Marriott International, Inc. Executive Officer Incentive Plan and Executive
Exhibit 10.10
Marriott International, Inc. Executive
Officer Incentive Plan and Executive
Officer Individual Performance Plan
Marriott International, Inc. Annual Cash Incentives
To help motivate the attainment of annual objectives, the Company maintains the Marriott International, Inc. Executive Officer Incentive Plan and the Marriott International, Inc. Executive Officer Individual Performance Plan for the Chief Executive Officer and each of the other named executives. Under each plan, specific objectives are established annually for a minimum level, target level, and a maximum level of performance, and for each such objective, actual performance is measured against these levels in order to determine the actual payment.
The Executive Officer Incentive Plan is operated under the shareholder-approved Marriott International, Inc. Stock and Cash Incentive Plan. The plan rewards executives for the Companys achievement of Company financial objectives. Typically, the compensation committee has measured performance based upon earnings per share. Notwithstanding the achievement of financial or other performance goals, the compensation committee has the authority to adjust the amount payable under the plan.
The Individual Performance Plan emphasizes individual executive performance as well as measures of business/operating unit financial performance such as revenue growth relating to newly developed rooms and customer, owner/franchisee and associate satisfaction. Each year, the compensation committee selects the performance criteria and weighting of the performance objectives for each eligible executive. These criteria and their weighting vary among eligible executives.
Under the plans, the aggregate norm and maximum payments for each named executive are as follows:
Norm (%) of Salary | Maximum (%) of Salary | |||
Chairman and Chief Executive Officer | 125 | 190 | ||
President and Chief Operating Officer | 90 | 135 | ||
Executive Vice President Lodging Development | 75 | 115 | ||
Executive Vice President, Chief Financial Officer and President- Continental European Lodging | 75 | 115 | ||
President North American Lodging Operations and Global Brand Management | 60 | 90 |
Of these amounts, 50% to 60% are payable under the Executive Officer Incentive Plan. No payment is made if performance fails to meet the minimum level for a particular objective.