UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)
MARRIOTT INTERNATIONAL, INC.
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
571903103
(CUSIP Number)
Ralph W. Hardy, Jr.
Dow Lohnes PLLC
1200 New Hampshire Avenue, N.W.
Washington, D.C. 20036 (202) 776-2000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 16, 2009
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. |_|
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
JWM Family Enterprises, Inc.
52-1823618
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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-------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 7 SOLE VOTING POWER 0
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 22,527,960*
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 0
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 22,527,960*
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,527,960*
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%**
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14 TYPE OF REPORTING PERSON CO
-------------------- ----------------------------------------------------------
* Consists of 11,700,000 shares owned by Thomas Point Ventures, L.P., whose
sole general partner is JWM Family Enterprises, L.P. and 10,827,960 shares
owned by JWM Family Enterprises, L.P. JWM Family Enterprises, Inc. is the sole
general partner of JWM Family Enterprises, L.P.
** The denominator is based on 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the annual
report on Form 10-K for the fiscal year ended January 2, 2009 (the "Form 10-K").
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
JWM Family Enterprises, Inc.
52-1821926
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 7 SOLE VOTING POWER 0
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 22,527,960*
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 0
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 22,527,960*
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,527,960*
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.4%**
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14 TYPE OF REPORTING PERSON PN
-------------------- ----------------------------------------------------------
* Consists of 11,700,000 shares owned by Thomas Point Ventures, L.P., whose
sole general partner is JWM Family Enterprises, L.P. and 10,827,960 shares
owned by JWM Family Enterprises, L.P. JWM Family Enterprises, Inc. is the sole
general partner of JWM Family Enterprises, L.P.
** The denominator is based on 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K.
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
J.W. Marriott, Jr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
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NUMBER OF 7 SOLE VOTING POWER 11,360,259*
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 47,716,416**
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 11,360,259*
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 47,716,416**
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-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,589,484***
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-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%****
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14 TYPE OF REPORTING PERSON IN
-------------------- ----------------------------------------------------------
* Consists of the following: (a) 5,601,475 shares held directly by J.W.
Marriott, Jr.; and (b) 5,758,784 shares subject to options and restricted stock
units currently exercisable or exercisable within 60 days after March 31, 2009.
** Consists of the following: (a) 5,736,864 shares held by 16 trusts for the
benefit of the children of J.W. Marriott, Jr. and the children of Richard E.
Marriott, for which J.W. Marriott serves as co-trustee; (b) 10,716,640 shares
owned by The J. Willard and Alice S. Marriott Foundation, a charitable
foundation, for which J.W. Marriott, Jr. serves as a co-trustee; (c) 5,562,048
shares held by a charitable annuity trust created by the will of J. Willard
Marriott, Sr., in which the descendents of J.W. Marriott, Jr. have a remainder
interest and for which he serves as a co-trustee; (d) 75,756 shares held by a
trust established for the benefit of J.W. Marriott, Jr., for which Richard E.
Marriott serves as trustee; (e) 10,827,960 shares owned by JWM Family
Enterprises, L.P. whose general partner is a corporation of which J.W.
Marriott, Jr. is a director; (f) 11,700,000 shares owned by Thomas Point
Ventures, L.P., whose general partner is JWM Family Enterprises, L.P.;
(g) 320,000 shares owned by JWM Associates Limited Partnership, in which
J.W. Marriott, Jr. is a general partner; (h) 2,343,568 shares owned by four
trusts for the benefit of J.W. Marriott, Jr.'s children, for which J.W.
Marriott, Jr.'s wife and an unrelated person serve as co-trustees (Mr. Marriott
disclaims beneficial ownership of such shares); (i) 49,044 shares owned by
three trusts for the benefit of John W. Marriott III's children, for which the
spouses of John W. Marriott III and J.W. Marriott, Jr. serve as co-trustees
(Mr. Marriott disclaims beneficial ownership of such shares); (j) 56,654
shares owned by the J. Willard Marriott Jr. Foundation, for which J.W.
Marriott, Jr., his wife and an unrelated person serve as trustees; (k) 279,470
shares held by J.W. Marriott's wife (Mr. Marriott disclaims beneficial
ownership of such shares); and (l) 48,412 shares owned by three trusts for the
benefit of J.W. Marriott, Jr.'s grandchildren, for which the spouses of
Stephen Garff Marriott and J.W. Marriott, Jr. serve as co-trustees
(Mr. Marriott disclaims beneficial ownership of such shares). Mr. Marriott
disclaims beneficial ownership of the foregoing shares in excess of his
pecuniary interest.
*** J.W. Marriott, Jr., John W. Marriott III, Deborah Marriott Harrison, Stephen
Garff Marriott and David Sheets Marriott (collectively, the "Individual
Reporting Persons") may be deemed to be a "group" within the meaning of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended, and therefore each
Individual Reporting Person may be deemed to beneficially own the shares held by
all other Individual Reporting Persons. The aggregate number of shares
beneficially owned by all of the Individual Reporting Persons is 63,589,484,
including 6,040,411 shares of Class A Common Stock subject to options, stock
appreciation rights and restricted stock units currently exercisable or
exercisable within 60 days after March 31, 2009.
**** The denominator is based on (a) 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K, and (b) 6,040,411 shares subject to options, stock appreciation rights and
restricted stock units currently exercisable or exercisable within 60 days after
March 31, 2009.
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
John W. Marriott III
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
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NUMBER OF 7 SOLE VOTING POWER 859,108*
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 24,229,599**
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 859,108*
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 24,229,599**
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,589,484***
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%****
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14 TYPE OF REPORTING PERSON IN
-------------------- ----------------------------------------------------------
* Consists of the following: (a) 768,638 shares held directly by John W.
Marriott III; and (c) 90,470 shares subject to options and restricted stock
units currently exercisable or exercisable within 60 days after March 31, 2009.
** Consists of the following: (a) 10,827,960 shares owned by JWM Family
Enterprises, L.P. whose general partner is a corporation of which John W.
Marriott III is a director; (b) 11,700,000 shares owned by Thomas Point
Ventures, L.P., whose general partner is JWM Family Enterprises, L.P.; (c)
320,000 shares owned by JWM Associates Limited Partnership, in which John W.
Marriott III is a limited partner; (d) 439,720 shares held by a trust for the
benefit of John W. Marriott III, for which J.W. Marriott, Jr.'s wife and an
unrelated person serve as co-trustees; (e) 701,960 shares held by two trusts for
the benefit of John W. Marriott III, for which J.W. Marriott, Jr. and Richard E.
Marriott serve as co-trustees; (f) 49,044 shares owned by three trusts for the
benefit of John W. Marriott III's children, for which the spouses of John W.
Marriott III and J.W. Marriott, Jr. serve as co-trustees; (g) 31,210 shares
owned by John W. Marriott III's wife (Mr. Marriott disclaims beneficial
ownership of such shares); and (h) 159,705 shares held by three trusts for the
benefit of John W. Marriott III's children, for which John W. Marriott III, his
wife and Deborah Marriott Harrison serve as trustees. Mr. Marriott disclaims
beneficial ownership of the foregoing shares in excess of his pecuniary
interest.
*** The Individual Reporting Persons may be deemed to be a "group" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
and therefore each Individual Reporting Person may be deemed to beneficially own
the shares held by all other Individual Reporting Persons. The aggregate number
of shares beneficially owned by all of the Individual Reporting Persons is
63,589,484, including 6,040,411 shares of Class A Common Stock subject to
options, stock appreciation rights and restricted stock units currently
exercisable or exercisable within 60 days after March 31, 2009.
**** The denominator is based on (a) 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K, and (b) 6,040,411 shares subject to options, stock appreciation rights and
restricted stock units currently exercisable or exercisable within 60 days after
March 31, 2009.
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Deborah Marriott Harrison
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
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NUMBER OF 7 SOLE VOTING POWER 421,942*
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 24,577,563**
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 421,942*
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 24,577,563**
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,589,484***
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%****
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
-------------------- ----------------------------------------------------------
* Consists of 421,942 shares held directly by Deborah Marriott Harrison.
** Consists of the following: (a) 10,827,960 shares owned by JWM Family
Enterprises, L.P. whose general partner is a corporation in which Deborah
Marriott Harrison is a director; (b) 11,700,000 shares owned by Thomas Point
Ventures, L.P., whose general partner is JWM Family Enterprises, L.P.; (c)
688,340 shares held by a trust for the benefit of Deborah Marriott Harrison, for
which J.W. Marriott, Jr.'s wife and an unrelated person serve as co-trustees;
(d) 798,940 shares held by two trusts for the benefit of Deborah Marriott
Harrison, for which J.W. Marriott, Jr. and Richard E. Marriott serve as
co-trustees; (e) 113,355 shares held directly by Deborah Marriott Harrison's
husband, Ronald Taylor Harrison (Mrs. Harrison disclaims beneficial ownership of
such shares); (f) 37,995 shares held in four trusts for the benefit of Deborah
Marriott Harrison's children, for which Deborah Marriott Harrison, her husband
and Leanne Harrison Giles serve as trustees; (g) 76,089 shares subject to
options, stock appreciation rights and restricted stock units held by Deborah
Marriott Harrison's husband, Ronald Taylor Harrison, currently exercisable or
exercisable within 60 days after March 31, 2009 (Mrs. Harrison disclaims
beneficial ownership of such shares); (h) 333,684 shares held in five trusts for
the benefit of Deborah Marriott Harrison's children, for which Deborah Marriott
Harrison, her husband and another individual serve as co-trustees; and (g) 1,200
shares owned by a trust for the benefit of Deborah M. Harrison's grandchild, for
which Deborah M. Harrison, her spouse and another individual serve as
co-trustees. In addition, while not reflected in the table, Mrs. Harrison is
also a trustee for three trusts, holding 145,305 shares, for the benefit of John
W. Marriott III's children, for which John W. Marriott III, his wife and Deborah
Marriott Harrison serve as trustees. Mrs. Harrison disclaims beneficial
ownership of the foregoing shares in excess of her pecuniary interest.
*** The Individual Reporting Persons may be deemed to be a "group" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
and therefore each Individual Reporting Person may be deemed to beneficially own
the shares held by all other Individual Reporting Persons. The aggregate number
of shares beneficially owned by all of the Individual Reporting Persons is
63,589,484, including 6,040,411 shares of Class A Common Stock subject to
options, stock appreciation rights and restricted stock units currently
exercisable or exercisable within 60 days after March 31, 2009.
**** The denominator is based on (a) 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K, and (b) 6,040,411 shares subject to options, stock appreciation rights and
restricted stock units currently exercisable or exercisable within 60 days after
March 31, 2009.
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Stephen Garff Marriott
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
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NUMBER OF 7 SOLE VOTING POWER 1,206,508*
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 34,808,947**
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 1,206,508*
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 34,808,947**
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,589,484***
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%****
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
-------------------- ----------------------------------------------------------
* Consists of the following: (a) 1,100,400 shares held directly by Stephen Garff
Marriott; and (b) 106,108 shares subject to options, stock appreciation rights
and restricted stock units currently exercisable or exercisable within 60 days
after March 31, 2009.
** Consists of the following: (a) 10,827,960 shares owned by JWM Family
Enterprises, L.P. whose general partner is a corporation in which Stephen Garff
Marriott is a director; (b) 11,700,000 shares owned by Thomas Point Ventures,
L.P., whose general partner is JWM Family Enterprises, L.P.; (c) 552,220 shares
held by a trust for the benefit of Stephen Garff Marriott, for which J.W.
Marriott, Jr.'s wife and an unrelated person serve as co-trustees; (d) 787,220
shares held by two trusts for the benefit of Stephen Garff Marriott, for which
J.W. Marriott, Jr. and Richard E. Marriott serve as co-trustees; (e ) 43,230
shares held by Stephen Garff Marriott's wife (Mr. Marriott disclaims beneficial
ownership of such shares); (f) 48,412 shares owned by three trusts for the
benefit of Stephen Garff Marriott's children, for which the spouses of Stephen
Garff Marriott and J.W. Marriott, Jr. serve as co-trustees (Mr. Marriott
disclaims beneficial ownership of such shares); (g) 213,265 shares owned by
three trusts for the benefit of Stephen Garff Marriott's children, for which
Stephen Garff Marriott and the spouses of Stephen Garff Marriott and J.W.
Marriott, Jr. serve as trustees; and (h) 10,716,640 shares owned by The J.
Willard and Alice S. Marriott Foundation, a charitable foundation, for which
Stephen G. Marriott serves as co-trustee with J.W. Marriott, Jr. and Richard E.
Marriott. Mr. Marriott disclaims beneficial ownership of the foregoing shares in
excess of his pecuniary interest.
*** The Individual Reporting Persons may be deemed to be a "group" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
and therefore each Individual Reporting Person may be deemed to beneficially own
the shares held by all other Individual Reporting Persons. The aggregate number
of shares beneficially owned by all of the Individual Reporting Persons is
63,589,484, including 6,040,411 shares of Class A Common Stock subject to
options, stock appreciation rights and restricted stock units currently
exercisable or exercisable within 60 days after March 31, 2009.
**** The denominator is based on (a) 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K, and (b) 6,040,411 shares subject to options, stock appreciation rights and
restricted stock units currently exercisable or exercisable within 60 days after
March 31, 2009.
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-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
David Sheets Marriott
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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-------------------------------------------------------------------------------
3 SEC USE ONLY
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-------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) |_|
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 960,090*
SHARES --------------------------------------------------
BENEFICIALLY --------------------------------------------------
OWNED BY
EACH 8 SHARED VOTING POWER 24,033,636**
REPORTING --------------------------------------------------
PERSON --------------------------------------------------
WITH
9 SOLE DISPOSITIVE POWER 960,090*
--------------------------------------------------
--------------------------------------------------
10 SHARED DISPOSITIVE POWER 24,033,636**
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,589,484***
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
Not Applicable
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.0%****
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
-------------------- ----------------------------------------------------------
* Consists of the following: (a) 951,130 shares held directly by David Sheets
Marriott; and (b) 8,960 shares subject to options and restricted stock units
currently exercisable or exercisable within 60 days after March 31, 2009.
** Consists of the following: (a) 10,827,960 shares owned by JWM Family
Enterprises, L.P. whose general partner is a corporation in which David Sheets
Marriott is a director; (b) 11,700,000 shares owned by Thomas Point Ventures,
L.P., whose general partner is JWM Family Enterprises, L.P.; (c) 663,288 shares
held by a trust for the benefit of David Sheets Marriott, for which J.W.
Marriott, Jr.'s wife and an unrelated person serve as co-trustees; (d) 786,960
shares held by two trusts for the benefit of David Sheets Marriott, for which
J.W. Marriott, Jr. and Richard E. Marriott serve as co-trustees; (e) 5,278
shares held by David Sheets Marriott's wife (Mr. Marriott disclaims beneficial
ownership of such shares); and (f) 50,150 shares held as trustee of three trusts
for the benefit of David Sheets Marriott's children, for which John W. Marriott
III, David Sheets Marriott and David Sheets Marriott's wife serves as trustees.
Mr. Marriott disclaims beneficial ownership of the foregoing shares in excess of
his pecuniary interest.
*** The Individual Reporting Persons may be deemed to be a "group" within the
meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
and therefore each Individual Reporting Person may be deemed to beneficially own
the shares held by all other Individual Reporting Persons. The aggregate number
of shares beneficially owned by all of the Individual Reporting Persons is
63,589,484, including 6,040,411 shares of Class A Common Stock subject to
options, stock appreciation rights and restricted stock units currently
exercisable or exercisable within 60 days after March 31, 2009.
**** The denominator is based on (a) 349,860,166 shares of Class A Common Stock
outstanding as of January 30, 2009, as stated on the facing page of the Form
10-K, and (b) 6,040,411 shares subject to options, stock appreciation rights and
restricted stock units currently exercisable or exercisable within 60 days after
March 31, 2009.
This Amendment No. 1 (this "Amendment") amends the Schedule 13D filed by
J.W. Marriott, Jr., John W. Marriott III, Deborah Marriott Harrison, Stephen
Garff Marriott and David Sheets Marriott (collectively, the "Individual
Reporting Persons"), and JWM Family Enterprises, Inc. ("Family Corp") and JWM
Family Enterprises, L.P. ("Family L.P." and collectively with the Individual
Reporting Persons and Family Corp, the "Reporting Persons") on May 26, 2006
(the "Schedule 13D") with respect to the Class A common stock, par value $0.01
per share (the "Class A Common Stock"), of Marriott International, Inc., a
Delaware corporation ("Marriott"), as specifically set forth herein.
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and restated in its
entirety as follows:
On May 17, 2006, the Individual Reporting Persons entered into an
Amended and Restated Stockholders Agreement (the "Amended and Restated
Stockholders Agreement") of Family Corp in connection with a contribution of
6,600,000 shares of Class A Common Stock to Thomas Point Ventures, L.P. ("TPV").
The Amended and Restated Stockholders Agreement sets forth certain agreements
between the parties with respect to the stock of Family Corp and the management
of Family Corp. Family Corp is the sole General Partner of Family L.P., and
Family L.P. is the sole General Partner of TPV.
Pursuant to the terms of the Amended and Restated Stockholders
Agreement, none of the parties thereto may transfer their shares of Family Corp
stock, except that such stock may be transferred to another Family Corp
stockholder, the spouse or lineal descendant of a Family Corp stockholder or a
trust for the benefit of a Family Corp stockholder or their spouses or lineal
descendants. Upon the occurrence of an event that would cause any stock held by
a Family Corp stockholder to be subject to an involuntary transfer (as defined
in the Amended and Restated Stockholders Agreement), Family Corp has the right
and option to purchase from such stockholder the shares that are subject to the
involuntary transfer. The Amended and Restated Stockholders Agreement also
requires the parties thereto to vote for certain designated persons as directors
of Family Corp. Under the Amended and Restated Stockholders Agreement, J.W.
Marriott, Jr. is authorized on behalf of Family Corp to exercise all voting
rights with respect to certain shares of Class A Common Stock contributed to
Family L.P. by The Alice S. Marriott Lifetime Trust (the "Alice Marriott Trust
Shares"), and J.W. Marriott, Jr., John W. Marriott III and Deborah Marriott
Harrison are authorized on behalf of Family Corp to exercise all voting rights
with respect to certain shares of Class A Common Stock contributed by J.W.
Marriott, Jr. to TPV.
Without the prior written consent of the Original Voting Stockholder
Nominees (as defined in the Amended and Restated Stockholders Agreement), Family
Corp may not:
o sell or issue any stock;
o engage in any business activity other than its activities as General
Partner of Family L.P. and other activities incidental thereto;
o engage in or cause Family L.P. or TPV to engage in any transaction with any
stockholder or any affiliate of any stockholder with respect to the
provision or receipt of goods or services;
o amend any provision of its certificate of incorporation;
o amend, alter, or repeal any provision of its by-laws;
o make any distribution on or with respect to, or in redemption of, any
stock, except pursuant to certain limited exceptions;
o merge or consolidate with or into any other person;
o sell or otherwise dispose of all or substantially all of its assets or
sell, assign, pledge, or otherwise encumber or transfer all or any part of
its interest in Family L.P.;
o permit or cause Family L.P. to sell or otherwise dispose of any of the
Alice Marriott Trust Shares;
o sell, exchange or otherwise dispose of hotel/lodging properties owned or
controlled by Family L.P. or TPV that represent more than 10% of the gross
value of the assets owned or controlled by Family L.P. and TPV;
o permit Family L.P. or TPV to purchase, invest in, or otherwise acquire a
hotel/lodging property for more than $30,000,000;
o consent to the assignment, transfer, or other disposition of any limited
partnership interest or portion thereof in Family L.P. or TPV;
o consent to the admission of the assignee of a limited partnership interest
in Family L.P. or TPV as a substituted limited partner in said partnerships;
o admit additional limited partners to Family L.P. or TPV;
o elect to dissolve Family L.P. or TPV; or
o amend any provision of the Amended and Restated Agreement of Limited
Partnership of Family L.P. or the Limited Partnership Agreement of TPV.
In addition, the Amended and Restated Stockholders Agreement restricts Family
Corp from taking the following actions without the prior written consent of J.W.
Marriott, Jr.:
o pledge more than 15% of the stock of Marriott owned by TPV, whether in one
transaction or a series of transactions; or
o sell, transfer or exchange more than 15% of the stock of Marriott owned
by TPV.
The foregoing summary is qualified in its entirety by reference to the
Amended and Restated Stockholders Agreement filed as Exhibit 7.02 to the Initial
Schedule 13D and is hereby incorporated herein by this reference.
J.W. Marriott, Jr., Stephen G. Marriott and Richard E. Marriott (the
brother of J.W. Marriott, Jr.) serve as co-trustees of the J. Willard and Alice
S. Marriott Foundation (the "Foundation") and may be deemed to have beneficial
ownership over the shares held by the Foundation. Each has no pecuniary interest
in the shares held by the Foundation. In order to ensure compliance with certain
federal tax requirements limiting the number of shares of voting stock that can
be owned by a private foundation, the Foundation entered into a Rule 10b5-1
Stock Trading Plan (the "Stock Trading Plan") as of March 16, 2009 with Credit
Suisse Securities (USA) LLC, a registered broker-dealer, for the purpose of
establishing a trading plan to effect sales of shares of the Class A Common
Stock in compliance with all applicable laws including, without limitation,
Section 10(b) of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder including, without limitation, Rule
10b5-1.
Under the Stock Trading Plan, the Foundation will sell up to an
aggregate of 9,300,000 shares of Class A Common Stock potentially beginning on
May 1, 2009 through October 31, 2015. The Stock Trading Plan provides for a
minimum price each selling period, generally calendar quarters, that gradually
increases each subsequent selling period. Any shares not sold during a selling
period are rolled forward and available for sale in the subsequent period at the
new price threshold. All sales under the Stock Trading Plan will be made in
accordance with Rule 144 promulgated under the Securities Act of 1933, as
amended, including the manner of sale and volume limitations of Rule 144. A copy
of the Stock Trading Plan is attached as Exhibit 7.03 hereto and incorporated
herein by reference.
Other than the above-described transactions, none of the Individual
Reporting Persons, and to the best knowledge of the persons filing this
Amendment, any of the executive officers or directors of Family Corp and Family
L.P. have any plans or proposals that relate to or would result in any of the
events set forth in Items 4(a) through (j). However, the Individual Reporting
Persons who are employed by Marriott, in their capacity as employees of
Marriott, from time to time, may become aware of, initiate and/or be involved in
discussions which relate to the transactions described in Items 4(a) through (j)
and thus retain their right to modify their plans with respect to the
transactions described in such Items to acquire or dispose of securities of
Marriott and to formulate plans and proposals which could result in the
occurrence of any such events, subject to applicable laws and regulations.
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is hereby amended and restated in its
entirety as follows:
(a) See Items 11 and 13 of the cover pages to this Amendment, which
Items are incorporated herein by reference, for the aggregate number of shares
and percentage of Class A Common Stock owned by each of the Reporting Persons.
(b) See Items 7, 8, 9 and 10 of the cover pages to this Amendment,
which Items are incorporated herein by reference, for the aggregate number of
shares of Class A Common Stock beneficially owned by each of the Reporting
Persons as to which there is sole or shared power to vote or direct the vote and
sole or shared power to dispose or to direct the disposition of such shares of
Class A Common Stock.
The percentage of the Class A Common Stock set forth for each Reporting
Person in this Item 5 was calculated based upon (i) 349,860,166 shares of Class
A Common Stock outstanding as of January 31, 2009, as stated on the facing page
of the Form 10-K, and (ii) the number of shares of Class A Common Stock issuable
upon the exercise of options to purchase Class A Common Stock held by such
Reporting Person(s) that are currently exercisable or exercisable within 60 days
after March 31, 2009, if any.
Except as otherwise provided in this Item 5, each of the Reporting
Persons has the sole power to vote or to direct the vote, and the sole power to
dispose or to direct the disposition of, the shares of Class A Common Stock
deemed to be beneficially owned by such Reporting Person.
(c) The following Reporting Persons have effected transactions in the
Class A Common Stock during the past 60 days:
Reporting Person Date Transaction Type Shares(#) Price per
Share($)
J.W. Marriott, Jr. 3/26/09 Sale of shares 98,146 17.73(1)
J.W. Marriott, Jr. 3/26/09 Exercise of stock option 98,146 6.56
J.W. Marriott, Jr. 3/10/09 Sale of shares 198,146 14.34(1)
J.W. Marriott, Jr. 3/10/09 Exercise of stock option 198,146 6.67
J.W. Marriott, Jr. 2/17/09 Tax withholding of shares upon vesting 33,720 14.65
of restricted stock unit
Stephen G. Marriott 2/17/09 Tax withholding of shares upon vesting 823 14.65
of restricted stock unit
John W. Marriott III 2/17/09 Tax withholding of shares upon vesting 3,239 14.65
of restricted stock unit
Deborah Marriott Harrison 2/17/09 Tax withholding of shares upon vesting 283 14.65
of restricted stock unit
Deborah Marriott Harrison's spouse 2/17/09 Tax withholding of shares upon vesting 1,368 14.65
of restricted stock unit
David S. Marriott 2/17/09 Tax withholding of shares upon vesting 3,048 14.65
of restricted stock unit
---------------------
(1) Represents the weighted-average sale price.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of, the
shares of Class A Common Stock referred to in paragraphs (a) and (b) above.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
Item 6 of the Schedule 13D is hereby amended and restated in its
entirety as follows:
The descriptions of the material terms of the Amended and Restated
Stockholders Agreement and the Stock Trading Plan set forth in Item 4 are
incorporated herein by this reference. The Reporting Persons have also entered
into a Joint Filing Agreement, dated as of May 24, 2006, filed as Exhibit 7.01
to the Initial Schedule 13D.
Except for the Amended and Restated Stockholders Agreement, the Stock
Trading Plan and the Joint Filing Agreement, there are no other contracts,
arrangements, understandings or relationships (legal or otherwise) among the
Reporting Persons and any person with respect to the Class A Common Stock
beneficially owned by the Reporting Persons.
Item 7. Material to be Filed as Exhibits
Item 7 of the Schedule 13D is hereby amended and restated in its
entirety as follows:
Exhibit 7.01 Joint Filing Agreement, dated as of May 24, 2006, among
J.W. Marriott, Jr., Deborah Marriott Harrison, Stephen Garff
Marriott, John W. Marriott III, David Sheets Marriott,
JWM Family Enterprises, Inc. and JWM Family Enterprises, L.P.
(incorporated by reference to Exhibit 7.01 to the Reporting
Persons' Schedule 13D, as filed on May 24, 2006).
Exhibit 7.02 Amended And Restated Stockholders Agreement, dated as of
May 17, 2006, among J.W. Marriott, Jr., Deborah Marriott
Harrison, Stephen Garff Marriott, John W. Marriott III, David
Sheets Marriott, the Deborah Marriott 1974 Trust, the Stephen
Garff Marriott 1974 Trust, the John Willard Marriott III 1974
Trust, the David Sheets Marriott 1974 Trust and JWM Family
Enterprises, Inc. (incorporated by reference to Exhibit 7.01
to the Reporting Persons' Schedule 13D, as filed on
May 24, 2006).
Exhibit 7.03 Rule 10b5-1 Stock Trading Plan, dated as of March 16, 2009,
between the J. Willard and Alice S. Marriott Foundation
and Credit Suisse Securities (USA) LLC.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 21, 2009 By: /s/ J.W. Marriott, Jr.
------------------------------------
J.W. Marriott, Jr.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 21, 2009 By: /s/ Deborah Marriott Harrison
-----------------------------------
Deborah Marriott Harrison
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 21, 2009 By: /s/ Stephen Garff Marriott
-----------------------------------
Stephen Garff Marriott
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 21, 2009 By: /s/ John W. Marriott III
-----------------------------------
John W. Marriott III
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: April 21, 2009 By: /s/ David Sheets Marriott
-----------------------------------
David Sheets Marriott
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
JWM Family Enterprises, Inc.
Date: April 21, 2009 By: /s/ John W. Marriott III
-----------------------------------
John W. Marriott III
Chief Executive Officer
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
JWM Family Enterprises, L.P.
By: JWM Family Enterprises, Inc.,
its General Partner
Date April 21, 2009 By: /s/ John W. Marriott III
-----------------------------------
John W. Marriott III
Chief Executive Officer
Appendix A
Individual Reporting Persons
------------------------------ ------------------------------ -------------------------- -------------------------------------
Name Business Address Principal Occupation Employed
------------------------------ ------------------------------ -------------------------- -------------------------------------
------------------------------ ------------------------------ -------------------------- -------------------------------------
J.W. Marriott, Jr.* Marriott International, Inc. Chief Executive Officer Marriott International, Inc.
10400 Fernwood Road Marriott International, Inc. 10400 Fernwood Road
Bethesda, Maryland 20817 Bethesda, Maryland 20817
------------------------------ ------------------------------ -------------------------- -------------------------------------
------------------------------ ------------------------------ -------------------------- -------------------------------------
Deborah Marriott Harrison Marriott International, Inc. Senior Vice President, Marriott International, Inc.
10400 Fernwood Road Government Affairs, 10400 Fernwood Road
Bethesda, Maryland 20817 Marriott International, Inc. Bethesda, Maryland 20817
------------------------------ ------------------------------ -------------------------- -------------------------------------
------------------------------ ------------------------------ -------------------------- -------------------------------------
Stephen Garff Marriott Marriott International, Inc. Executive Vice Marriott International, Inc.
10400 Fernwood Road President, Company 10400 Fernwood Road
Bethesda, Maryland 20817 Culture, Marriott Bethesda, Maryland 20817
International, Inc.
------------------------------ ------------------------------ -------------------------- -------------------------------------
------------------------------ ------------------------------ -------------------------- -------------------------------------
John W. Marriott III* JWM Family Enterprises Chief Executive Officer, JWM Family Enterprises
6106 MacArthur Boulevard, JWM Family Enterprises 6106 MacArthur Boulevard,
Suite 110 Suite 110
Bethesda, Maryland 20816 Bethesda, Maryland 20816
------------------------------ ------------------------------ -------------------------- -------------------------------------
------------------------------ ------------------------------ -------------------------- -------------------------------------
David Sheets Marriott Marriott International, Inc. Regional Vice President, Marriott International, Inc.
10400 Fernwood Road Market Management, 10400 Fernwood Road
Bethesda, Maryland 20817 Marriott International, Inc. Bethesda, Maryland 20817
------------------------------ ------------------------------ -------------------------- -------------------------------------
* Director of Marriott International, Inc.
JWM Family Enterprises, Inc.
------------------------------ --------------------------------- ------------------------- -----------------------------------
Name Business Address Principal Occupation Employed
---- ---------------- -------------------- ---------
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
J.W. Marriott, Jr.** Marriott International, Inc. Chief Executive Officer Marriott International, Inc.
10400 Fernwood Road Marriott International, Inc. 10400 Fernwood Road
Bethesda, Maryland 20817 Bethesda, Maryland 20817
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
Deborah Marriott Harrison** Marriott International, Inc. Senior Vice President, Marriott International, Inc.
10400 Fernwood Road Government Affairs, 10400 Fernwood Road
Bethesda, Maryland 20817 Marriott International, Inc. Bethesda, Maryland 20817
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
Stephen Garff Marriott** Marriott International, Inc. Executive Vice Marriott International, Inc.
10400 Fernwood Road President, Company 10400 Fernwood Road
Bethesda, Maryland 20817 Culture, Marriott Bethesda, Maryland 20817
International, Inc.
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
John W. Marriott III** JWM Family Enterprises Chief Executive Officer JWM Family Enterprises
6106 MacArthur Boulevard, JWM Family 6106 MacArthur Boulevard
Suite 110 Enterprises Suite 110
Bethesda, Maryland 20816 Bethesda, Maryland 20816
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
David Sheets Marriott** Marriott International, Inc. Regional Vice Marriott International, Inc.
10400 Fernwood Road President, Market 10400 Fernwood Road
Bethesda, Maryland 20817 Management, Marriott Bethesda, Maryland 20817
International, Inc.
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
Richard L. Braunstein** Dow Lohnes PLLC Member, Dow Lohnes PLLC Dow Lohnes PLLC
1200 New Hampshire Ave. NW 1200 New Hampshire Ave. N.W.
Washington, D.C. 20036 Washington, D.C. 20036
------------------------------ --------------------------------- ------------------------- -----------------------------------
------------------------------ --------------------------------- ------------------------- -----------------------------------
Jeffrey Kurzweil** Venable LLP Partner, Venable LLP Venable LLP
575 7th Street, NW 575 7th Street, NW
Washington, D.C. 20004 Washington, D.C. 20004
------------------------------ --------------------------------- ------------------------- -----------------------------------
** Director of JWM Family Enterprises, Inc.
Exhibit 7.03
STOCK TRADING PLAN
This Stock Trading Plan (the "Plan") is being adopted by The J. Willard
and Alice S. Marriott Foundation (the "Client"), for which J.W. Marriott, Jr.,
Richard E. Marriott and Stephen G. Marriott serve as co-trustees, as of March
16, 2009, to facilitate the sale of 9,300,000 shares of the common stock (the
"Shares") of Marriott International, Inc. (the "Issuer") pursuant to the
requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended ("Exchange Act").
To dispel any inference that the Client is trading in the Shares on the
basis of, while using, when in possession of, or when aware of material
nonpublic information; or that the trades in the Shares evidence Client's
knowledge of material nonpublic information, or information at variance with
Issuer's statements to investors; Client has determined to instruct Credit
Suisse Securities (USA) LLC (including any successors or assigns, "CSSU"), to
sell a pre-determined amount of Shares pursuant to the instructions set forth in
Exhibit A.
Representations, Warranties and Covenants Regarding Compliance with Rule 10b5-1
1. As of the date of this Plan, the Client is not aware of any material
nonpublic information regarding Issuer and is not subject to any legal,
regulatory or contractual restriction or undertaking that would prevent CSSU
from acting upon the instructions set forth in this Plan;
2. The Client is entering into this Plan in good faith and not as part
of any scheme to evade the prohibitions of Rule 10b5-1 adopted under the
Exchange Act;
3. The Client has not entered into, and will not enter into, any
corresponding or hedging transaction or position with respect to the Shares;
4. The Client acknowledges that CSSU may make a market in the Shares
and will continue to engage in market-making activities while executing
transactions on behalf of the Client pursuant to the Plan; and
5. The Client may not discuss with CSSU the timing of the sale of
Shares on its behalf under the Plan (other than to confirm these instructions
and describe them if necessary).
6. The Client agrees to inform CSSU as soon as possible of any of the
following:
i) any subsequent restrictions imposed on Client due to
changes in the securities (or other) laws or of any contractual
restrictions imposed on the Issuer that would prevent CSSU or the
Client from complying with the Plan; and
ii) the occurrence of any event as set forth in the Plan that
would cause the Plan to be suspended or terminated under Section 11 or
Section 16 of the Plan, respectively.
Representations, Warranties and Covenants Regarding Compliance with Rule 144
7. Client understands and agrees all sales of Shares under the Plan
will be made in accordance with the applicable provisions of Rule 144 under the
Securities Act of 1933, as amended ("Securities Act"), as such Rule is in effect
on the date hereof and as may be amended from time to time ("Rule 144").
i) Client requests and authorizes CSSU to complete and file on
its behalf any Forms 144 (pre-signed by it) necessary to effect sales
under the Plan.
ii) If appropriate, Client understands and agrees that, upon
its prompt execution and delivery to CSSU of Form 144, CSSU will
either: (a) make one Form 144 filing at the beginning of each
three-month period commencing with the date of the first sale made in
connection with the Plan, (b) file a Form 144 for each sale made in
connection with the Plan, or (c) file at its discretion in compliance
with the Rule 144.
iii) Each Form 144 shall state the following: "This proposed
sale is made pursuant to a plan intended to comply with Rule 10b5-1(c),
previously entered into on March 16, 2009, at which time The J. Willard
and Alice S. Marriott Foundation, for which J. W. Marriott, Jr.,
Richard E. Marriott and Stephen G. Marriott serve as co-trustees, was
not aware of material nonpublic information."
iv) CSSU will conduct sales pursuant to Rule 144 or Rule 145
if appropriate, including applying Rule 144 volume limitations as if
the sales under the Plan were the only sales subject to the volume
limitations, as adjusted for gifts contemplated by Section 7(v) hereof.
v) Client agrees not to take any action or to act in concert
with any other person or entity to take any action that would require
them to aggregate sales of Shares subject to the Plan with any other
sales of shares as may be required by Rule 144, other than gifts of
shares of Issuer common stock held by or through CSSU, provided that
Client shall notify CSSU, in accordance with Section 21 hereof, of the
number or aggregate dollar value of shares of Issuer common stock
proposed to be gifted and the proposed date of the gift at least five
business days in advance of such gift and, if CSSU advises Client
within two business days of the date of Client's notice that the number
of Shares sold under the Plan in the three-month period prior to the
proposed date of the gift when combined with the number of Issuer
shares proposed to be gifted would exceed the volume limitations of
rule 144(e), then Client shall limit the gift so as not to exceed the
volume limits of Rule 144(e); and Client agrees not to take any action
that would cause the sales of Shares under the Plan not to comply with
Rule 144.
8. CSSU represents and warrants to Client:
i) The aggregate Shares sold in any three-month period shall
not exceed the maximum allowable amount under the volume limitations
contained in Rule 144(e);
ii) The Shares will be sold in accordance with the manner of
sale provisions of Rule 144(f); and
iii) Assuming Client complies with Section 7(i) hereof, CSSU
shall file Forms 144 on behalf of Client in accordance with Rule
144(h).
Stock Splits / Reincorporations/ Reorganizations
9. In the event of a stock split or reverse stock split, the quantity
and price at which the Shares are to be sold will be adjusted proportionately.
10. In the event of a reincorporation or other corporate reorganization
resulting in an internal Issuer share-for-share exchange of new shares for the
Shares subject to the Plan, then the new shares will automatically replace the
shares originally specified in the Plan.
Suspension
11. Sales of Shares pursuant to the Plan shall be suspended where:
i) trading of the Shares on the principal exchange or market
on which the Shares trade is suspended for any reason;
ii) CSSU, in its sole discretion, determines that there is a
legal, regulatory or contractual reason why it cannot effect a sale of
Shares; or
iii) CSSU is notified in writing by the Client or the Issuer
that a sale of Shares should not be effected due to legal, regulatory
or contractual restrictions applicable to the Issuer or to the Client
(including without limitation, Regulation M).
12. CSSU will resume sales in accordance with the Plan as promptly as
practicable after (a) CSSU receives notice in writing from the Client or the
Issuer, as the case may be, that it may resume sales in accordance with the
instructions set forth in Exhibit A in the case of the occurrence of an event
described in Sections 11(iii) or (b) CSSU determines, in its sole discretion,
that it may resume sales in accordance with the instructions set forth in
Exhibit A in the case of the occurrence of an event described in Sections 11(i)
or 11(ii).
13. Shares allocated under the Plan for sale during a period that has
elapsed due to a suspension under Section 11 will be carried forward with the
next amount of shares to be sold in accordance with the instructions set forth
in Exhibit A, subject to the volume restrictions set forth in Section 8(i)
hereof.
14. In the event the instructions set forth in Exhibit A provides for
an amount of Shares to be sold during a given period pursuant to a limit order,
Shares that would otherwise be permitted to be sold during that period but are
not sold due to a suspension under Section 11, shall, upon lapse of the
suspension, nonetheless be carried forward to be sold with the next amount of
Shares to be sold in accordance with the instructions set forth in Exhibit A,
subject to the volume restrictions set forth in Section 8(i) hereof.
15. CSSU is released from all liability in connection with any
suspension of sales made in accordance with Section 11.
Termination
16. The Plan shall terminate on the earliest to occur of the following:
i) the termination date specified in Exhibit A; or
ii) the completion of all sales in Exhibit A;
iii) CSSU's reasonable determination that: (a) the Plan does
not comply with Rule 10b5-1 or other applicable securities laws; (b)
Client has not complied with the Plan, Rule 10b5-1 or other applicable
securities laws; or (c) Client has made misstatements in its
representations or warranties in Sections 1-6 above that are false or
materially inaccurate;
iv) receipt by CSSU of written notice from the Issuer or
Client of: (a) the filing of a bankruptcy petition by the Issuer; (b) a
merger, recapitalization, acquisition, tender or exchange offer, or
other business combination or reorganization resulting in the exchange
or conversion of the Shares of the Issuer into shares of a company
other than the Issuer; or (c) the conversion of the Shares into rights
to receive fixed amounts of cash or into debt securities and/or
preferred stock (whether in whole or in part); or
v) receipt by CSSU of written notice of termination of the
Plan from Client.
Written notice pursuant to Section 16(v) above may only be
given by Client during an open trading period under the Issuer's
trading policy in effect at the time.
Execution, Average Pricing and Pro Rata Allocation of Sales
17. Client agrees and acknowledges that:
i) If its order to sell Shares pursuant to the Plan, whether
market or limit, is handled by a CSSU trading desk, my order shall be
handled as "not held". A "not held" or "working order" permits a CSSU
trader to use reasonable brokerage judgment, exercising price and time
discretion, as to when to execute the order.
ii) CSSU may execute Client's orders, subject to the manner of
sale requirements of Rule 144(f): (a) in a single transaction or
multiple transactions during the course of the trading day, or (b) it
may aggregate my order with other orders for other sellers of the
Issuer's securities that may or may not have been accepted pursuant to
a Rule 10b5-1 sales plan, execute them as block or in multiple smaller
transactions, and allocate an average price to each seller.
Indemnification
18. Client agrees to indemnify and hold harmless CSSU and its
directors, officers, employees and affiliates from and against all claims,
losses, damages and liabilities (collectively "Claims"), including, without
limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such Claim, arising out of or attributable to
CSSU's actions taken in compliance with the Plan, other than Claims and related
expenses involving gross negligence or willful misconduct by CSSU or its
directors, officers, employees or affiliates, or because of any breach by Client
of the Plan or any violation by Client of applicable federal or state laws or
regulations in connection with the Plan. This indemnification shall survive the
termination of the Plan.
19. CSSU agrees to indemnify and hold harmless Client and its trustees
and affiliates from and against all Claims, including, without limitation, any
legal or other expenses reasonably incurred in connection with defending or
investigating any such Claim, arising out of or attributable to any breach by
CSSU of the Plan or CSSU's gross negligence or willful misconduct in connection
with the Plan.
Notices
20. Client authorizes CSSU to transmit information via facsimile and/or
email regarding the Plan to:
--------------------------------------------- ------------------------------------------- -------------------------------
Bancroft S. Gordon Anne Gunsteens Thomas D. Twedt
--------------------------------------------- ------------------------------------------- -------------------------------
--------------------------------------------- ------------------------------------------- -------------------------------
Senior Counsel & Corporate Secretary Executive Director
--------------------------------------------- ------------------------------------------- -------------------------------
--------------------------------------------- ------------------------------------------- -------------------------------
Marriott International, Inc The J. Willard and Alice S. Marriott Dow Lohnes PLLC
Foundation
--------------------------------------------- ------------------------------------------- -------------------------------
--------------------------------------------- ------------------------------------------- -------------------------------
Fax: 301-644-7287 Fax: 301-380-8957 Fax: 202-776-4941
--------------------------------------------- ------------------------------------------- -------------------------------
--------------------------------------------- ------------------------------------------- -------------------------------
Phone: 301-380-6601 Phone: 301-380-3745 Phone: 202-776-2941
--------------------------------------------- ------------------------------------------- -------------------------------
--------------------------------------------- ------------------------------------------- -------------------------------
bancroft.gordon@marriott.com anne.gunsteens@marriott.com ttwedt@dowlohnes.com
--------------------------------------------- ------------------------------------------- -------------------------------
i) Client understands that reasonable efforts will be made to
transmit transaction information for open market transactions under the
Plan (purchase or sale) by close of business on the day of the purchase
or sale, but no later than the close of business on the first trading
day following the purchase or sale.
ii) Client acknowledges that CSSU has no obligation to confirm
receipt of any email or faxed information by the designated contacts
above.
iii) If any of the above contact information changes, or
Client wishes to terminate this authorization, Client will promptly
notify CSSU in writing.
21. CSSU authorizes Client to transmit notices or other information
regarding the Plan via facsimile and/or email to:
---------------------------------------------------- --------------------- ---------------------------------------------
Robert Black Raymond P. Dean
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
Director Relationship Associate
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
Credit Suisse Securities (USA) LLC Credit Suisse Securities (USA) LLC
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
Fax: 410-659-8942 Fax: 410-659-8946
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
Phone: 410-659-8818 Phone: 410-659-8813
---------------------------------------------------- --------------------- ---------------------------------------------
---------------------------------------------------- --------------------- ---------------------------------------------
Robert.Black@credit-suisse.com Raymond.P.Dean@credit-suisse.com
---------------------------------------------------- --------------------- ---------------------------------------------
CSSU acknowledges that Client has no obligation to confirm
receipt of any email or faxed information by the designated contacts
above.
Governing Law
22. This Plan shall be governed by and construed in accordance with the
laws of the State of New York.
Assignment
23. This Plan and each party's rights and obligations under this Plan
may not be assigned or delegated without the written consent of both parties and
the written acceptance of such assignment by a broker-dealer registered under
the Exchange Act and acceptable to the Client (the "New Broker"), and the Plan
will be for the benefit of each party's successors whether by merger,
consolidation or otherwise. Notwithstanding the foregoing, if CSSU provides its
written consent to permit the assignment of this Plan to a New Broker, the
assignment document shall: (i) be signed by Client, CSSU and the New Broker;
(ii) terminate CSSU's role under this Plan and release CSSU from any further
obligation under the Plan; (ii) provide that the New Broker shall continue the
Plan with the same trading instructions set forth in Exhibit A; and (iii)
contain a representation from Client that any modification made to the terms of
the Plan (which modifications shall not in any way affect the trading
instructions) do not impair the safe harbor under Section 10b5-1 of the Exchange
Act.
Counterparts
24. This Plan may be executed in any number of counterparts and by the
signatories hereto in separate counterparts, each of which when so executed
shall be deemed to be original and all of which taken together shall constitute
one and the same agreement.
Client and Issuer authorize and direct Issuer's insider trading personnel to
take all necessary steps to effect the instructions described in this Plan.
IN WITNESS WHEREOF, the parties hereto have signed the Plan as of the date first
written above.
J. Willard and Alice S. Marriott Foundation:
By:
/s/ J.W. Marriott, Jr.
--------------------------------------------
J.W. Marriott, Jr.
Trustee
/s/ Richard E. Marriott
--------------------------------------------
Richard E. Marriott
Trustee
/s/ Stephen G. Marriott
--------------------------------------------
Stephen G. Marriott
Trustee
Reviewed and Authorized on
this 16th day of March, 2009:
/s/ Bancroft S. Gordon
-----------------------------
Bancroft S. Gordon
Vice President
Senior Counsel & Corporate Secretary
Marriott International, Inc.
Credit Suisse Securities (USA) LLC
Acknowledged and Agreed
this 18th day of March, 2009:
Credit Suisse Securities (USA) LLC
/s/ Peter P. Jenkins
------------------------------------
Peter P. Jenkins
Director
Credit Suisse Securities (USA) LLC
EXHIBIT A
SHARE TRADING INSTRUCTIONS
Please be advised that the Client is hereby instructing CSSU and CSSU
Representative, Robert Black, to execute transactions of Marriott International,
Inc. common stock in our CSSU account as set forth below. Capitalized terms used
but not defined in this Exhibit A have the meaning given in the Plan.
This Plan shall be in effect from March 16, 2009 (the "Execution
Date"), until the earlier of (i) the sale of all the shares listed below; (ii)
October 31, 2015; or (iii) the termination of the Plan, as described in Section
16. The Plan represents the sale of no more than 9,300,000 shares, which should
be sold pursuant to the following instructions:
The Sell Period (the "Period") is the period beginning on the first
trading day of each month listed in the chart below and ending on the last
trading day of month prior to the beginning of the next Period listed in the
chart below, except that the last trading day for the final Period shall be
October 31, 2015. CSSU shall sell up to the stated number of Shares at the
respective limit prices. Any such Shares not sold in any Period shall be carried
over into subsequent Periods at the new limit price, and the additional Shares
shall be reset for sale by CSSU at the commencement of each subsequent Period
while the Plan is in effect, subject to the volume restrictions set forth in
Section 8(i) of the Plan.
------------------------------ -------------------- -----------------------------------------------------------
SELL PERIOD NET LIMIT PRICE SHARES
------------------------------ --------------------
----------- ---- ------------------------------------------
May 2009 20.00 150,000 Possible Total Shares: 150,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2009 22.00 150,000 Possible Total Shares: 300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2009 24.00 250,000 Possible Total Shares: 550,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2010 26.00 250,000 Possible Total Shares: 800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2010 28.00 250,000 Possible Total Shares: 1,050,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2010 30.00 250,000 Possible Total Shares: 1,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2010 32.00 250,000 Possible Total Shares: 1,550,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2011 34.00 250,000 Possible Total Shares: 1,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2011 36.00 250,000 Possible Total Shares: 2,050,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2011 38.00 250,000 Possible Total Shares: 2,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2011 39.00 250,000 Possible Total Shares: 2,550,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2012 40.00 250,000 Possible Total Shares: 2,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2012 41.00 250,000 Possible Total Shares: 3,050,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2012 42.00 250,000 Possible Total Shares: 3,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2012 43.00 500,000 Possible Total Shares: 3,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2013 44.00 500,000 Possible Total Shares: 4,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2013 45.00 500,000 Possible Total Shares: 4,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2013 46.00 500,000 Possible Total Shares: 5,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2013 47.00 500,000 Possible Total Shares: 5,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2014 48.00 500,000 Possible Total Shares: 6,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2014 49.00 500,000 Possible Total Shares: 6,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2014 50.00 500,000 Possible Total Shares: 7,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
December 2014 51.00 500,000 Possible Total Shares: 7,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
March 2015 52.00 500,000 Possible Total Shares: 8,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
June 2015 53.00 500,000 Possible Total Shares: 8,800,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
September 2015 54.00 500,000 Possible Total Shares: 9,300,000
------------------------------ -------------------- ----------- ---- ------------------------------------------
Client understands and agrees it will not have the ability to exercise any
influence with regard to how, when or whether Shares are sold. The manner of
sale is at the discretion of CSSU in an effort to provide higher net price
execution for the Client, subject to the manner of sale requirements of Rule
144(f), based on the amount of Shares for sale and market conditions. All
transaction dates, limit prices, and amounts are based on the chart above and
the following manner of sale methods will generally apply:
1. Sell Shares at or above the applicable net limit price during
each Period, at a commission of $0.04 per Share; and/or
2. Sell Shares through a "Principal Net Bid With Upside" block
transaction during each Period. A block sale discount of no greater than 2% of
the last quoted bid price and a net price to the Client equal to at least the
applicable net limit price indicated in the above table will apply. The
Client's sale price shall be no worse than the 2% discount, and CSSU will
improve the Client's sale price by sharing at least 10% of any trading profits
realized on the day of the block transaction. By law, CSSU may not share
trading profits beyond the trade date. CSSU assumes all downside risk below
the 2% discount.