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Form 4 snapshot: On 20 June 2025, Impactive Capital LP, its general partner Impactive Capital LLC, and managing members Christian Asmar and Lauren Taylor Wolfe jointly reported open-market purchases of Marriott Vacations Worldwide Corporation (VAC) common stock. All four reporting persons are identified as both Directors and >10 % owners of VAC.

Transaction details (Table I):

• 17 Jun 2025 鈥� Purchase (P) of 412,449 shares at $67.605 per share.
• 18 Jun 2025 鈥� Purchase (P) of 337,551 shares at $68.1082 per share.

Ownership impact: Following the two trades, the group鈥檚 indirect beneficial holding rose from 3,295,984 to 4,045,984 shares, an approximate 23 % increase. The shares are held by certain Impactive funds that have delegated all voting and investment authority to Impactive Capital.

Governance context: Because Christian Asmar serves on VAC鈥檚 board鈥攁nd the reporting persons are considered 鈥渄irectors by deputization鈥濃�攖he purchases are notable insider transactions. Each filer disclaims beneficial ownership beyond their pecuniary interest.

Signatures & timing: The Form 4 is dated 20 Jun 2025, covering trades made 17-18 Jun 2025. Signatures from both Asmar and Wolfe confirm the filing.

Impactive Capital LP and related entities have filed Amendment No. 3 to their Schedule 13D on Marriott Vacations Worldwide (VAC), disclosing an 11.7% economic stake, or 4,045,984 common shares. The shares were accumulated in open-market purchases using working capital, at a total cost of approximately $343.9 million. Voting and dispositive authority over the entire position is held on a shared basis by Impactive Capital LP, Impactive Capital GP, and the firm鈥檚 co-founders Lauren Taylor Wolfe and Christian Asmar; none of the parties reports sole authority. The ownership calculation is based on 34,535,278 VAC shares outstanding as of 5 May 2025, per the company鈥檚 latest Form 10-Q.

The filing confirms that no additional transactions have occurred since the prior amendment other than those summarised in Exhibit 1. Although the amendment does not outline specific strategic intentions, an activist holding above 10% typically positions the investor to influence corporate strategy, board composition, capital allocation or M&A activity. Impactive鈥檚 sizeable purchase price and rapid accumulation signal a potentially active engagement with management. The filing contains no references to litigation, regulatory matters or financing contingencies.

Key data for investors:

• Stake size: 4.0 million shares (11.7% of outstanding).
• Acquisition cost: ~$343.9 million (avg. cost 鈮� $85/share).
• Control: 100% of voting and dispositive power is shared among the reporting group.
• Event date triggering filing: 17 June 2025; signatures dated 20 June 2025.

The entry of a well-known activist fund with a double-digit ownership interest is likely to elevate investor focus on VAC鈥檚 strategic options and could serve as a catalyst for share-price re-rating.

Form 4 filing overview: Director Jonice M. Gray of Marriott Vacations Worldwide (VAC) reported the acquisition of 447 common shares on 06/17/2025 under Transaction Code 鈥淎鈥� (award or grant). The shares were issued at a price of $0.00 because they represent fees deferred under the company鈥檚 Stock and Cash Incentive Plan. According to the explanation, the shares are fully vested on the grant date and will be settled in common stock per the director鈥檚 prior deferral election.

Following the award, Gray鈥檚 direct beneficial ownership rises to 11,582 VAC shares. No derivative securities were reported, and there were no disposals.

Key context for investors:

• The grant is compensation-related and not an open-market purchase, limiting its signaling value versus discretionary insider buying.
• The amount鈥�447 shares鈥攔epresents a ~3.9 % increase to Gray鈥檚 previously held position (calculated from post-transaction balance).
• There is no associated cash outlay or price information that would imply valuation views by the director.

Materiality assessment: The filing reflects routine board compensation rather than a strategic share accumulation. While incremental insider ownership can be viewed modestly positively, the small size and zero-cost nature mean the disclosure is unlikely to drive the stock materially.