Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March 13, 2023, the Board of Directors (the "Board") of Marriott
International, Inc. (the "Company"), upon the recommendation of the Board's
Nominating and Corporate Governance Committee, increased the size of the Board
to fourteen (14) members and elected Lauren R. Hobart and Grant F. Reid to the
Board, effective March 15, 2023. Ms. Hobart and Mr. Reid are expected to be
included in the Company's slate of nominees for election at the Company's 2023
Annual Meeting of Stockholders.
There is no arrangement or understanding between Ms. Hobart or Mr. Reid and any
other persons pursuant to which either was selected as a director of the
Company. Since the beginning of the Company's last fiscal year through the
present, there have been no transactions with the Company, and there are
currently no proposed transactions with the Company, in which the amount
involved exceeds $120,000 and in which Ms. Hobart or Mr. Reid had or will have a
direct or indirect material interest within the meaning of Item 404(a) of
Regulation S-K.
Ms. Hobart and Mr. Reid will each receive compensation as a non-employee
director under our director compensation program, including an annual retainer
fee of $100,000 and an annual deferred share award value of $185,000, and
otherwise in accordance with the Company's director compensation practices
described in its 2022 Proxy Statement, filed with the Securities and Exchange
Commission on March 22, 2022.
Item 7.01. Regulation FD Disclosure.
A copy of the Company's press release announcing Ms. Hobart's and Mr. Reid's
election to the Board is furnished as Exhibit 99.
The information in this Item 7.01, including Exhibit 99, is being furnished and
shall not be deemed incorporated by reference into any other filing with the
Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished with this report:
99 Press release issued on March 15, 2023.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses