

	 	Section 2.05.	Severability of Provisions. 

 If any one or more of the covenants, agreements, provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed
severable from the remaining covenants, agreements, provisions or terms of this Amendment and shall in no way affect the validity or enforceability of the other provisions of this Amendment. 

 

	 	Section 2.06.	Continuing Effect. 

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

	 	Section 2.07.	Successors and Assigns. 

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

[Signature pages follow] 

  
 KL2 2780484.5 

 
 11 

 IN WITNESS WHEREOF, the parties below have caused this Amendment to be duly executed by
their respective duly authorized officers of the day and year first above written. 
  

							
	MARRIOTT VACATIONS WORLDWIDE
	OWNER TRUST 2011-1, as Issuer
		
	By:	 	Wilmington Trust, National Association,
		 	not individually, but solely in its capacity as
		 	Owner Trustee
			
		 	By:	 	 /s/ Dante M. Monakil

		 		 	Name:	 	Dante M. Monakil
		 		 	Title:	 	Vice President
	
	Address for notices:
	c/o Wilmington Trust, National Association
	1220 North Market Street, Suite 202
	Wilmington, Delaware 19801
	
	Attention: Dante M. Monakil
	Telephone Number: (302) 255-4966
	Facsimile Number: (302) 661-2266

  

					
	MORI SPC SERIES CORP., as Seller
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	MARRIOTT OWNERSHIP RESORTS, INC.., in its individual capacity and as Servicer and Administrator
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION, as Performance Guarantor
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	MVCO SERIES LLC, as Owner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name:	 	Joseph J. Bramuchi
		 	Title:	 	Vice President
	
	Address for notices:
	6649 Westwood Boulevard
	Orlando, Florida 32821
	
	Attention: General Counsel
	Telephone: (407) 206-6000
	Facsimile: (407) 513-6680

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee, Back-Up Servicer and Custodian
		
	By:	 	 /s/ Jennifer Westberg

		 	Name:	 	Jennifer Westberg
		 	Title:	 	Vice President
	
	Address for notices:
	
	Wells Fargo Bank, National Association
	MAC N9311-161
	Sixth Street & Marquette Avenue
	Minneapolis, Minnesota 55479

  

			
	Attention:	 	Corporate Trust Services/Asset-Backed Administration

 
			
	Facsimile Number:	 	(612) 667-3539
	Telephone Number:	 	(612) 667-8058

  

					
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	 /s/ Dante M. Monakil

		 	Name:	 	Dante M. Monakil
		 	Title:	 	Vice President
	
	Address for notice:
	
	Wilmington Trust, National Association
	1220 North Market Street, Suite 202
	Mail Code: MD1-WD22
	Wilmington, Delaware, 19801
	
	Attention: Dante M. Monakil, CCTS
	Facsimile Number: (302) 661-2266
	Telephone Number: (302) 225-4970

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	DEUTSCHE BANK AG, NEW YORK BRANCH, as Administrative Agent
		
	By:	 	 /s/ Colin Bennett

		 	Name:	 	Colin Bennett
		 	Title:	 	Director
		
	By:	 	 /s/ Jay Steiner

		 	Name:	 	Jay Steiner
		 	Title:	 	Managing Director
	
	Address for notices:
	60 Wall Street
	New York, New York 10005
	
	Attention: Mary Conners
	Telephone: (212) 250-4731
	Facsimile: (212) 797-5300
	
	Accounts Name: Commercial Loan Dep
	ABA Number: 021-001-033
	Bank Name: Deutsche Bank Trust Company Americas
	Account Number: 99401268
	Attention: Lee Joyner Ph. 904-527-6438
	Reference: MVWOT 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	MOUNTCLIFF FUNDING LLC
	as Conduit
		
	By:	 	 /s/ Joseph Soave

		 	Name:	 	Joseph Soave
		 	Title:	 	Chief Financial Officer
	
	Address for notices:
	20 Gates Management LLC
	30 Irving Place, 2nd Floor
	New York, NY 10003
	
	Attention: Vidrik Frankfather
	Telephone: (212) 295-4146
	Facsimile: (212) 295-3785
	E-mail: mountcliff@20gates.com; mountcliff.group@db.com; ajohal@20gates.com

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
as Alternate Purchaser
		
	By:	 	 /s/ Michelangelo Raimondi

		 	Name:	 	Michelangelo Raimondi
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jason Ruchelsman

		 	Name:	 	Jason Ruchelsman
		 	Title:	 	Authorized Signatory
	
	Address for notices:
	Eleven Madison Avenue
	New York, NY 10010
	
	Attention: Conduits and Credit Products Group
	Telephone: (212) 325-6688
	Facsimile: (212) 325-4599
	
	Bank Name: Bank of New York, NY
	ABA Number: 021-000-018
	Account Number: 890-039-2770
	Attention: Fred Mastromarino
	Reference: Credit Suisse AG, Cayman Islands Branch

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	CREDIT SUISSE AG, NEW YORK BRANCH
as Funding Agent
		
	By:	 	 /s/ Michelangelo Raimondi

		 	Name:	 	Michelangelo Raimondi
		 	Title:	 	Associate
		
	By:	 	 /s/ Jason Ruchelsman

		 	Name:	 	Jason Ruchelsman
		 	Title:	 	Authorized Signatory
	
	Address for notices:
	Eleven Madison Avenue
	New York, NY 10010
	
	Attention: Conduits and Credit Products Group
	Telephone: (212) 325-6688
	Facsimile: (212) 325-4599
	
	Bank Name: Bank of New York, NY
	ABA Number: 021-000-018
	Account Number: 890-038-7025
	Attention: Fred Mastromarino
	Reference: Credit Suisse AG, New York Branch

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	THAMES ASSET GLOBAL SECURITIZATION NO. 1, INC.
	as Conduit
		
	By:	 	 /s/ David V. DeAngelis

		 	Name:	 	David V. DeAngelis
		 	Title:	 	Vice President
	
	Address for notices:
	c/o The Royal Bank of Scotland
	Securitization Support
	
	250 Bishopsgate
	London EC2M 4AA
	Email: secsupportconduit@rbs.com
	
	Attention: Kristina Neville
	Telephone: (312) 664-6566
	Facsimile: (203) 873-5753
	
	Bank: Royal Bank of Scotland N.V.
	Accounts for Payments: Thames Asset Global Securitization No. 1, Inc.
	ABA Number: 021-000-021
	Account Number: 11948742
	Reference: MVWOT 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	THE ROYAL BANK OF SCOTLAND PLC
	as Alternate Purchaser and Funding Agent
		
	By:	 	RBS Securities Inc., as agent
		
	By:	 	 /s/ David J. Donofrio

		 	Name:	 	David J. Donofrio
		 	Title:	 	Director
	
	Address for notices:
	c/o The Royal Bank of Scotland
	550 W. Jackson Blvd., 18th Floor
	Chicago, IL 60661
	
	Attention: Kristina Neville
	Telephone: (312) 664-6566
	Facsimile: (203) 873-5753
	
	Bank: JPMorgan Chase Bank
	Account for Payments: Royal Bank of Scotland PLC NY
	ABA Number: 021-000-021
	Account Number: 400931052
	Reference: MVWOT 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	SUNTRUST BANK
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Pawan Churiwal

		 	Name:	 	Pawan Churiwal
		 	Title:	 	Vice President
	
	Address for notices:
	3333 Peachtree Street NE
	10th Floor East
	Atlanta, Georgia 30326
	
	Attention: Kayla Williams and David Morley
	Telephone: (404) 926-5475
	Facsimile: (404) 495-2171
	Email: strh.afg.funding@suntrust.com
	
	Bank: SunTrust Banks
	ABA Number: 061000104
	Account Number: 1000022220783
	Account Name: STB AGENCY SERVICES OPERATING ACCT
	Attention: Doug Weltz
	Reference: MVWOT 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Jay Steiner

		 	Name:	 	Jay Steiner
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Mary Connors

		 	Name:	 	Mary Connors
		 	Title:	 	Director
	
	Address for notices:
	60 Wall Street
	New York, New York 10005
	
	Attention: Mary Conners
	Telephone: (212) 250-4731
	Facsimile: (212) 797-5300
	
	Accounts Name: Commercial Loan Dep
	ABA Number: 021-001-033
	Bank Name: Deutsche Bank Trust Company Americas
	Account Number: 99401268
	Attention: Lee Joyner Ph. 904-527-6438
	Reference: MVWOT 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	BANK OF AMERICA, N.A.
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Steven Maysonet

		 	Name:	 	Steven Maysonet
		 	Title:	 	Vice President
	
	Address for notices:
	Bank of America, National Association
	214 North Tryon Street, 15th Floor
	NC1-027-15-01
	Charlotte, North Carolina 28255
	Attention: Securitization Finance Group c/o
Robert Wood / Steven Maysonet
	Telephone: 980-388-5938 / 980-387-1386
	Email: robert.wood@baml.com steven.maysonet@baml.com
	
	Accounts for Payments: Bank of America
	ABA Number: 026 009 593
	Account Name: Wire Clearing Account
	Account Number: 4426457864
	Attention: Sean C. Walsh
	Attention: 980-386-0159
	Reference: Marriott Vacations Worldwide Owner Trust 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1 

 
					
	WELLS FARGO CAPITAL FINANCE, LLC
	as Non-Conduit Committed Purchaser
		
	By:	 	 /s/ Ajay Jagsi

		 	Name:	 	Ajay Jagsi
		 	Title:	 	Vice President
	
	Address for notices:
	14241 Dallas Parkway, Suite 1300
	Dallas, Texas 75254
	
	Attention: Ajay Jagsi
	Telephone: (972) 851-9220
	Facsimile: (866) 719-9124
	
	Accounts for Payments:
	ABA Number: 121-000-248
	Account Number: 4124923707
	Attention: Latonya Whitfield
	Reference: Marriott Vacations Worldwide Owner Trust 2011-1

  
 KL2 2780484, Omnibus
Amendment No. 1EX-10.21

 EXHIBIT 10.21 
 Time Warner Inc. 2010 Stock Incentive Plan 
 RSU Executive Agreement,
Version 2 (10RUEXC2) 
 For Use from February 2013 

Restricted Stock Units Agreement 
 General Terms and Conditions 
 WHEREAS, the Company has adopted the Plan
(as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 
 WHEREAS,
the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock units (the “RSUs”) provided for herein to the Participant pursuant to the Plan and the
terms set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as
follows: 
  

	1.	Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan. 

  

	 	a)	“Cause” means “Cause” as defined in an employment agreement between the Company or any of its Affiliates and the Participant or, if
not defined therein or if there is no such agreement, “Cause” means (i) the Participant’s continued failure substantially to perform such Participant’s duties (other than as a result of total or partial incapacity due to
physical or mental illness) for a period of ten (10) days following written notice by the Company or any of its Affiliates to the Participant of such failure, (ii) dishonesty in the performance of the Participant’s duties,
(iii) the Participant’s conviction of, or plea of nolo contendere to, a crime constituting (A) a felony under the laws of the United States or any state thereof or (B) a misdemeanor involving moral turpitude, (iv) the
Participant’s insubordination, willful malfeasance or willful misconduct in connection with the Participant’s duties or any act or omission which is injurious to the financial condition or business reputation of the Company or any of its
Affiliates, or (v) the Participant’s breach of any non-competition, non-solicitation or confidentiality provisions to which the Participant is subject. The determination of the Committee as to the existence of “Cause” will be
conclusive on the Participant and the Company. 

  

	 	b)	“Disability” means “Disability” as defined in an employment agreement between the Company or any of its Affiliates and the Participant
or, if not defined therein or if there shall be no such agreement, “disability” of the Participant shall have the meaning ascribed to such term in the Company’s long-term disability plan or policy, as in effect from time to time, to
the extent that such definition also constitutes such Participant being considered “disabled” under Section 409A(a)(2)(C) of the Code. 

  

	 	c)	 “Good Reason” means “Good Reason” as defined in an employment agreement between the Company or any of its Affiliates
and the Participant or, if not defined therein or if there is no such agreement, “Good Reason” means (i) the failure of the Company to pay or cause to be paid the Participant’s base salary or annual bonus when due or
(ii) any substantial and sustained diminution in the Participant’s authority or responsibilities materially inconsistent with the Participant’s position; provided that either of the events described in clauses (i) and
(ii) will constitute Good Reason only if the Company fails to cure such event within 30 days after receipt from the Participant of written notice of the event which constitutes Good Reason; provided, further, that “Good
Reason” will cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or the Participant’s knowledge thereof, unless the Participant has given the Company written notice of his or her termination of employment for Good
Reason prior to such date. 

  

	 	d)	“Notice” means (i) the Notice of Grant of Restricted Stock Units that accompanies this Agreement, if this Agreement is delivered to the
Participant in “hard copy,” and (ii) the screen of the website for the stock plan administration with the heading “Vesting Schedule and Details,” which contains the details of the grant governed by this Agreement, if this
Agreement is delivered electronically to the Participant. 

  

	 	e)	“Participant” means an individual to whom RSUs have been awarded pursuant to the Plan and shall have the same meaning as may be assigned to the
terms “Holder” or “Participant” in the Plan. 

  

	 	f)	“Performance Period” means the year with respect to which the Performance Target is set by the Committee pursuant to Section 4(b).

  

	 	g)	“Performance Target” means the specific written objective goal or goals based on the criteria set forth in Section 9(b) of the Plan and
that are timely approved by the Committee pursuant to Section 9(b) of the Plan for the Participant for the applicable Performance Period. 

  

	 	h)	“Plan” means the equity plan maintained by the Company that is specified in the Notice, which equity plan has been provided to the Participant
separately and forms a part of this Agreement, as such plan may be amended, supplemented or modified from time to time. 

  

	 	i)	“Retirement” means a voluntary termination of employment by the Participant (i) following the attainment of age 55 with ten (10) or
more years of service as an employee or a director with the Company or any Affiliate or (ii) pursuant to the retirement plan or program of the Company or any Affiliate that is applicable to the Participant. 

 

	 	j)	 “Severance Period” means the period of time following a termination of Employment during which a Participant is entitled to
receive both salary 

  
 2 

 February 2013 

	 	
continuation payments and continued participation under the health benefit plans of the Company or any of its Affiliates, whether pursuant to an employment contract with, or a severance plan or
other arrangement maintained by, the Company or any Affiliate. 

  

	 	k)	“Shares” means shares of Common Stock of the Company. 

 

	 	l)	“Vesting Date” means each vesting date set forth in the Notice. 

 

	2.	Grant of Restricted Stock Units.  The Company hereby grants to the Participant (the “Award”), on the terms and
conditions hereinafter set forth, the number of RSUs set forth on the Notice. Each RSU represents the unfunded, unsecured right of the Participant to receive a Share on the Vesting Date(s) specified herein, subject to the terms, conditions and
Section 162(m) performance-based vesting requirements set forth herein. RSUs do not constitute issued and outstanding shares of Common Stock for any corporate purposes and do not confer on the Participant any right to vote on matters that are
submitted to a vote of holders of Shares. 

  

	3.	 Dividend Equivalents, Retained Dividend Equivalents and Retained Distributions.  If on any date while RSUs are outstanding
hereunder the Company shall pay any regular cash dividend on the Shares, (i) if the Committee has certified that the Performance Target has been satisfied, in accordance with Section 9(b) of the Plan, then, for each RSU held by the
Participant on the record date, the Participant shall be paid an amount of cash equal to the dividend paid on a Share (the “Dividend Equivalents”) or (ii) if the Committee has not yet certified that the Performance
Target has been satisfied, in accordance with Section 9(b) of the Plan, then, for each RSU held by the Participant on the record date, the Participant shall be credited with a bookkeeping entry in an amount equal to the dividend paid on a Share
(the “Retained Dividend Equivalents”), with such payment or crediting, as applicable, made at the time that such dividends are paid to holders of Shares. If on any date while RSUs are outstanding hereunder the Company shall
pay any dividend other than a regular cash dividend or make any other distribution on the Shares, the Participant shall be credited with a bookkeeping entry equivalent to such dividend or distribution for each RSU held by the Participant on the
record date for such dividend or distribution, but the Company shall retain custody of all such dividends and distributions unless the Board has in its sole discretion determined that an amount equivalent to such dividend or distribution shall be
paid currently to the Participant (the “Retained Distributions”); provided, however, that if the Retained Distribution relates to a dividend paid in Shares, the Participant shall receive an additional amount of
RSUs equal to the product of (I) the aggregate number of RSUs held by the Participant pursuant to this Agreement through the related dividend record date, multiplied by (II) the number of Shares (including any fraction thereof) payable as a
dividend on a Share. Retained Distributions and Retained Dividend Equivalents will not bear interest and will be subject to the same restrictions as the RSUs to which they relate. Unless they are forfeited pursuant to Section 4(b), the Retained
Dividend Equivalents will be paid to the Participant promptly, but not more than 60 days, after the Committee certifies that the Performance Target for such RSUs has been achieved, in accordance with Section 9(b) of the Plan. Notwithstanding
anything else contained in this paragraph 3, no payment of 

  
 3 

 February 2013 

	 	
Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions shall occur before the first date on which a payment could be made without subjecting the Participant to tax under
the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

  

	4.	Vesting and Delivery of Vested Securities. 

  

	 	a)	Subject to the terms and provisions of the Plan and this Agreement, no later than 60 days after each Vesting Date with respect to the Award, the Company shall issue or
transfer to the Participant the number of Shares corresponding to such Vesting Date and the Retained Distributions, if any, covered by that portion of the Award. Except as otherwise provided in paragraphs 5, 6 and 7, the vesting of such RSUs and any
Retained Distributions relating thereto shall occur only if (i) the Participant has continued in Employment of the Company or any of its Affiliates on the Vesting Date and has continuously been so employed since the Date of Grant (as defined in
the Notice) and (ii) the Performance Target has been achieved, as certified by the Committee in accordance with Section 9(b) of the Plan. 

  

	 	b)	Section 162(m) Vesting Requirement.  The Award is subject to performance vesting requirements based on the achievement of the Performance Target
for the Performance Period and the certification of achievement of such Performance Target by the Committee pursuant to Section 9(b) of the Plan. The Performance Target shall be established by the Committee for the Award no later than 90 days
following the beginning of the Performance Period that applies to the Award. If the Performance Target for the Award is not satisfied, all of the RSUs in the Award and any Retained Dividend Equivalents and Retained Distributions will be forfeited
immediately. The Performance Period shall be (i) the calendar year in which the Award is granted if the Award is granted prior to April 1 or (ii) the first full calendar year ending after the grant of the Award if the Award is granted
on or after April 1. 

  

	 	c)	RSUs Extinguished.  Upon each issuance or transfer of Shares in accordance with this Agreement, a number of RSUs equal to the number of Shares issued
or transferred to the Participant shall be extinguished and such number of RSUs will not be considered to be held by the Participant for any purpose. 

  

	 	d)	Final Issuance.  Upon the final issuance or transfer of Shares, Retained Dividend Equivalents and Retained Distributions, if any, to the Participant
pursuant to this Agreement, in lieu of a fractional Share, the Participant shall receive a cash payment equal to the Fair Market Value of such fractional Share. 

 

	 	e)	Section 409A.  Notwithstanding anything else contained in this Agreement, no Shares shall be issued or transferred to a Participant before the
first date on which a payment could be made without subjecting the Participant to tax under the provisions of Section 409A of the Code. 

  
 4 

 February 2013 

	5.	Termination of Employment. 

  

	 	(a)	If the Participant’s Employment with the Company and its Affiliates is terminated by the Participant for any reason other than those described in clauses (b),
(c) and (d) below prior to the Vesting Date with respect to any portion of the Award, then the RSUs covered by any such portion of the Award and all Retained Dividend Equivalents and Retained Distributions relating thereto shall be
completely forfeited on the date of any such termination, unless otherwise provided in an employment agreement between the Participant and the Company or an Affiliate. 

 

	 	(b)	If the Participant’s Employment terminates as a result of his or her death or Disability, then the RSUs for which a Vesting Date has not yet occurred and all
Retained Dividend Equivalents and Retained Distributions relating thereto shall, to the extent the RSUs were not extinguished or forfeited prior to such termination of Employment, fully vest on the date of any such termination and Shares subject to
the RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon as practicable, but no later than 90 days, following such termination of Employment.

  

	 	(c)	If the Participant’s Employment (i) terminates as a result of his or her Retirement or (ii) is terminated by the Company and its Affiliates for any
reason other than for Cause on a date when the Participant satisfies the requirements for Retirement, then the RSUs for which a Vesting Date has not yet occurred and all Retained Dividend Equivalents and Retained Distributions relating thereto
shall, to the extent the RSUs were not extinguished or forfeited prior to such termination of Employment, fully vest on the later of (A) the date of such termination of Employment and (B) the certification by the Committee of the
achievement of the Performance Target; and Shares subject to the RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon as practicable, but no later
than 90 days, following such termination of Employment or Committee certification, whichever is applicable. If the Participant’s Employment terminates prior to the certification of achievement of the Performance Target by the Committee and the
Performance Target is not satisfied, then the RSUs and any Retained Dividend Equivalents and Retained Distributions related thereto shall be forfeited immediately. 

 

	 	(d)	 If the Participant’s Employment is terminated by the Company and its Affiliates for any reason other than for Cause on a date when the Participant
does not satisfy the requirements for Retirement (unless such termination is due to death or Disability), then, subject to achievement of the Performance Target, (i) the RSUs that were scheduled to vest on any Vesting Dates that occur during a
Severance Period, and any Retained Dividend Equivalents and Retained Distributions relating thereto, and (ii) a pro rata portion of the RSUs that were scheduled to vest on the next Vesting Date, if any, after the end of a Severance Period (or
after the 

  
 5 

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termination of Employment if there is no Severance Period), and any Retained Dividend Equivalents and Retained Distributions relating thereto, shall, to the extent the RSUs were not extinguished
or forfeited prior to such termination of Employment, become vested, and Shares subject to such RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon
as practicable, but no later than 90 days, following the later of (x) such termination of Employment and (y) the certification by the Committee of the achievement of the Performance Target. The pro rata portion of the RSUs scheduled to
vest on the next Vesting Date following the end of a Severance Period (or after the termination of Employment if there is no Severance Period) shall be determined as follows: 

 

	 	(x)	the number of RSUs covered by the portion of the Award that were scheduled to vest on such Vesting Date multiplied by; 

 

	 	(y)	a fraction, the numerator of which shall be the number of days from the last Vesting Date (or the Date of Grant if there was no prior Vesting Date) during which the
Participant either remained in Employment or was within a covered Severance Period, and the denominator of which shall be the number of days from the last Vesting Date (or the Date of Grant if there was no prior Vesting Date) through such Vesting
Date. 

 If the product of (x) and (y) results in a fractional share, such fractional share shall be
rounded to the next higher whole share. 
 The RSUs and any Retained Dividend Equivalents and Retained Distributions related
thereto that have not vested shall be completely forfeited on the date of any such termination. If the Participant’s Employment is terminated prior to the certification of achievement of the Performance Target by the Committee and the
Performance Target is not satisfied, then the RSUs and any Retained Dividend Equivalents and Retained Distributions related thereto shall be forfeited immediately. 
 For purposes of this paragraph 5, a temporary leave of absence shall not constitute a termination of Employment or a failure to be continuously employed by the Company or any Affiliate regardless of the
Participant’s payroll status during such leave of absence if such leave of absence is approved in writing by the Company or any Affiliate; provided, that such leave of absence constitutes a bona fide leave of absence and not a Separation From
Service under Treas. Reg. 1.409A-1(h)(1)(i). Notice of any such approved leave of absence should be sent to the Company at One Time Warner Center, New York, New York 10019, attention: Director, Global Stock Plans Administration, but such notice
shall not be required for the leave of absence to be considered approved. 
 In the event the Participant’s Employment with
the Company or any of its 
  
  

  
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	 	Affiliates is terminated, the Participant shall have no claim against the Company with respect to the RSUs and related Retained Dividend Equivalents and Retained
Distributions, if any, other than as set forth in this paragraph 5, the provisions of this paragraph 5 being the sole remedy of the Participant with respect thereto. 

 

	6.	Acceleration of Vesting Date.  In the event a Change in Control, subject to paragraph 7, has occurred, to the extent that any such occurrence
also constitutes a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A(a)(2)(A)(v) of the Code (a “409A Change of
Control Event”), (A) the Award will vest in full upon the earlier of (i) the expiration of the one-year period immediately following the Change in Control, provided the Participant’s Employment with the Company and its
Affiliates has not terminated, (ii) the original Vesting Date with respect to each portion of the Award, or (iii) the termination of the Participant’s Employment by the Company or any of its Affiliates (I) by the Company other
than for Cause (unless such termination is due to death or Disability) or (II) by the Participant for Good Reason and (B) Shares subject to the RSUs shall be issued or transferred to the Participant, as soon as practicable, but in no event
later than 60 days following such Vesting Date, along with the Retained Dividend Equivalents and Retained Distributions related thereto; provided, however, that notwithstanding the foregoing, to the extent that any such occurrence does not
constitute a 409A Change of Control Event, the RSUs shall vest as described under this paragraph 6, but the issuance of Shares shall be made at the times otherwise provided hereunder as if no Change of Control had occurred. In the event of any such
vesting as described in clauses (i) and (iii) of the preceding sentence, the date described in such clauses shall be treated as the Vesting Date. 

 

	7.	Limitation on Acceleration.  Notwithstanding any provision to the contrary in the Plan or this Agreement, if the Payment (as hereinafter
defined) due to the Participant hereunder as a result of the acceleration of vesting of the RSUs pursuant to paragraph 6 of this Agreement, either alone or together with all other Payments received or to be received by the Participant from the
Company or any of its Affiliates (collectively, the “Aggregate Payments”), or any portion thereof, would be subject to the excise tax imposed by Section 4999 of the Code (or any successor thereto), the following
provisions shall apply: 

  

	 	a)	If the net amount that would be retained by the Participant after all taxes on the Aggregate Payments are paid would be greater than the net amount that would be
retained by the Participant after all taxes are paid if the Aggregate Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Participant shall be entitled to
receive the Aggregate Payments. 

  

	 	b)	If, however, the net amount that would be retained by the Participant after all taxes were paid would be greater if the Aggregate Payments were limited to the largest
amount that would result in no portion of the Aggregate Payments being 

  

 

  
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subject to such excise tax, the Aggregate Payments to which the Participant is entitled shall be reduced to such largest amount. 

The term “Payment” shall mean any transfer of property within the meaning of Section 280G of the Code.

 The determination of whether any reduction of Aggregate Payments is required and the timing and method of any such required
reduction in Payments under this Agreement or in any such other Payments otherwise payable by the Company or any of its Affiliates consistent with any such required reduction, shall be made by the Participant, including whether any portion of such
reduction shall be applied against any cash or any shares of stock of the Company or any other securities or property to which the Participant would otherwise have been entitled under this Agreement or under any such other Payments, and whether to
waive the right to the acceleration of the Payment due under this Agreement or any portion thereof or under any such other Payments or portions thereof, and all such determinations shall be conclusive and binding on the Company and its Affiliates.
To the extent that Payments hereunder or any such other Payments are not paid as a consequence of the limitation contained in this paragraph 7, then the RSUs and Retained Dividend Equivalents and Retained Distributions related thereto (to the extent
not so accelerated) and such other Payments (to the extent not vested) shall be deemed to remain outstanding and shall be subject to the provisions hereof and of the Plan as if no acceleration or vesting had occurred. Under such circumstances, if
the Participant terminates Employment for Good Reason or is terminated by the Company or any of its Affiliates without Cause, the RSUs and Retained Dividend Equivalents and Retained Distributions related thereto (to the extent that they have not
already become vested) shall become immediately vested in their entirety upon such termination and Shares subject to the RSUs shall be issued or transferred to the Participant, as soon as practicable following such termination of Employment, subject
to the provisions relating to Section 4999 of the Code set forth herein. 
 The Company shall promptly pay, upon demand by
the Participant, all legal fees, court costs, fees of experts and other costs and expenses which the Participant incurred in any actual, threatened or contemplated contest of the Participant’s interpretation of, or determination under, the
provisions of this paragraph 7. 
  

	8.	Withholding Taxes. 

  

	a)	 Obligation to Pay Withholding Taxes.  The Participant acknowledges and agrees that, regardless of any action the Company or the
Participant’s employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (the “Tax-Related Items”), the ultimate liability for all Tax-Related
Items legally due by the Participant (i) is and remains the Participant’s responsibility and (ii) may exceed the amount actually withheld by the Company or the Participant’s employer. The Participant further agrees and
acknowledges that the Company and the Participant’s employer (x) make no representations or undertakings regarding the treatment of any Tax-

  
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Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the RSUs or the subsequent sale of any Shares acquired from vesting of the RSUs, and the
receipt of any Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions; and (y) do not commit to and are under no obligation to structure the terms of the Award to reduce or eliminate the Participant’s liability for
Tax-Related Items or achieve any particular tax result. Further, the Participant understands and acknowledges that if the Participant has become subject to tax in more than one jurisdiction between the Date of Grant and the date of any relevant
taxable event, the Company and/or the Participant’s employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company’s obligation to deliver the Shares
subject to the RSUs or to pay any Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions shall be subject to payment of all Tax-Related Items by the Participant. 

 

	b)	Satisfaction of Company’s Withholding Obligations.  At the time any portion of an Award of RSUs, Dividend Equivalent, Retained Dividend
Equivalents or Retained Distribution relating thereto, becomes taxable to the Participant, he or she will be required to pay to the Company or the Participant’s employer, as applicable, any Tax-Related Items due as a result of such taxable
event. The Company or the Participant’s employer shall have the right to withhold from any payment in respect of RSUs, transfer of Shares acquired at vesting, or payment made to the Participant or to any person hereunder, whether such payment
is to be made in cash or in Shares, all Tax-Related Items as shall be required, in the determination of the Company, pursuant to any statute or governmental regulation or ruling. The Participant acknowledges and agrees that the Company or the
Participant’s employer, in their sole discretion, may satisfy such withholding obligation by any one or a combination of the following methods: 

  

	 	(i)	by requiring the Participant to deliver a properly executed notice together with irrevocable instructions to a broker approved by the Company to sell a sufficient
number of Shares to generate net proceeds (after commission and fees) equal to the amount required to be withheld and promptly deliver such amount to the Company; 

 

	 	(ii)	by requiring or allowing the Participant to pay the amount required to be withheld in cash or by check; 

 

	 	(iii)	by deducting the amount required to be withheld from the Participant’s current compensation or other amounts payable to the Participant; 

 

	 	(iv)	by allowing the Participant to surrender other Shares that (A) in the case of Shares initially acquired from the Company (upon exercise of a stock option or
otherwise), have been owned by the Participant for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (B) have a fair market value on the date of surrender equal to the amount required to be withheld;

  
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	 	(v)	by withholding a number of Shares to be issued upon delivery of Shares that have a fair market value equal to the minimum statutory amount required to be withheld;

  

	 	(vi)	by selling any Shares to the extent required to pay the amount required to be withheld; or 

 

	 	(vii)	by such other means or method as the Committee in its sole discretion and without notice to the Participant deems appropriate. 

The Company may satisfy its obligation to withhold the Tax-Related Items on Dividend Equivalents, Retained Dividend Equivalents and
Retained Distributions payable in cash by withholding a sufficient amount from the payment or by such other means as the Committee in its sole discretion and without notice to the Participant deems appropriate, including withholding from salary or
other amounts payable to the Participant, Shares or cash having a value sufficient to satisfy the withholding obligation for Tax-Related Items. 
 The Company will not issue any Shares to the Participant until the Participant satisfies the withholding obligation for Tax-Related Items. If the withholding obligation for Tax-Related Items is satisfied
by withholding in Shares, for tax purposes, the Participant shall be deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the
Tax-Related Items due as a result of any aspect of the Participant’s participation in the Plan. 
  

	 	c)	Compliance with Applicable Laws.  The Committee may also require the Participant to acknowledge that he or she shall not sell or transfer Shares
except in compliance with all applicable laws, and may apply such other restrictions on the sale or transfer of the Shares as it deems appropriate. 

  

	9.	Changes in Capitalization and Government and Other Regulations.  The Award shall be subject to all of the terms and provisions as provided in
this Agreement and in the Plan, which are incorporated by reference herein and made a part hereof, including, without limitation, the provisions of Section 10 of the Plan (generally relating to adjustments to the number of Shares subject to the
Award, upon certain changes in capitalization and certain reorganizations and other transactions). 

  

	10.	Forfeiture.  A breach of any of the foregoing restrictions or a breach of any of the other restrictions, terms and conditions of the Plan or
this Agreement, with respect to any of the RSUs or any Dividend Equivalents, Retained Dividend Equivalents and Retained Distributions relating thereto, except as waived by the Board or the Committee, will cause a forfeiture of such RSUs, Retained
Dividend Equivalents and any Dividend Equivalents or Retained Distributions relating thereto. 

  

	11.	 Right of Company to Terminate Employment.  Nothing contained in the Plan or this Agreement shall confer on any Participant any
right to continue in the employ of the 

  
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Company or any of its Affiliates and the Company and any such Affiliate shall have the right to terminate the Employment of the Participant at any such time, with or without cause,
notwithstanding the fact that some or all of the RSUs and related Retained Dividend Equivalents and Retained Distributions covered by this Agreement may be forfeited as a result of such termination. The granting of the RSUs under this Agreement
shall not confer on the Participant any right to any future Awards under the Plan. 

  

	12.	Notices.  Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered
personally or by mail, postage prepaid, addressed to Time Warner Inc., at One Time Warner Center, New York, NY 10019, attention Director, Global Stock Plans Administration, and to the Participant at his or her address, as it is shown on the records
of the Company or its Affiliate, or in either case to such other address as the Company or the Participant, as the case may be, by notice to the other may designate in writing from time to time. 

 

	13.	Interpretation and Amendments.  The Board and the Committee (to the extent delegated by the Board) have plenary authority to interpret this
Agreement and the Plan, to prescribe, amend and rescind rules relating thereto and to make all other determinations in connection with the administration of the Plan. The Board or the Committee may from time to time modify or amend this Agreement in
accordance with the provisions of the Plan, provided that no such amendment shall adversely affect the rights of the Participant under this Agreement without his or her consent. 

 

	14.	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall
be binding upon and inure to the benefit of the Participant and his or her legatees, distributees and personal representatives. 

  

	15.	Copy of the Plan and Documents.  By entering into the Agreement, the Participant agrees and acknowledges that he or she has received and read a
copy of the Plan. The Participant acknowledges and agrees that the Participant may be entitled from time to time to receive certain other documents related to the Company, including the Company’s annual report to stockholders and proxy
statement related to its annual meeting of stockholders (which become available each year approximately three months after the end of the calendar year), and the Participant consents to receive such documents electronically through the Internet or
as the Company otherwise directs. 

  

	16.	Governing Law.  The Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to any
choice of law rules thereof which might apply the laws of any other jurisdiction. 

  

	17.	Waiver of Jury Trial.  To the extent not prohibited by applicable law which cannot be waived, each party hereto hereby waives, and covenants
that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any suit, action, or other proceeding arising out of or based upon this Agreement. 

  
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	18.	Submission to Jurisdiction; Service of Process.  Each of the parties hereto hereby irrevocably submits to the jurisdiction of the state courts
of the State of New York located in the County of New York and the jurisdiction of the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of or based upon this
Agreement. Each of the parties hereto to the extent permitted by applicable law hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts, any claim that it
is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that such suit, action or proceeding in the above-referenced courts is brought in an inconvenient forum,
that the venue of such suit, action or proceedings, is improper or that this Agreement may not be enforced in or by such court. Each of the parties hereto hereby consents to service of process by mail at its address to which notices are to be given
pursuant to paragraph 12 hereof. 

  

	19.	 Personal Data.  The Company, the Participant’s local employer and the local employer’s parent company or companies
may hold, collect, use, process and transfer, in electronic or other form, certain personal information about the Participant for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The
Participant understands that the following personal information is required for the above named purposes: his/her name, home address and telephone number, office address (including department and employing entity) and telephone number, e-mail
address, date of birth, citizenship, country of residence at the time of grant, work location country, system employee ID, employee local ID, employment status (including international status code), supervisor (if applicable), job code, title,
salary, bonus target and bonuses paid (if applicable), termination date and reason, tax payer’s identification number, tax equalization code, US Green Card holder status, contract type (single/dual/multi), any shares of stock or directorships
held in the Company, details of all grants of RSUs (including number of grants, grant dates, vesting type, vesting dates, and any other information regarding RSUs that have been granted, canceled, vested, or forfeited) with respect to the
Participant, estimated tax withholding rate, brokerage account number (if applicable), and brokerage fees (the “Data”). The Participant understands that Data may be collected from the Participant directly or, on
Company’s request, from the Participant’s local employer. The Participant understands that Data may be transferred to third parties assisting the Company in the implementation, administration and management of the Plan, including the
brokers approved by the Company, the broker selected by the Participant from among such Company-approved brokers (if applicable), tax consultants and the Company’s software providers (the “Data Recipients”). The
Participant understands that some of these Data Recipients may be located outside the Participant’s country of residence, and that the Data Recipient’s country may have different data privacy laws and protections than the
Participant’s country of residence. The Participant understands that the Data Recipients will receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the
Participant’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant’s behalf by a broker

  
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or other third party with whom the Participant may elect to deposit any Shares acquired pursuant to the Plan. The Participant understands that Data will be held only as long as necessary to
implement, administer and manage the Participant’s participation in the Plan. The Participant understands that Data may also be made available to public authorities as required by law, e.g., to the U.S. government. The Participant understands
that the Participant may, at any time, review Data and may provide updated Data or corrections to the Data by written notice to the Company. Except to the extent the collection, use, processing or transfer of Data is required by law, the Participant
may object to the collection, use, processing or transfer of Data by contacting the Company in writing. The Participant understands that such objection may affect his/her ability to participate in the Plan. The Participant understands that he/she
may contact the Company’s Stock Plan Administration to obtain more information on the consequences of such objection. 
  

 
  
  

 
  
  

 

  
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