MARRIOTT VACATIONS WORLDWIDE Corp

17.1 General. To the extent that Code Section 409A may apply to any Award under the Plan, it is intended that the terms of the Plan and such Award meet the applicable requirements to qualify for an exemption from, or be compliant with, Code Section 409A so that a Participant is not taxed under Code Section 409A with respect to such Award until such time as Shares or other amounts are distributed to the Participant in accordance with the Plan’s and the Award’s terms. For this purpose, the Plan and the Awards will be administered and interpreted to be exempt from or comply with Code Section 409A and any applicable Treasury or IRS guidance.

17.2 Delay for Specified Employees. To the extent that any Award under the Plan may be subject to Code Section 409A(a)(2)(B)(i), distributions of Shares or other amounts pursuant to such Award on account of a termination of employment of a Participant who is a Specified Employee (as defined as follows) shall be made or commence not before the date which is six (6) months following the termination of employment, except in the event of the Participant’s death. Any distribution that is delayed under this Article 17.2 shall be distributed on the first day of the seventh month following the Specified Employee’s termination of employment (without affecting the timing of any subsequent installment that is not within thesix-month period following termination of employment). For this purpose, a Specified Employee is a person described under Treasury Regulation section 1.409A-1(i), applying the default rules thereunder, except that the definition of compensation for purposes of identifying Specified Employees is the safe harbor definition of compensation set forth under Treasury Regulation section 1.415(c)- 2(d)(4).