Proxy Statement (Form DEF 14A)

Marriott Vacations Worldwide Corporation

7812 Palm Parkway

Orlando, Florida 32836

March 27, 2025

Dear Marriott Vacations Worldwide Stockholders:

It is my pleasure to inform you that the 2025 Annual Meeting of Stockholders of Marriott Vacations Worldwide Corporation (the "Annual Meeting") will be conducted online on Tuesday, May 13, 2025 beginning at 9:00 a.m., EasteTime. Stockholders of record may attend and vote during the Annual Meeting via the Internet at www.virtualshareholdermeeting.com/VAC2025. You may also attend the meeting by proxy. You may submit questions in advance of the meeting at www.proxyvote.com. Beneficial owners should review their voting instruction form or Notice of Internet Availability for how to vote in advance of and participate in the Annual Meeting online. For further information about the virtual Annual Meeting, please see the Questions and Answers About the Meeting beginning on page 4.

The following Notice of Annual Meeting of Stockholders and Proxy Statement includes information about the matters to be acted upon by stockholders at the Annual Meeting. We hope that you will exercise your right to vote as promptly as possible. You may vote through the Internet, by telephone or by mailing your completed proxy card (or voting instruction form, if you hold your shares through a broker).

We are mailing many of our stockholders a Notice Regarding the Availability of Proxy Materials (the "Notice") rather than a full set of our proxy materials. The Notice contains instructions on how to access our proxy materials on the Internet, as well as instructions on how to obtain a paper copy of the full set of proxy materials if a stockholder so desires. This process is more environmentally friendly and reduces our costs to print and distribute these materials to stockholders. All stockholders of record who do not receive the Notice will receive a full set of our proxy materials.

We appreciate your continued support and interest in Marriott Vacations Worldwide.

Marriott Vacations Worldwide Corporation

7812 Palm Parkway

Orlando, Florida 32836

March 27, 2025

The 2025 Annual Meeting of Stockholders (the "Annual Meeting") of Marriott Vacations Worldwide Corporation (the "Company") will be held at 9:00 a.m., EasteTime, on Tuesday, May 13, 2025, virtually, via the Internet at www.virtualshareholdermeeting.com/VAC2025. At the meeting, stockholders will act on the following matters:

Only stockholders of the Company at the close of business on March 14, 2025, the record date, are entitled to notice of, and to vote at, the Annual Meeting. For instructions on voting, please refer to the notice you received in the mail or, if you requested a hard copy of the Proxy Statement, your enclosed proxy card.

In the event of a technical malfunction in connection with the virtual Annual Meeting, the chair of the meeting will convene the meeting at 9:30 a.m. EasteTime on the date specified above and at the Company's address specified above solely for the purpose of adjourning the meeting to reconvene at a date, time and physical or virtual location announced by the chair of the meeting. Under these circumstances, we will post information regarding the announcement on the Investor Relations page of the Company's website at www.marriottvacationsworldwide.com.

Internet Availability

We are taking advantage of the U.S. Securities and Exchange Commission rules that allow companies to furnish proxy materials to their stockholders through the Internet. We believe these rules allow us to provide you with the information you need while lowering the costs of delivery and reducing the environmental impact of the Annual Meeting. On or about March 27, 2025, a Notice Regarding the Availability of Proxy Materials (the "Notice") or the Proxy Statement and form of proxy will be mailed to stockholders as of the record date. If you received a Notice by mail, you will not receive printed copies of the proxy materials, unless you specifically request them. Instead, the Notice instructs you on how to access and review all of the important information contained in the Proxy Statement and in our 2024 Annual Report on Form 10-K,as well as how to submit your proxy over the Internet. If you received the Notice and would still like to receive a printed copy of our proxy materials, you may request a printed copy of the proxy materials by following the instructions in the Notice.

Forward-Looking Statements and Website References

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact, including statements regarding our goals and commitments, such as those relating to compensation objectives and corporate responsibility strategy and matters, made in this document are forward-looking. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons. Risks and uncertainties that could cause our actual results to differ significantly from management's expectations are described in our Annual Report on Form 10-Kfor the fiscal year ended December 31, 2024. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document.

PROXY STATEMENT

The Board of Directors (the "Board") of Marriott Vacations Worldwide Corporation ("we," "us," "Marriott Vacations Worldwide," "MVW" or the "Company") is soliciting stockholders' proxies in connection with the 2025 Annual Meeting of Stockholders of the Company, and at any adjournment or postponement thereof (the "Annual Meeting"). The mailing to stockholders of the Notice Regarding the Availability of Proxy Materials (the "Notice") will take place on or about March 27, 2025.

Marriott Vacations Worldwide has made these materials available to you on the Internet or has delivered printed versions of these materials to you by mail in connection with the solicitation of proxies on behalf of the Board for use at our Annual Meeting. This Proxy Statement describes the matters on which you, as a stockholder, are entitled to vote. It also gives you information on these matters so that you can make an informed decision.

You may attend the Annual Meeting online, including to vote, by logging in at www.virtualshareholdermeeting.com/VAC2025. The Annual Meeting will begin at approximately 9:00 a.m., EasteTime, with log-inbeginning at 8:45 a.m. on Tuesday, May 13, 2025.

You may attend and vote during the Annual Meeting via the Internet at www.virtualshareholdermeeting.com/VAC2025. You may also attend the meeting by proxy. You may submit questions in advance of the meeting at www.proxyvote.com.

You are entitled to participate in the virtual Annual Meeting only if you were a stockholder of record who owned the Company's common stock at the close of business on March 14, 2025. Each holder of record is entitled to one vote per share. There were 34,563,443 shares of common stock outstanding and entitled to vote on March 14, 2025.

To attend online and participate in the Annual Meeting, stockholders of record will need to use their control number on their Notice or proxy card to log into www.virtualshareholdermeeting.com/VAC2025; beneficial owners who do not have a control number may gain access to the meeting by logging into their brokerage firm's website and selecting the stockholder communications mailbox to link through to the virtual Annual Meeting. Instructions should also be provided on the voting instruction card provided by their broker, bank, or other nominee.

We encourage you to access the meeting prior to the start time. Please allow time for online check-in,which will begin at 8:45 a.m. EasteTime. If you encounter any difficulties accessing the Annual Meeting during the check-inor meeting time, please call the technical support number that will be posted on the virtual Annual Meeting landing page at www.virtualshareholdermeeting.com/VAC2025.

You may submit a question in advance of the meeting at www.proxyvote.com. The Company will try to answer as many questions as possible during the time scheduled. Answers to appropriate investor questions received before the Annual Meeting will be posted on the Investor Relations page of the Company's website as soon as practicable after the Annual Meeting to the extent such questions were not answered at the Annual Meeting. Additional information regarding the question and answer process, including the types of questions permitted, the time allotted for the question and answer session, and how questions will be addressed and disclosed, will be available in the Annual Meeting Rules of Conduct, which will be posted at the virtual Annual Meeting website during the Annual Meeting.

The U.S. Securities and Exchange Commission (the "SEC") permits companies to furnish proxy materials to stockholders by providing access to these documents over the Internet instead of mailing a printed copy. Accordingly, we mailed a Notice to stockholders who elected to receive proxy materials by email. These stockholders have the ability to access, view and print the proxy materials on the website referred to in the Notice and request a printed set of proxy materials.

If you received a printed copy of our proxy materials, you can also view the proxy materials for the meeting electronically at proxyvote.com. You may also choose to receive future proxy materials by email. Choosing to receive your future proxy materials by email will lower our costs of delivery and reduce the environmental impact of our Annual Meeting. If you choose to receive our future proxy materials by email, you will receive an email next year with instructions containing a link to view those proxy materials and a link to the proxy voting site. Your election to receive proxy materials by email will remain in effect until you terminate it or for so long as the email address provided by you is valid.

Stockholders will vote on the following items at the Annual Meeting, if each is properly presented at the meeting:

In addition, management will respond to appropriate questions from stockholders submitted in advance of the meeting.

The Board's recommendation is set forth together with the description of each Item in this Proxy Statement. The Board recommends a vote FOReach nominee for director in Item 1, FORItems 2 and 3, and ONEYearon Item 4.

A record holder holds shares directly in his, her or its own name with the Company's transfer agent. Shares held in "street name" refer to shares that are held in the name of a bank or broker on a person's behalf. Many stockholders hold their shares in street name. For such shares, the bank or broker is considered the record holder for purposes of voting at the Annual Meeting. As a beneficial owner, you have the right to direct that organization how to vote the shares held in your account.

Whether you are a stockholder of record or a beneficial stockholder, you may direct how your shares are voted without participating in the Annual Meeting. We encourage stockholders to vote well before the Annual Meeting even if they plan to attend the virtual meeting, by completing proxies online or by telephone, or, if they received printed copies of materials, by mailing their proxy cards. Stockholders can vote via the Internet in advance of or during the Annual Meeting.

Stockholders who attend the virtual Annual Meeting should follow the instructions at www.virtualshareholdermeeting.com/VAC2025 to vote during the meeting. Voting online during the meeting will replace any previous votes.

Record holders who received a copy of this Proxy Statement and accompanying proxy card in the mail can vote by filling out the proxy card, signing it and returning it in the postage paid retuenvelope. Record holders can also vote by telephone (800-690-6903)or by Internet (www.proxyvote.com). Voting instructions are provided on the proxy card.

If you are a beneficial owner, you must vote by giving instructions to your bank or broker. You should follow the voting instructions on the form that you receive from your bank or broker.

Your proxy card, when properly signed and returned to us, or processed by telephone or via the Internet, and not revoked, will be voted in accordance with your instructions. We are not aware of any other matter that may be properly presented other than those described above. If any other matter is properly presented, the persons named in the enclosed proxy card will have discretion to vote on such matter in their best judgment.

If you are a beneficial owner, your bank or broker must vote according to specific instructions they receive from you, the beneficial owner. If your bank or broker does not receive specific instructions, they may in some cases vote the shares in their discretion, but are not permitted to vote on certain proposals and may elect not to vote on any of the proposals unless you provide voting instructions as to how to vote the shares. Therefore, we urge you to give voting instructions to your broker on all four voting items. Voting your shares will help to ensure that your interests are represented at the meeting. If you do not provide voting instructions and your bank or broker elects to vote your shares on some but not all matters, it will result in a 'broker non-vote'for the matters on which the bank or broker does not vote. Broker non-voteswill be considered as present for quorum purposes, but they will not be considered entitled to vote on the matters on which the bank or broker does not vote and will not be counted in determining the outcome of the vote on any such matters.

If you just sign and submit your proxy card without providing voting instructions, your shares will be voted "FOR" each director nominee listed in this Proxy Statement and "FOR" Items 2 and 3, and "ONE Year" on Item 4 as recommended by the Board and at the discretion of the persons named in the enclosed proxy card with respect to any other matters that are properly presented.

Directors will be elected by a plurality of all the votes cast at the Annual Meeting, either online or represented by a properly completed or authorized proxy. This means that the eight nominees who receive the highest number of "FOR" votes cast will be elected as directors. Stockholders cannot cumulate votes in the election of directors. Votes that are withheld will not be counted as votes cast on the matter and will have no effect on the outcome of the election. Broker non-votes,if any, will have no effect on the outcome of the matter.

The affirmative vote of holders of shares representing a majority in voting power, present online or represented by proxy and entitled to vote on the proposal, is necessary for approval of Items 2, 3 and 4. Proxy cards marked as abstentions on Items 2, 3 and 4 will count as present and entitled to vote and therefore will have the effect of a negative vote. Broker non-votes,if any, will have no effect on the outcome of the matter.

With respect to Item 4, there are four choices for stockholders: every year; every two years; every three years; or they may chose to abstain. If none of the four choices for this Item receive the affirmative vote of the holders of shares representing a majority in voting power, present online or represented by proxy and entitled to vote on the proposal, the Board will consider the choice that receives the highest number of votes as the choice supported by our stockholders. The Board will take the voting results on such proposal into account in determining whether to hold the advisory vote on executive compensation every year, every two years or every three years.

The presence at the meeting, online or by proxy, of the holders of a majority in voting power of the issued and outstanding shares of common stock entitled to vote at the Annual Meeting will constitute a quorum. Proxies received will be included in the calculation of the number of shares considered to be present at the meeting, even if marked as broker non-votesor with abstentions on certain items.

Only stockholders as of the record date, their proxy holders and our invited guests may attend the Annual Meeting.

Yes. Attending the Annual Meeting online does not revoke your proxy.

Yes. Even after you have submitted your proxy, you may change your vote at any time before the proxy is exercised at the Annual Meeting. Regardless of the way in which you submitted your original proxy, you may change it by:

If your shares are held through a broker or other nominee, and you are not provided a 16-digitcontrol number, you will need to contact that institution if you wish to change your voting instructions.

ITEM 1 - ELECTION OF DIRECTORS

The Board currently consists of thirteen members. The Board size will decrease to eleven members upon the retirement of Messrs. Gellein and Martinez effective immediately prior to the commencement of the 2025 Annual Meeting of Stockholders. At our 2023 Annual Meeting of Stockholders, our stockholders approved and adopted an amendment to our Certificate of Incorporation to phase in the declassification of our Board commencing with the 2024 Annual Meeting of Stockholders. Under our Certificate of Incorporation, as so amended, directors were first elected for one-yearterms at the 2024 Annual Meeting of Stockholders, the directors elected at the 2025 Annual Meeting of Stockholders will be elected for one-yearterms, and beginning with the 2026 Annual Meeting of Stockholders, the entire Board will be elected on an annual basis. The Board proposes that Matthew E. Avril, James A. Dausch, Lizanne Galbreath, John E. Geller, Jr., Mary E. Galligan, Jonice M. Gray, Dianna F. Morgan, and Stephen R. Quazzo be elected for a term expiring at the 2026 Annual Meeting of Stockholders and until their successors are duly elected and qualified. Mr. Avril was recommended to the Nominating and Corporate Governance Committee by a non-managementdirector and Mr. Dausch was recommended to the Nominating and Corporate Governance Committee by a stockholder.

Each of the nominees has consented to be named as a nominee and to serve as a director if elected. If any of them should become unavailable to serve as a director, the Board may designate a substitute nominee. In that case, the persons named as proxies will vote for the substitute nominee designated by the Board.

Information about the nominees, as well as directors with terms expiring at the 2026 Annual Meeting of Stockholders, is set forth below in the section titled "Report on the Board of Directors and its Committees" beginning on page 10.

ITEM 2 - RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board (the "Audit Committee") has appointed Ernst & Young as the Company's independent registered public accounting firm for the Company's 2025 fiscal year. Although the Audit Committee has discretionary authority to appoint the independent auditor, the Board is seeking stockholder ratification of the appointment as a matter of good corporate governance. The Board and the Audit Committee believe that the continued retention of Ernst & Young as the Company's independent auditor is in the best interests of the Company and its stockholders. If the appointment of Ernst & Young is not ratified by stockholders, the Audit Committee will take that into consideration when determining whether to continue the firm's engagement. Even if the appointment is ratified, the Audit Committee at its discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if it determines that such a change would be in the best interests of the Company.

Representatives of Ernst & Young are expected to be present at the Annual Meeting online, will have an opportunity to make a statement if they so desire, and are expected to be available to respond to appropriate questions.

ITEM 3 - ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION

We are asking stockholders to approve an advisory resolution on the Company's named executive officer compensation as reported in this Proxy Statement. As described below in "Compensation Discussion and Analysis" beginning on page 26, the Compensation Policy Committee of the Board (the "CPC") has structured our executive compensation program to achieve the following key objectives:

We urge stockholders to read the "Compensation Discussion and Analysis" section of this Proxy Statement, which describes in more detail how our executive compensation policies and procedures operate and are designed to achieve our compensation objectives, as well as the Summary Compensation Table and other related compensation tables and narrative, which provide detailed information about the compensation of our NEOs. The CPC and the Board believe that the policies and procedures articulated in the "Compensation Discussion and Analysis" section below are effective in achieving our goals and that the compensation of our NEOs reported in this Proxy Statement reflects and supports these compensation policies and procedures.

In accordance with Section 14A of the Exchange Act, and as a matter of good corporate governance, we are asking stockholders to approve the following advisory resolution at the Annual Meeting:

RESOLVED, that the stockholders of Marriott Vacations Worldwide Corporation (the "Company") approve, on an advisory basis, the compensation of the Company's named executive officers disclosed in the Compensation Discussion and Analysis, the Summary Compensation Table and the related compensation tables, notes and narrative in the Proxy Statement for the Company's 2025 Annual Meeting of Stockholders.

This advisory resolution, commonly referred to as a "say-on-pay"resolution, is not binding on the Board. Although non-binding,the Board and the CPC will review and consider the voting results when making future decisions regarding our executive compensation program. As described in Item 4 below, stockholders are also being given the opportunity to express their preference for the frequency of future advisory votes to approve executive compensation. The Board's current policy is to hold an advisory vote on executive compensation on an annual basis. The Board and the CPC will consider the outcome of the advisory vote in Item 4 below. Unless the Board modifies its policy on the frequency of holding advisory votes on executive compensation, after the 2025 Annual Meeting, our next "say-on-pay"resolution will occur at the Company's 2026 Annual Meeting of Stockholders.

ITEM 4 - ADVISORY VOTE ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON EXECUTIVE COMPENSATION

We are asking stockholders to vote on whether future advisory votes on executive compensation like Item 3 above should occur every year, every two years or every three years. After careful consideration, the Board has determined that holding an advisory vote on executive compensation every year is most appropriate for us at this time because it would continue to enable our stockholders to provide us with timely input regarding the compensation of named executive officers. In addition, while our executive compensation program is designed to motivate executive officers to perform their duties in ways that would help achieve both current year and longer-term objectives, the Board recognizes that executive compensation disclosures are made annually. The Board recommends that stockholders vote to hold such future advisory votes every year.

In the event the Board decides to make changes to our executive compensation program following a stockholder advisory vote, you should note that because the advisory vote occurs well after the beginning of the compensation year, and because the different elements of our executive compensation program are designed to operate in an integrated manner and to complement one another, in many cases, it may not be appropriate or feasible to implement such changes by the time of the following year's annual meeting of stockholders.

Although this advisory vote is not binding on the Board, the Board and the CPC value your opinion and will carefully review the voting results on this proposal in establishing the frequency with which future say-on-payvotes will be held. Notwithstanding the Board's recommendation and the outcome of the stockholder vote, the Board may in the future decide to conduct advisory votes on a less frequent basis and may vary its practice based on factors such as discussions with stockholders and the adoption of material changes to compensation programs.

You are not voting to approve or disapprove the Board's recommendation. Instead, you may specify your preference regarding the frequency of future say-on-payvotes by selecting one year, two years, or three years or abstaining.

OUR BOARD OF DIRECTORS

Our Board currently consists of thirteen members. The Board size will decrease to eleven members upon the retirement of Messrs. Gellein and Martinez effective immediately prior to the commencement of the 2025 Annual Meeting of Stockholders. At our 2023 Annual Meeting of Stockholders, our stockholders approved and adopted an amendment to our Certificate of Incorporation to phase in the declassification of our Board commencing with the 2024 Annual Meeting of Stockholders. Under our Certificate of Incorporation, as so amended, directors were first elected for one-yearterms at the 2024 Annual Meeting of Stockholders, the directors elected at the 2025 Annual Meeting of Stockholders will be elected for one-yearterms, and beginning with the 2026 Annual Meeting of Stockholders, the entire Board will be elected on an annual basis.

All of our director nominees currently serve as directors on our Board. The tables below set forth information regarding the members of our Board continuing in office or nominated for re-election.Our Board has determined that all members of our Board are "independent directors" meeting the applicable requirements of the Listing Rules of the New York Stock Exchange (the "NYSE") other than John E. Geller, Jr., our President and Chief Executive Officer.

Nominees for Director

The Board has nominated eight directors to be elected at the Annual Meeting to serve for a one-yearterm ending with the 2026 Annual Meeting of Stockholders, or until the director's successor is duly elected and qualified, or the director's earlier death, resignation or removal.

Experience

Mr. Avril has over 30 years of executive experience, principally in the hospitality and vacation ownership industry. Mr. Avril has been a self-employed consultant since March 2017. He previously served as Chief Executive Officer of Diamond Resorts International, Inc., a hospitality and vacation ownership company, from November 2016 to March 2017. Prior to that, he was Chief Executive Officer-elect for Vistana Signature Experiences, Inc. ("Vistana"), a vacation ownership business, from February 2015 to May 2016, after his retirement as President, Hotel Group, for Starwood Hotels & Resorts Worldwide, Inc., a publicly traded hotel and leisure company ("Starwood") - a position he held from September 2008 to December 2012. In this role, he was responsible for hotel operations worldwide for Starwood's nine hotel brands, consisting of 960 properties in more than approximately 97 countries. Before that, from 2002 to 2008, he served in a number of executive leadership positions with Starwood, and from 1989 to 1998, held various senior leadership positions with Vistana including President and Managing Director of Operations. Mr. Avril previously served as a director and Chairman of the Board of Directors of Franchise Group, Inc. and Babcock & Wilcox Enterprises, Inc.

Skills and Experience

Mr. Avril provides the Board with the benefit of his over 30 years of executive experience, principally in the hospitality and vacation ownership industries, including as former Chief Executive Officer of Diamond Resorts International Inc., as former President, Hotel Group of Starwood Hotels & Resorts Worldwide, Inc., and as former President and Managing Director of Operations of Starwood Vacation Ownership (later renamed Vistana Signature Experiences, Inc.), a division of Starwood Hotels & Resorts Worldwide. The Board also benefits from his accounting and financial expertise as a certified public accountant (inactive), and his experience having served as a chair and member of the boards of directors and committees of the boards of directors of other publicly traded companies.

Experience

Mr. Dausch has served as Global Chief Digital and Technology Officer, Pizza Hut at Yum! Brands, Inc., a multinational fast food company, since December 2024. Prior to that, he served as Executive Vice President and Chief Strategy and Consumer Experience Officer at Under Armour, Inc., one of the world's leading athletic performance brands from May 2024 to December 2024 and Executive Vice President, Chief Customer Officer from July 2023 to May 2024, where he led the company's efforts to drive stronger consumer demand and engagement. Prior to joining Under Armour, Mr. Dausch was the Chief Digital and Transformation Officer of Marriott International, a global lodging company, from March 2021 to July 2023, where he led Marriott International's direct digital channels and spearheaded one of the company's largest business transformation initiatives; Senior Vice President, Enterprise Products from 2016 to 2021, where he played a leading role in the successful merger and integration of Marriott International and Starwood from 2016 to 2019, and Senior Vice President, Global Operations from 2014 to 2016. Mr. Dausch's career at Marriott International spanned over 20 years with increasing leadership responsibility in the areas of Corporate Finance, Sales & Marketing, Brand Management, Franchising, Operations, Digital and Technology.

Skills and Experience

Mr. Dausch provides the Board with the benefit of his extensive experience in the hospitality and vacation ownership and consumer products industries, including: as Global Chief Digital and Technology Officer, Pizza Hut at Yum! Brands, Inc.; as former Chief Strategy and Consumer Experience Officer at Under Armour, Inc.; and as former Chief Digital and Transformation Officer and former Senior Vice President, Enterprise Products of Marriott International, Inc.; and as an experienced leader in the areas of corporate finance, sales and marketing, brand management, franchising, operations, digital and technology.

Experience

Ms. Galbreath has been the Managing Partner of Galbreath & Company, a real estate investment firm, since 1999. From April 1997 to 1999, she was Managing Director of LaSalle Partners/Jones Lang LaSalle, a real estate services and investment management firm, where she also served as a director. From 1984 to 1997, Ms. Galbreath served in a variety of leadership positions including as Managing Director, Chairman and Chief Executive Officer of The Galbreath Company, the predecessor of Galbreath & Company. Ms. Galbreath has served on the Board of Directors of BGO Industrial Real Estate Income Trust, Inc., a publicly traded real estate investment trust ("REIT"), since 2023. Ms. Galbreath was a director of Paramount Group, Inc., a publicly traded REIT, from 2014 to 2020. She was also a director of Starwood from 2005 to September 2016. She served as a director of ILG, Inc. ("ILG"), a publicly traded vacation ownership company, from May 2016 through August 2018, prior to the Company's acquisition of ILG.

Skills and Experience

Ms. Galbreath provides the Board with the benefit of her senior leadership experience as managing partner of Galbreath & Company. The Board also benefits from her real estate investment, development and strategy experience, and management and corporate governance experience, having served as a member of the boards of directors and committees of the boards of directors of other publicly traded companies.

Experience

Ms. Galligan served as a Managing Director in the Cyber and Strategic Risk practice from September 2013 to October 2023 of Deloitte LLP, a multinational accounting firm, and led the response to several high-profile cyber breaches at Deloitte's clients. She also served as an advisor to Fortune 500 boards of directors and senior executives in how to address global cyber incidents. Ms. Galligan started her cyber and crisis management career in 1988 as a special agent of the Federal Bureau of Investigation ("FBI"). She assumed positions of increasing responsibility and most recently served as Special Agent in Charge of Cyber and Special Operations, a 500-persondivision of the New York Office of the FBI. Ms. Galligan is also a director on the Intermediate Holding Company Board of Barclays, US LLC, a non-publiclytraded company.

Skills and Experience

Ms. Galligan provides the Board with the benefit of her significant cyber security experience working for the U.S. government and advising multinational companies. Ms. Galligan is also an experienced leader, decision maker and problem solver.

Experience

John E. Geller, Jr. has served as our Chief Executive Officer since January 2023 and as President since October 2021. He was previously President and Chief Financial Officer from January 2021 to October 2021. Mr. Geller served as our Executive Vice President and Chief Financial and Administrative Officer from January 2018 to January 2021. He also served as our Executive Vice President and Chief Financial Officer from 2009 to January 2018. Mr. Geller joined Marriott International in 2005 as Senior Vice President and Chief Audit Executive and Information Security Officer. In 2008, he led finance and accounting for Marriott International's North American Lodging Operation's West region as Chief Financial Officer. Mr. Geller began his professional career at Arthur Andersen, where he was promoted to audit partner in its real estate and hospitality practice in 2000. During 2002 and 2003, he was an audit partner with Ernst & Young in its real estate and hospitality practice. Mr. Geller served as Chief Financial Officer at AutoStar Realty in 2004.

Skills and Experience

Mr. Geller provides the Board with the benefit of his senior leadership experience as President and Chief Executive Officer and former Chief Financial and Administrative Officer of the Company. The Board also benefits from his prior service in financial and accounting positions with Marriott International, including as Chief Financial Officer of Marriott International's North American Lodging Operation's West region, his prior experience as an audit partner with Ernst & Young in its real estate and hospitality practice, and his prior service as Chief Financial Officer of AutoStar Realty.

Experience

Ms. Gray is a Partner with Paul Hastings, LLP, a global law firm, where she is Chair of the Financial Services Group. Throughout her professional career, Ms. Gray has specialized in work with banks, non-bankfinancial institutions, and other companies providing financial products and services. She works with some of the largest bank and non-bankfinancial institutions, emerging companies such as fintechs, and retailers whose business operations include consumer and commercial finance. Ms. Gray's work is focused on representing corporate clients in high-stakes legal proceedings, including matters initiated by federal and state regulators, private civil litigation, and internal investigations. Ms. Gray's work includes particularized focus on matters related to consumer protection and corporate compliance. Ms. Gray routinely provides strategic advice to senior corporate leaders, including Boards of Directors, as they navigate complex, and often unexpected, business and legal challenges. In view of the nature of her practice, this work often involves crisis management.

Skills and Experience

Ms. Gray has been deeply professionally engaged as a leader in her industry. She is a Past Chair of the American Bar Association's Banking Law Committee, which had over 2,000 members during her three-year term. She now sits on the Leadership Council for the American Bar Association's Business Law Section and the Executive Council of the Federal Bar Association's Banking Law Section. She has delivered hundreds of speeches and authored more than 20 articles in the past few years on financial services matters. Outside of her professional work, Ms. Gray has served as a Director and as a senior leader for numerous non-profitorganizations. Her current affiliations include serving on the Board of Directors for The Legal Aid Society of the District of Columbia and on the Advisory Board for the Ron Brown Scholars Program. Prior to joining Paul Hastings, Ms. Gray was a Founding Partner and Governing Board Member of another international law firm. She holds a BA from the University of Virginia (Phi Beta Kappa) and a JD from Yale Law School. Ms. Gray brings to the Board a fresh and unique perspective in the areas of financial markets, regulatory affairs, consumer protection, risk and crisis management, and technology. These attributes will be an asset to the Company as it continues to make investments designed to drive continued, sustainable future growth.

Experience

Ms. Morgan retired in 2001 from a 30-yearcareer with Walt Disney World Company, a subsidiary of The Walt Disney Company, a publicly traded entertainment company, where she served most recently as Senior Vice President of Public Affairs and Senior Vice President of Human Resources. During her tenure at Walt Disney World Company, she oversaw the Disney Institute, a recognized leader in experiential training, leadership development, benchmarking and cultural change for business professionals around the world. She previously served on the Board of Directors of Chesapeake Utilities Corporation, a publicly traded diversified energy corporation, the Board of Trustees of Hersha Hospitality Trust, a publicly traded REIT, and the Board of Directors of CNL Health Care Properties II, Inc., a publicly traded REIT. She also previously served as Chair of the Board of Trustees for the University of Florida.

Skills and Experience

As an accomplished senior manager at Walt Disney World Company in various areas, Ms. Morgan brings to the Board best practice expertise in human capital and the customer experience. Ms. Morgan's previous experience overseeing the Disney Institute, which provides leading professional development programs, and serving as Senior Vice President of Human Resources for Walt Disney World Company have provided her with extensive knowledge of leadership development programs and organizational culture. In addition, Ms. Morgan's experience as Senior Vice President of Public Affairs for Walt Disney World Company has provided her with a solid foundation in media relations and government relations. She also has extensive experience as a board member of publicly traded and private companies.

Experience

Mr. Quazzo is the Chief Executive Officer, and has been the Managing Director and co-founder, ofPearlmark Real Estate, LLC, a real estate principal investment firm, since March 1996. From April 1991 to March 1996, Mr. Quazzo was President of Equity Institutional Investors, Inc., a private investment firm and a subsidiary of Equity Group Investments, Inc. He is currently a director of Phillips Edison & Company, Inc., a publicly traded REIT, and was a director of Starwood from 1995 to September 2016. Mr. Quazzo is a member and trustee of the Urban Land Institute; past chair of the ULI Foundation; a member of the Pension Real Estate Association; and a licensed real estate broker in Illinois. He was a director of ILG from May 2016 through August 2018, prior to the Company's acquisition of ILG.

Skills and Experience

Mr. Quazzo provides the Board with the benefit of his extensive experience in real estate, investment and development and strategy experience as Chief Executive Officer of Pearlmark Real Estate, as well as his senior leadership experience. He also has broad experience in corporate governance, having served as a board member of other publicly traded companies.

Directors Remaining in Office

Experience

Mr. Andrews was a member of the Board of Directors of, and an advisor to, MorganFranklin Consulting, a business consulting and technology solutions company, from April 2017 through June 2019 when he retired. From May 2013 to March 2017, he served as its Chief Executive Officer. Mr. Andrews was the president of RSM McGladrey Business Services, Inc., an audit and accounting services provider, from June 2009 until February 2012. Prior to that, Mr. Andrews served as the president of SLM Corporation (Sallie Mae), which originates, services and collects student loans. He joined Sallie Mae in 2003 as the Executive Vice President of Accounting and Risk Management and held the title of Chief Financial Officer from 2006 to 2007. Prior to joining Sallie Mae, Mr. Andrews spent approximately 30 years at Arthur Andersen, LLP, an accounting firm. Mr. Andrews serves on the Boards of Directors of Washington Mutual Investors Fund, a publicly traded mutual fund, and NVR, Inc., a publicly traded homebuilder. In addition, he serves on the Board of Directors of Trustar Bank, a state chartered bank. Mr. Andrews served on the Board of Directors of WashingtonFirst Bankshares, Inc. from 2012 until it was acquired in 2018.

Skills and Experience

Mr. Andrews brings to the Board, and particularly to the Audit Committee, the extensive financial and accounting expertise that he obtained over his thirty-year career in public accounting, as well as through his role as Chief Financial Officer of Sallie Mae. Mr. Andrews also has experience as a board member and an officer of publicly traded companies.

Experience

Mr. McCarten has served as non-executiveChairman of the Board of DiamondRock Hospitality Company, a publicly traded lodging REIT, since January 2010. He was Executive Chairman of DiamondRock from September 2008 to December 2009. Prior to that, he was Chairman and Chief Executive Officer of DiamondRock from its inception in 2004 until September 2008. From 1979 through 2003, Mr. McCarten worked at Marriott International and companies that operated businesses that were previously part of Marriott International or its predecessors, where he held a number of executive positions, including President of the Services Group and President and Chief Executive Officer of HMSHost Corporation, a publicly traded company. Mr. McCarten is also a former director of Cracker Barrel Old Country Store, Inc., a publicly traded company.

Skills and Experience

Mr. McCarten provides the Board with the benefit of his extensive experience in the hospitality industry and capital markets, including his service as Chief Executive Officer and board member of publicly traded companies. He is a former certified public accountant who has a strong familiarity with accounting and financial reporting matters.

Experience

Mr. Shaw is Chairman of the Board. He served as Vice Chairman of Marriott International, Inc., the company from which we spun off, from May 2009 until his retirement in March 2011. He previously served as President and Chief Operating Officer of Marriott International from 1997 until May 2009. He joined Marriott International in 1974 and held various positions, including Corporate Controller, Corporate Vice President, Senior Vice President-Finance, Treasurer, Chief Financial Officer, Executive Vice President and President of Marriott Service Group. Mr. Shaw serves on the boards of directors of The Carlyle Group Inc., a publicly traded private equity, alternative asset management and financial services corporation; and DiamondRock Hospitality Company, a publicly traded lodging REIT. He also serves on the Board of Trustees of the University of Notre Dame.

Skills and Experience

Mr. Shaw brings to the Board extensive management experience with Marriott International, his prominent status in the hospitality industry and a wealth of knowledge in dealing with financial and accounting matters as a result of his prior service in financial and accounting positions at Marriott International, including as its Chief Financial Officer. Mr. Shaw also has experience as a board member of publicly traded companies.

SUMMARY OF DIRECTOR ATTRIBUTES AND SKILLS AS OF THE ANNUAL MEETING

Our Board members have a diversity of experience and bring a wide variety of skills, qualifications and viewpoints that strengthen the Board's oversight role on behalf of our stockholders. The following highlights certain key characteristics of our directors. Additional information can be found in their biographies.

Board Composition as of the Annual Meeting

Please refer to Item 1, "Business," of our 2024 Annual Report for information regarding our executive officers.

2024 BOARD AND COMMITTEE MEETINGS AND ATTENDANCE

Our Board met six times in 2024. No incumbent member of the Board attended fewer than 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all committees of the Board on which such director served. Directors are expected to attend annual meetings of stockholders, and each of our directors attended the 2024 Annual Meeting of Stockholders.

COMMITTEE CHARTERS

The charters of the Audit, Compensation Policy, and Nominating and Corporate Governance Committees, as well as our Corporate Governance Guidelines, are available via the Investor Relations section of our website (www.marriottvacationsworldwide.com) by clicking on "Corporate Governance." Copies of the committee charters also may be obtained upon request from our Corporate Secretary. Other committees may also be established by our Board from time to time.

The composition of our committees during 2024 and through the date of this Proxy Statement is set forth in the chart below.

Committees of the Board of Directors

Audit Committee. The Board has determined that each of the members of the Audit Committee is independent as defined under our Corporate Governance Principles, the NYSE Listing Standards and applicable SEC rules for audit committee members. The internal and independent auditors have unrestricted access to the Audit Committee. The Audit Committee meets privately with each of the independent auditors, the internal auditors and members of management. The Audit Committee met seven times in 2024. Each member of the Audit Committee is financially literate under applicable SEC and NYSE standards. In addition, Mr. Andrews, Mr. McCarten and Mr. Quazzo each possesses accounting or related financial management expertise within the meaning of the NYSE Listing Standards and qualifies as an "audit committee financial expert" as defined under the applicable SEC rules. Our Corporate Governance Principles establish a limit on the number of audit committees of publicly traded companies on which members of the Company's Audit Committee may serve, including our Audit Committee, at three.

The responsibilities of the Audit Committee include, among other things:

Compensation Policy Committee. The Board has determined that each of the members of the CPC is independent as defined under our Corporate Governance Principles and the NYSE Listing Standards for compensation committee members. The CPC met four times in 2024.

The responsibilities of the CPC include, among other things:

The CPC may delegate any of its responsibilities to subcommittees as the CPC may deem appropriate.

Nominating and Corporate Governance Committee. The Board has determined that each of the members of the Nominating and Corporate Governance Committee is independent as defined under our Corporate Governance Principles and the NYSE Listing Standards. The Nominating and Corporate Governance Committee met five times in 2024.

The responsibilities of the Nominating and Corporate Governance Committee include, among other things:

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

None of the members of the CPC is or has been an officer or employee of the Company or had any relationship that is required to be disclosed as a transaction with a related party or as an interlocking relationship.

MEETINGS OF INDEPENDENT DIRECTORS

Our Corporate Governance Principles require the Board to have at least two regularly scheduled executive sessions a year for the non-managementdirectors without management present and require the independent directors to meet in executive session at least annually. The Chairman, who is currently Mr. Shaw, presides at such executive sessions.

The Board is committed to good corporate governance, good business practices and transparency in financial reporting. The Nominating and Corporate Governance Committee annually reviews the Company's Corporate Governance Principles, a copy of which is available via the Investor Relations section of our website (www.marriottvacationsworldwide.com) by clicking on "Corporate Governance" under the "Investor Relations" tab. A copy of the Company's Corporate Governance Principles also may be obtained upon request from our Corporate Secretary.

SEPARATION OF BOARD CHAIRMAN AND CHIEF EXECUTIVE OFFICER

While the Board has no formal policy requiring the separation of the positions of Chairman of the Board and Chief Executive Officer, William J. Shaw, an independent director, currently serves as Chairman of the Board. Our Board regularly reviews our leadership structure and has determined that separating the roles of Chairman and Chief Executive Officer is the optimal leadership structure for the Company at this time, allowing our Chief Executive Officer to focus on his duties while benefiting from the Chairman's significant experience at Marriott International and in the hospitality industry. The Board believes that having an independent Chairman improves the ability of the Board to exercise its oversight role over management and provides opportunities for discussion and evaluation of management decisions and the direction of the Company.

BOARD AND COMMITTEE EVALUATIONS

The Board and its committees annually evaluate their own performance. The evaluation process is overseen by the Nominating and Corporate Governance Committee, which recommends enhancements to Board and committee effectiveness as appropriate. The process includes distribution of questionnaires to each director, Board and committee discussions in executive session led by the Chairman or relevant committee chair, and opportunities for discussions between individual directors and the Chairman, committee chairs, and/or the Corporate Secretary.

The results from the 2024 evaluation process were positive and confirmed our belief that our Board upholds a high level of Board effectiveness and governance.

INCLUSION AND DIVERSITY

At Marriott Vacations Worldwide, we are in the business of bringing people together. Like our customers, our associates come from diverse backgrounds, offering invaluably distinct perspectives. Throughout the year, we infused our associate communications and associate experience programming with touchpoints designed to educate, commemorate, and celebrate key events and milestones, and further build on our vibrant culture of inclusion. We have an Executive Inclusion Council, which is comprised of senior leaders dedicated to enabling and championing inclusion initiatives throughout the organization. Our inclusion and diversity commitment statement is "MVW is committed to cultivating inclusion and fostering diversity in all aspects of our business.

We provide treasured vacation experiences to our customers around the world and work to create an inclusive, diverse, and caring environment for our associates. We support a Life Fulfilled for all individuals and embrace the notion that we are Better Together."

2024 Workforce Composition(as of 12/31/2024)

SELECTION OF DIRECTOR NOMINEES

The Nominating and Corporate Governance Committee identifies and recruits candidates for election to the Board. The Nominating and Corporate Governance Committee evaluates the composition of the Board at least annually to assess the skills and experience that are currently represented on the Board as a whole, and in individual directors, as well as the skills and experience that the Board may find valuable in the future. The Nominating and Corporate Governance Committee selects and recommends to the Board director candidates based on the Nominating and Corporate Governance Committee's evaluation of each candidate's character, judgment, personal and professional ethics, personal and professional integrity, values, background experience, technical skills, affiliations, familiarity with national and international issues affecting our business and demonstrated exceptional ability and judgment. Although we do not have a formal policy regarding diversity, our Board seeks diverse backgrounds, experiences, and perspectives among its members. Candidates are selected who not only bring a depth of experience but also provide skills and knowledge complementary to the Board and our business. Candidates must be committed to representing the long-term interests of our stockholders and fulfilling a director's duties and responsibilities, which include attending Board meetings and our annual stockholders meeting, and preparing for Board meetings by advance review of any meeting materials. The Nominating and Corporate Governance Committee recommends to the Board the Company's candidates for election or reelection to the Board at each annual meeting of stockholders, as well as candidates to be elected by the Board as necessary to fill vacancies and newly created directorships. The Board proposes a slate of nominees to the stockholders for election to the Board. The Board also determines the number of directors on the Board. Mr. Avril was recommended to the Board by a non-managementdirector and Mr. Dausch was recommended to the Board by a stockholder.

The Nominating and Corporate Governance Committee identifies candidates for director on its own as well as by considering recommendations from other members of the Board, officers and employees of the Company, and other sources that the Nominating and Corporate Governance Committee deems appropriate. The Nominating and Corporate Governance Committee will also consider candidates for Board membership recommended by stockholders. Stockholders may recommend candidates for consideration by the Nominating and Corporate Governance Committee by submitting the names and supporting information to: Marriott Vacations Worldwide Corporation, 7812 Palm Parkway, Orlando, Florida, 32836, Attention: Corporate Secretary. Candidates recommended by stockholders are considered on the same basis as those from other sources.

The supporting information should include the information required by our Bylaws in connection with the nominations of persons for election to the Board. The Nominating and Corporate Governance Committee will evaluate all candidates, regardless of source, in light of the Board-approved criteria.

DIRECTOR INDEPENDENCE

The Company has determined that all of the current directors, other than John E. Geller, Jr., have no material relationship with the Company and are independent under the criteria set forth in the applicable rules of the SEC, the NYSE Listing Standards and the Company's Corporate Governance Principles. Additionally, all of the members of the Audit Committee, Compensation Policy Committee, and Nominating and Corporate Governance Committee are independent under such standards, including any heightened standards applicable to committee members.

RISK OVERSIGHT

Our Board is responsible for overseeing our processes for assessing and managing risk. The Board considers our risk profile when reviewing our annual business plan and incorporates risk assessment into its decisions. In performing its oversight responsibilities, our Board receives an annual enterprise risk assessment report from our Executive Vice President and Chief Financial Officer and our Senior Vice President, Internal Audit & Corporate Responsibility (who is our Chief Audit Executive), and discusses the most significant risks facing us. The Board believes that its risk oversight process would be effective under a variety of Board leadership structures, and therefore, it does not materially affect the Board's choice of leadership structure.

Each of the Board's committees addresses risks that fall within that committee's area of responsibility.

Our Audit Committee is responsible for a number of risk oversight functions, including the periodic review of the audit plan of the internal audit department, the tax function, treasury operations, and insurance, as well as conducting oversight of legal and regulatory risks, artificial intelligence and related regulations, cybersecurity and data security. The Audit Committee receives regular reports from: the corporate controllership and our outside independent accounting firm on financial reporting matters; the internal audit department about significant findings; and the General Counsel regarding legal and regulatory risks; and as discussed below with respect to cybersecurity. The Audit Committee incorporates its risk assessment function into its reports to the Board.

Our CPC evaluates any incentives and risks arising from or related to our compensation programs and plans and assesses whether the incentives and risks are appropriate. As discussed in the Compensation Discussion and Analysis below, the CPC believes that our compensation programs do not present risks that are reasonably likely to have a material adverse effect on the Company. The CPC is also responsible for oversight of risks related to our workforce and key aspects of the Company's human resources strategies, policies and programs with respect to organizational development activities, including, but not limited to, initiatives relating to inclusion and diversity and other social responsibility matters.

Our Nominating and Corporate Governance Committee plays a central role in oversight of corporate responsibility risk and the Company's corporate responsibility functions, objectives, strategy, and performance, as further discussed below.

OVERSIGHT OF CYBERSECURITY

Our Audit Committee is responsible for oversight of cybersecurity risk. The Audit Committee regularly reviews our cybersecurity and data security risks and mitigation strategies. At least twice each year, the Audit Committee receives reports and presentations from members of our team responsible for overseeing our cybersecurity risk management, including our Senior Vice President, Global Information Security, and our Executive Vice President and Chief Information Officer, and periodically receives reports and presentations from third parties. The Company has a dedicated team that is responsible for managing enterprise-wide information security strategy, policy, standards, architecture and processes. This team follows a documented process to identify, quantify and mitigate security risks. Risks are reported to and reviewed by senior leadership, and more significant risks are reported to our executive officers and the Audit Committee. In addition, we require our associates to receive annual training on our information security policies. This includes but is not limited to information classification and handling, data privacy, physical security, phishing, malware and ransomware, social engineering, identifying and reporting information security incidents, and secure credit card handling as well as additional topics based on job roles and responsibilities.

BOARD AND COMMITTEE OVERSIGHT OF CORPORATE RESPONSIBILITY

Oversight of corporate responsibility matters happens at multiple levels within our corporate responsibility governance structure. Our Board has overall responsibility for managing corporate responsibility risks and opportunities and is provided with updates on corporate responsibility matters at least quarterly. Each of the Board's committees assists the Board in fulfilling this responsibility by overseeing the corporate responsibility-related risks in areas over which they have responsibility.

Our business conduct guide, supplier code of conduct, human rights policy and 2023 Corporate Responsibility Report are posted on our website at www.marriottvacationsworldwide.com under the "Our Values" tab. We encourage you to read more about how we are working to build a more inclusive and purpose-driven culture on our Investor Relations and Our Values sections of our website.

COMMUNICATIONS WITH THE BOARD

Stockholders and other interested parties wishing to communicate with our Board as a group or with any individual director (including the Chairman of the Board) may do so by sending an e-mailto business.ethics@mvwc.com or sending a letter to Marriott Vacations Worldwide Corporation, 7812 Palm Parkway, Orlando, Florida, 32836, Attention: Chief Audit Executive. Such communications may be confidential and/or anonymous. All such concerns are forwarded to the appropriate directors for their review and are reviewed and addressed by us in the same way that we address other concerns.

OTHER DIRECTORSHIPS

Our Corporate Governance Principles limit the number of boards of publicly traded companies on which the Company's directors may serve, including our Board, to two for directors who are executive officers of publicly traded companies and four for other directors.

CODE OF CONDUCT

Our Board has adopted a code of conduct, our Business Conduct Guide, that applies to all of our directors, officers and associates, including our President and Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer. Our Business Conduct Guide is available in the Investor Relations section of our website (www.marriottvacationsworldwide.com) and is accessible by clicking on "Corporate Governance." Any amendments to our Business Conduct Guide and any grant of a waiver from a provision of our Business Conduct Guide requiring disclosure under applicable SEC rules may be disclosed at the same location as the Business Conduct Guide in the Investor Relations section of our website or on a Current Report on Form 8-K.

REPORT OF THE AUDIT COMMITTEE

The Audit Committee is composed solely of independent directors meeting the requirements of applicable SEC and NYSE rules. Each member is financially literate for audit committee purposes under the NYSE rules, and three members of the Audit Committee also qualify as an "audit committee financial expert" within the meaning of SEC regulations. The key responsibilities of the Audit Committee are set forth in its charter, which was adopted by us and approved by the Board and is posted under "Corporate Governance" in the Investor Relations section of our website at www.marriottvacationsworldwide.com.

As more fully described in the Audit Committee charter, our Audit Committee assists the Board in its oversight of risks related to financial reporting, accounting, financial practices, legal and regulatory matters, artificial intelligence, cybersecurity and data security. Our Audit Committee also oversees reporting and internal controls and disclosure procedures concerning the Company's corporate responsibility program. Management is responsible for the preparation, presentation and integrity of our consolidated financial statements, accounting and financial reporting principles, and maintaining an effective system of internal controls over financial reporting. Ernst & Young, our independent registered public accountant, is responsible for performing an independent audit of our consolidated financial statements and the effectiveness of internal controls over financial reporting in accordance with the auditing standards of the Public Company Accounting Oversight Board ("PCAOB").

The Audit Committee has selected Ernst & Young as our independent registered public accountant for 2025. Ernst & Young has served as our independent registered public accountant since 2011. The Audit Committee is responsible for the appointment, compensation and oversight of our independent registered public accountant. The Audit Committee regularly reviews Ernst & Young's independence and performance in deciding whether to retain Ernst & Young or engage another firm as our independent registered public accountant. In the course of these reviews, the Audit Committee considers, among other things:

In accordance with SEC rules and Ernst & Young policies, audit partners are subject to rotation requirements to limit the number of consecutive years an individual partner may provide service to us. For lead and concurring audit partners, the maximum number of consecutive years of service in that capacity is five years. The process for selection of our lead audit partner pursuant to this rotation policy involves a meeting between the Chair of the Audit Committee and the candidate for the role, as well as discussion by the full Audit Committee and with management. The lead partner from Ernst & Young who was assigned to us in 2020 completed her service upon the issuance of the 2024 audit report. A new lead audit partner was assigned to us for 2025 and will complete his five years of service with us upon completion of the 2029 audit.

The Audit Committee engages in an annual evaluation of our independent registered public accounting firm's qualifications, assessing the firm's quality of service, the firm's sufficiency of resources, the quality of the communication and interaction with the firm, and the firm's independence, objectivity, and professional skepticism. The Audit Committee also considers the advisability and potential impact of selecting a different independent public accounting firm.

The Audit Committee and the Board believe that the continued retention of Ernst & Young as our independent registered public accounting firm is in the best interest of our stockholders.

The Audit Committee regularly meets and holds separate discussions with management, our internal auditors, and Ernst & Young. Prior to their issuance, the Audit Committee reviewed and discussed our quarterly and annual consolidated financial statements (including the presentation of non-GAAPfinancial information) and disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations" (including significant accounting policies and judgments) with management, our internal auditors and Ernst & Young. During 2024, management, our internal auditors and Ernst & Young also made presentations to the Audit Committee on specific topics of interest, including: corporate responsibility matters, our information technology systems and controls; changes in significant estimates; our critical accounting policies; our critical audit matters; new accounting guidance and the potential impact of new accounting pronouncements; integration and transformation initiatives; our strategy and the implementation of new systems; and cybersecurity.

The Audit Committee has met and held discussions with management and Ernst & Young regarding the fair and complete presentation of our results and the assessment of our internal control over financial reporting. Management has represented to the Audit Committee that our consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, and the Audit Committee has reviewed and discussed the consolidated financial statements with management and Ernst & Young. The Audit Committee has discussed with Ernst & Young the matters that are required to be discussed by the applicable requirements of the PCAOB and the SEC. The Audit Committee discussed with Ernst & Young their independence from the Company and our management, including the matters, if any, in the written disclosures delivered pursuant to the applicable requirements of the PCAOB. The Audit Committee has concluded that Ernst & Young's provision of audit and non-auditservices to us and our affiliates is compatible with Ernst & Young's independence.

The Audit Committee discussed with Ernst & Young the overall scope and plans for their audit, including the estimated audit fees and non-auditfees. The Audit Committee has also discussed with our Senior Vice President, Internal Audit & Corporate Responsibility, the overall scope of and plans for our internal audits. The Audit Committee met with Ernst & Young and with our internal auditors, in each case, with and without other members of management present, to discuss the results of their respective examinations, the evaluations of our internal controls and the overall quality and integrity of our financial reporting. Additionally, the Audit Committee has reviewed the performance, responsibilities, budget, and staffing of our internal audit department.

Based on the reviews and discussions referred to above, the Audit Committee recommended to the Board, and the Board has approved, that the audited financial statements be included in the Company's Annual Report on Form 10-Kfor the year ended December 31, 2024, for filing with the Securities and Exchange Commission.

PRE-APPROVALOF INDEPENDENT AUDITOR FEES AND SERVICES POLICY

The Audit Committee's Pre-Approvalof Independent Auditor Fees and Services Policy provides for pre-approvalof all audit, audit-related, tax and other permissible non-auditservices provided by our principal independent auditor on an annual basis and as needed. The Audit Committee has delegated authority to the Audit Committee Chair to pre-approveprincipal independent auditor services where we deem it necessary or advisable that such services commence prior to the next regularly scheduled meeting (provided that the Audit Committee Chair informs the Audit Committee of any such services and the estimated fees that were pre-approvedat the next regularly scheduled meeting). During 2024, all such services were pre-approvedby the Audit Committee.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEE DISCLOSURE

The following table presents aggregate fees billed for professional services rendered by our independent registered public accounting firm, Ernst & Young, for the audit of our annual consolidated financial statements and statutory audits for fiscal 2024 and fiscal 2023 and aggregate fees billed in fiscal 2024 and fiscal 2023 for audit-related services, tax services and all other permissible non-auditservices rendered by our independent registered public accounting firm. The Audit Committee approved all of the fees presented in the table below. The Audit Committee is also responsible for overseeing the fee negotiations associated with the retention of Ernst & Young for the audit of our financial statements and internal control over financial reporting.

For purposes of the preceding table, the professional fees are classified as follows:

COMPENSATION DISCUSSION AND ANALYSIS

Our NEOs for whom compensation information is presented in the Summary Compensation Table below are:

Our executive compensation programs are designed to reward financial results and effective strategic leadership to build sustainable value for stockholders by correlating the timing and amount of actual pay with performance over various time horizons without excessive risk-taking.

Our executive compensation program includes the following key elements:

December 2023 and February 2024 Compensation Actions

The CPC made the following key compensation decisions for 2024, which are discussed in greater detail in the following pages:

PHILOSOPHY

The CPC has approved, and periodically reviews, compensation principles that form the basis of our compensation philosophy and reflect our belief that strong and consistent leadership is the key to long-term success in our industry. Accordingly, our compensation program is designed around the following three principles:

COMPENSATION PROGRAM PRINCIPLES AND GOVERNANCE

Pay for Performance is Key Compensation Program Principle

A large portion of the total pay opportunity for our named executive officers is performance based or tied to stock performance. This means that it is contingent upon achieving specific results that are essential to the Company's short- and long-term success and growth in stockholder value. As described in more detail in the following pages, the performance-based components of the 2024 compensation program include annual and long-term incentives that are comprised of Performance Units, SARs and RSUs. The CPC has not established a specific formula for the allocation of performance-based compensation components and instead retains the discretion to modify the allocation from year to year. The chart below reflects the percentage of our CEO's and the average of each other named executive officer's total target compensation that was performance-based in 2024:

Additional Principles and Corporate Governance Policies

Our executive compensation programs contain features that are intended to embody our compensation principles and promote strong executive compensation corporate governance.

COMPENSATION PROCESS

Market Data

To assist in determining the levels of compensation for our named executive officers in 2024, Exequity LLP ("Exequity"), the CPC's compensation consultant, recommended an appropriate peer group for approval by the CPC and management. Considerations for developing the peer group included company size as measured by revenues (generally one-halfto two times the Company's revenues) and market capitalization (companies with very low or very high market capitalization relative to the Company were excluded), industry and business model similarities, and trading on a major exchange.

Brookdale Senior Living Inc., which had been a member of our peer group until 2023, was removed from the peer group for 2024 due to market capitalization relative to the Company. In addition, the CPC added Caesars Entertainment, Inc. and Royal Caribbean Cruises Ltd to the peer group due to their size and industry business model similarities relative to the Company.

The companies in the peer group used as the basis for 2024 compensation decisions consisted of the following:

In addition, in part due to the fact that there are very few public company direct competitors, the CPC determined that it was appropriate to consider the compensation practices of a general industry peer group as an additional reference point for its 2024 executive pay decisions. Accordingly, the CPC considered the compensation practices of a general industry peer group consisting of forty companies in the hospitality, consumer products and retail industry that participated in the Aon Survey Group database (i.e., 20 hospitality, consumer products and retail companies with revenues greater than, and 20 hospitality, consumer products and retail companies with revenues less than, the Company's revenues).

The companies that met these objective criteria with revenues greater and less than the Company's revenues consisted of the following:

Tally Sheets

On an annual basis, the CPC reviews "tally sheets" prepared by management for each executive officer. The tally sheet includes, among other things, total annual compensation, the value of unexercised or unvested equity compensation awards, and amounts payable upon termination of employment under various circumstances, including following a change in control. The CPC did not recommend specific changes to the executive compensation program for 2024 in response to a review of tally sheets in 2024, although it used the tally sheet information as one data point when considering executive compensation matters.

Role of the Compensation Policy Committee

Our CPC is responsible for reviewing and approving the Company's executive compensation policies and plan designs, including compensation of our named executive officers. The CPC considers various factors in determining compensation levels for named executive officers, including the officer's responsibilities and performance, the effectiveness of our programs in supporting the Company's short- and long-term strategic objectives, and overall financial performance. Additionally, our CPC Chair, Dianna F. Morgan, with input from our Chairman, William J. Shaw, makes recommendations to the CPC with respect to the compensation of our CEO.

To this end, our CPC conducts an annual review of executive officer pay levels, reviews market data provided by the independent consultant, and approves changes to program designs, based on an assessment of competitive market practice and emerging trends. Additionally, the CPC evaluates the risks associated with the Company's executive compensation programs.

Our CPC approved the total compensation packages for each of the named executive officers, including base salary, annual bonus targets, actual bonuses earned, and equity awards.

Role of the Compensation Consultant

In 2024, the CPC engaged Exequity to provide executive compensation consulting services. Exequity's services to the CPC have included updates on best practices and market trends in executive and director compensation, recommendations regarding executive and director compensation, and an independent review of compensation proposals by the Company's senior management. Exequity attended meetings of the CPC at the Committee's request and was available to provide guidance as questions and issues arose. During 2024, Exequity did not perform any services for the Company other than in connection with providing advice and recommendations on executive and director compensation. The CPC determined that Exequity is independent after consideration of the factors set forth in the NYSE Listed Company Manual.

Role of Management

At the request of the CPC, the CEO presents individual pay recommendations for each of the named executive officers, other than himself. In forming his recommendations, he is advised by human resources management, including our Chief Human Resources Officer and our Global Total Rewards Leader, and the independent compensation consultant with regard to assessment of individual contributions, achievement of performance objectives and other qualitative factors. The CPC considers these recommendations in approving the pay levels of each named executive officer. The CEO does not make recommendations concerning his own compensation.

The CEO and members of human resources management regularly attend CPC meetings. Human resources management typically presents recommendations for changes to program designs and individual pay levels for executive officers, taking into consideration individual performance of each incumbent, appropriate benchmarking information and issues that may arise from an accounting, legal or tax perspective. After review of the 2024 market data, and the above considerations, it was determined that each named executive officers total target direct compensation was below market median.

ANALYSIS OF EACH COMPENSATION ELEMENT

Base Salary

In February 2024, the CPC approved the following base salaries for the named executive officers, effective December 23, 2023:

Mr. Marino and Ms. Gustafson received base salary increases due to increased responsibility and the CPC's desire to bring their compensation closer to market median. Other executive officers' compensation moved closer to market median via short-term and long-term incentives.

In determining whether to make adjustments to base salaries, the CPC considered market data, as well as internal factors, experience, time in position and internal pay equity, and subjective factors such as individual performance and future potential. No specific weightings were assigned to the factors considered. The CPC expects to review base salaries for the named executive officers annually to determine whether base salary levels are commensurate with the officers' responsibilities and the competitive market.

Bonuses and Incentives

Annual Bonuses

For 2024, the named executive officers were eligible to participate in the Bonus Plan, which was intended to reward executives for achievement of pre-establishedfinancial and corporate responsibility objectives tied to 2024 performance. The potential and actual awards under the Bonus Plan are reported in the Grants of Plan-Based Awards for Fiscal Year 2024 table and Summary Compensation Table, respectively.

The CPC approved the following target awards as a percentage of base salary for the named executive officers:

Mr. Hunter and Ms. Gustafson received increases to their bonus target to bring the tenured Mr. Hunter to market median and recognize Ms. Gustafson's increased responsibilities.

In determining the target award percentage for each named executive officer, as well as in determining the differences in the target award percentages among the named executive officers, the CPC considered market data and internal factors, including pay equity with other officers, differences in responsibilities, and future potential. Threshold performance was required in order to pay 25% of such named executive officer's target award and the maximum award for each named executive officer was 200% of such named executive officer's target award.

There were two financial objectives tied to the Bonus Plan for 2024: Adjusted EBITDA and Total Revenue. These financial objectives were tied to 80% of the executive officer's total bonus opportunity, and were weighted at 60% and 20%, respectively. These financial performance measures were selected because they are important indicators of the Company's profitability and sustainability. Mr. Geller and Mr. Marino developed the specific performance level percentages for these objectives, which were reviewed and approved by the CPC.

For all named executive officers, Adjusted EBITDA was the most heavily weighted performance criteria because it is reflective of the Company's operating performance for 2024. For purposes of the Bonus Plan, "Adjusted EBITDA" means EBITDA for 2024 (as reported in the Annual Report), excluding the impact of share-based compensation expense, impairments, transaction and integration costs, gains and losses on the disposal of assets or businesses, gains and

losses on foreign currency exchange related activity, litigation charges and activity not associated with the Company's on-goingcore operations, and including any incremental EBITDA from new product development initiatives. Adjusted EBITDA is a financial measure that is not prescribed by GAAP. The Adjusted EBITDA target was set at $815 million, a level we believed to be achievable but not certain to be met.

For purposes of the Bonus Plan, "Total Revenue" means total revenue for the 2024 fiscal year, excluding cost reimbursement revenues (as reported in the 2024 Annual Report) and including incremental revenue from new product development initiatives. The Total Revenue target was set at $3,630 million, a level we believed to be achievable but not certain to be met. For 2024, the named executive officers were eligible to receive the portion of the bonus attributable to Total Revenue based on the following achievement levels:

For each of the financial measures, achievement falling between two of the stated performance achievement levels resulted in the payment for that portion of the bonus being interpolated between the corresponding bonus levels, except that there is no interpolation between 0% and 25%. Accordingly, there is no payout if achievement is below the threshold level of achievement of 25%.

In addition to the financial performance measures, the Bonus Plan for the named executive officers included performance measures based on corporate responsibility, measuring associate engagement, inclusion and diversity and customer satisfaction with a combined weighting of 20% of the total bonus opportunity. The corporate responsibility measures were approved by the CPC and subsequently evaluated objectively, and, like Adjusted EBITDA and Total Revenue targets, are intended to establish high standards, consistent with our quality goals, which we believed were achievable but not certain to be met. "Associate Engagement" and "Inclusion and Diversity" are represented by the assessment of our overall associate engagement index and the inclusion and diversity index for the entire Company, both measured by an independent third party based upon the Company's associates' responses to a broad multi-employer survey. Additionally, customer satisfaction was based on the results of customer and guest satisfaction surveys we developed. Different surveys are used for different aspects of our business, such as Guest Satisfaction, Sales and Marketing Satisfaction and Owner Services Satisfaction. These surveys address topics such as overall satisfaction, quality of service, and cleanliness of properties. We believe that these performance measures are important contributors to achieving success within our industry. Payout under this performance measure can be zero or at threshold, target or maximum award levels or, in most cases, interpolated between award levels. However, there is no interpolation between zero and threshold.

Adjusted EBITDA was adjusted by the CPC for short-term incentive purposes (i.e., annual management bonus purposes). The CPC reviewed certain items that impacted Adjusted EBITDA in 2024, as defined previously, that were not considered when setting the performance targets. For purposes of 2024, the CPC modified the achievement level of the Adjusted EBITDA goal favorably for forecasted profit related to the impact of Hurricane Milton and additional outside legal fees involved in unwinding an IT outsourcing contract. This adjustment increased the achievement level of the Adjusted EBITDA goal by approximately $9.7 million.

Total Revenue was adjusted by the CPC for short-term incentive purposes (i.e., annual management bonus purposes). The CPC reviewed certain items that impacted Total Revenue in 2024, as defined previously, that were not considered when setting the performance targets. For purposes of 2024, the CPC modified the achievement level of the Total Revenue goal favorably by $6.8 million for the impact of Hurricane Milton.

Reflecting the bonus adjustments for the 2024 short-term incentive payout, Adjusted EBITDA was $736.63 million, Total Revenue was $3,389.0 million, and the corporate responsibility component achieved 142.5% of target, resulting in a payout of 28.5% of the target bonus for the period, which resulted in the following payments for our named executive officers:

Stock Awards

Stock Awards Granted in 2024

Equity compensation awards are typically granted to the named executive officers on an annual basis under the 2020 Equity Plan. With multi-year and, in some cases, performance-based vesting conditions, and the opportunity for long-term capital appreciation, the annual stock awards help us achieve our objectives of attracting and retaining key executive talent, linking named executive officer pay to long-term Company performance and aligning the interests of named executive officers with those of stockholders.

The CPC approved the following annual equity awards for 2024 for our named executive officers:

The amount of each named executive officer's award, as well as the differences in the award amounts among the named executive officers, were determined by considering market data (as described above) and internal factors, including pay equity with other officers, differences in responsibilities, job performance, and future potential. The CPC's consideration of the external market pay practices of various companies discussed above under "Market Data" resulted in the determination to increase the value of the awards for each of the named executive officers. Based on the review of market data, all of our named executive officers' equity grants were increased due to their low position relative to market median. The CPC recognized Mr. Geller's second full year as CEO and increased his target equity award value closer to market median. Additionally, Mr. Marino's equity adjustment recognizes his promotion to Executive Vice President and Chief Financial Officer in September 2023 and the CPC's desire to bring his long-term incentive target closer to market median. The awards are reflected in the Summary Compensation Table for 2024 and the Grants of Plan-Based Awards for Fiscal Year 2024 table. The value of the awards was allocated among Performance Units, SARs and RSUs as follows:

The allocations were set so as to advance the executives' alignment with stockholders by increasing their equity ownership, while tying a portion of the awards to future stock price performance. The RSUs are time-based stock awards that focus on retention of the executives and SARs are granted to further align the executives' and stockholders' interests by requiring an increase in stock price in order for the executives to recognize value from the awards.

The Performance Units granted in 2024 represent the right to receive shares of our common stock after the end of the performance period beginning January 1, 2024 and ending December 31, 2026, in an amount determined based on the Company's achievement over the performance period with respect to two performance objectives: Adjusted EBITDA and Adjusted retuon invested capital ("Adjusted ROIC"), each weighted equally. "Adjusted ROIC" means Adjusted EBIT, defined as Adjusted EBITDA less Depreciation and Amortization as reported in the Company's annual reports on Form 10-Kover the performance period, as a percentage of Net Total Invested Capital. "Net Total Invested Capital" means the average of the beginning of the performance period and the end of the performance period total assets less current liabilities (excluding non-securitizeddebt) and securitized debt, provided that any cash in excess of $150 million will be disregarded for purposes of determining total assets.

The Adjusted EBITDA and Adjusted ROIC targets were set at levels we believed to be achievable but not certain to be met.

We used Adjusted EBITDA as a performance objective for the Bonus Plan and 2024-2026 Performance Units because the CPC believed that utilizing the same metric for both the short- and long-term compensation programs aligned management's decision making for both short-term and long-term performance. By using the same metric, the CPC intended to promote sustained performance of the Company over both the shorter- and longer-term. As described in more detail below, however, for the 2025-2027 Performance Units, the CPC has replaced Adjusted EBITDA goal in the long-term incentive program with Adjusted EPS.

The number of Performance Units actually earned will be determined following the end of the performance period and will be equal to 50% of the granted number of Performance Units multiplied by a percentage corresponding to the achievement level of the Adjusted EBITDA performance objective plus 50% of the granted number of Performance Units multiplied by a percentage corresponding to the achievement level of the Adjusted ROIC performance objective. The number of shares that will be received can range from zero to two times the number of Performance Units granted and will be based on the straight average of three stand-alone year achievement levels. Achievement levels listed below were approved by the CPC in February 2024.

If performance falls between levels, the vesting percentage will be determined by the CPC based on straight-line interpolation; provided, however, that no payout will be made with respect to either the Adjusted EBITDA performance objective or the Adjusted ROIC performance objective for achievement less than threshold.

Performance Units will not vest if the named executive officer does not continue to be an active employee of the Company during the entire period from the grant date through the performance period (unless the named executive officer retires as an approved retiree or dies or is disabled during such period) or engages in competition or acts that are or potentially are injurious to the Company's operations, financial condition or business reputation during that period; the named executive officers are also prohibited from soliciting any of our employees to leave our employment during the period from the grant date until the first anniversary of the termination of the officer's employment for any reason. If a named executive officer retires as an approved retiree during the performance period, a pro rata portion of the Performance Units will continue to vest on the same terms. If a named executive officer dies or is disabled during the performance period, a pro-rataportion of the Performance Units will vest assuming achievement at the target level of performance.

Performance Units Vested in 2024

Following the end of 2024, each of the named executive officers received shares upon the vesting of the Performance Units granted in 2022. These performance shares represented the right to receive shares of our common stock at the end of the performance period beginning January 1, 2022, and ending December 31, 2024, in an amount determined based on the Company's cumulative achievement over the performance period with respect to two performance objectives: Adjusted EBITDA and Adjusted ROIC, each weighted equally. The targets were set in February of 2022 at levels we believed to be achievable but not certain to be met.