Document:

Exhibit 10.3

 Exhibit 10.3 
 EMPLOYEE BENEFITS AND OTHER EMPLOYMENT 
 MATTERS ALLOCATION AGREEMENT 

by and between 

MARRIOTT INTERNATIONAL, INC. 
 and 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

 TABLE OF CONTENTS 

 

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

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

  
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 EMPLOYEE BENEFITS AND OTHER EMPLOYMENT MATTERS 

ALLOCATION AGREEMENT 
 This EMPLOYEE BENEFITS AND OTHER EMPLOYMENT MATTERS ALLOCATION AGREEMENT (“Agreement”) is made and entered into as of November 5, 2011, by and between MARRIOTT INTERNATIONAL, INC., a
Delaware corporation (“MII”) and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation and, prior to the Distribution, a wholly owned subsidiary of MII (“MVWC”). 

RECITALS 

WHEREAS, pursuant to that certain Separation and Distribution Agreement dated as of November 17, 2011, between MII and MVWC (the
“Distribution Agreement”) MII will distribute to the Record Holders (as defined in the Distribution Agreement) on a pro rata basis, all the outstanding shares of common stock, of MVWC owned by MII (the “Distribution”); and

 WHEREAS, pursuant to the Distribution Agreement, MII and MVWC have agreed to enter into an agreement allocating
responsibilities with respect to employee compensation, benefits, labor and certain other employment matters pursuant to the terms and conditions set forth herein. 

  
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 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, MII and MVWC agree as follows: 
 ARTICLE I

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

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

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

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

Distribution Agreement: the agreement described in the recitals of this Agreement. 

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

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

Effective Date: as of 12:01 a.m. on the Saturday before the Distribution Date set forth in the Distribution Agreement. 

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

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

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

HMO: any health maintenance organization organized under 42 U.S.C. §300e-9, or a state health maintenance organization
statute that provides medical services for Retained Individuals or MVWC Individuals under any Plan. 
 IRS: the Internal
Revenue Service. 
 MI Shares: MI Share Awards under the MII Stock Plan. 

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

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

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

MII Medical/Dental/Vision Plan: the Marriott International, Inc. Medical Plan, the Marriott International, Inc. Dental Plan, the
Marriott International, Inc. Vision Plan and the Marriott International, Inc. Health Care Spending Account Plan. 
 MII
Profit Sharing Plan: the Marriott International, Inc. Employees’ Profit Sharing, Retirement and Savings Plan and Trust, as in effect prior to the Effective Date. 
 MII Qualified Beneficiary: any Retained Employee who becomes a Qualified Beneficiary on or after the Effective Date and any Retained Individual who is or becomes a Qualified Beneficiary as a result
of loss in coverage under the MII Medical/Dental/Vision Plan. 
 MII Retained Business: has the meaning set forth in the
Distribution Agreement. 
 MII SAR: an unexercised, vested or unvested stock-settled stock appreciation right issued
under the MII Stock Plan which is outstanding immediately prior to the Distribution. 

  
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 MII Stock Award: an award of restricted shares, deferred bonus stock, a deferred
stock agreement or MI Shares under the MII Stock Plan. 
 MII Stock Option: an unexercised, vested or unvested
nonqualified stock option to purchase MII Common Stock issued under the MII Stock Plan which is outstanding immediately prior to the Distribution. 
 MII Stock Plan: the Marriott International, Inc. Stock and Cash Incentive Plan as maintained by MII prior to the Effective Date. 

MII Terminee: any individual formerly employed by MII or any Subsidiary of MII (including MVWC) who terminated such employment
prior to the Effective Date. 
 MVWC: has the meaning set forth in the heading hereto. 

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

MVWC Common Stock: the common stock of MVWC. 
 MVWC Employee: has the meaning set forth in Section 2.01 hereof. 

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

MVWC Group Term Life/AD&D/BTA Insurance Plan: The Marriott Vacations Worldwide Corporation Group Term Life Insurance Plan, the
Marriott Vacations Worldwide Corporation Accidental Death & Dismemberment Insurance Plan and the Marriott Vacations Worldwide Corporation Business Travel Accident Insurance Plan as established by MVWC in accordance with
Section 2.09(b). 
 MVWC Individual: any individual who (i) is a MVWC Employee, (ii) is, as of the Cut-off
Date, a MII Terminee whose last employment with MII or a MVWC Subsidiary was with a MVWC Business, or is a beneficiary of any individual specified in clause (i) or (ii). 
 MVWC Medical/Dental/Vision Plan: The Marriott Vacations Worldwide Corporation Medical Plan, the Marriott Vacations Worldwide Corporation Dental Plan, the Marriott Vacations Worldwide Corporation
Vision Plan and the Marriott Vacations Worldwide Corporation Health Care Spending Account Plan as established by MVWC in accordance with Section 2.05(b). 
 MVWC 401(k) Plan: the Plan intended to be qualified under Sections 401(a) and 401(k) of the Code, established or designated and maintained by MVWC pursuant to Section 2.02(b). 

MVWC Qualified Beneficiary: any MVWC Individual who is or becomes a Qualified Beneficiary on or after 11:59 p.m. November 4,
2011. 

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

MVWC SAR: an unexercised, vested or unvested nonqualified stock-settled stock appreciation right issued under the MVWC Stock Plan.

 MVWC Stock Award: an award of restricted shares, deferred bonus stock, a deferred stock agreement or MVWC RSUs under
the MVWC Stock Plan. 
 MVWC Stock Option: an unexercised, vested or unvested nonqualified stock option to purchase MVWC
Common Stock issued under the MVWC Stock Plan. 
 MVWC Stock Plan: the Marriott Vacations Worldwide Corporation Stock and
Cash Incentive Plan to be adopted by MVWC pursuant to Section 2.04(b). 
 Medical/Dental/Vision Plan: any of the
following welfare plans providing health benefits to Employees and their dependents: MII Medical/Dental/Vision Plan; and MVWC Medical/Dental/Vision Plan. 
 Non-employee Director: any member of the Board of Directors of MII who is not an Employee of MII. 
 Option: either a MII Option or a MVWC Option. 
 Plan: any plan,
policy, arrangement, contract or agreement providing compensation or benefits for any group of Employees or individual Employee, or the dependents or beneficiaries of any such Employee(s), whether formal or informal or written or unwritten, and
including, without limitation, any means, whether or not legally required, pursuant to which any benefit is provided by an employer to any Employee or the beneficiaries of any such Employee. The term “Plan” as used in this Agreement does
not include any contract, agreement or understanding relating to settlement of actual or potential Employment Claims. 

Post-Conversion Stock Price: the closing New York Stock Exchange prices per share of MVWC Common Stock or MII Common Stock, as
applicable, on the Distribution Date. 
 Post-retirement Medical Benefits: means post-retirement benefits under Welfare
Plans maintained by MII before the Effective Date. 
 Pre-Distribution Employee: an Employee who was employed by MII or
one of its Subsidiaries as of the Cut-off Date. 
 Qualified Beneficiary: an individual (or dependent thereof) who either
(1) experiences a “qualifying event” (as that term is defined in Code Section 4980B(f)(3) and ERISA Section 603) while a participant in any Medical/Dental/Vision Plan, or (2) becomes a “qualified beneficiary”
(as that term is defined in Code Section 4980B(g)(1) and ERISA 607(3)) under any Medical/Dental/Vision Plan. 

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

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

Retained Subsidiary: a Subsidiary of MII as of the Effective Date. 

SAR: either a MII SAR or a MVWC SAR. 
 Service Credit: the period taken into account under any Plan for purposes of determining length of service or plan participation to satisfy eligibility, vesting, benefit accrual and similar
requirements under such Plan. 
 Spread: the difference between the price of a share of stock and the exercise price of
an Option or SAR to purchase that share of stock. 
 Stock Plan: either the MII Stock Plan or the MVWC Stock Plan.

 Subsidiary: has the meaning specified in the Distribution Agreement. 

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

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

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

Welfare Plan: any Plan which provides medical, health, disability, accident, life insurance, death, dental or any other welfare
benefit, including, without limitation, any post-employment benefit. 
 Section 1.02 Other Terms. Any capitalized
terms used herein but not defined herein shall have the meaning set forth in the Distribution Agreement. 
 Section 1.03
Certain Constructions. References to the singular in this Agreement, or in the Distribution Agreement to the extent terms in this Agreement are defined by reference to the Distribution Agreement, shall refer to the plural and vice-versa and
references to the masculine shall refer to the feminine and vice-versa. 
 Section 1.04 Schedules, Sections.
References to a “Schedule” are, unless otherwise specified, to one of the Schedules attached to this Agreement, and references to a “Section” are, unless otherwise specified, to one of the Sections of this Agreement. 

  
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 Section 1.05 Survival. Obligations described in this Agreement shall remain in
full force and effect and shall survive the Effective Date. 

  
 7 

 ARTICLE II 
 EMPLOYEE BENEFITS 
 Section 2.01 Employment. 

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

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

  
 8 

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

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

(a) MII Profit Sharing Plan. Effective as of the Effective Date, MII shall retain sponsorship of the MII Profit Sharing Plan. MVWC
Employees shall cease contributions to the MII Profit Sharing Plan with respect to pay earned on or after November 5, 2011. 
 (b) MVWC 401(k) Plan. Effective as of November 5, 2011, MVWC shall take, or 

  
 9 

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

(d) Rollovers from MII Profit Sharing Plan to MVWC 401(k) Plan. Effective as of the Distribution Date, the MVWC 401(k) Plan will
accept rollovers from the MII Profit Sharing Plan provided participants comply with the procedures specified by both Plans. 

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

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

  
 10 

 
Compensation Plan as of the Cut-off Date (or any date during the 90-day period described in Section 2.01(d)). MVWC acknowledges that receipt of timely information concerning termination of
employment of MVWC Employees with accounts under the MII Deferred Compensation Plan is essential to avoid penalties under Code Section 409A and shall indemnify MII for any liability arising by reason of the failure to properly distribute
accounts under the MII Deferred Compensation Plan to MVWC Employees due to MVWC’s failure to timely advise MII of a termination of employment. For purposes of this section 2.03(c), information concerning terminations of employment shall include
instructions by MVWC regarding which employees shall be subject to the six-month delay on distributions to “specified employees” under Code Section 409A. 
 Section 2.04 Comprehensive Stock Plans. 
 (a) MII Stock Plan.
Effective as of the Effective Date MII shall continue the MII Stock Plan. 
 (b) MVWC Stock Plan. As soon as practicable
after the date hereof and effective as of the Effective Date, MVWC shall take, or cause to be taken, or have taken, all action necessary and appropriate to adopt and administer the MVWC Stock Plan, and to provide 2011 Distribution Awards for all
(i) MVWC Employees, (ii) MII Employees and (iii) MII Terminees, in accordance with Section 2.05(d). All awards under the MVWC Stock Plan will be denominated in MVWC Common Stock. 

(c) 2011 Distribution Awards. 
 (i) MII Stock Award: On the Distribution Date, each Employee and Non-employee Director who is a holder of a MII Stock Award as of the Cut-off Date shall receive as part of the Distribution an award
under the MVWC Stock Plan of a number of shares of MVWC Common Stock equal to the number of shares of MII Common Stock subject to the MII Stock Award held by such Employee and Non-employee Director multiplied by the Distribution Ratio, with terms
and conditions substantially similar to the terms and conditions applicable to the MII Stock Award. MVWC Stock Awards shall be distributed with fractional shares calculated to the tenth (1/10) of a share. 

(ii) MII Stock Options and MII SARs: (A) On the Distribution Date, each Employee and Non-employee Director who is a
holder of a MII Stock Option or MII SAR shall have each of the following: (I) an Adjusted MII Stock Option or Adjusted MII SAR under the MII Stock Plan for the same number of shares as under the MII Stock Option or MII SAR and (II) a MVWC Stock
Option or MVWC SAR under the MVWC Stock Plan for the number of shares as under the MII Stock Option or MII SAR multiplied by the Distribution Ratio. (B) The Spread on the Adjusted MII Stock Option or Adjusted MII SAR shall equal the Spread on
the MII Stock Option or MII SAR before the Distribution multiplied by (I) the Post-Conversion Stock Price of MII Common Stock divided by (II) the sum of (x) the Post-Conversion Stock Price of MII Common Stock and (y) the
Post-Conversion Stock Price of MVWC Common Stock 

  
 11 

 
divided by the Distribution Ratio. (C) The exercise price of the Adjusted MII Stock Option or Adjusted MII SAR shall equal the Post-Conversion Stock Price of MII Common Stock minus the
Spread on the Adjusted MII Stock Option or Adjusted MII SAR divided by the number of shares subject to the Adjusted MII Stock Option or the Adjusted MII SAR. (D) The Spread on the MVWC Stock Option or MVWC SAR shall equal the Spread on the MII
Stock Option or MII SAR before the Distribution multiplied by (I) the Post-Conversion Stock Price of MVWC Common Stock divided by (II) the sum of (x) the Post-Conversion Stock Price of MII Common Stock and (y) the Post-Conversion
Stock Price of MVWC Common Stock divided by the Distribution Ratio. (E) The exercise price of the MVWC Stock Option or MVWC SAR shall equal the Post-Conversion Stock Price of MVWC Common Stock minus the Spread on the MVWC Stock Option or MVWC
SAR divided by the number of shares subject to the MVWC Stock Option or the MVWC SAR. (F) An Adjusted MII Stock Option, Adjusted MII SAR, MVWC Stock Option or MVWC SAR that is a 2011 Distribution Award shall have terms and conditions
substantially similar to the terms and conditions of the MII Stock Option or MII SAR to which it relates under this Section 2.04(c)(ii). (G) All adjustments made pursuant to this Section 2.04(c) shall be effected in a manner such that
no award becomes subject to the requirements of Section 409A of the Code. 
 (d) Service Credit: The 2011
Distribution Awards shall be administered with respect to any provisions relating to continuing employment requirements to give Service Credit for service with the party employing the grantee as of the Cut-off Date (or on any date during the 90-day
period described in Section 2.01(d)). 
 (e) Cooperation. MVWC and MII agree to cooperate in good faith to ensure
that each party’s Stock Plan is administered properly, including providing information on the termination of employment of employees who continue to hold stock awards denominated the shares of the other party’s common stock. 

Section 2.05 Medical/Dental/Vision Plan. 
 (a) MII Medical/Dental/Vision Plan. Effective as of November 5, 2011, MII will continue the MII Medical/Dental/Vision Plan. MVWC Employees who were eligible for any MII Medical/Dental/Vision
Plan as of November 4, 2011, will be entitled to continue participating in those Plans until December 31, 2011. MVWC Employees who were employed on or before November 4, 2011, but who have not completed their benefits waiting period
for the MII Medical/Dental/Vision Plan as of November 4, 2011, shall be eligible to participate in the MII Medical/Dental/Vision Plan as of the date they would have been eligible had they been a Retained Employee, and will be entitled to
continue participating in that Plan until December 31, 2011. Any MVWC Employee covered under the MII Medical/Dental/Vision Plan who has a qualifying status change (e.g., birth/adoption of a child, marriage) will be able to make changes to their
enrollment based on the event in accordance with the terms of the MII Medical/Dental/Vision Plan. MVWC shall be responsible for paying MII the amount of the Employer Subsidy with respect to participation in the MII Medical/Dental/Vision Plan by MVWC
Employees during the period following November 4, 2011 within thirty (30) days of receipt of an invoice from MII detailing the amount of such Employer Subsidy. 

  
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 (b) Establishment of MVWC Medical/Dental/Vision Plan. Effective as of
January 1, 2012, MVWC or one of its Subsidiaries shall take, or cause to be taken, or have taken, all action necessary and appropriate to establish or designate and administer the MVWC Medical/Dental/Vision Plan and to provide benefits
thereunder for all eligible MVWC Employees who choose to enroll in the plans. 
 (c) Continuation Coverage. 

(i) Subject to Section 2.05(c)(ii), as of the Effective Date, (A) MII or a Retained Subsidiary shall assume or retain and
shall be solely responsible for, or cause the MII Medical/Dental/Vision Plan, insurance carriers or HMOs to be responsible for, the continuation coverage requirements imposed by Code Section 4980B and ERISA Sections 601 through 608
(“COBRA”) as they relate to any MII Qualified Beneficiary, and MVWC and the MVWC Subsidiaries shall have no liability or obligation with respect thereto, and (B) MVWC or a MVWC Subsidiary shall assume or retain and shall be solely
responsible for, or cause the MVWC Medical/Dental/Vision Plan, its insurance carriers or HMOs to be responsible for, such continuation coverage requirements as they relate to any MVWC Qualified Beneficiary, and MII and the Retained Subsidiaries
shall have no liability or obligation with respect thereto. 
 (ii) Except as provided in Section 2.05(c)(iii), an MVWC
Qualified Beneficiary who becomes entitled to continuation coverage by reason of an event that occurs after November 4, 2011 and on or before December 31, 2011, shall be entitled to coverage under the MII Medical/Dental/Vision Plan through
December 31, 2011, and thereafter for the remainder of what would have been the required continuation coverage period had such MVWC Qualified Beneficiary had a COBRA qualifying event shall be entitled to coverage under the MVWC
Medical/Dental/Vision Plan. 
 (iii) An MVWC Qualified Beneficiary who becomes entitled to continuation coverage by reason of a
separation from service under the MII Severance Plan on or before November 18, 2011, shall be entitled to coverage under the MII Medical/Dental/Vision Plan for the entire COBRA continuation coverage period as a result of that event. If the MVWC
Qualified Beneficiary described in the preceding sentence meets the requirements for Retiree Medical Coverage under the MII Medical/Dental/Vision Plan as of November 18, 2011, then the MVWC Qualified Beneficiary will be eligible to participate
in Retiree Medical Coverage under the Marriott International, Inc. Plan after the end of the severance period under the MII Severance Plan. 
 (d) Post-retirement Medical Benefits. Notwithstanding anything herein to the contrary, as of the Effective Date, MII or a Retained Subsidiary shall assume or retain, and shall be solely responsible
for, or cause the Marriott International, Inc. Medical Plan, its insurance carriers or HMOs, to be responsible for Post-retirement Medical benefits to which MII Terminees have become entitled as of the Cut-off Date under the Marriott International,
Inc. Medical Plan maintained by MII before the Effective Date, and MVWC shall have no liability with respect thereto. 

  
 13 

 Section 2.06 Short-Term Disability Plan. 

(a) MII Short-Term Disability Plan. Effective as of November 5, 2011, MII or a Retained Subsidiary shall continue the MII
Short-Term Disability Plan. MVWC Employees shall cease coverage under the MII Short-Term Disability Plan effective 11:59 pm November 4, 2011. In accordance with the terms of the MII Short-Term Disability Plan, coverage will be provided to a
MVWC Employee for a payable claim that occurs while the MVWC Employee is covered under the Plan. 
 (b) Establishment of MVWC
Short-Term Disability Plan. Effective as of November 5, 2011, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to establish, designate or administer a short-term disability
plan and to provide benefits thereunder for all eligible MVWC Employees who enroll therein. 
 Section 2.07 Long-Term
Disability Plan. 
 (a) MII Long-Term Disability Plan. Effective as of November 5, 2011, MII or a
Retained Subsidiary shall continue the MII Long-Term Disability Plan. MVWC Employees shall cease coverage under the MII Long-Term Disability Plan effective 11:59 pm November 4, 2011. In accordance with the terms of the MII Long-Term Disability
Plan, coverage will be provided to a MVWC Employee for a payable claim that occurs when the MVWC Employee is covered under the Plan. 
 (b) Establishment of MVWC Long-Term Disability Plan. Effective as of November 5, 2011, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all actions necessary
and appropriate to establish, designate or administer a long-term disability plan and to provide benefits thereunder for all eligible MVWC Employees who enroll therein. 
 Section 2.08 Vacation and Sick Pay Liabilities. 
 (a) Division of
Liabilities. Effective on the Effective Date, MVWC shall assume, as to the MVWC Employees, and MII shall retain, as to the Retained Employees, all accrued liabilities (whether vested or unvested, and whether funded or unfunded) for vacation and
sick leave in respect of all Employees of MII and its Subsidiaries as of the Cut-off Date. MVWC shall be solely responsible for the payment of such vacation or sick leave to MVWC Individuals after the Cut-off Date, and MII shall be solely
responsible for the payment of such vacation or sick leave to Retained Individuals after the Cut-off Date. Each party shall provide to its own Employees on the Effective Date the same vested and unvested balances of vacation and sick leave as
credited to such Employee on MII’s payroll system on the Cut-off Date. As of the Effective Date, MII shall continue to accrue vacation and sick leave in respect of each Retained Employee according to the same rate of accrual as accrued in
respect of such individual by MII on the Cut-off Date. As of the Effective Date, MVWC shall continue to accrue vacation and sick leave in respect of 

  
 14 

 
each MVWC Employee according to the MVWC accrual schedule as communicated per MVWC policy as of the Cut-off Date. The preceding sentence shall not be construed as in any way limiting the right of
either MVWC or MII to change its vacation or sick leave plans or policies as it deems appropriate, subject to the application of Section 2.01(d). 
 Section 2.09 Group Term Life/AD&D/BTA Insurance Plan. 
 (a)
MII Group Term Life Insurance Plan. Effective as of November 5, 2011, MII or a Retained Subsidiary shall continue the MII Group Term Life/AD&D/BTA Insurance Plan. MVWC Employees shall cease coverage under the MII Group Term
Life/AD&D/BTA Insurance Plan effective 11:59 pm November 4, 2011. 
 (b) MVWC Group Term Life Insurance
Plan. Effective as of November 5, 2011, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all actions necessary and appropriate to establish, designate or administer the MVWC Group Term Life/AD&D/BTA Insurance
Plan and to provide benefits thereunder for all eligible MVWC Employees who enroll therein. 
 Section 2.10 Severance
Pay Plan. 
 (a) Effective as of the Effective Date, MII or a Retained Subsidiary shall continue the MII Severance Plan.

 (b) Effective as of the Effective Date, MVWC or a MVWC Subsidiary shall take, or cause to be taken, or have taken, all
actions necessary and appropriate to establish, designate or administer a severance plan for eligible MVWC Employees. 
 (c)
Employees of the MVWC Business who become entitled to benefits under the MII Severance Plan for terminations of employment occurring on or before the Cut-off Date shall be entitled to continue to receive such benefits in accordance with the terms of
the MII Severance Plan. MVWC shall be responsible for paying MII the amount of the cost of benefits for such participants under the MII Severance Plan within thirty (30) days of receipt of an invoice from MII detailing the amount of such costs.

 Section 2.11 Dependent Care Spending Account Plan. Effective November 5, 2011, MVWC Employees will cease to
contribute to the Marriott International, Inc. Dependent Care Spending Account Plan; provided, however, that MVWC Employees may continue to make claims for eligible expenses incurred through November 4, 2011, in accordance with the terms of the
Plan. 

  
 15 

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

Section 2.15 Payroll Reporting and Tax Withholding. 
 (a) Form W-2 Reporting. MVWC and MII hereby adopt the “alternate procedure” for preparing and filing IRS Forms W-2 (Wage and Tax Statements), as described in Section 5 of Revenue
Procedure 96-60, 1996-53 I.R.B. 24 (December 30, 1996) (“Rev. Proc. 96-60”). Under this procedure, MVWC as the successor employer shall provide all required Forms W-2 to all MVWC Individuals reflecting all wages paid and taxes withheld by
both MII as the predecessor and MVWC as the successor employer for the entire year during which the Distribution takes place. MII shall provide all required Forms W-2 to all Retained Individuals reflecting all wages and taxes paid and withheld by
MII before, on and after the Effective Date. 
 In connection with the aforesaid agreement under Rev. Proc. 96-60, each business
unit or business operation of MII shall be assigned to either MII or MVWC, depending upon whether it is a MII Retained Business or a MVWC Business, and each Retained Individual or MVWC Individual associated with such business unit or business
operation shall be assigned for payroll reporting purposes to MII or MVWC, as the case may be. 
 (b) Garnishments. Tax
Levies, Child Support Orders, and Wage Assignments. With respect to Employees with garnishments, tax levies, child support orders, and wage 

  
 16 

 
assignments in effect with MII as of November 4, 2011, MVWC as the successor employer with respect to each such Employee who is a MVWC Individual shall honor such payroll deduction
authorizations and will continue -to make payroll deductions and payments to the authorized payee, as specified by the court or governmental order which was filed with MII. MII will provide to MVWC a list of MVWC Individuals who have garnishments,
tax levies, child support orders and wage assignments in effect as of November 4, 2011. 
 (c) Authorizations for
Payroll Deductions. Unless otherwise prohibited by this or another agreement entered into in connection with the Distribution, or by a Plan document or by law, with respect to Employees with authorizations for payroll deductions and direct
deposits in effect with MII as of November 4, 2011, MVWC as the successor employer will honor such payroll deduction authorizations relating to each MVWC Individual, and shall not require that such MVWC Individual submit a new authorization to
the extent that the type of deduction by MVWC does not differ from that made by MII. Such deduction types include, without limitation, contributions to any Plan, U.S. Savings Bonds, and United Giver’s Fund; scheduled loan repayments to an
employee credit union; and direct deposit of payroll, union dues, employee relocation loans, and other types of authorized company receivables usually collectible through payroll deductions. 

ARTICLE III 

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

Section 3.01 Separate Employers. On and after the Effective Date and the separation of Employees into their respective
companies, MVWC and MII will be separate and independent employers. 
 Section 3.02 Employment Policies and
Practices. Subject to the provisions of ERISA and Sections 2.01(c) and (d), MVWC and MII may adopt, continue, modify or terminate such employment policies, compensation practices, retirement plans, welfare benefit plans, and other employee
benefit plans of any kind or description, as each may determine, in its sole discretion, are necessary and appropriate, with respect to its Employees. 

  
 17 

 Section 3.03 Collective Bargaining Agreements. 

(a) With regard to Employees of MII and its Subsidiaries covered by a Collective Bargaining Agreement on the Cut-off Date who become MVWC
Employees or Retained Employees, MVWC and MII promise and covenant to each other not to take any action which disrupts or otherwise negatively impacts the labor relations of the other. 

(b) Effective as of the Effective Date, MVWC or a MVWC Subsidiary shall retain or assume each Collective Bargaining Agreement covering
MVWC Employees, including any obligations thereunder requiring contributions to any multiemployer plan as defined in Section 3(37) of ERISA (“Multiemployer Plan”), and MII shall have no further liability thereunder. Effective as of
the Effective Date, MII or a Retained Subsidiary shall retain or assume each Collective Bargaining Agreement covering Retained Employees, including any obligations thereunder requiring contributions to any Multiemployer Plan. MVWC shall be solely
responsible for any withdrawal liability arising in connection with any Multiemployer Plan in which MVWC Individuals participate, and MII shall have no liability with respect thereto. MII shall be solely responsible for any withdrawal liability
arising with respect to any Multiemployer Plan in which Retained Individuals participate, and MVWC shall have no liability with respect thereto. 
 Section 3.04 Employment Claims. 
 (a) MVWC will be solely responsible
for any uninsured Employment Claims arising with respect to MVWC Individuals on, before or after the Effective Date. MII will be solely liable for any Employment Claims arising with respect to Retained Individuals on, before or after the Effective
Date as well as any insured Employment Claims arising with respect to MVWC Individuals on or before the Effective Date. 
 (b)
MVWC and MII acknowledge that avoiding or successfully defending against claims by third parties against either MVWC or MII in any way relating to the employment of any individual by MII before the Distribution, or relating to the employment of any
individual by MVWC in connection with its continuing operation of the MVWC Business (“Legal Claims”) is essential for the protection of the common legal and financial interests of the Parties; therefore, MVWC and MII intend that upon and
after the Effective Date they and their legal counsel shall cooperate fully on the subject of their common legal and financial interests and act in a coordinated fashion in the defense of those interests in the event of a potential or actual Legal
Claim. MVWC and MII intend that this Agreement shall apply to all potential or actual Legal Claims, both currently pending and as may arise in the future. 
 (c) MVWC and MII agree that attorney-client privilege, the work product doctrine and all other evidentiary privileges and non-disclosure doctrines shall apply to the fullest extent permitted by law to any
communication of privileged information among counsel for the parties, or between counsel for either party and the other party. In entering into and complying with this Agreement the parties do not intend to waive any such privilege or doctrine.

  
 18 

 Section 3.05 Intercompany Service Charge. Professional, managerial,
administrative, clerical, consulting, and support or production services provided to one party by personnel of the other party, upon the request of the first party or when such services are otherwise required by this Agreement between MVWC and MII,
shall be charged to the party receiving such services on commercially reasonable terms to be negotiated (or in accordance with the provisions of any applicable agreement between the parties). 

Section 3.06 WARN Claims. Before and after the Effective Date, each party shall comply in all material respects with the
Worker Adjustment and Retraining Notification Act and similar state laws (“WARN”). MII and the Retained Subsidiaries shall be responsible for WARN claims relating to Retained Individuals or to Employees who prior to the Effective Date were
employed in a MII Retained Business; MVWC and the MVWC Subsidiaries shall be responsible for WARN Claims relating to MVWC Individuals or to Employees who prior to the Effective Date were employed in a MVWC Business. Each party shall indemnify,
defend and hold harmless the other in connection with WARN claims for which the indemnitor is responsible and which are brought against the indemnitee. 
 Section 3.07 Employees on Leave of Absence. After the Effective Date, MVWC shall assume responsibility, if any, as employer for all Employees returning from an approved leave of absence who
prior to the Effective Date were employed in a MVWC Business. After the Effective Date, MII shall assume responsibility, if any, as employer for all Employees returning from an approved leave of absence who prior to the Effective Date were employed
in a MII Retained Business. 
 Section 3.08 Third Party Beneficiary Rights. Except as provided below, neither this
Agreement nor any other intercompany agreement between MVWC and MII is intended to nor does it create any third party contractual or other common law rights. No person shall be deemed a third-party beneficiary of the agreements between MVWC and MII.

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

Section 4.01 Default. If either party materially defaults hereunder, the non-defaulting party shall be entitled to all
remedies provided by law or equity (including reasonable attorneys’ fees and costs of suit incurred). 

  
 19 

 Section 4.02 Force Majeure. MVWC and MII shall incur no liability to each other
due to a default under the terms and conditions of this Agreement resulting from fire, flood, war, strike, lock-out, work stoppage or slow-down, labor disturbances, power failure, major equipment breakdowns, construction delays, accident, riots,
acts of God, acts of United States’ enemies, laws, orders or at the insistence or result of any governmental authority or any other delay beyond each other’s reasonable control. 

ARTICLE V 

MISCELLANEOUS 

Section 5.01 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the parties or any third
party as creating the relationship of principal and agent, partnership or joint venture between the parties, it being understood and agreed that no provision contained herein, and no act of the parties, shall be deemed to create any relationship
between the parties other than the relationship set forth herein. 
 Section 5.02 Access, to Information:
Cooperation. MII and MVWC, their respective Subsidiaries and their authorized agents will be given reasonable and timely access to and may take copies of all information relating to the subjects of this Agreement (to the extent permitted by
federal and state confidentiality laws) in the custody of the other party, including any agent, contractor, subcontractor, agent or any other person or entity under the contract of such party. The parties will provide one another with such
information within the scope of this Agreement as is reasonably necessary to administer each party’s Plans. The parties will cooperate with each other to minimize the disruption caused by any such access and providing of information.

 Section 5.03 Assignment. This Agreement and all of the provisions hereof shall be binding upon, and inure to the
benefit of the parties and their respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by either party (whether by operation of law or otherwise) without
the prior written consent of the other party. Notwithstanding the preceding sentence, prior to the consummation of the transactions contemplated by the Distribution Agreement, MVWC) may assign its rights and obligations hereunder to any wholly-owned
U.S. Subsidiary of MII other than a Retained Subsidiary, which wholly owned Subsidiary shall, following the Distribution, own all of the assets of MII and its Subsidiaries (including shares of capital stock of Subsidiaries and any other ownership
interests in any Person) other than the MII Retained Business. In the event of such an assignment and assumption, the assignor shall be released from all of its obligations under this Agreement and the assignee shall become MVWC for all purposes
under this Agreement and the Transaction Agreements. 
 Section 5.04 Headings. The headings used in this Agreement
are inserted only for the purpose of convenience and reference, and in no way define or limit the scope or intent of any provision or part hereof. 

  
 20 

 Section 5.05 Severability of Provisions. Neither MII nor MVWC intend to violate
statutory or common law by executing this Agreement. If any section, sentence, paragraph, clause or combination of provisions in this Agreement is in violation of any law, such sections, sentences, paragraphs, clauses or combinations shall be
inoperative and the remainder of this Agreement shall remain in full force and effect and shall be binding upon the parties. 

Section 5.06 Notices. All notices, consents, approvals and other communications given or made pursuant hereto shall be in
writing and shall be deemed to have been duly given when delivered personally or by overnight courier or three days after being mailed by registered or certified mail (postage prepaid, return receipt requested) to the named representatives of the
parties at the following addresses (or at such other address for a party as shall be specified by like notice; except that notices of changes of address shall be effective upon receipt): 

 

	 	(a)	if to MII 

MARRIOTT INTERNATIONAL, INC. 
 10400 Fernwood Road 
 Bethesda, Maryland 20817 

Attention: GENERAL COUNSEL 
 Facsimile: 301-380-6727 
  

	 	(b)	if to MARRIOTT VACATIONS WORLDWIDE CORPORATION 

6649 Westwood Boulevard, 3rd Floor 
 Orlando, Florida 32821 
 Attention: GENERAL COUNSEL 

Facsimile: 407-206-6420 
 with a copy to: 
 6649 Westwood Boulevard, 1st Floor 

Orlando, Florida 32821 
 Attention: VP, Global Compensation & Benefits 

Facsimile: 407-206-6039 
 Section 5.07 Further Action. MVWC and MII each shall cooperate in good faith and take such steps and execute such papers as may be reasonably requested by the other party to implement the
terms and provisions of this Agreement. 
 Section 5.08 Waiver. MVWC and MII each agree that the waiver of any
default under any term or condition of this Agreement shall not constitute a waiver of any subsequent default or nullify the effectiveness of that term or condition. 

  
 21 

 Section 5.09 Governing Law. All controversies and disputes arising out of or
under this Agreement shall be determined pursuant to the laws of the State of New York, regardless of the laws that might be applied under applicable principles of conflicts of laws. 

Section 5.10 Consent to Jurisdiction: Waiver of Jury Trial. Each party irrevocably agrees that any legal action or proceeding
arising out of or relating to this agreement shall be instituted in any state or federal court sitting in New York City, Borough of Manhattan (and each party agrees not to commence any legal action or proceeding except in such courts), and each
party irrevocably submits to the jurisdiction of such courts in any such action or proceeding. Each party irrevocably consents to service of process in any such action or proceeding upon it by mail at its address set forth in Section 5.06 of
this Agreement. The foregoing provisions shall not limit the right of any party to bring any such action or proceeding or to obtain execution on any judgment rendered in any such action or proceeding in any other appropriate jurisdiction or in any
other manner. EACH PARTY HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. 
 Section 5.11 Entire Agreement. This Agreement and the Transaction Agreements constitute the entire understanding between the parties hereto, and supersede all prior written or oral
communications, relating to the subject matter covered by said agreements. No amendment, modification, extension or failure to enforce any condition of this Agreement by either party shall be deemed a waiver of any of its rights herein. This
Agreement shall not be amended except by a writing executed by the parties. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement on November 17, 2011, effective as of November 5, 2011. 
  

			
	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

  
 22Exhibit 10.4

 Exhibit 10.4 

 
  

TAX SHARING AND INDEMNIFICATION AGREEMENT 
  

 
 Between

 MARRIOTT INTERNATIONAL, INC. 
 and 
 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

Dated as of November 21, 2011 

 TABLE OF CONTENTS 

 

									
	 Article 1 DEFINITIONS
	  	 	2	  
				
		 	Section 1.01.	 	 General
	  	 	2	  
				
		 	Section 1.02.	 	 Interpretation
	  	 	10	  
		
	 Article 2 PREPARATION AND FILING OF TAX RETURNS, PAYMENT OF TAXES
	  	 	10	  
				
		 	Section 2.01.	 	 Preparation and Filing of Tax Returns
	  	 	10	  
		 		 	 (a) MII Consolidated Returns
	  	 	10	  
		 		 	 (b) MII-MVWC Combined Returns
	  	 	11	  
		 		 	 (c) Separate Returns
	  	 	11	  
		 		 	 (d) Right of Review
	  	 	11	  
		 		 	 (e) Authorizations
	  	 	12	  
				
		 	Section 2.02.	 	 Allocation and Payment of Taxes
	  	 	12	  
		 		 	 (a) Pre-Distribution Period
	  	 	12	  
		 		 	 (b) Post-Distribution Period
	  	 	12	  
		 		 	 (c) Straddle Period
	  	 	12	  
		 		 	 (d) Taxes Not Shown on a Tax Return
	  	 	13	  
		 		 	 (e) Utilization of Tax Benefit Attributes
	  	 	13	  
				
		 	Section 2.03.	 	 338(h)(10) Elections
	  	 	13	  
				
		 	Section 2.04.	 	 Transfer Taxes
	  	 	14	  
		
	 Article 3 TAX MATTERS
	  	 	14	  
				
		 	Section 3.01.	 	 Use of Tax Benefit Attributes
	  	 	14	  
		 		 	 (a) Carrybacks
	  	 	14	  
		 		 	 (b) Carryforwards
	  	 	15	  
		 		 	 (c) Use of Tax Benefit Attributes By Related Persons
	  	 	15	  
				
		 	Section 3.02.	 	 Pre-Distribution Earnings and Profits
	  	 	15	  
				
		 	Section 3.03.	 	 Section 83(h) Matters
	  	 	15	  
		 		 	 (a) MII
	  	 	15	  
		 		 	 (b) MVWC
	  	 	16	  
				
		 	Section 3.04.	 	 MVWC Consolidated Group
	  	 	16	  
				
		 	Section 3.05.	 	 Consistency in Filing Tax Returns
	  	 	16	  
		
	Article 4 INDEMNITY	  	 	16	  
				
		 	Section 4.01.	 	 Indemnification
	  	 	16	  
		 		 	 (a) Indemnification by MVWC
	  	 	16	  
		 		 	 (b) Indemnification by MII
	  	 	17	  
				
		 	Section 4.02.	 	 Treatment of Indemnity Payments
	  	 	19	  
				
		 	Section 4.03.	 	 Timing of Indemnity Payments
	  	 	19	  
				
		 	Section 4.04.	 	 Refunds of Indemnified Taxes
	  	 	20	  

									
	Article 5 REFUNDS, AUDITS, CONTROVERSIES, ADJUSTMENTS	  	 	20	  
				
		 	Section 5.01.	 	 Refunds
	  	 	20	  
				
		 	Section 5.02.	 	 Notification
	  	 	20	  
				
		 	Section 5.03.	 	 Contests
	  	 	21	  
		 		 	 (a) MII Consolidated Returns, MII-MVWC Combined Returns and MII Separate Returns
	  	 	21	  
		 		 	 (b) MVWC Separate Returns
	  	 	21	  
				
		 	Section 5.04.	 	 Adjustments After Final Determination
	  	 	21	  
				
		 	Section 5.05.	 	 Section 83(h) Deductions
	  	 	22	  
		
	Article 6 INFORMATION AND COOPERATION; BOOKS AND RECORDS	  	 	22	  
				
		 	Section 6.01.	 	 MVWC Tax Information
	  	 	22	  
		 		 	 (a) General
	  	 	22	  
		 		 	 (b) MVWC Tax Package
	  	 	22	  
				
		 	Section 6.02.	 	 MII Tax Information
	  	 	23	  
				
		 	Section 6.03.	 	 Record Retention
	  	 	23	  
				
		 	Section 6.04.	 	 Cooperation
	  	 	23	  
				
		 	Section 6.05.	 	 Copies of Tax Returns and Related Workpapers
	  	 	23	  
		
	Article 7 REPRESENTATIONS AND WARRANTIES AND COVENANTS	  	 	24	  
				
		 	Section 7.01.	 	 Representations and Warranties and Covenants
	  	 	24	  
		 		 	 (a) Representations and Warranties and Covenants of MII
	  	 	24	  
		 		 	 (b) Representations and Warranties and Covenants of MVWC
	  	 	24	  
				
		 	Section 7.02.	 	 Exceptions to Covenants
	  	 	25	  
		 		 	 (a) Restricted Transaction
	  	 	25	  
		 		 	 (b) MVW US Restricted Transaction
	  	 	25	  
		 		 	 (c) No Exception to Liability
	  	 	25	  
				
		 	Section 7.03.	 	 Certain Taxing Authority Contacts by MVWC Group
	  	 	25	  
		
	Article 8 GENERAL PROVISIONS	  	 	26	  
				
		 	Section 8.01.	 	 No Duplication of Payment
	  	 	26	  
				
		 	Section 8.02.	 	 Interest
	  	 	26	  
				
		 	Section 8.03.	 	 Termination
	  	 	26	  
				
		 	Section 8.04.	 	 Effectiveness
	  	 	26	  
				
		 	Section 8.05.	 	 Notices
	  	 	26	  
				
		 	Section 8.06.	 	 Complete Agreement; Construction
	  	 	27	  
				
		 	Section 8.07.	 	 Counterparts
	  	 	27	  
				
		 	Section 8.08.	 	 Waiver
	  	 	27	  
				
		 	Section 8.09.	 	 Amendments
	  	 	27	  
				
		 	Section 8.10.	 	 Successors and Assigns
	  	 	27	  
				
		 	Section 8.11.	 	 Subsidiaries
	  	 	27	  

  
 ii 

									
		 	Section 8.12.	 	Third Party Beneficiaries	  	 	27	  
				
		 	Section 8.13.	 	Headings	  	 	27	  
				
		 	Section 8.14.	 	Specific Performance	  	 	28	  
				
		 	Section 8.15.	 	Governing Law	  	 	28	  
				
		 	Section 8.16.	 	Arbitration	  	 	28	  
				
		 	Section 8.17.	 	Severability	  	 	28	  
				
		 	Section 8.18.	 	Costs and Expenses	  	 	28	  
				
		 	Section 8.19.	 	Coordination with Separation Agreement	  	 	28	  

  
 iii

 TAX SHARING AND INDEMNIFICATION AGREEMENT 

TAX SHARING AND INDEMNIFICATION AGREEMENT (this “Agreement”), signed on November 17, 2011 and effective as of November 21,
2011, by and between, MARRIOTT INTERNATIONAL, INC., a Delaware corporation (“MII”), and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (“MVWC”). Capitalized terms used herein but not defined shall
have the meaning ascribed to them in the Separation and Distribution Agreement, dated as of November 19, 2011, between MII and MVWC (“Separation Agreement”). 

W I T N E S S E T H 
 WHEREAS, MII is the publicly-traded parent of a multinational group of corporations (“MII Existing Group”) and the common parent of an affiliated group of corporations within the meaning
of Section 1504(a) of the Code that files consolidated U.S. federal income Tax Returns (“MII Consolidated Group”); 
 WHEREAS, all of the outstanding MVWC Common Stock will be distributed by MII to its shareholders, pro rata based on their respective ownership of shares of MII Common Stock
(“Distribution”), and the Distribution will be effected pursuant to, the Separation Agreement, subject to the satisfaction or waiver of the conditions set forth therein; 

WHEREAS, prior to the Distribution, (i) the members of the MVWC Group are members of the MII Existing Group, (ii) MVWC is a
newly-formed member of the MII Existing Group, and (iii) certain members of the MVWC Group are members of the MII Consolidated Group and also file combined, unitary or other State, local or foreign Tax Returns together with other members of the
MII Existing Group; 
 WHEREAS, as a result of the Distribution, members of the MVWC Group will cease to be members of the MII
Existing Group and will cease to file Tax Returns with other members of the MII Existing Group; 
 WHEREAS, prior to the
Distribution, (i) MII will have formed MVW US Holdings, Inc. (“MVW US”), and MII and other members of the MII Group will have undertaken the MVW US Contribution, (ii) MII will have undertaken the MVW US Preferred Stock
Sale, and (iii) MII and MVW US will have jointly made the 338(h)(10) Elections; 
 WHEREAS, prior to the Distribution,
members of the MII Group will have undertaken the MVW International Contribution and the Internal Distributions; 
 WHEREAS, the
Parties intend that for United States federal income tax purposes, (i) the MVW US Contribution will be a transaction pursuant to which gain or loss is recognized under Section 1001 of the Code, (ii) MII and MVW US will be eligible to
make the 338(h)(10) Elections, (iii) the MVW US Contribution Losses will be recognized and taken into account by the MII Consolidated Group, (iv) the MVW International Contribution will qualify as a tax-free reorganization under
Section 368(a)(1)(D) of the Code, (v) the Internal Distributions will qualify for non-recognition of gain or loss under Section 355 of the Code, (vi) the MVWC Contribution 

 
will qualify as a tax-free reorganization under Section 368(a)(1)(D) of the Code; and (vi) the Distribution will qualify for non-recognition of gain or loss under Section 355 of
the Code (collectively, “Intended Tax Treatment”); 
 WHEREAS, MII has obtained the Ruling and the Opinion to
the effect that, subject to the assumptions set forth therein, the MVW US Contribution, the 338(h)(10) Elections, the MVW US Contribution Losses, the MVW International Contribution, the Internal Distributions, the MVWC Contribution, and the
Distribution will qualify for the Intended Tax Treatment; 
 WHEREAS, in contemplation of the Distribution, the Parties desire
to enter into this Agreement to provide for the allocation among them of the liabilities for Taxes arising prior to, as a result of and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes; 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties hereby agree
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. General. As used in this
Agreement, capitalized terms shall have the following meanings: 
 “338(h)(10) Elections” means the elections
under Section 338(h)(10) of the Code (and any corresponding or similar elections under state or local Tax law) that, at MII’s option, MII and MVW US will have jointly made or will jointly make with respect to (i) the stock of MORI,
(ii) the stock of any direct or indirect domestic corporate subsidiary of MORI, and (iii) the stock of any other domestic corporation contributed to MVW US, in connection with the MVW US Contribution and MVW US Preferred Stock Sale and, in
each case, as directed by MII. 
 “Additional Tax” means: 

(i) with respect to a Tainting Act by a MVWC Group member that results, directly or indirectly, in the MII Group not being
able to utilize any MVW US Contribution Losses, an amount equal to the sum of (a) the amount of any Tax refund, credit or similar benefit that the MII Consolidated Group would otherwise have received under applicable Tax law if the MVW US
Contribution Losses had been utilizable by the MII Consolidated Group and, where relevant, the MII Consolidated Group could have carried back the MVW US Contribution Losses to one or more taxable periods prior to the taxable period during which the
MVW US Contribution Losses would have been incurred, and (b) the product of (x) the amount by which the consolidated taxable income (as determined under Treasury regulation section 1.1502-11) of the MII Consolidated Group for the taxable
period during which the MVW US Contribution Losses would have been incurred and each successive taxable period thereafter (determined without taking into account any Tax Benefit Attributes of the MII Consolidated Group) otherwise

  
 2 

 
would have been reduced by the MVW US Contribution Losses, multiplied by (y) the highest marginal corporate tax rate for the applicable taxable period under federal, state or local Tax law,
as the case may be; 
 (ii) subject to clause (i) above and without duplication, with respect to any
Tainting Act that affects the amount of any Tax imposed on or attributable to any member of the MII Group for which MII otherwise is responsible under this Agreement, an amount equal to the excess (if any) of (a) the cumulative amount of Tax
for which MII is responsible under this Agreement after taking into account any and all Tainting Acts by the MVWC Group, over (b) the cumulative amount of Tax for which MII would be responsible under this Agreement determined without taking
into account any Tainting Act; and 
 (iii) subject to clauses (i) and (ii) and without duplication,
with respect to any Tainting Act that affects a Tax Benefit Attribute of any MII Group member, an amount equal to the refund, credit or other similar reduction in otherwise required Tax payments relating to the utilization of such Tax Benefit
Attribute that MII otherwise would have recognized if such Tainting Act had not occurred. 
 “After-Tax Basis”
means, with respect to any liability indemnified in this Agreement, the actual amount of any payment to be made with respect to such liability, after giving effect to any tax cost actually incurred by the recipient arising out of the receipt of such
payment, and reducing such payment by the value of, any and all federal, state or other Tax benefits actually realized by the recipient in respect of the payment of the indemnified liability, which tax costs and tax benefits shall be treated as
actually incurred or actually realized, as the case may be, based on a with-and-without tax calculation and assuming that all other gain, income, loss, deduction and other items are taken into account by the recipient prior to taking into account
any such tax cost or tax benefit; 
 “Agreement” has the meaning assigned in the preamble hereto; 

“Allocation” has the meaning assigned in Section 2.03(b); 

“Business Day” means any day other than a Saturday, a Sunday and a day on which banks are required or authorized by law
to be closed in the City of New York. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from
time to time and any successor legislation; 
 “Consolidated Group” means, with respect to a Person,
(i) the MII Consolidated Group if the Person is a member thereof for such taxable period and (ii) the MVWC Consolidated Group if such Person is a member thereof for such taxable period. 

“Distribution” has the meaning assigned in the recitals hereof; 

“Distribution Date” means the date of the Distribution; 

“Distribution Tax” means (i) any Tax, calculated without regard to any Tax

  
 3 

 
Benefit Attributes of the MII Group, required to be paid by or imposed on any MII Group member resulting from, or arising in connection with, the failure of the MVWC Contribution or the
Distribution to qualify for the Intended Tax Treatment, including by reason of the application of Section 355(e) of the Code to the Distribution, and (ii) any and all losses and liabilities relating to or arising from claims of lawsuits by
stockholders of MII resulting from the failure of the Distribution to be tax-free to such stockholders under Section 355 of the Code (except with respect to cash received in lieu of fractional shares of MVWC Common Stock); 

“Final Determination” means the final resolution of liability for any Tax for any taxable period by or as a result of
(i) a final and unappealable decision, judgment, decree or other order of a court of competent jurisdiction; (ii) a final settlement, compromise or other agreement with the relevant Taxing Authority, an agreement that constitutes a
determination under Section 1313(a)(4) of the Code, an agreement contained in an IRS form 870-AD, a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the Code, or a comparable agreement under State, local or
foreign law; (iii) the expiration of the applicable statute of limitations; or (iv) payment of such Tax, if assessed by a Taxing Authority, pursuant to an agreement in writing by MVWC and MII to accept such assessment; 

“Group” of which a Person is a member means (i) the MII Group if the Person is a member of the MII Group and
(ii) the MVWC Group if such Person is a member of the MVWC Group; 
 “Indemnifying Party” has the meaning
assigned to Section 4.03; 
 “Indemnitee” has the meaning assigned to Section 4.03; 

“Intended Tax Treatment” has the meaning assigned in the recitals hereof; 

“Internal Distribution Tax” means any Tax, calculated without regard to any Tax Benefit Attributes of the MII Group,
required to be paid by or imposed on any MII Group member resulting from, or arising in connection with, the failure of the MVW International Contribution or the Internal Distributions to qualify for the Intended Tax Treatment, including by reason
of the application of Section 355(e) of the Code to the Internal Distributions; 
 “Internal
Distributions” means, collectively, (i) the distribution of the MVW International Common Stock by MIHC to MII RHG Acquisition SARL (“RHG”), and (ii) the distribution, for U.S. federal income tax purposes, of the MVW
International Common Stock by RHG to MII; 
 “IRS” means the U.S. Internal Revenue Service; 

“MII” has the meaning assigned in the preamble hereto; 

“MII Common Stock” means the Class A common stock of MII authorized and outstanding on the Distribution Date;

 “MII Consolidated Group” has the meaning assigned in the recitals hereof; 

  
 4 

 “MII Consolidated Return” means any consolidated U.S. federal income Tax
Return or amendment thereof of the MII Consolidated Group that includes MVWC or one or more of the MVWC Subsidiaries; 

“MII Existing Group” has the meaning assigned in the recitals hereof; 

“MII Group” means MII and any Subsidiary of MII that is not a member of the MVWC Group; 

“MII Percentage” means 90 percent; 
 “MII Separate Returns” has the meaning assigned in Section 2.01(c) below; 
 “MII-MVWC Combined Returns” means any combined, unitary, consolidated or other group or similar Tax Return in respect of any Taxes (including non-income Taxes) filed or to be filed with a
State or non-U.S. Taxing Authority that includes both a member of the MII Group and a member of the MVWC Group; 

“Mitigation Amount” has the meaning assigned in Section 5.05. 

“MORI” means Marriott Ownership Resorts, Inc., a Delaware corporation; 

“MVW International Contribution” means the contribution by MII International Holding Company SARL
(“MIHC”) of MVWC Assets to MVW International Holding Company S.a.r.l. (“MVW International”), in exchange for all of the outstanding common stock of MVW International (“MVW International Common
Stock”); 
 “MVW US” has the meaning assigned in the preamble hereto; 

“MVW US Contribution” means (i) the contribution by MII of all of the outstanding stock of MORI in exchange for the
all of the outstanding preferred stock of MVW US (“MVW US Preferred Stock”) and a portion of the outstanding common stock of MVW US (“MVW US Common Stock”), and (ii) the contribution by MII and other members of
the MII Group of the outstanding stock of certain other corporations and the outstanding membership interests of certain limited liability companies to MVW US in exchange for the remaining MVW US Common Stock, as set forth in Exhibit A; 

“MVW US Contribution Losses” means any losses recognized (i) by MORI and its corporate subsidiaries as a result of
the MVW US Contribution, the MVW US Preferred Stock Sale and the 338(h)(10) Elections, or (ii) by MII or any other member of the MII Group as a result of contributing stock or membership interests to MVW US in exchange for MVW US Common Stock
pursuant to the MVW US Contribution and the MVW US Preferred Stock Sale; 
 “MVW US Preferred Stock Sale” means
the sale of all of the MVW US Preferred Stock by MII to unrelated third party investors pursuant to a pre-existing binding commitment that was entered into by MII and such investors prior to the MVW US Contribution; 

“MVW US Restricted Transaction” means (i) any redemption by MVW US, or an

  
 5 

 
acquisition by any member of the MVWC Group or any third party acquisitions on behalf of a member of the MVWC Group, of the MVW US Preferred Stock prior to the day that is the fifth anniversary
of the Distribution Date, except for any redemption of the MVW US Preferred Stock pursuant to a “Change in Control” in accordance with Certificate of Designation of the MVW US Preferred Stock, (ii) any issuance by MVW US of any common
stock or preferred stock prior to the day that is the fifth anniversary of the Distribution Date, and (iii) any liquidation or dissolution of MVW US prior to the day that is the fifth anniversary of the Distribution Date; 

“MVWC” has the meaning assigned in the preamble hereto; 

“MVWC Assets” has the meaning assigned in the Separation Agreement; 

“MVWC Business” has the meaning assigned in the Separation Agreement; 

“MVWC Common Stock” means the single class of authorized and outstanding common stock of MVWC; 

“MVWC Consolidated Group” means the affiliated group of corporations (as defined in Section 1504(a) of the Code) as
in existence after the Distribution Date of which MVWC is the common parent; 
 “MVWC Contribution” means the
transfer of MVWC Assets by MII to MVWC pursuant to the Separation Agreement; 
 “MVWC Group” means MVWC and any
Subsidiary, from time to time, of MVWC after the MVWC Contribution; 
 “MVWC Percentage” means 10 percent;

 “MVWC Separate Returns” has the meaning assigned in Section 2.01(c); 

“Opinion” means the tax opinion rendered by Shearman & Sterling LLP to the effect that, subject to the
assumptions, limitations and representations set forth therein, the MVW US Contribution, 338(h)(10) Elections, MVW US Contribution Losses, MVW International Contribution, Internal Distributions, MVWC Contribution, and the Distribution all satisfy
the requirements for the Intended Tax Treatment; 
 “Party” means each of MII and MVWC; 

“Person” has the meaning assigned in the Separation Agreement; 

“Post-Distribution Period” means any Tax period beginning after the Distribution Date and the portion of any Straddle
Period commencing after the Distribution Date; 
 “Pre-Distribution Period” means any Tax period ending on or
before the Distribution Date and the portion of any Straddle Period ending on the Distribution Date; 

“Regulations” means the final, temporary and proposed Treasury regulations promulgated under the Code; 

  
 6 

 “Restricted Transaction” means any transaction or series of transactions by
a Person during the period from the Distribution Date to the first day after the second anniversary of the Distribution Date that would: 
  

	 	(i)	cause or allow the MII Consolidated Group or the MVWC Consolidated Group not to be engaged in the active trade or business (for purposes of Section 355(b) of the
Code and Regulations thereunder) that in the Tax Representation is represented to be conducted by the members of its Consolidated Group; 

  

	 	(ii)	cause or allow MVW International not to be engaged in the active trade or business (for purposes of Section 355(b) of the Code and Regulations thereunder) that in
the Tax Representation is represented to be conducted by MVW International; 

  

	 	(iii)	cause or allow MIHC or RHG not to be engaged in the active trade or business (for purposes of Section 355(b) of the Code and Regulations thereunder) that in the
Tax Representation is represented to be conducted by MIHC or RHG; 

  

	 	(iv)	sell, exchange, distribute, transfer or otherwise dispose of or agree to transfer or dispose of (all as determined for U.S. federal income tax purposes) 50 percent or
more of the gross assets of the MII Consolidated Group or the MVWC Consolidated Group (as it exists on the day after the date of the Distribution) other than pursuant to sales or transfers in the ordinary course of business or to members of the
“separate affiliated group” of MII or MVWC (as defined in Section 355(b)(3) of the Code and as it exists on the day after the date of the Distribution), as the case may be; 

 

	 	(v)	sell, exchange, distribute, transfer or otherwise dispose of or agree to transfer or dispose of (all as determined for U.S. federal income tax purposes) 50 percent or
more of the gross assets of MVW International (as it exists on the day after the date of the Internal Distributions) other than pursuant to sales in the ordinary course of business or to members of the “separate affiliated group” of MVW
International (as defined in Section 355(b)(3) of the Code and as it exists on the day after the date of the Distribution); 

  

	 	(vi)	sell, exchange, distribute, transfer or otherwise dispose of or agree to transfer or dispose of (all as determined for U.S. federal income tax purposes) 50 percent or
more of the gross assets MIHC or RHG (as it exists on the day after the date of the Internal Distributions) other than pursuant to sales in the ordinary course of business or to members of the “separate affiliated group” of MIHC or RHG (as
defined in Section 355(b)(3) of the Code and as it exists on the day after the date of the Distribution), as the case may be; 

  
 7 

	 	(vii)	in the case of MII, MIHC, RHG, MVWC or MVW International, dissolve, liquidate or involve a merger, consolidation, reincorporation or other reorganization of such Person
(other than, in the case of the Distribution, with another member of that Person’s “separate affiliated group” (as defined in Section 355(b)(3) of the Code and as it exists on the day after the date of the Distribution), or, in
the case of an Internal Distribution, with another member of that Person’s “separate affiliated group” (as defined in Section 355(b)(3) of the Code and as it exists on the day after the date of the Distribution));

  

	 	(viii)	in the case of MII, MIHC, RHG, MVWC or MVW International, redeem or otherwise purchase any of its outstanding common stock other than through stock purchases meeting
the requirements of Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to its amendment by Revenue Procedure 2003-48); 

  

	 	(ix)	in the case of MII, MIHC, RHG, MVWC or MVW International, issue any of its stock (including, without limitation, restricted stock or any instrument convertible or
exchangeable into stock), unless such stock is issued in exchange for property, services or cash of approximately equivalent value and 

  

	 	(1)	solely in the case of the MII Group, does not constitute (individually or in the aggregate) more than 49 percent of the aggregate value or aggregate voting power of its
capital stock outstanding immediately after the Distribution or the relevant Internal Distribution; or 

  

	 	(2)	is issued (A) to an employee or director in connection with the performance of services (and the stock issued is not excessive by reference to the services
performed) in accordance with Safe Harbor VIII in Section 1.355-7(d) of the Regulations or (B) pursuant to the exercise of a Substitute Equity Award; 

 

	 	(x)	In the case of MII, MIHC, RHG, MVWC or MVW International, enter into any agreements for sale or other disposition of its capital stock or amend its certificate of
incorporation or other organizational documents or take any other action through shareholder vote or otherwise that affects the relative economic or voting rights of its outstanding stock (including, without limitation, any recapitalization, stock
dividend or otherwise); and 

  

	 	(xi)	 enter into, or take affirmative steps in relation to, any negotiations, agreements or arrangements with respect to transactions or events (including
stock issuances, option grants, capital contributions, 

  
 8 

	 	
acquisitions and changes in the voting power of any of its stock) that, separately or in conjunction with other transactions, may cause the Distribution or an Internal Distribution to be treated
as part of a plan pursuant to which one or more persons acquire directly or indirectly stock representing a “50 percent or greater interest” in such Person within the meaning of Section 355(e)(4) of the Code. 

“Restructuring Tax” means any Tax (other than any Distribution Tax, Internal Distribution Tax, Additional Tax, Transfer
Tax or Section 338 Taxes) imposed on or attributable to a Group member that arises from or is attributable to the distribution, transfer, assignment, other disposition, receipt, purchase or other acquisition of MVWC Assets in connection with
and in preparation for the Distribution; 
 “Ruling” means the private letter ruling issued by the IRS to MII
in connection with the MVW US Contribution, 338(h)(10) Elections, MVW US Contribution Losses, MVW International Contribution, Internal Distributions, MVWC Contribution, or Distribution, together with any supplements issued by, and submissions to,
the IRS with respect to such Ruling; 
 “Section 338 Taxes” means any Tax directly resulting from the
338(h)(10) Election, or any election under Section 338(g) of the Code made by any member of the MII Group in connection with the MVW US Contribution; 
 “Straddle Period” means a Tax Period beginning on or before, and ending after, the Distribution Date; 
 “Subsidiary” has the meaning assigned in the Separation Agreement; 
 “Substituted Equity Award” means any (vested or unvested) employee stock option, restricted stock unit or other equity award in respect MII Common Stock or MVWC Common Stock (the grant,
exercise, vesting or settlement of which is subject to Section 83(a) of the Code) that has been converted pursuant to the Employee Benefits and Other Employment Matters Allocation Agreement, effective as of November 21, 2011, by and
between MII and MVWC from a (vested or unvested) employee stock option, restricted stock unit or other equity award (the grant, exercise, vesting or settlement of which is subject to Section 83(a) of the Code) that was granted by a member of
the MII Existing Group to an employee of the MII Existing Group prior to the Distribution Date; 
 “Tainting
Act” means (i) any act, failure to act or omission of or by any member of its Group that is inconsistent with the Intended Tax Treatment, the Ruling, the Tax Representations or any covenant or information submitted to the IRS or with
respect to the Ruling; (ii) a failure of any of its representations made herein to be true and complete when made; (iii) the breach by any member of its Group of any covenant made herein by it; or (iv) any other action or omission by
any member of its Group that is not required pursuant to this Agreement or the Separation Agreement, where such member knows or reasonably should expect, after consultation with is tax advisor, will give rise to Additional Tax, Restructuring Tax,
Internal Distribution Tax or Distribution Tax; 
 “Tax Benefit Attribute” means any net operating loss, net
capital loss, foreign tax credit, general business credit, fuel credit, minimum tax credit or any other similar Tax attribute; 

  
 9 

 “Tax Package” has the meaning assigned in Section 6.01(b) below;

 “Tax Representations” means the representations and covenants submitted or made by MII and it Subsidiaries
in connection with obtaining the Ruling; 
 “Tax Return” means any Tax return, declaration, statement, report,
form and information return relating to Taxes, including any amendments thereto and any related or supporting information; 

“Tax” or “Taxes” means (i) any federal, State, local or foreign income, gross receipts, franchise,
estimated, extension, alternative minimum, add-on minimum, sales, use, goods and services, transfer, real property gains, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall profit, environmental,
customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll, license, employee, withholding or other tax of any kind whatsoever, and (ii) any levies, duties, customs or other charges or
assessments in the nature of or in lieu of any tax, in each case, imposed by a governmental authority and including any interest, penalties or additions to tax or additional amounts in respect of the foregoing; 

“Taxing Authority” means any governmental body, agency, commission or authority having jurisdiction over the assessment,
determination, collection or imposition of any Tax; 
 “Transfer Taxes” has the meaning assigned in
Section 2.04; and 
 “Unqualified Tax Opinion” means a written tax opinion at a “will” level of
Shearman & Sterling LLP or an independent tax counsel reasonably acceptable to MII to the effect that the MVW US Contribution, 338(h)(10) Elections, MVW US Contribution Losses, MVW International Contribution, Internal Distributions, MVWC
Contribution, and the Distribution qualify for the Intended Tax Treatment. 
 Section 1.02. Interpretation. The
provisions of Section 11.16 of the Separation Agreement are incorporated by reference and shall apply to the terms and provisions of this Agreement and the Parties hereto mutatis mutandis. 

ARTICLE 2 

PREPARATION AND FILING OF TAX RETURNS, 
 PAYMENT OF TAXES 
 Section 2.01. Preparation and Filing of Tax
Returns. 
 (a) MII Consolidated Returns. For each taxable year for which MII files a consolidated
federal income Tax Return that begins on or before the Distribution Date, MII shall include all members of the MVWC Group that is permitted to be included under applicable law in such Tax Return. MII shall prepare and timely file (or cause to be
prepared and timely filed) with the IRS any and all such MII Consolidated Returns 

  
 10 

 
(including extension requests, and other documents and statements). MII Consolidated Returns shall include all income, gains, losses, deductions, credits and other Tax attributes of the members
of the MVWC Group that are members of the MII Consolidated Group for all taxable periods for which MII is entitled to include such member of the MVWC Group in such Tax Returns. To the extent permitted under applicable Tax law, MVWC agrees to, and
shall compel each other such included member of the MVWC Group to, (i) file or join in the filing of such Tax Returns, provide such authorizations, elections, consents and other documents as may be required in connection with such filings, and
(ii) take such other actions as may be necessary, in the judgment of MII, to prepare, complete and timely file MII Consolidated Returns and to carry out the purposes and intent of this Section 2.01(a). 

(b) MII-MVWC Combined Returns. MII shall prepare and file (or cause to be prepared and filed) with the Tax
Authority of the relevant State or non-U.S. jurisdiction any MII-MVWC Combined Returns. To the extent permitted under applicable Tax law, MVWC agrees to, and shall compel each other member of the MVWC Group whose Tax information is included in any
MII-MVWC Combined Return to, (i) evidence agreement to be included in such Tax Return on the appropriate form and (ii) take such other action as may be appropriate, in the opinion of MII, to carry out the purposes and intent of this
Section 2.01(b). 
 (c) Separate Returns. MII shall be responsible for the preparation and filing of
any other Tax Return with respect to any Tax (including non-income Taxes) that includes a member of the MII Group (the “MII Separate Returns”). For any Tax Return with respect to any Tax (including non-income Taxes) that includes a
member of the MVWC Group or their operations or assets and that does not include any member of the MII Group or their operations or assets (the “MVWC Separate Returns”), MII shall be responsible for the preparation of any MVWC
Separate Return that relates to a taxable period that ends on or prior to, or that includes but does not end on, the Distribution Date, which shall be prepared in a manner consistent with the current practice, elections, positions and methods used
in filing the MVWC Separate Return, and MVWC shall be responsible for the filing of such MVWC Separate Return; provided that, in the case of a MVWC Separate Return that relates to a taxable period that includes but does not end on the Distribution
Date, MVWC shall provide MII with information with respect to the portion of such taxable period that begins after the Distribution Date that is necessary to prepare such MVWC Separate Return, which information will be prepared on a basis consistent
with the current practices of such MVWC Separate Return. 
 (d) Right of Review. MII shall have exclusive
responsibility for and control of the preparation and filing of MII Consolidated Returns, MII-MVWC Combined Returns, MII Separate Returns and any other Tax Return filed with any Taxing Authority in connection with the determination of the U.S.
federal income tax liability of the MII Consolidated Group or a Tax liability with respect to a MII-MVWC Combined Return or MII Separate Return; provided, that, for a taxable period prior to or including the Distribution Date, such Tax
Returns shall be prepared in a manner consistent with MII’s (or its relevant Subsidiary’s) current practice, elections, positions and methods used in filing the relevant Tax Returns, unless otherwise required by applicable Tax law or as

  
 11 

 
determined in good faith by MII. Notwithstanding the foregoing, MII shall notify MVWC of any portion of any such Tax Return that relates to the MVWC Group and is not prepared in a manner
consistent with current practice or does not reflect a current election, position or method used in filing the relevant Tax Return. With respect to MVWC Separate Returns prepared by MII pursuant to Section 2.01(c), MII shall provide MVWC with a
reasonable opportunity to review such MVWC Separate Return, including any allocation of Taxes for a Straddle Period pursuant to Section 2.02(c), and shall consider in good faith the reasonable comments made by MVWC with respect to such Tax
Returns, and the Parties shall attempt in good faith to resolve any disagreements resulting from such review. 

(e) Authorizations. MII and MVWC shall, to the extent permitted under applicable Tax law and if necessary or
appropriate, shall cause their respective Subsidiaries to, prepare, sign and timely file any consents, elections, powers of attorney and other documents, and shall take any other actions necessary or appropriate, to effect the filing of any Tax
Return pursuant to this Section 2.01 or to contest such Tax Return in accordance with Section 5.03. 

Section 2.02. Allocation and Payment of Taxes 

(a) Pre-Distribution Period. MII shall be liable for and shall pay (or cause to be paid) to the relevant Taxing
Authority any Taxes of or relating to any member of the MII Existing Group for any Pre-Distribution Period (other than any portion of a Straddle Period). 
 (b) Post-Distribution Period. MVWC shall be liable for and shall pay (or cause to be paid) to the relevant Taxing Authority any Taxes of or relating to MVWC and any member of the MVWC Group for any
Post-Distribution Period (other than any portion of a Straddle Period). 
 (c) Straddle Period. With
respect to any Tax Return for a Straddle Period that includes a member of the MVWC Group or any such member’s assets or operations, the Parties and their respective Subsidiaries shall treat, and elect to treat the Distribution Date as the last
day of the Tax period. If no such election is permitted, the Taxes for the Straddle Period shall be allocated to the Pre-Distribution Period as follows: (A) in the case of real or personal property taxes, taxes based on capital, or a flat
minimum amount tax, the total amount of such Taxes multiplied by a fraction, the numerator of which is the number of days in the partial period through and including the Distribution Date and the denominator of which is the total number of days in
such Straddle Period; (B) in the case of all other Taxes based on or in respect of income, the Tax computed on the basis of the taxable income or loss of MVWC and any member of the MVWC Group, as applicable, for such partial period determined
from its books and records based upon an actual closing of the books methodology; and (C) in the case of all other Taxes, the Tax computed on the basis of the actual activities or attributes of MVWC or any member of the MVWC Group, as
applicable, for such partial period as determined from its books and records. MII shall pay or cause to be paid to MVWC such amount of Straddle Period Taxes that is attributable to the Pre-Distribution Period under this Section 2.02 within 5

  
 12 

 
Business Days prior to the actual due date for payments in respect of the corresponding Tax Return for such Straddle Period Taxes. MVWC shall be responsible for any Taxes attributable to the
portion of the Straddle Period that begins after the Distribution Date as allocated under this Section 2.02(c). 
 (d) Taxes Not Shown on a Tax Return. Each Party, or its respective Subsidiary, shall timely pay when due any Taxes not shown on a Tax Return filed by a member of a Group, such as Taxes invoiced by
a Taxing Authority. 
 (e) Utilization of Tax Benefit Attributes. No Group member that utilizes a Tax
Benefit Attribute of a member of the other Group shall be required to compensate or make any payment to such member of the other Group with respect to the utilization of such Tax Benefit Attribute. 

Section 2.03. 338(h)(10) Elections 
 (a) MVWC, MVW US and/or the applicable Subsidiary of MVW US shall join MII in making timely and irrevocable 338(h)(10) Elections. MVW US shall cooperate with MII and take all actions necessary and
appropriate (including filing such additional forms, Tax Returns, elections, schedules and other documents as may be required), as permitted by applicable Tax law, to effect and preserve the 338(h)(10) Elections in accordance with the provisions of
Section 1.338(h)(10)-1 of the Regulations. At MII’s direction, MVWC, MVW US and/or the applicable Subsidiary of MVW US shall jointly execute with MII an IRS Form 8023 (and any similar state or local forms) for MORI and, as directed by MII
and as permitted by applicable Tax law, any domestic corporate subsidiary of MORI, and MVWC, MVW US and/or such Subsidiary shall timely file such IRS Form 8023s (and any similar state or local forms), with the IRS (and any applicable state or local
taxing authorities) and MVWC shall provide MII with a copy of each IRS Form 8023 (and any state or local forms) so filed within 10 days after filing. 
 (b) MII shall prepare an allocation of the applicable consideration among the assets of MORI and any corporate subsidiary of MORI for which a 338(h)(10) Election is made (“Allocation”)
and shall deliver the Allocation to MVW US. MII shall consider in good faith any written comments received by MVW US within 20 days of MII’s delivery of the Allocation. Within 30 days of MII’s delivery of the Allocation, MVWC, MVW US and
/or the applicable Subsidiary of MVW US shall prepare consistently therewith (as adjusted to reflect any written comments by MVW US that were accepted by MII) an IRS Form 8883 (and any similar forms required by applicable state and local Tax laws)
for MORI and any corporate subsidiary of MORI for which a 338(h)(10) Election is made, and promptly deliver copies of such forms to MII for MII’s review and approval. 

(c) MVW US and each other member of the MVWC Group shall timely file all Tax Returns (including, but not limited to, IRS
Form 8023s and IRS Form 8883s) consistent with the 338(h)(10) Elections and, except as required pursuant to a Final Determination, shall not to take, or cause to be taken, any action that would be inconsistent with the 338(h)(10) Elections or the
final Allocation in any Tax Return, audit, litigation or otherwise. 

  
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 (d) To the extent that MVW US has a non-U.S. subsidiary and an election
under Section 338(g) of the Code could be made with respect to non-U.S. subsidiary, MII shall determine whether such an election will be made and, where relevant, the foregoing provisions of this Section 2.03 shall apply. 

Section 2.04. Transfer Taxes. Notwithstanding anything to the contrary in this Agreement, the Parties agree that all sales,
use, transfer, intangible, recordation, documentary stamp or similar Taxes or charges of a similar nature, applicable to, or resulting from, (i) the 338(h)(10) Elections and any election under Section 338(g) of the Code, (ii) the MVW
US Contribution, (iii) the MVW International Contribution, (vi) the Internal Distributions, (v) the MVWC Contribution, (vi) the Distribution and (viii) any other distribution, transfer, assignment other disposition, receipt,
purchase or other acquisition of MVWC Assets in connection with and in preparation for the Distribution (“Transfer Taxes”) shall be borne by MII. MVWC and each other MVWC Group member agrees to cooperate with MII in mitigating the
imposition or assessment of any Transfer Taxes and, to the extent permitted under applicable Tax law, shall take any actions as may be necessary, in the judgment of MII, to mitigate the imposition or assessment of Transfer Taxes. MII shall determine
the manner in which any Transfer Taxes and any corresponding transactions are reported for Tax purposes, including any position that no Transfer taxes are due and payable and, unless otherwise required pursuant to a Final Determination, no member of
the MVWC Group shall take any action that is inconsistent with the manner in which such Transfer Taxes and transactions are reported. MII shall file all necessary documentation with respect to such Transfer Taxes on a timely basis; provided that
MVWC shall cooperate with the preparation of any such documentation and, to the extent required by applicable Tax law, will timely file such documentation. 
 ARTICLE 3 
 TAX MATTERS 

Section 3.01. Use of Tax Benefit Attributes. 

(a) Carrybacks. If a Tax Benefit Attribute arises in any taxable period beginning after the Distribution Date in
respect of any Tax Return, to the fullest extent permitted under applicable Tax law, the MVWC Consolidated Group, or the relevant member of the MVWC Group, as applicable, shall waive the carryback of such Tax Benefit Attribute. To the extent such a
waiver is not permitted under applicable Tax law, MVWC shall be entitled to any refund for Tax obtained by the MII Group (or any member of the MII Group) as a result of the carryback of losses or credits of any member of such MVWC Group from any
taxable period beginning on or after the Distribution Date to any taxable period ending on or before the Distribution Date, provided that MVWC has notified MII with respect to such carryback. Such refund shall be limited to the net amount received
by the MII Group (by refund, offset against other Taxes or otherwise), net of any net Tax cost and other expenses incurred by the MII Group with respect to such refund, and shall be paid within 30 days after payment is received (or deemed received
by reason of the reduction of Taxes otherwise payable) by the MII 

  
 14 

 
Group from a Taxing Authority. The application of such carrybacks (if any) by MVWC and/or any Subsidiary of MVWC shall be in accordance with the Code and the Regulations promulgated thereunder or
other applicable Tax laws. If any such refund is subsequently disallowed, MVWC shall promptly pay to MII the full amount of such refund (together with any interest or penalties that are imposed). 

(b) Carryforwards. MII shall promptly notify MVWC (a) of any consolidated carryover item that may be partially
or totally allocable to a member of the MVWC Group and carried over to a taxable period beginning after the Distribution Date and (b) of subsequent adjustments which may affect such carryover item. MII shall determine that allocation of
consolidated carryover items in its sole discretion but agrees to consider in good faith any reasonable written comments provided by MVWC in respect of any such allocation. Notwithstanding anything to the contrary contained in this Agreement, no MVW
US Contribution Losses will be allocated to a member of the MVWC Group. 
 (c) Use of Tax Benefit Attributes
By Related Persons. No member of the MVWC Group shall enter into a transaction after the Distribution Date with the principal purpose or effect of reducing a Tax Benefit Attribute that otherwise could be used or available to the MII Group,
without MII’s prior written consent. 
 Section 3.02. Pre-Distribution Earnings and Profits. 

(a) MII shall, in accordance with Section 1.312-10(a) of the Regulations, allocate earnings and profits between MII
and MVWC, and such allocation shall control for taxable periods beginning after the Distribution Date; provided, however, that MII shall provide MVWC a reasonable opportunity to review, and provide written comments to, such allocation of earnings
and profits and shall consider in good faith the reasonable comments made by MVWC with respect to such allocation and/or reductions. 
 (b) MII shall in its sole discretion determine any allocations and/or reductions of earnings and profits and foreign taxes paid or accrued with respect to the Internal Distributions, and such allocations
and/or reductions shall control for taxable periods (or portions thereof) beginning after the Distribution Date; provided, however, that MII shall provide MVWC a reasonable opportunity to review, and provide comments to, such allocation and/or
reductions of earnings and profits and foreign taxes paid or accrued and shall consider in good faith the reasonable comments made by MVWC with respect to such allocation and/or reductions. 

(c) As reasonably requested by MVWC, MII agrees to provide MVWC with copies of any workpapers or other documentation that
were used in connection with determining the allocations and/or reductions of earnings and profits and foreign taxes paid or accrued under Sections 3.02(a) and (b). 
 Section 3.03. Section 83(h) Matters. Subject to Section 5.05: 
 (a) MII (or the relevant other member of the MII Group) shall be entitled to any deduction under Sections 83(h) and 162 of the Code (and any corresponding Tax Benefit Attributes) in respect of Substituted
Equity Awards held by employees of any member of the MII Group; and 

  
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 (b) MVWC (or the relevant other member of the MVWC Group) shall be entitled
to any deduction under Sections 83(h) and 162 of the Code (and any corresponding Tax Benefit Attributes) in respect of Substituted Equity Awards held by employees of any member of the MVWC Group. 

Section 3.04. MVWC Consolidated Group. MII intends that the MVW US Contribution and MVW US Preferred Stock Sale will not be
structured in such a way as to cause MVWC to fail to own stock of MVW US possessing less than 80 percent of the total voting power or value (within the meaning of Code Section 1504(a)(2)). 

Section 3.05. Consistency in Filing Tax Returns. 

(a) On or after the Distribution Date, neither Party shall, nor shall permit any member of its Group to, make or change
any accounting method, change its taxable year, amend any Tax Return or take any Tax position on any Tax Return, take any other action, omit to take any action, or enter into any transaction, that may reasonably be expected to result in any
increased Tax liability of a member of the other Group, except with the prior written consent of MII or MVWC, as the case may be, which consent shall not be unreasonably withheld or delayed; provided, however, that the Parties agree that any changes
by the MVWC Group in the Post-Distribution Period in the character or amount of payments between and among members of the MVWC Group in connection with services, sales or licensing activities in order to comply with Code Section 482 and the
Regulations thereunder, or an analogous provision under U.S. federal, state and local or non-U.S. law (including the change in the characterization of a payment from a service payment to a royalty payment or a reduction in the level of payments)
shall not be subject to this Section 3.05(a). MII and MVWC each agrees to file, and to cause the other members of its Group, to file, all U.S. federal, State and local income Tax Returns in accordance with this Article 3. 

(b) Unless otherwise required by a Final Determination, the tax treatment reported on any Tax Return of the MVWC Group
shall be consistent with the Intended Tax Treatment. To the extent that there are transactions relating to the Distribution that are not covered by the Intended Tax Treatment, MII shall determine the proper Tax treatment for such transactions and
the method of reporting such transactions on any Tax Return, and such treatment and reporting method shall be used by the MVWC Group in preparing and filing any Tax Return of the MVWC Group. 

ARTICLE 4 

INDEMNITY 

Section 4.01. Indemnification. 
 (a) Indemnification by MVWC. MVWC shall, on an After-Tax basis, indemnify the MII Group against and hold the MII Group harmless from: 

 

	 	(i)	except to the extent such amount relates to Additional Taxes, Restructuring Taxes, Internal Distribution Taxes or Distribution Taxes, any Taxes of or relating to MVWC
and any member of the MVWC Group for, and allocated hereunder, to any Post-Distribution Period, including the increase in the amount of any such Taxes as a result of a Final Determination, as described in Section 5.04; 

  
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	 	(ii)	the MVWC Percentage of any amount of Internal Distribution Tax and Distribution Tax, except to the extent due to a Tainting Act; 

 

	 	(iii)	any amount of Restructuring Tax, Internal Distribution Tax or Distribution Tax resulting from a Tainting Act of any member of the MVWC Group; and

  

	 	(iv)	any amount of Additional Tax. 

 (b) Indemnification by MII. MII shall, on an After-Tax basis, indemnify the MVWC Group against and hold the MVWC Group harmless from: 

 

	 	(i)	except to the extent such amount relates to Additional Taxes, Internal Distribution Taxes or Distribution Taxes, (i) Taxes of or relating to MII and any member of
the MII Existing Group for, and allocated hereunder, to any Pre-Distribution Period, (ii) Section 338 Taxes, (iii) Restructuring Taxes (except as provided in Section 4.01(a)(iii)), and (iv) liabilities of any member of the
MVWC Group for Taxes of any Person as a result of such member of the MVWC Group being, or having been, on or before the Distribution Date, a member of a consolidated group under Regulations section 1.1502-6(a); 

 

	 	(ii)	the MII Percentage of any amount of Internal Distribution Tax and Distribution Tax, except to the extent due to a Tainting Act; and 

 

	 	(iii)	any amount of Internal Distribution Tax or Distribution Tax resulting from a Tainting Act of any member of the MII Group. 

(c) Notwithstanding Section 4.01(a) and Section 4.01(b), to the extent that a Restructuring Tax, Internal
Distribution Tax or Distribution Tax arises as a result of a Tainting Act by both the MII Group and the MVWC Group, the amount of indemnification under Section 4.01(a) and Section 4.01(b) shall be based on the MVWC Percentage and the MII
Percentage, respectively. 
 (d) To the extent that, as a result of a Final Determination, the MVW US
Contribution Losses are disallowed, in whole or in part, with respect to the MII Consolidated Group and such failure does not result, directly or indirectly, from a Tainting Act by a MVWC Group member, and such MVW US Contribution Losses are
available to the MVWC Consolidated Group, then as the assets that correspond to such 

  
 17 

 
MVW US Contribution Losses are transferred to a Person that is not a member of the MVWC Consolidated Group (but if to a member of the MVWC Group that is not a member of the MVWC Consolidated
Group, only after section 267(f) ceases to apply) MVWC shall pay to MII, within 20 days after the filing of the US federal income tax return of the MVWC Consolidated Group for the year of the relevant transfers, an amount equal to 38 percent of the
disallowed MVW US Contribution Losses that are attributable to the assets transferred; provided, however, that (i) to the extent that transfers of assets that correspond to the MVW US Contribution Losses result in losses to the MVWC
Consolidated Group for any given taxable year but the MVWC Consolidated Group has a net operating loss for such taxable year (“NOL Carryforward”) without regard to the losses resulting from the transfer of such assets, MVWC shall not be
liable under this Section 4.01(d) until the MVWC Consolidated Group absorbs the NOL Carryforward (or a portion thereof but only to the extent of such portion) against its consolidated taxable income (as determined under Treasury regulation
section 1.1502-11), which NOL Carryforward shall be treated as being absorbed in any subsequent taxable year prior to any MVW US Contribution Losses that are recognized in such subsequent taxable year (and, if not absorbed, any such MVW US
Contribution Losses will be treated as an NOL Carryforward for purposes of this Section 4.01(d)), and, if a portion of the NOL Carryforward is absorbed in a subsequent taxable year, the MVW US Contribution Losses that comprise the NOL
Carryforward will be treated as being absorbed prior to any other losses that comprise the NOL Carryforward, and, if such NOL Carryforward expires, MVWC shall not be liable under this Section 4.01(d), and (ii) subject to clause (i) of
this proviso, to the extent that in a given taxable year, assets that correspond to the MVW US Contribution Losses are transferred and result in losses and the MVWC Consolidated Group has a NOL Carryforward for such taxable year only after taking
into account such losses, MVWC shall be currently liable under this Section 4.01(d) in respect of the excess of the MVW US Contribution Losses over the amount of the NOL Carryforward but MVWC shall not currently be liable under this
Section 4.01(d) in respect of the amount of the NOL Carryforward, which shall be taken into account in accordance with clause (i) of this proviso. For the avoidance of doubt, (a) the amount of MVW US Contribution Losses in respect of
an asset is the amount by which the tax basis of the asset exceeded its fair market value as of the date of the Distribution, as determined by MII in connection with the MVW US Contribution, (b) to the extent transfers of assets that
correspond to the MVW US Contribution Losses result in losses that exceed the corresponding MVW US Contribution Losses for such assets, for purposes of this Section 4.01(d), the MVW US Contribution Losses will be treated as being used first by
the MVWC Consolidated Group, and (c) MVWC shall be required to make payments under this Section 4.01(d) regardless of whether the transfer results in a gain or additional loss, in each case, for U.S. federal income tax purposes. MVWC
agrees to provide, upon a reasonable written request by MII, information regarding the assets that correspond to the MVW US Contribution Losses, including any transfers thereof and the use of any losses in respect of the transfers of such assets.

 (e) To the extent that MVW International has made one or more distributions to MVWC out of any earnings and
profits allocated to MVW International in connection with the MVWC Contribution and Internal Distributions and (I) as a result of a Final Determination in respect of an audit or other proceeding that begins on or prior

  
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to the 6th anniversary of the Distribution Date, additional U.S. federal income taxes in excess of $2 million are imposed on MVWC (or any member of the MVWC Consolidated Group) in respect of such
distribution(s) solely because either (i) the amount of earnings and profits that were allocated to MVW International in connection with the MVW International Contribution and Internal Distributions is determined to
be greater than such amount of earnings and profits that were allocated or (ii) the amount of foreign taxes paid or accrued that are creditable for U.S. federal income tax purposes and that were allocated to MVW
International in connection with the MVW International Contribution and Internal Distributions is determined to be less than such amount of creditable foreign taxes paid or accrued that were allocated, or (II)
solely as a result of the allocation to MVW International of earnings and profits and/or foreign taxes paid or accrued that are creditable for U.S. federal income tax purposes, as determined by MII pursuant to Section 3.02(b), additional
U.S. federal income taxes in excess of $2 million are imposed on MVWC (or any member of the MVWC Consolidated Group) in respect of such distribution(s) and reported on the applicable U.S. federal income tax return for the MVWC Consolidated
Group, then (a) MVWC will be responsible for any such additional U.S. federal income taxes until the amount of such additional U.S. federal income taxes equals $750,000, and (b) MII will be responsible for and will
indemnify MVWC against any such additional U.S. federal income taxes in excess of $750,000; provided that (x) MII will have sole and exclusive control over any audit or other proceeding relating to the allocation and substantiation of such
earnings and profits or creditable foreign taxes paid or accrued that begins on or prior to the
6th anniversary of the Distribution Date (and any related
proceedings that arise after the 6th anniversary of the Distribution Date), (y) any payments by MII under this Section 4.01(e) shall be made 20 days after the applicable Final Determination in the case of clause (I) above, or 20 days
after the due date (including extensions obtained) for the applicable U.S. federal income tax return of the MVWC Consolidated Group, and (z) for the avoidance of doubt, MII will not be required to indemnify MVWC under this section 4.01(e) in
respect of any such additional U.S. federal income taxes that are imposed as a result of any audit or other proceeding that begins after the 6th anniversary of the Distribution Date. 
 Section 4.02. Treatment of Indemnity Payments. Except to the extent otherwise required by applicable Tax law, any indemnity payment hereunder shall be treated, for all Tax purposes, as made
immediately before the Distribution (i) as a distribution by MVWC to MII, if made pursuant to Section 4.01(a), and (ii) as a contribution by MII to MVWC, if made pursuant to Section 4.01(b). 

Section 4.03. Timing of Indemnity Payments. To the extent that one Party (the “Indemnifying Party”) has an
indemnification obligation to another Party (the “Indemnitee”), the Indemnitee shall provide the Indemnifying Party with a written claim that includes its calculation of the amount of such indemnification payment. Such calculation
shall provide sufficient detail to permit the Indemnifying Party to reasonably understand the calculations. The Indemnifying Party shall make the required payment to the Indemnitee within ten Business Days of receipt of such claim, but in no event
more than five Business Days prior to the due date of the related payment of Taxes to the relevant Taxing Authority (including extensions), unless explicitly provided otherwise in this Agreement. Any Party making an indemnification payment under
this Agreement shall have the right to reduce any such payment by any amounts owed to it by the other Party to this Agreement. 

  
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 Section 4.04. Refunds of Indemnified Taxes. If any portion of Taxes with respect
to which the Indemnitee is indemnified by the Indemnifying Party pursuant to Section 4.01 is refunded by a Taxing Authority, such refund, including any related interest thereon but net of any Taxes or out-of-pocket costs and expenses incurred
by the Indemnitee in connection with such refund, shall be the property of the Indemnifying Party that made a payment to the Indemnitee pursuant to Section 4.01, and, if received by the Indemnitee that received the payment pursuant to
Section 4.01, such Indemnitee shall promptly pay over such refund, including any related interest thereon but net of any cost and expense incurred by the Indemnitee in connection with such refund, to the Indemnifying Party that made the
payment. 
 ARTICLE 5 
 REFUNDS, AUDITS, CONTROVERSIES, ADJUSTMENTS 
 Section 5.01. Refunds.
Except to the extent set forth in Section 4.04, MII shall have the right to any Tax refunds or other Tax benefits, and any interest thereon, in respect of any MII Consolidated Return, any MII-MVWC Combined Return, any MII Separate Return and,
to the extent allocable to a Pre-Distribution Period under this Agreement, any MVWC Separate Return and MVWC shall promptly pay over to MII any refund to which MII is entitled pursuant to this Section 5.01 that is received by a member of the
MVWC Group. MVWC shall have the right to any Tax refund or other Tax benefits and any interest thereon in respect of any MVWC Separate Return to the extent allocable to a Post-Distribution Period under this Agreement, and Marriot shall promptly pay
over to MVWC any refund to which MVWC is entitled pursuant to this Section 5.01 that is received by a member of the MII Group. If a Party receives a refund of the other Group and pays such refund over to such other Group and such refund is
subsequently disallowed, such other Group shall repay the amount of the refund to such Party together with any interest or penalties due thereon. 
 Section 5.02. Notification. If one of the Parties (or any of their respective Subsidiaries) receives any written notice of deficiency, claim or adjustment or any other written communication
from a Taxing Authority regarding any Distribution Tax, Restructuring Tax or Additional Tax, the Party (or its Subsidiary) receiving such notice or communication shall promptly give written notice thereof to the other Party. MVWC shall promptly
forward any written notice of deficiency, claim or adjustment or any other written communication that any member of the MVWC Group receives from a Taxing Authority to MII if such notice or communication may relate to any MII Consolidated Return,
MII-MVWC Combined Return or MII Separate Return. MII shall promptly forward any written notice of deficiency, claim or adjustment or any other written communication that any member of the MII Group receives from a Taxing Authority to MVWC if such
notice or communication may relate to an MVWC Separate Return or a Tax for which MVWC may be liable or responsible for under this Agreement. A failure of MII, on the one hand, or MVWC, on the other, to comply with this Section 5.02 shall not
relieve the other Party of its indemnification obligation hereunder, except to the extent that such failure materially prejudices the ability of the such other Party to contest the liability for the relevant Tax or increases the amount of such
liability. 

  
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 Section 5.03. Contests. 

(a) MII Consolidated Returns, MII-MVWC Combined Returns and MII Separate Returns. MII shall have exclusive
responsibility and control of the conduct of examinations and audits of any MII Consolidated Return, any MII-MVWC Combined Return or any MII Separate Return by any Taxing Authority, and of any refund claims with respect thereto. If a MII
Consolidated Return, a MII-MVWC Combined Return or a MII Separate Return becomes the subject of litigation in any court, the conduct of the litigation shall be controlled exclusively by MII. MVWC shall assist and cooperate with MII during the course
of any such examination, audit or litigation. MVWC shall have the right to participate, at its own expense, in any audit, examination or litigation that relates to a matter for which MVWC is required to indemnify MII pursuant to
Section 4.01(a), and MII shall not settle such audit, examination or litigation without the prior consent of MVWC, which consent shall not be unreasonably withheld or delayed. MVWC shall reimburse MII for all reasonable out-of-pocket costs and
expenses incurred by the MII Group that directly relate to any examination, audit or litigation of any matter for which MVWC is required to indemnify MII pursuant to Section 4.01(a) within 10 Business Days of receiving an invoice from MII
therefor, including a calculation of the amount of costs or expenses that provides sufficient detail to permit MVWC to reasonably understand the calculations; provided that if MVWC is only liable under this Agreement for a portion of the relevant
adjustment, MVWC shall only be responsible for a proportionate amount of such costs and expenses. 
 (b) MVWC
Separate Returns. MII shall have exclusive and sole responsibility and control of the conduct of examinations and audits of any MVWC Separate Return with respect to a Pre-Distribution Period (other than in respect of a Straddle Period) by any
Taxing Authority and any litigation in respect thereof; provided that MII will keep MVWC reasonably informed of the status and progress of such examination, audit or litigation and MII shall not settle such audit, examination or litigation without
the prior consent of MVWC, which consent shall not be unreasonably withheld or delayed. With respect to a MVWC Separate Return for a Straddle Period, the Party with the greater burden of the potential adjustment shall be entitled to control of the
conduct of any examination and audit of such MVWC Separate Return by any Taxing Authority and any litigation in respect thereof; provided that the non-controlling Party shall be entitled to participate, at its own expense, in any audit, examination
or litigation, the controlling Party shall not settle such audit, examination or litigation without the prior consent of the other Party, which consent shall not be unreasonably withheld or delayed. MII and MVWC shall each assist and cooperate with
the other Party during the course of any such proceeding. 
 Section 5.04. Adjustments After Final Determination.
Notwithstanding anything to the contrary contained in this Agreement, if, as a result of a Final Determination, an adjustment to income or other item is made with respect to any MII Consolidated Return, MII-MVWC Combined Return, MII Separate Return
or MVWC Separate Return, the allocation of liability and payment for Taxes shall be made in accordance with Section 2.02 and Section 4.01. 

  
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 Section 5.05. Section 83(h) Deductions. If, as a result of a Final
Determination, a Party (or its Subsidiary) that claimed a deduction pursuant to Section 3.03 is not allowed that deduction, in whole or in part, the other Party (or its Subsidiary) shall, upon request by such first Party, make a claim for such
deductions if the taxable year to which such deductions would relate is not yet closed; provided, that the first Party has furnished the other Party (i) an opinion of counsel satisfactory to the other Party that such deduction by the
other Party (or one of its Subsidiaries) should be sustained based on the Final Determination and (ii) an acknowledgement that the first Party will reimburse the other Party for all reasonable out-of-pocket costs and expenses incurred by the
other Party (or any of its Subsidiaries) in connection with claiming such deduction. The other Party shall pay the first Party an amount equal to the amount by which the Taxes of the other Party have been actually reduced, as reflected on an amended
Tax Return or claim for a refund, as a result of such deduction in such taxable year, or any prior or future taxable year to which such deductions may be carried, (“Mitigation Amount”) assuming that such deductions will be treated
as used after any other Tax Benefit Attribute of the claiming Party; provided that, if such deduction by such other Party (or any of its Subsidiaries) is not sustained in whole or in part in a Final Determination, the Party that received the
Mitigation Amount shall return to the Party that paid the Mitigation Amount an amount equal to the reduction in the Mitigation Amount (if any) as a result of such Final Determination; provided, further, that the other Party shall be
required to pay the first Party in respect of any Tax benefit realized in a future year only at the time when such benefit is actually realized. 
 ARTICLE 6 
 INFORMATION AND COOPERATION; BOOKS AND RECORDS 

Section 6.01. MVWC Tax Information. 
 (a) General. Each Party shall deliver to the other Party, as soon as practicable, such information and data as the other Party may reasonably request, and shall make available such knowledgeable
employees as the other Party may reasonably request, including providing the information and data required by each Party’s customary internal tax and accounting procedures, in order to enable the other Party to complete and timely file all Tax
Returns that may be required to be filed with respect to the activities of any member of the MVWC Group, to respond to audits by any Taxing Authorities with respect to such activities, to prosecute or defend any administrative or judicial proceeding
and to otherwise enable each Party to satisfy its accounting and tax requirements. 
 (b) MVWC Tax
Package. The MVWC Group shall provide to MII in a format reasonably determined by MII all information reasonably requested by MII as necessary to prepare any MII Consolidated Return, any MII-MVWC Combined Return, any MII Separate Return that
includes MVWC Assets and any MVWC Separate Return (each, a “Tax Package”). The Tax Package shall be prepared on a basis consistent with current practices of the MII Consolidated Group, the relevant MII-MVWC Combined Return and the
relevant MII Separate Return to which the Tax Package relates. MVWC shall furnish to MII the Tax Package for the relevant MII Consolidated Return, MII-MVWC Combined Return or MII Separate Return in respect of a taxable year no later than 30 days
after the close of the relevant taxable year or, in the case of a short taxable year, no more than 60 days after MII requests MVWC to complete such Tax Package. 

  
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MVWC shall also furnish MII work papers and other such information and documentation as is reasonably requested by MII for Tax preparation purposes with respect to any member of the MVWC Group.

 Section 6.02. MII Tax Information. No more than 60 days after MVWC’ request for information, MII shall
deliver to MVWC in a format reasonably determined by MVWC, all information reasonably requested by MVWC as necessary to prepare a MVWC Separate Return, such information and data concerning any Tax Benefit Attributes that were allocated to a member
of the MVWC Group, and information and data to respond to audits by any Taxing Authorities with respect to the activities of the MVWC Group or the MVWC Assets, to prosecute or defend claims for Taxes in any administrative or judicial proceeding and
to otherwise enable MVWC to satisfy its accounting and tax requirements. In addition, MII shall make available to MVWC MII’s knowledgeable employees for such purpose. 
 Section 6.03. Record Retention. Each of MVWC, on the one hand, and MII, on the other hand, (and their respective Subsidiaries) shall retain all books, records, documentation or other
information relied on or otherwise used in the preparation of any MII Consolidated Return, MII-MVWC Combined Return or MII Separate Return reflecting MVWC Assets for taxable periods beginning before the Distribution Date until the later of the
six-year anniversary of the filing of the relevant Tax Return or the expiration of the relevant statute of limitations (including, in each case, any extension thereof). Upon the expiration of the relevant period, the foregoing information may be
destroyed or disposed of; provided, however, that (i) the Party retaining the documentation or other information provides sixty (60) days prior written notice to the other party describing, in reasonable detail, the
documentation to be destroyed or disposed of and (ii) such other Party agrees in writing to such destruction or disposal. If a Party objects to the proposed destruction or disposal, then the other Party shall promptly deliver such materials to
the objecting party or continue to retain such materials, in either case at the expense of the objecting party. 

Section 6.04. Cooperation. The Parties shall reasonably cooperate with one another in a timely manner with respect to any
matter arising hereunder, including the preparation and execution of memoranda and representations, the execution of any document that may be necessary or reasonably helpful in connection with any audit or contest, the filing or amending of a Tax
Return or obtaining any tax opinion or private letter ruling. The Parties shall perform all actions required or permitted under this Agreement in good faith. If one Party requests the cooperation of the other Party, the requesting Party shall
reimburse the other Party for all reasonable out-of-pocket costs and expenses incurred by the other Party in complying with the requesting Party’s request; provided that the other Party shall provide the requesting Party with a written notice
prior to incurring any out-of-pocket costs or expenses. 
 Section 6.05. Copies of Tax Returns and Related
Workpapers. As soon as reasonably practicable but in no event later than December 31, 2011, MII shall furnish copies of any and all Tax Returns, and any related workpapers as reasonably determined by Marriott, of or that includes any member
of the MVWC Group for the past three taxable years for which Tax Returns have been filed (measured as of the Distribution Date). 

  
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 ARTICLE 7 
 REPRESENTATIONS AND WARRANTIES AND COVENANTS 
 Section 7.01.
Representations and Warranties and Covenants. 
 (a) Representations and Warranties and Covenants of
MII. MII hereby represents and warrants to MVWC, and covenants, that 
  

	 	(i)	as of the date hereof, no member of the MII Group knows of any fact that is inconsistent with the Tax Representations or the conclusions of the Ruling or the Opinion
that the Intended Tax Treatment applies; 

  

	 	(ii)	no member of the MII Group has any plan or intention to take any action or fail to take any action if such action or failure to act would be inconsistent with the Tax
Representations; 

  

	 	(iii)	each member of the MII Group will treat, on any relevant Tax Return, the MVW US Contribution, the 338(h)(10) Elections, MVW US Contribution Losses, the MVW
International Contribution, the Internal Distributions, the MVWC Contribution, and the Distribution in accordance with the Intended Tax Treatment; and 

  

	 	(iv)	no member of the MII Group will enter into a Restricted Transaction. 

(b) Representations and Warranties and Covenants of MVWC. MVWC hereby represents and warrants to MII, and
covenants, that 
  

	 	(i)	as of the date hereof, no member of the MVWC Group knows of any fact that is inconsistent with the Tax Representations or the conclusions of the Ruling that the
Intended Tax Treatment applies; 

  

	 	(ii)	no member of the MVWC Group has any plan or intention to take any action or fail to take any action if such action or failure to act would be inconsistent with the Tax
Representations; 

  

	 	(iii)	each member of the MVWC Group will treat, on any relevant Tax Return, the MVW US Contribution, the 338(h)(10) Elections, MVW US Contribution Losses, the MVW
International Contribution, the Internal Distributions, the MVWC Contribution, and the Distribution in accordance with the Intended Tax Treatment; and 

  

	 	(iv)	no member of the MVWC Group will enter into a Restricted Transaction or a MVW US Restricted Transaction. 

  
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 Section 7.02. Exceptions to Covenants. 

(a) Restricted Transaction. Notwithstanding Section 7.01(a)(iv) and Section 7.01(b)(iv), a Party or a
member of its Group may enter into a Restricted Transaction if: 
  

	 	(i)	prior to entering into each such Restricted Transaction, the Party entering into such Restricted Transaction receives a ruling from the IRS (and, to the extent an issue
is not covered by the ruling, an Unqualified Tax Opinion with respect to such issue) or an Unqualified Tax Opinion, in each case, in a form and substance reasonably satisfactory to the other Party, to the effect that the Restricted Transaction will
not cause the Distribution, the MVWC Contribution, the MVW International Contribution, the Internal Distributions, MVW US Contribution Losses, 338(h)(10) Elections or the MVW US Contribution to fail to qualify for the Intended Tax Treatment in whole
or in part; or 

  

	 	(ii)	the other Party consents in writing to such Restricted Transaction (which consent may be withheld by such other Party at its sole discretion). 

Each Party shall cooperate with the other Party in connection with obtaining such IRS ruling and/or Unqualified Tax Opinion. The Party
proposing to enter in a Restricted Transaction shall reimburse each member of the Group of the other Party for all reasonable out-of-pocket costs and expenses incurred by the such Group in connection with requesting or obtaining an IRS ruling and/or
an Unqualified Tax Opinion pursuant to this Section 7.02(a) within 10 Business Days of receiving an invoice from such other Party therefor. 
 (b) MVW US Restricted Transaction. Notwithstanding Section 7.01(b)(iv), a member of the MVWC Group may enter into a MVW US Restricted Transaction if MII consents in writing, which may be
granted or withheld in the sole discretion of MII. 
 (c) No Exception to Liability. For the avoidance of
doubt, notwithstanding Section 7.02(a) or Section 7.02(b), entering into a Restricted Transaction or a MVW US Restricted Transaction shall be treated as a Tainting Act for all purposes of this Agreement, and each Party shall be liable for
any Additional Tax, Restructuring Tax or Distribution Tax resulting from any Restricted Transaction or MVW US Restricted Transaction in which such Party participates. 

Section 7.03. Certain Taxing Authority Contacts by MVWC Group. Subject to Section 7.02(a), no member of
the MVWC Group shall seek any guidance from the IRS or any other Taxing Authority (whether written or oral) at any time concerning the consequences of the MVW US Contribution, 338(h)(10) Elections, MVW US Contribution Losses, MVW International
Contribution, Internal Distributions, MVWC Contribution, or the Distribution to MII or the MII Consolidated Group, including the effect of any other transactions, without prior written consent of MII, which consent shall not be unreasonably withheld
or delayed. 

  
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 ARTICLE 8 
 GENERAL PROVISIONS 
 Section 8.01. No Duplication of
Payment. Notwithstanding anything to the contrary herein, nothing in this Agreement shall require a Party hereto to make any payment attributable to any indemnification for Taxes or payment of Taxes hereunder, or for any Tax Benefit Attribute,
for which payment has previously been made by such Party hereunder. 
 Section 8.02. Interest. Any
payments required pursuant to this Agreement which are not made within the time period specified in this Agreement shall bear interest for the period the amount remains unpaid at a rate equal to two hundred basis points above the average interest
rate on the senior bank debt of (i) MII, in the case of a payment due to MVWC, or (ii) MVWC, in the case of a payment due to MII. 
 Section 8.03. Termination. This Agreement shall remain in force and be binding so long as the applicable period for assessments or collections of Tax (including extensions) remains unexpired
for any Taxes contemplated by, or indemnified against in, this Agreement. 
 Section 8.04.
Effectiveness. The effectiveness of this Agreement and the obligations and rights created hereunder are subject to and conditioned upon the completion of the Distribution pursuant to the terms of the Separation Agreement. 

Section 8.05. Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by courier service (including overnight delivery) or by registered or certified mail (postage prepaid, return receipt
requested) to MII and MVWC at their respective addresses (or at such other address as shall be specified in a notice given in accordance with this Section 8.05) listed below: 

 

	 	(a)	To MII: 

 Marriott
International, Inc. 
 10400 Fernwood Road 
 Bethesda, MD 20817 
 Attn: General Counsel and Tax Director 

 

	 	(b)	To MVWC: 

 Marriott Vacations
Worldwide Corporation 
 6649 Westwood Blvd 
 Orlando, FL 32821 
 Attn: General Counsel and Tax Director 

  
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 Section 8.06. Complete Agreement; Construction. This Agreement
is intended to provide rights, obligations and covenants in respect of Taxes and shall supersede all prior agreements and undertakings, both written and oral, between members of the MII Group, on the one hand, and members of the MVWC Group, on the
other, with respect to the subject matter hereof and thereof. 
 Section 8.07. Counterparts. This
Agreement may be executed in one or more counterparts, and by MII and MVWC in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 Section 8.08. Waiver. MII and MVWC, as the case may be, may (a) extend the time for the
performance of any of the obligations or other acts of the other party or parties, (b) waive any inaccuracies in the representations and warranties of the other party or parties contained herein or in any document delivered by the other party
or parties pursuant hereto or (c) waive compliance with any of the agreements or conditions of the other party or parties contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the
party to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition, of this Agreement. The
failure of any party to assert any of its rights hereunder shall not constitute a waiver of any such rights. 

Section 8.09. Amendments. This Agreement may not be amended or modified except (a) by an instrument in
writing signed by, or on behalf of, MII and MVWC or (b) by a waiver in accordance with Section 8.08. 

Section 8.10. Successors and Assigns. The provisions of this Agreement shall be binding upon, inure to the
benefit of and be enforceable by MII and MVWC and their respective successors and permitted assigns. This Agreement cannot be assigned by MII or MVWC without the consent of the other party. 

Section 8.11. Subsidiaries. MII and MVWC shall each cause to be performed, and hereby guarantees the
performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary of such party (including predecessors and successors) or by any entity that becomes a Subsidiary of such party on or after the Distribution
Date. 
 Section 8.12. Third Party Beneficiaries. This Agreement shall be binding upon and inure
solely to the benefit of MII and MVWC and their respective Subsidiaries, and nothing herein, express or implied, is intended to or shall confer upon any third parties any legal or equitable right, benefit or remedy of any nature whatsoever under or
by reason of this Agreement. 
 Section 8.13. Headings. The descriptive headings contained in this
Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

  
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 Section 8.14. Specific Performance. MII and MVWC agree that
irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at
law or equity. 
 Section 8.15. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, applicable to contracts executed in and to be performed entirely within that State. 
 Section 8.16. Arbitration. Any conflict or disagreement arising out of the interpretation, implementation, or compliance with the provisions of this Agreement shall be finally settled pursuant
to the provisions of Article VII (Dispute Resolution) of the Separation Agreement, which provisions are incorporated herein by reference. 
 Section 8.17. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Distribution, the MVWC Contribution or the MVW US Contribution is not affected in any manner materially adverse to any party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, MII and MVWC shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in
an acceptable manner in order that the Distribution, the MVWC Contribution and the MVW US Contribution contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 8.18. Costs and Expenses. Unless specifically provided herein, each Party agrees to pay its own costs
and expenses resulting from the fulfillment of its respective obligations hereunder. 
 Section 8.19.
Coordination with Separation Agreement. Except as explicitly set forth in the Separation Agreement, this Agreement shall be the exclusive agreement among the Parties with respect to all Tax matters, including indemnification in respect of Tax
matters. The Parties agree that this Agreement shall take precedence over any and all agreements among the Parties with respect to Tax matters. 
 *                *                *

  
 28 

 IN WITNESS WHEREOF, MII and MVWC have caused this Agreement to be executed as of the date first written
above by their respective officers thereunto duly authorized. 
  

					
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	 /s/ Carl T. Berquist

		 	Name:	 	Carl T. Berquist
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 /s/ Stephen P. Weisz

		 	Name:	 	Stephen P. Weisz
		 	Title:	 	President and Chief Executive Officer

  
 29

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