[Form 4] MARRIOTT VACATIONS WORLDWIDE Corp Insider Trading Activity

Rhea-AI Filing Summary

Marriott Vacations Worldwide (VAC) received a significant insider update as an investor group linked to Impactive Capital reported buying additional stock. On 11/19/2025, funds and accounts managed by Impactive Capital LP acquired 84,000 shares of VAC common stock at $47.44 per share. Following this purchase, the reporting group is shown as beneficially owning 4,130,340 shares, held indirectly through Impactive-managed funds.

The filing is a joint Form 4 by Impactive Capital LP, Impactive Capital LLC, and individuals Christian Asmar and Lauren Taylor Wolfedirectors (by deputization) and 10% owners of VAC. The Impactive Funds delegate all voting and investment power over these securities to Impactive Capital, and each reporting person disclaims beneficial ownership beyond their pecuniary interest.

Insights

Equity Ownership and Governance Analyst

Large shareholder group, deemed directors, increased indirect stake via open-market purchase, strengthening economic alignment and governance influence.

The filing reports that entities affiliated with Impactive Capital, together with Christian Asmar and Lauren Taylor Wolfe, bought 84,000 shares of Marriott Vacations Worldwide common stock on 11/19/2025 at $47.44 per share. After this trade, they report indirect beneficial ownership of 4,130,340 shares, held through funds and accounts that granted Impactive Capital full voting and investment power. The group is classified as both Director and 10% Owner, reflecting significant governance involvement.

The structure matters. The economic exposure resides in certain funds, which delegate all voting and investment authority to Impactive Capital under an Investment Management Agreement. Impactive GP, and then Mr. Asmar and Ms. Taylor Wolfe as managing members, sit above this in the control chain and may be deemed to exercise voting and investment power. The funds themselves and each reporting person disclaim beneficial ownership beyond their pecuniary interest, which limits legal responsibility to their actual economic stake.

This transaction increases indirect ownership and thus the scale of influence tied to the board representation described in the remarks, where the reporting persons are deemed directors by deputization. Observers can track future Form 4 filings for additional changes in share count or structure and any shifts in board representation or committee roles. The key time reference is the transaction date of 11/19/2025, which anchors this latest step in the group’s ownership trajectory.

11/19/2025 - 05:34 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Asmar Christian

(Last) (First) (Middle)

450 WEST 14TH STREET, 12TH FLOOR

(Street)

NEW YORK CITY NY 10014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MARRIOTT VACATIONS WORLDWIDE Corp [ VAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, par value $0.01 per share(1)	11/19/2025		P		84,000	A	$47.44	4,130,340	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Asmar Christian

(Last) (First) (Middle)

450 WEST 14TH STREET, 12TH FLOOR

(Street)

NEW YORK CITY NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Impactive Capital LP

(Last) (First) (Middle)

450 WEST 14TH STREET, 12TH FLOOR

(Street)

NEW YORK CITY NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Impactive Capital LLC

(Last) (First) (Middle)

450 WEST 14TH STREET, 12TH FLOOR

(Street)

NEW YORK CITY NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Wolfe Lauren Taylor

(Last) (First) (Middle)

450 WEST 14TH STREET, 12TH FLOOR

(Street)

NEW YORK CITY NY 10014

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This Form 4 is filed jointly by Impactive Capital LP ("Impactive Capital"), Impactive Capital LLC ("Impactive GP"), Christian Asmar and Lauren Taylor Wolfe (collectively, the "Reporting Persons"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of her, his or its pecuniary interest therein.

2. The securities of Marriott Vacations Worldwide Corporation (the "Issuer") reported herein are held directly by certain funds and/or accounts (the "Impactive Funds"). Pursuant to an Investment Management Agreement, the Impactive Funds have delegated all voting and investment power over the securities directly held by the Impactive Funds and their general partners to Impactive Capital, which serves as the investment manager of the Impactive Funds. Impactive GP, as the general partner of Impactive Capital, and each of Mr. Asmar and Ms. Taylor Wolfe, as Managing Members of Impactive GP, may be deemed to exercise voting and investment power over such securities. The Impactive Funds specifically disclaim beneficial ownership of such securities by virtue of their inability to vote or dispose of such securities as a result of such delegation to Impactive Capital.

Remarks:

Christian Asmar, Managing Member of Impactive Capital LLC, the general partner of Impactive Capital LP, is a director of the Issuer. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the Reporting Persons are deemed directors by deputization by virtue of their representation on the Board of Directors of the Issuer.

	/s/ Christian Asmar	11/19/2025
	IMPACTIVE CAPITAL LP, By: Impactive Capital LLC, its general partner, By: /s/ Lauren Taylor Wolfe, Managing Member	11/19/2025
	IMPACTIVE CAPITAL LLC, By: /s/ Lauren Taylor Wolfe, Managing Member	11/19/2025
	/s/ Lauren Taylor Wolfe	11/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did VAC report in this Form 4?

The report shows funds managed by Impactive Capital LP bought 84,000 shares of Marriott Vacations Worldwide (VAC) common stock on 11/19/2025 at a price of $47.44 per share.

How many Marriott Vacations (VAC) shares are beneficially owned after this trade?

After the reported transaction, the filing shows the reporting group with 4,130,340 VAC shares beneficially owned indirectly through Impactive-managed funds.

Who are the reporting persons in this Marriott Vacations (VAC) Form 4?

The Form 4 is filed jointly by Impactive Capital LP, Impactive Capital LLC, Christian Asmar, and Lauren Taylor Wolfe, collectively referred to as the reporting persons.

What is the relationship of Impactive Capital to Marriott Vacations (VAC)?

The reporting persons are identified as directors (by deputization) and 10% owners of Marriott Vacations Worldwide, reflecting their board representation and ownership stake.

How are VAC shares held and controlled by the Impactive Funds?

The VAC shares are held directly by certain Impactive Funds, which have delegated all voting and investment power over these securities to Impactive Capital LP under an Investment Management Agreement.

Do the Impactive reporting persons claim full beneficial ownership of the VAC shares?

The reporting persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, and the Impactive Funds disclaim ownership due to delegating control to Impactive Capital.

Were any derivative securities reported in this VAC Form 4 filing?

The section for derivative securities is included in the form, but the provided content does not list any specific derivative transactions or holdings.