FORM OF NON-EMPLOYEE DIRECTOR STOCK APPRECIATION RIGHT AWARD AGREEMENTAppreciation Right Award Agreement • March 21st, 2012 • Marriott Vacations Worldwide Corp • Real estate agents & managers (for others)
This letter confirms that you have been granted Director SARs under and as defined in the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “Plan”) with respect to the following number of Shares (as defined in the Plan):
