Corporate GovernanceAug 3, 2026, 10:21 AM
Marriott Vacations CFO Marino's New Employment Agreement
AI Summary
Marriott Vacations Worldwide Corp. entered into a new employment agreement with Mr. Marino, continuing his role as Executive Vice President and Chief Financial Officer. The agreement sets his annual base salary at a minimum of $650,000 and includes an annual cash bonus target of 110% of his base salary. Mr. Marino will also receive a "CFO Transformation Award" of up to 75,000 restricted stock units, vesting based on stock price and Adjusted EBITDA goals. The agreement details severance benefits for various termination scenarios and includes restrictive covenants such as non-compete and non-solicitation clauses.
Key Highlights
- CFO Mr. Marino's annual base salary set at not less than $650,000.
- Target annual cash bonus for 2026 is 110% of base salary, with a maximum of 220%.
- CFO Transformation Award targets 37,500 restricted stock units, up to 75,000.
- 50% of Transformation Award vests based on stock price goals ($115 threshold, $145 target, $215 maximum).
- Severance for termination without cause includes 2x base salary + target bonus, prorated bonus, and 24 months of COBRA premiums.
- Non-compete clause for 2 years post-employment; non-solicitation for 1 year.
Price Impact
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