Marriott Vacations Worldwide Corporation (NYSE:VAC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 14, 2019, the Compensation Policy Committee of Marriott Vacations Worldwide Corporation (“MVW”) approved certain performance share unit awards to MVW’s named executive officers to incentivize the achievement of specified synergy targets in connection with the integration of the businesses acquired to the Agreement and Plan of Merger, dated April 30, 2018, among MVW, ILG, Inc. and their subsidiaries party thereto (the “Merger Agreement”). Awards at target to MVW’s named executive officers equal $2,250,000 for Stephen P. Weisz, President and Chief Executive Officer; $700,000 for John E. Geller, Jr., Executive Vice President and Chief Financial and Administrative Officer; $600,000 for R. Lee Cunningham, Executive Vice President and Chief Operating Officer, Vacation Ownership; $600,000 for Brian E. Miller, Executive Vice President and Chief Marketing, Sales and Service Officer; and $600,000 for Lizabeth Kane-Hanan, Executive Vice President and Chief Development and Product Officer; provided that the amount earned will range from 0% – 250% of the target based on the achievement of specified synergy goals by the company as a whole and the applicable discipline for which the executive is responsible. The awards will be granted on March 4, 2019 and will vest in one tranche on December 31, 2021, subject to continued employment.
In addition to the performance share awards noted above, the Compensation Policy Committee approved regular annual compensation, including cash compensation and grants of equity awards to the named executive officers on a basis generally consistent with the prior year.
About Marriott Vacations Worldwide Corporation (NYSE:VAC)
Marriott Vacations Worldwide Corporation is a developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. The Company is a developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand. The Company develops, markets and sells whole ownership residential products under The Ritz-Carlton Residences brand. The Company operates through three segments: North America, Europe and Asia Pacific. The Company’s portfolio consists of approximately 60 properties in the United States and over eight other countries and territories. The Company’s brands include The Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club and The Ritz-Carlton Residences. The Company also offers purchase money financing for purchasers of its vacation ownership products.
