Marriott Vacations Worldwide Corporation filed a Form 8-K on August 3, 2026, disclosing the terms of an employment agreement entered into on August 2, 2026, effective July 30, 2026, with Jason P. Marino, its Executive Vice President and Chief Financial Officer.

Key Highlights

  • Base Salary: Mr. Marino will receive an annual base salary of not less than $650,000, subject to increases as the Board's Compensation Policy Committee deems appropriate.
  • Annual Bonus Target: Mr. Marino's target annual bonus for 2026 is 110% of base salary, with a maximum of 220% of base salary.
  • CFO Transformation Award: A restricted stock unit award with a target of 37,500 units and a maximum of 75,000 units, split equally between stock price goals and Adjusted EBITDA goals over a performance period of January 1, 2026 through December 31, 2028.
  • Stock Price Vesting Thresholds: The stock price Tranche pays out from 50% at a $115 highest average stock price to 200% at $215 or greater, yielding between 9,375 and 37,500 shares.
  • Adjusted EBITDA Vesting Thresholds: The EBITDA tranche pays out from 50% at $875,000,000 to 200% at $1,100,000,000 or greater in highest four-quarter Adjusted EBITDA, yielding between 9,375 and 37,500 shares.
  • Severance: Upon termination other than for Cause, Disability, or death, Mr. Marino is entitled to a lump sum equal to two times the sum of his base salary plus target annual bonus, a prorated annual bonus, and a payment equal to 24 months of COBRA premiums.
  • Non-Compete: Mr. Marino is restricted from competing with the Company for two years after employment ends, and from soliciting customers or employees for one year after employment ends.

Key Terms of Jason Marino's CFO Employment Agreement at Marriott Vacations Worldwide

According to the filing, Marriott Vacations Worldwide Corporation (NYSE: VAC) entered into an employment agreement with Jason P. Marino, effective July 30, 2026, for him to continue serving as Executive Vice President and Chief Financial Officer. The agreement sets his annual base salary at not less than $650,000. His 2026 target annual bonus is 110% of base salary, with a maximum of 220% of base salary, both contingent on performance goals set by the Board's Compensation Policy Committee.

The filing also describes a "CFO Transformation Award" consisting of restricted stock units with a target of 37,500 units and a maximum of 75,000 units. Fifty percent of the award vests based on the highest average closing price of company common stock over any 30 consecutive trading days during January 1, 2026 through December 31, 2028, with additional vesting possible based on the closing price between the end of that period and June 30, 2029. The remaining fifty percent vests based on the highest four-quarter Adjusted EBITDA during the same performance period. Linear interpolation applies for results between threshold and target or between target and maximum levels, the filing states.

The filing discloses that if Mr. Marino's employment is terminated by the company other than for Cause, Disability, or death, he is entitled to a lump sum cash severance equal to two times the sum of his base salary plus target annual bonus, a prorated annual bonus for the year of termination plus any unpaid bonus for a prior completed fiscal year, and a payment equal to 24 months of COBRA premiums, conditioned on execution and non-revocation of a separation agreement containing a general release in favor of the company. In connection with a change in control, the insurance payment component is instead equal to 24 times the aggregate monthly premiums for company-provided medical, dental, and Life insurance coverages, whichever is greater. The filing notes that Mr. Marino is an "at-will" employee.

What Was Disclosed

The filing disclosed the material terms of the CFO employment agreement with Jason P. Marino at Marriott Vacations Worldwide Corporation, including base salary, bonus targets, a transformation RSU award structure, severance terms, and post-employment restrictions. Verified against source; unverifiable items removed.