Marriott Vacations Worldwide Non-Employee Director Share Award Confirmation Letter
Marriott Vacations Worldwide Corporation grants a non-employee director a specified number of company shares under its Stock and Cash Incentive Plan. The shares are fully vested upon grant but will be delivered after the director's service ends. Until delivery, the director cannot transfer or vote the shares. If the company pays a cash dividend, the director will receive an equivalent cash payment. This letter serves as confirmation of the award and outlines the key terms.
Exhibit 10.3
[Grant Date]
[Name]
[Address]
| Re: | Non-Employee Director Share Award Confirmation |
Dear [Name]:
This letter confirms that you have been granted a Non-Employee Director Share Award under the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “Plan”) for the following number of Shares (as defined in the Plan):
| Number of Shares |
| [ ] |
This Award will be recorded in a book-keeping account and represents your unsecured right to receive from the Company the transfer of title to the specified number of Shares, as such number may be adjusted pursuant to the Plan, promptly following Termination of Service (as that term is defined in the Plan). Your right to the Shares is fully vested upon grant.
Prior to the delivery of Shares to you, (i) your rights under this Award may not be transferred, pledged or hypothecated; and (ii) you will not have any voting rights in the Shares subject to this Award. In the event a cash dividend is paid with respect to the Company’s common stock, a corresponding dividend equivalent payment will be paid to you in cash as of the payment date for such dividend.
If you have any questions, please feel free to call me at ###-###-####.
| Sincerely, |
| Catherine M. Peffen, |
| Vice President, Global Compensation & Benefits |
| Marriott Vacations Worldwide Corporation |
