<SEC-DOCUMENT>0000921895-25-001624.txt : 20250528
<SEC-HEADER>0000921895-25-001624.hdr.sgml : 20250528
<ACCEPTANCE-DATETIME>20250528160116
ACCESSION NUMBER:		0000921895-25-001624
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250528
DATE AS OF CHANGE:		20250528

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARRIOTT VACATIONS WORLDWIDE Corp
		CENTRAL INDEX KEY:			0001524358
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				452598330
		STATE OF INCORPORATION:			X1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86496
		FILM NUMBER:		25995300

	BUSINESS ADDRESS:	
		STREET 1:		7812 PALM PARKWAY
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32836
		BUSINESS PHONE:		407-206-6000

	MAIL ADDRESS:	
		STREET 1:		7812 PALM PARKWAY
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32836

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Marriott Vacations Worldwide Corp
		DATE OF NAME CHANGE:	20110627

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Impactive Capital LP
		CENTRAL INDEX KEY:			0001786767
		ORGANIZATION NAME:           	
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		450 WEST 14 STREET
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK CITY
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		(212) 218-8810

	MAIL ADDRESS:	
		STREET 1:		450 WEST 14 STREET
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK CITY
		STATE:			NY
		ZIP:			10014
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0000902664-24-005003</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Impactive Capital LP -->
          <cik>0001786767</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>05/27/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001524358</issuerCIK>
        <issuerCUSIP>57164Y107</issuerCUSIP>
        <issuerName>MARRIOTT VACATIONS WORLDWIDE Corp</issuerName>
        <address>
          <com:street1>7812 PALM PARKWAY</com:street1>
          <com:city>ORLANDO</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>32836</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>CHRISTIAN ASMAR</personName>
          <personPhoneNum>212-218-8810</personPhoneNum>
          <personAddress>
            <com:street1>IMPACTIVE CAPITAL LP</com:street1>
            <com:street2>450 West 14th Street, 12th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10014</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>LAUREN TAYLOR WOLFE</personName>
          <personPhoneNum>212-218-8810</personPhoneNum>
          <personAddress>
            <com:street1>IMPACTIVE CAPITAL LP</com:street1>
            <com:street2>450 West 14th Street, 12th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10014</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>ANDREW FREEDMAN, ESQ.</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
          <personAddress>
            <com:street1>OLSHAN FROME WOLOSKY LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001786767</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Impactive Capital LP</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3295984.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3295984.00</sharedDispositivePower>
        <aggregateAmountOwned>3295984.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.5</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001786731</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Impactive Capital LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3295984.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3295984.00</sharedDispositivePower>
        <aggregateAmountOwned>3295984.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001699118</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Wolfe Lauren Taylor</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3295984.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3295984.00</sharedDispositivePower>
        <aggregateAmountOwned>3295984.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001787532</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Asmar Christian</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>3295984.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3295984.00</sharedDispositivePower>
        <aggregateAmountOwned>3295984.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common stock, par value $0.01 per share</securityTitle>
        <issuerName>MARRIOTT VACATIONS WORLDWIDE Corp</issuerName>
        <issuerPrincipalAddress>
          <com:street1>7812 PALM PARKWAY</com:street1>
          <com:city>ORLANDO</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>32836</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item3>
        <fundsSource>Item 3 is hereby amended and restated as follows:

The 3,295,984 Shares beneficially owned by the Impactive Funds were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 3,295,984 Shares beneficially owned by the Impactive Funds is approximately $292,996,899, including brokerage commissions.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On May 27, 2025, the Reporting Persons entered into a Support Agreement (the "Support Agreement") with the Issuer. Pursuant to the Support Agreement, the Issuer agreed to appoint Christian A. Asmar to the Issuer's Board of Directors (the "Board"). Additionally, Mr. Asmar has been appointed to the Compensation Policy Committee of the Board and will be appointed to a new ad hoc committee of the Board that is expected to focus on advising the Board on the Issuer's modernization efforts aimed at revenue growth and cost efficiencies.

The Support Agreement also provides for customary director replacement rights in the event Mr. Asmar ceases to serve as a director under certain circumstances as specified in the Support Agreement.

The Support Agreement includes, among other provisions, certain standstill and voting commitments by the Reporting Persons. The standstill period extends until 12:01 a.m. on the 30th day prior to the advance notice deadline for making director nominations at the Issuer's 2026 annual meeting of stockholders (the "2026 Annual Meeting"). However, if the Issuer confirms in writing that it will renominate Mr. Asmar for election at the 2026 Annual Meeting and Mr. Asmar consents to the renomination, then the standstill obligations will extend until the later of (x) 12:01 a.m. on the 30th day prior to the advance notice deadline for making director nominations at the Issuer's 2027 annual meeting of stockholders and (y) the date on which Mr. Asmar is not a member of the Board.

The Reporting Persons' standstill commitments include their agreement not to, among other things and subject to certain exceptions, (i) solicit proxies or written consents of stockholders to vote securities, (ii) present at any annual meeting or any special meeting of the Issuer's stockholders or through action by written consent any proposal for consideration for action by stockholders or seek the removal of any member of the Board or propose any nominee for election to the Board or seek representation on the Board, or (iii) acquire cumulative ownership in excess of 12% of the outstanding Shares. Additionally, the Reporting Persons have agreed to vote for all directors nominated by the Board for election at a stockholder meeting during the standstill period. The Reporting Persons and the Issuer have also agreed to a certain mutual non-disparagement provision.

The foregoing description of the Support Agreement does not purport to be complete and is qualified in its entirety by reference to the Support Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 34,535,278 Shares outstanding as of May 5, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025.

A. Impactive Capital
As of the date hereof, Impactive Capital beneficially owned 3,295,984 Shares held by the Impactive Funds.

Percentage: Approximately 9.5%

B. Impactive Capital GP
As the general partner of Impactive Capital, Impactive Capital GP may be deemed to beneficially own the 3,295,984 Shares held by the Impactive Funds.

Percentage: Approximately 9.5%

C. Ms. Taylor Wolfe and Mr. Asmar
Each of Ms. Taylor Wolfe and Mr. Asmar, as Managing Members of Impactive Capital GP, may be deemed to beneficially own the 3,295,984 Shares held by the Impactive Funds.

Percentage: Approximately 9.5%</percentageOfClassSecurities>
        <numberOfShares>Item 5(b) is hereby amended and restated as follows:

A. Impactive Capital
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,295,984
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,295,984

B. Impactive Capital GP
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,295,984
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,295,984

C. Ms. Taylor Wolfe and Mr. Asmar
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,295,984
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,295,984</numberOfShares>
        <transactionDesc>Item 5(c) is hereby amended and restated as follows:

A. Impactive Capital
The transactions in the Shares by Impactive Capital through the Impactive Funds during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.

B. Impactive Capital GP
Impactive Capital GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Impactive Capital through the Impactive Funds during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.

C. Ms. Taylor Wolfe and Mr. Asmar
Each of Ms. Taylor Wolfe and Mr. Asmar have not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Impactive Capital through the Impactive Funds during the past sixty days are set forth in Exhibit 1 and are incorporated herein by reference.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On May 27, 2025, the Reporting Persons and the Issuer entered into the Support Agreement as defined and described in Item 4 above and attached as Exhibit 99.1 hereto.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended to add the following exhibits:

1 - Transactions in Securities

99.1 - Support Agreement, dated May 27, 2025, by and among the Issuer and the Reporting Persons (incorporated by reference to Ex. 10.1 to the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 27, 2025)</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Impactive Capital LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lauren Taylor Wolfe</signature>
          <title>Lauren Taylor Wolfe, Managing Member of Impactive Capital LLC, its General Partner</title>
          <date>05/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Impactive Capital LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lauren Taylor Wolfe</signature>
          <title>Lauren Taylor Wolfe, Managing Member</title>
          <date>05/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Wolfe Lauren Taylor</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lauren Taylor Wolfe</signature>
          <title>Lauren Taylor Wolfe</title>
          <date>05/28/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Asmar Christian</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Christian Asmar</signature>
          <title>Christian Asmar</title>
          <date>05/28/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1to13da212236010_052725.htm
<DESCRIPTION>TRANSACTIONS IN SECURITIES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Transaction in the Shares of the Issuer
During the Past Sixty Days</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><U>Nature of Transaction</U></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">Amount of Shares<BR>
<U>Purchased</U></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">Price per<U><BR>
Share ($)</U></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">Date of<U><BR>
Purchase</U></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>IMPACTIVE CAPITAL LP<BR>
(through the Impactive Funds)</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Stock</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">143,558</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">53.6368</TD>
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/14/2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12,030</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52.9338</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/15/2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">78,549</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52.8051</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">04/16/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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