Marriott 2011 Annual Report
Executive Letter

Our Vision

Leading Brands

Financials

Directors and Officers

Corporate Information

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Risk Factors
MD&A
Quantitative and Qualitative Disclosures About Market Risk
Financial Statements
Notes to Financial Statements
Shareholder Return Performance Graph
Quarterly Financial Data
Selected Historical Financial Data
Non-GAAP Financial Measure Reconciliation
Management’s Reports
Reports of Independent Registered Public Accounting Firm
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SHARE-BASED COMPENSATION

Under our 2002 Comprehensive Stock and Cash Incentive Plan, we award: (1) stock options to purchase our Class A Common Stock (“Stock Option Program”); (2) stock appreciation rights (“SARs”) for our Class A Common Stock (“Stock Appreciation Right Program”); (3) restricted stock units (“RSUs”) of our Class A Common Stock; and (4) deferred stock units. We grant awards at exercise prices or strike prices that equal the market price of our Class A Common Stock on the date of grant.

During 2011, we granted 2.6 million RSUs, 0.7 million Employee SARs, and 29,000 deferred stock units. See Footnote No. 3, “Share-Based Compensation,” of the Notes to our Financial Statements for additional information.

NEW ACCOUNTING STANDARDS

See Footnote No. 1, “Summary of Significant Accounting Policies,” of the Notes to our Financial Statements for information related to our adoption of new accounting standards in 2011 and for information on our anticipated adoption of recently issued accounting standards.

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