Document:

EXHIBIT 10.1

             

            
            CARNIVAL CORPORATION & PLC

            
            MANAGEMENT INCENTIVE PLAN

             

            
                	
                            
                             

                        	
                            
                            1.

                        	
                            
                            OBJECTIVE

                        

            

             

            This
            Carnival Corporation & plc Management Incentive Plan (the
            “Plan”) is designed to
            focus the attention of the “Executive
            Officers” (as defined by Rule 16a-1
            of the Securities Exchange Act) of Carnival Corporation & plc (the
            “Corporation”) and other
            Plan participants on achieving outstanding performance results as reflected in
            operating income of the Corporation and other relevant measures.

             

            
                	
                            
                             

                        	
                            
                            2.

                        	
                            
                            PLAN ADMINISTRATION

                        

            

             

            The
            administrator of the Plan are the Compensation Committees of the Boards of Directors of
            the Corporation (the
            “Committees”). The
            Committees shall have sole discretion in resolving any questions regarding the
            administration or terms of the Plan not addressed in this document as well as in
            resolving any ambiguities that may exist in this document.

             

            
                	
                            
                             

                        	
                            
                            3.

                        	
                            
                            PLAN YEAR

                        

            

             

            The
            “Plan Year” shall be the
            12-month period ending November 30 of each year.

             

            
                	
                            
                             

                        	
                            
                            4.

                        	
                            
                            PARTICIPATION

                        

            

             

            All
            Executive Officers of the Corporation who are not part of an operating unit shall be
            eligible to participate in the Plan. In their discretion, the Committees may select
            other employees to participate in the Plan.

             

            
            Persons who commence employment or are promoted to the status of an
            Executive Officer following the beginning of the Plan Year may, with the approval of
            the Committees, be allowed to participate in the Plan.

             

            In
            order to receive a cash bonus under the Plan, a participant must be employed by the
            Corporation or one of its subsidiaries on the day the bonus is paid; provided, however,
            that if a participant is on a leave of absence that does not meet the requirements of
            The Family and Medical Leave Act of 1993 on the day the bonus is paid to the other
            participants, such bonus shall not be payable until the participant returns to active
            duty. The only exceptions to this requirement are for participants whose employment is
            terminated prior to the day the bonus is paid as the result of death, disability or
            Retirement (“Early Termination
            Employees”) or for other circumstances approved by the
            Committees on a case-by-case basis. If employment is terminated by reason of death,
            disability or Retirement, a participant or his/her estate will receive a pro-rata bonus
            based on the portion of the Plan Year the participant was employed. For purposes of
            this section,
            “Retirement” means a
            termination of employment by a participant on or after the earlier of (i) age 65 with
            at least five years of employment with Carnival Corporation, Carnival plc or any
            successor thereto and/or their subsidiaries or (ii) age 55 with at least 15
            years

             

            
            1

             

            
            

            

            

            of
            employment with Carnival Corporation, Carnival plc or any successor thereto and/or
            their subsidiaries.

             

            
                	
                            
                             

                        	
                            
                            5.

                        	
                            
                            BONUS

                        

            

             

            
                	
                            
                             

                        	
                            
                            A.

                        	
                            
                            For purposes of this Plan, the terms below shall be
                            defined as follows:

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            i.

                        	
                            
                            “Operating
                            Income” shall mean the net income of
                            the Corporation before interest income and expense, and other
                            nonoperating income and expense and income taxes as reported by the
                            Corporation in its full year earnings report issued following each Plan
                            Year.

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            ii.

                        	
                            
                            The “Operating Income
                            Target” for the Plan Year will be equal
                            to the projected Operating Income for the Plan Year that corresponds to
                            the midpoint of the diluted earnings per share guidance publicly
                            announced during the first month of the Plan Year by the Corporation.
                            The Committees may, in their discretion, increase or decrease the
                            Operating Income Target for any reason they deem
                            appropriate.

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            B.

                        	
                            
                            The Committees shall, in their discretion, determine the
                            bonus payable to each participant as follows:

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            i.

                        	
                            
                            Within 75 days following the commencement of each Plan
                            Year:

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            a.

                        	
                            
                            The Committees will establish a Target Bonus Opportunity
                            (in U.S. dollars), for each participant for the first year of his/her
                            participation in the Plan. In the second and subsequent Plan Years of
                            participation, the Target Bonus Opportunity for each participant shall
                            be calculated by multiplying the Target Bonus Opportunity for the prior
                            Plan Year by a percentage equal to 100 plus the percentage change in
                            the Operating Income Target for the new Plan Year as compared to the
                            Operating Income Target of the prior Plan Year. The Committees may, in
                            their discretion, increase or decrease the Target Bonus Opportunity for
                            any reason they deem appropriate.

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            b.

                        	
                            
                            The Committees will also approve a schedule (the
                            “Bonus
                            Schedule”) that calibrates the
                            Operating Income Target for the Plan Year with the Target Bonus
                            Opportunity for each participant. The performance range in the Bonus
                            Schedule shall be from 72% to 123% of the Operating Income Target with
                            results at 72% or less producing a preliminary bonus amount equal to
                            50% of the Target Bonus Opportunity and at 123% or more producing a
                            preliminary bonus amount equal to 150% of the Target Bonus Opportunity.
                            Results from 97% to 103% of the Operating Income Target will result in
                            a preliminary bonus amount equal to 100% of the Target Bonus
                            Opportunity. The preliminary bonus amount for results between 72% and
                            97% as well as results between 103% and 123% will be calculated using
                            interpolation.

                        

            

             

            
                	
                            
                             

                        	
                            
                            ii.

                        	
                            
                            Following the end of each Plan Year:

                        

            

            
             

            
            2

             

            
            

            

            

            
                	
                            
                             

                        	
                            
                            a.

                        	
                            
                            The Committees shall confirm the actual Operating Income
                            for the Plan Year and the preliminary bonus amount for each
                            participant.

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            b.

                        	
                            
                            The Committees shall then consider other factors they
                            deem, in their discretion, relevant to the performance of the
                            Corporation, including, but not limited to, the impacts of changes in
                            accounting principles, unusual gains and/or losses and other events
                            outside the control of management. The Committees shall also consider
                            other factors they deem, in their discretion, relevant to the
                            performance of each participant, including, but not limited to,
                            successful implementation of strategic initiatives and business
                            transactions, significant business contracts, departmental
                            accomplishments, executive recruitment, new ship orders, and management
                            of health, environment, safety and security matters. Based on such
                            factors, the Committees may, in their discretion, increase or decrease
                            the bonus calculated in 5.B.ii. by any amount they deem appropriate to
                            determine the final bonus amount. The final bonus amount shall not
                            exceed 200% of the Target Bonus Opportunity of the
                            participant.

                        

            

            
             

            
            In addition, the Committees may adjust a participant’s bonus
            amount for any unpaid leaves of absence regardless of the nature of the
            leave.

            
             

            
                	
                            
                            6.

                        	
                            
                            PAYMENT OF BONUS

                        

            

             

            
            Except as otherwise provided in the section entitled
            “Participation,” Bonuses shall be paid within 75 days following the end of
            each Plan Year. At the discretion of the Committees, special arrangements may be made
            for earlier payment to Early Termination Employees.

             

            
            Participants employed by Carnival Corporation may elect to defer payment
            of all or a portion of their Bonus in accordance with and under the terms of the
            Carnival Corporation Fun Ship Nonqualified Savings Plan or any successor plan pursuant
            to Section 409(a) of the Internal Revenue Code.

             

            
                	
                            
                            7.

                        	
                            
                            DURATION OF PLAN

                        

            

             

            The
            Plan will be effective until terminated by the Committees.

             

            
                	
                            
                            8.

                        	
                            
                            AMENDMENT OF PLAN

                        

            

             

            The
            Committees may amend the Plan from time to time in such respects as the Committees may
            deem advisable.

             

             

             

            
            3EXHIBIT 10.2

             

            
            AMENDED AND RESTATED

            
            EXECUTIVE LONG-TERM COMPENSATION AGREEMENT

             

            
            THIS AMENDED AND RESTATED EXECUTIVE LONG-TERM COMPENSATION AGREEMENT
            (the “Agreement”) is entered into and effective this 15th day of January
            2008, by and between CARNIVAL CORPORATION (“Carnival”) with its principal
            place of business located at 3655 N.W. 87th Avenue, Miami, Florida 33178, and MICKY
            ARISON (the “Individual”).

             

            
            R E C I T A L S

             

            
            WHEREAS, the Individual is currently employed as the Chairman and Chief
            Executive Officer of Carnival;

             

            
            WHEREAS, Carnival wishes to provide long-term incentive and reward to
            the Individual for the continuation of his full-time employment with Carnival, in
            addition to the Individual’s annual compensation consisting of a base salary and
            annual bonus; and

             

            
            WHEREAS, the Individual desires to continue in the employ of Carnival
            until his retirement in consideration for Carnival’s payment of compensation for
            his services during the period prior to retirement;

             

            
            NOW, THEREFORE, in consideration of the premises and the mutual
            covenants herein contained, and other good and valuable consideration, the receipt and
            sufficiency of which is hereby acknowledged, the parties agree as follows:

             

            
            1.            
            Carnival shall continue to employ the Individual as Chairman and Chief
            Executive Officer and the Individual shall continue to serve Carnival in such executive
            capacity until such employment is terminated by either party.

             

            
            2.            
            Subject to the provisions of this Agreement and pursuant to the terms of
            the Carnival Corporation 2002 Stock Plan or any successor plan adopted by Carnival,
            Carnival shall pay the Individual as long-term compensation, beginning in February 2008
            and continuing during the term of his employment with Carnival. Such payment shall
            occur in February of each year, or at such time when the Compensation Committee issues
            equity based awards to the Carnival’s other employees (commencing effective
            February of 2008)(the “Grant Date”) and shall consist of 84,000 restricted
            shares of Carnival Corporation common stock (“Restricted Stock Benefit”).
            Except as otherwise provided in Section 3 hereof, the Restricted Stock Benefit shall
            vest on the third anniversary of the Grant Date.

             

            
            The full terms of such Restricted Stock Benefit shall be as more
            particularly set forth in one or more Restricted Stock Agreement(s) to be entered into
            annually substantially in the form attached hereto as Exhibit
            A.

             

            
             

            
            1

             

            
            

            

            

             

            
            3.            
            Notwithstanding anything herein to the contrary, no payment of any
            Restricted Stock Benefit shall be made, and all unvested Restricted Stock Benefit
            issued hereunder and all rights under the Agreement shall be forfeited, if any of the
            following events shall occur:

             

            
                	
                            
                             

                        	
                            
                            (A)

                        	
                            
                            The Individual’s employment with Carnival is
                            terminated for cause. For purposes of this Agreement, “for
                            cause” shall be defined as any action or inaction by the
                            Individual which constitutes fraud, embezzlement, misappropriation,
                            dishonesty, breach of trust, a felony or moral turpitude, as determined
                            by its Board of Directors;

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (B)

                        	
                            
                            The Individual voluntarily terminates his employment
                            with Carnival prior to attaining sixty (60) years of age unless such
                            voluntary termination is directly related to the Individual being
                            diagnosed with a terminal medical condition;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (C)

                        	
                            
                            The Individual shall engage in competition, as more
                            particularly described in Section 6 hereof, either (i) during the term
                            of his employment with Carnival; (ii) following the Individual’s
                            voluntary termination of his employment with Carnival; or (iii)
                            following Carnival’s termination of the Individual’s
                            employment with Carnival either for cause, as defined in (A) above, or
                            other than for cause; or

                        

            

             

            
                	
                            
                             

                        	
                            
                            (D)

                        	
                            
                            The Individual violates the nondisclosure provisions set
                            forth in Section 7 hereof.

                        

            

             

            
            In the event the Individual voluntarily terminates his employment either
            (a) following attaining the age of sixty (60) or (b) prior to attaining the age of
            sixty (60) as a direct result of the Individual being diagnosed with a terminal medical
            condition, then all unvested Restricted Stock Benefit previously granted hereunder will
            not be forfeited by the Individual and will continue to vest as scheduled, unless and
            until the Individual engages in competition in violation of Section 6 hereof or
            violates the nondisclosure provisions set forth in Section 7 hereof.

             

            
            In the event Carnival terminates the Individual’s employment with
            Carnival for a reason other than for cause, as defined in Section 3(A) above, then,
            unless and until the Individual engages in competition in violation of Section 6 hereof
            or violates the nondisclosure provisions set forth in Section 7 hereof, each annual
            grant of the Restricted Stock Benefit shall vest and shall continue to vest in
            accordance with the alternative vesting schedule set forth on
            Exhibit B (“Alternative Vesting
            Schedule I”).

             

            
            In the event the Individual voluntarily terminates his employment with
            Carnival within 14 days of his receipt of notice that Carnival’s Board of
            Directors or appropriate committee of the Board, has determined that the
            Individual’s annual grant of the Restricted Stock Benefit will be reduced by more
            than 25% in any one year, then (i) each annual grant of the Restricted Stock Benefit
            shall be subject to the alternative vesting schedule set forth on
            Exhibit C (“Alternative Vesting
            Schedule”); and (ii) all Restricted Stock Benefit issued hereunder, after
            application of Alternative Vesting Schedule II, and all rights under this Agreement
            shall be forfeited.

             

            
            2

             

            
            

            

            

            
            Notwithstanding the foregoing, this paragraph of Section 3 shall be null
            and void once the Individual attains the age of sixty (60).

             

            
                	
                            
                             

                        	
                            
                            4.

                        	
                            
                            Intentionally Deleted.

                        

            

             

            
            5.            
            Each annual grant of Restricted Stock Benefit is contingent on the
            Individual’s satisfactory performance of his duties as determined by
            Carnival’s Board of Directors or appropriate committee of the Board.

             

            
            6.            
            The services of the Individual are unique, extraordinary and essential
            to the business of Carnival, particularly in view of the Individual’s access to
            Carnival’s confidential information and trade secrets. Accordingly, in
            consideration of the Restricted Stock Benefit payable hereunder, the Individual agrees
            that he will not, without the prior written approval of the Board of Directors, at
            anytime during the term of his employment with Carnival and (except as provided below)
            for five (5) years following the date on which the Individual’s employment with
            Carnival terminates, directly or indirectly, within the United States or its
            territories, engage in any business activity directly or indirectly competitive with
            the business of Carnival, or its subsidiaries or divisions, or serve as an officer,
            director, owner, consultant, or employee of any organization then in competition with
            Carnival or any of its subsidiaries or divisions. In addition, the Individual agrees
            that during such five (5) year period following his employment with Carnival, he will
            not solicit, either directly or indirectly, any employee of Carnival, its subsidiaries
            or division, who was such at the time of the Individual’s separation from
            employment hereunder. In the event that the provisions of this Section 6 should ever be
            adjudicated to exceed the time, geographic or other limitations permitted by applicable
            law in any jurisdiction, then such provisions shall be deemed reformed in such
            jurisdiction to the maximum time, geographic or other limitations permitted by
            applicable law.

             

            
            Notwithstanding the foregoing, the provisions of this Section 6 shall be
            null and void if, prior to attaining the age of sixty (60), the Individual voluntarily
            terminates his employment with Carnival within 14 days of his receipt of notice that
            Carnival’s Board of Directors or appropriate committee of the Board, has
            determined that the Individual’s annual grant of the Restricted Stock Benefit
            will be reduced by more than 25% in any one year.

             

            
            7.            
            The Individual expressly agrees and understands that Carnival owns
            and/or controls information and material which is not generally available to third
            parties and which Carnival considers confidential, including, without limitation,
            methods, products, processes, customer lists, trade secrets and other information
            applicable to its business and that it may from time to time acquire, improve or
            produce additional methods, products, processes, customers lists, trade secrets and
            other information (collectively, the “Confidential Information”). The
            Individual hereby acknowledges that each element of the Confidential Information
            constitutes a unique and valuable asset of Carnival, and that certain items of the
            Confidential Information have been acquired from third parties upon the express
            condition that such items would not be disclosed to Carnival and its officers and
            agents other than in the ordinary course of business. The Individual hereby
            acknowledges that disclosure of Carnival’s Confidential Information to and/or use
            by anyone other than in Carnival’s ordinary course of business would result
            in

             

            
            3

             

            
            

            

            

            
            irreparable and continuing damage to Carnival. Accordingly, the
            Individual agrees to hold the Confidential Information in the strictest secrecy, and
            covenants that, during the term of his employment with Carnival or at any time
            thereafter, he will not, without the prior written consent of the Board of Directors,
            directly or indirectly, allow any element of the Confidential Information to be
            disclosed, published or used, nor permit the Confidential Information to be discussed,
            published or used, either by himself or by any third parties, except in effecting
            Individual’s duties for Carnival in the ordinary course of business. The
            Individual agrees to keep all such records in connection with the Individual’s
            employment as Carnival may direct, and all such records shall be the sole and absolute
            property of Carnival. The Individual further agrees that, within five (5) days of
            Carnival’s request, he shall surrender to Carnival any and all documents,
            memoranda, books, papers, letters, price lists, notebooks, reports, logbooks, code
            books, salesmen records, customer lists, activity reports, video or audio recordings,
            computer programs and any and all other data and information and any and all copies
            thereof relating to Carnival’s business or any Confidential
            Information.

             

            
            8.            
            Except as otherwise provided in Section 6 hereof, the restrictive
            covenants contained in Sections 6 and 7 herein shall survive the termination or
            expiration of this Agreement and any termination of the Individual’s
            employment.

             

            
            9.            
            Nothing herein shall be construed as conferring upon the Individual the
            right to continue in the employ of Carnival as an executive or in any other
            capacity.

            
             

            
            10.          
            The Restricted Stock Benefit payable under this Agreement shall not be
            deemed salary or other compensation to the Individual for the purpose of computing
            benefits to which such Individual may be entitled under any pension or profit sharing
            plan or other arrangement of Carnival for the benefit of its employees.

             

            
            11.          
            The Compensation Committee of Carnival’s Board of Directors shall
            have the full power and authority to interpret, construe and administer this Agreement.
            No officer or director of Carnival shall be liable to any person for any action taken
            or omitted in connection with the interpretation and administration of this Agreement
            unless such action or omission is attributable to his own willful misconduct or lack of
            good faith.

             

            
            12.          
            This Agreement shall not be, nor shall it be construed to constitute an
            employment agreement between the Individual and Carnival.

             

            
            13.          
            This Agreement shall be governed by, and shall be construed and
            interpreted in accordance with, the laws of the State of Florida and the parties agree
            to submit to the jurisdiction of the United States District Court for the Southern
            District of Florida for the resolution of any disputes arising under this
            Agreement.

             

            
            14.          
            In the event that any party to this Agreement institutes suit against
            the other party to this Agreement to enforce any of its rights hereunder, the
            “prevailing party” in such action shall be entitled to recover from the
            other party all reasonable costs incurred in pursuing such action, including reasonable
            attorneys’ fees. For purposes of this Agreement, “prevailing
            party”

             

            
            4

             

            
            

            

            

            
            shall mean the party recovering judgment in the case and not being
            liable on any counterclaim brought in the case.

             

            
            15.          
            This Agreement constitutes the entire agreement between Carnival and the
            Individual with respect to the long-term compensation of the Individual as described
            herein and supersedes all prior negotiations, agreements, understandings and
            arrangements, both oral and written, between Carnival and the Individual with respect
            to such subject matter. In the event of a conflict between this Agreement and the
            Carnival Corporation 2002 Stock Plan or any successor plan adopted by Carnival, the
            terms of this Agreement shall control. This Agreement may not be modified in any way,
            except by a written instrument executed by each of Carnival and the
            Individual.

             

            
            16.          
            This Agreement shall be for the benefit of, and shall be binding upon,
            each of Carnival and the Individual and their respective heirs, personal
            representatives, legal representatives, successors and assigns.

             

            
            17.          
            The invalidity of any one or more of the words, phrases, sentences,
            clauses or sections contained in this Agreement shall not affect the enforceability of
            the remaining portions of this Agreement or any part hereof, all of which are inserted
            conditionally on their being valid in law. In the event that any one or more of the
            words, phrases, sentences, clauses or sections contained in this Agreement shall be
            declared invalid by a court of competent jurisdiction, then, in any such event, this
            Agreement shall be construed as if such invalid word or words, phrase or phrases,
            sentence or sentences, clause or clauses, or section or sections had not been
            inserted.

             

            
            18.          
            The waiver by either party of a breach or violation of any term or
            provision of this Agreement by the other party shall not operate nor be construed as a
            waiver of any subsequent breach or violation of any provision of this Agreement nor of
            any other right or remedy.

             

            
            IN WITNESS WHEREOF, each of the parties has executed and delivered this
            Agreement as of the date first above written.

             

            
            CARNIVAL CORPORATION

             

            
            By:  /s/ Howard S.
            Frank                                
              

            
            Howard S. Frank

            
                	
                            
                             

                        	
                            
                            Title:

                        	
                            
                            Vice Chairman and Chief Operating Officer

                        

            

             

             

            
            /s/ Micky
            Arison                                             

            
            Micky Arison

             

             

             

            
            5

             

            
            

            

            

            
            EXHIBIT A

             

            
            CARNIVAL CORPORATION

            
            EXECUTIVE RESTRICTED STOCK AGREEMENT

             

            
            THIS AGREEMENT (the
            “Agreement”), is made
            effective as of _______, 20__ (hereinafter the
            “Grant Date”) between
            Carnival Corporation, a corporation organized under the laws of the Republic of Panama
            (the “Company”), and
            ________________ (the
            “Executive”), pursuant
            to the amended and restated Carnival Corporation 2002 Stock Plan (the
            “Plan”) and that certain
            Executive Long-Term Compensation Agreement effective as of January 15, 2008
            between the Company and Executive (the
            “LTCA”).

            R
            E C I T A L S:

             

            
            WHEREAS, the Company has adopted the amended and restated Carnival
            Corporation 2002 Stock Plan pursuant to which awards of restricted Shares may be
            granted; and

            
            WHEREAS, the Company desires to grant Executive an award of restricted
            Shares pursuant to the terms of this Agreement, the LTCA and the Plan.

            
            NOW THEREFORE, in consideration of the mutual covenants hereinafter set
            forth, the parties hereto agree as follows:

            	
                        
                        1.

                    	
                        
                        Grant of Restricted
                        Stock.

                    

            
            Subject to the terms and conditions set forth in the Plan, the LTCA and
            in this Agreement, the Company hereby grants to Executive a Restricted Stock Award
            consisting of ____ Shares (the “Restricted
            Stock”). The Restricted Stock is subject to the
            restrictions described herein, including forfeiture under the circumstances described
            in Section 5 hereof (the
            “Restrictions”). The
            Restrictions shall lapse and the Restricted Stock shall become nonforfeitable in
            accordance with Section 3 and Section 5 hereof.

            	
                        
                        2.

                    	
                        
                        Incorporation by Reference, Etc.

                    

            
            The provisions of the Plan are hereby incorporated herein by reference.
            Except as otherwise expressly set forth herein, this Agreement shall be construed in
            accordance with the provisions of the LTCA and the Plan. Any capitalized terms not
            otherwise defined in this Agreement shall have the definitions set forth in the Plan.
            The terms of the LTCA shall control in the event of a conflict with the provisions of
            this Agreement or the Plan. The Committee shall have final authority to interpret and
            construe the Plan and this Agreement and to make any and all determinations under them,
            and its decision shall be binding and conclusive upon Executive and his legal
            representative in respect of any questions arising under the Plan or this
            Agreement.

            	
                        
                        3.

                    	
                        
                        Lapse of
                        Restriction.

                    

            
            Except as otherwise provided in Section 5 hereof, and contingent upon
            Executive’s continued employment with the Company, the Restrictions with respect
            to the Restricted Stock shall lapse on

             

            
            6

             

            

            

            

            

             

            the
            third anniversary of the Grant Date. Notwithstanding the foregoing, the Committee shall
            have the authority to remove the Restrictions on the Restricted Stock whenever it may
            determine that, by reason of changes in applicable laws or other changes in
            circumstances arising after the Grant Date, such action is appropriate.

            
            Any shares of Restricted Stock for which the Restrictions have lapsed or
            been removed shall be referred to hereunder as “released
            Restricted Stock.”

            	
                        
                        4.

                    	
                        
                        Certificates.

                    

            
            Certificates evidencing the Restricted Stock shall be issued by the
            Company and shall be registered in Executive 's name on the stock transfer books of the
            Company promptly after the date hereof. Subject to Section 6 hereof, the certificates
            evidencing the Restricted Stock shall remain in the physical custody of Executive or
            Executive’s legal representative at all times prior to the date such Restricted
            Stock becomes released Restricted Stock.

            	
                        
                        5.

                    	
                        
                        Effect of Termination of
                        Employment.

                    

            
            Notwithstanding anything herein to the contrary, all unreleased
            Restricted Stock issued hereunder shall be forfeited upon the occurrence of any event
            set forth in Section 3 of Executive’s LTCA. In addition, in the event the
            Executive terminates by reason of death or Disability, the Restrictions on the
            Restricted Stock shall lapse on the date of Executive’s death or Disability and
            the Restricted Stock shall become Released Restricted Stock.

             

            	
                        
                        6.

                    	
                        
                        Rights as a
                        Shareholder.

                    

            
            Executive shall be the record owner of the Restricted Stock unless and
            until such shares are forfeited pursuant to Section 3 or 5 hereof, and as record owner
            shall be entitled to all rights of a common shareholder of the Company;
            provided that the Restricted Stock shall be
            subject to the limitations on transfer and encumbrance set forth in this Agreement. As
            soon as practicable following the lapse or removal of Restrictions on any Restricted
            Stock, Executive shall return the certificate representing such released Restricted
            Stock to the company and the Company shall deliver to Executive or Executive’s
            legal representative a replacement certificate for such released Restricted Stock with
            the restrictive legend removed. In the event the Restricted Stock is forfeited pursuant
            to Section 5 hereof, Executive shall immediately return the certificate evidencing such
            forfeited unreleased Restricted Stock to the Company and Executive's name shall be
            removed from the stock transfer books of the Company.

            	
                        
                        7.

                    	
                        
                        Restrictive Legend.

                    

            
            All certificates representing Restricted Stock shall have affixed
            thereto a legend in substantially the following form, in addition to any other legends
            that may be required under federal or state securities laws:

            
            TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS
            RESTRICTED PURSUANT TO THE TERMS OF THE CARNIVAL CORPORATION 2002 STOCK PLAN, AS
            AMENDED FROM TIME TO TIME,

            
             

            
            7

             

            

            

            

            

             

            
            AND A RESTRICTED STOCK AGREEMENT, DATED AS OF _______, BETWEEN CARNIVAL
            CORPORATION AND ___________. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE
            OFFICES OF CARNIVAL CORPORATION.

            
             

            	
                        
                        8.

                    	
                        
                        Transferability.

                    

            
            The Restricted Stock may not, at any time prior to becoming released
            Restricted Stock, be assigned, alienated, pledged, attached, sold or otherwise
            transferred or encumbered by Executive, and any such purported assignment, alienation,
            pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
            against the Company;
            provided,
            that, the designation of a beneficiary
            shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
            encumbrance. Notwithstanding the foregoing, unreleased Restricted Stock may be
            transferred by the Executive, without consideration, to a Permitted Transferee in
            accordance with Section 9(h) of the Plan.

            	
                        
                        9.

                    	
                        
                        Withholding; Section 83(b)
                        Election.

                    

            
            Executive agrees to make appropriate arrangements with the Company for
            satisfaction of any applicable federal, state or local income tax withholding
            requirements or like requirements, including the payment to the Company upon the lapse
            or removal of Restrictions on any Restricted Stock (or such later or earlier date as
            may be applicable under Section 83 of the Code), or other settlement in respect
            of, the Restricted Stock of all such taxes and requirements and the Company shall be
            authorized to take such action as it deems necessary (including, without limitation,
            requiring the Executive to return the released Restricted Stock to the Company and/or
            withholding amounts from any compensation or other amount owing from the Company or its
            Affiliates to Executive) to satisfy all obligations for the payment of such taxes.
            Executive may make an election pursuant to Section 83(b) of the Code in respect of
            the Restricted Stock and, if he does so, he shall timely notify the Company of such
            election and send the Company a copy thereof. Executive shall be solely responsible for
            properly and timely completing and filing any such election.

            	
                        
                        10.

                    	
                        
                        Miscellaneous.

                    

            
            (a)        
            Notices. Any and all notices, designations,
            consents, offers, acceptances and any other communications provided for herein shall be
            given in writing and shall be delivered either personally or by registered or certified
            mail, postage prepaid, which shall be addressed as follows:

            
             

            	
                        
                        If to Executive:

                    	
                        
                        To the address specified in the Company’s
                        records.

                    
	
                        
                        If to the Company to:

                    	
                        
                        Carnival Corporation

                    	
                        
                         

                    

            
            3655 N.W. 87th Avenue

            
            Miami, Florida 33178-2428

            
            Attn.: General Counsel

            
            (b)        
            No Right to Continued Employment. Nothing
            in the Plan or in this Agreement shall confer upon Executive any right to continue in
            the employ of the Company or shall interfere with or restrict in any way the right of
            the Company, which are hereby expressly reserved, to remove, terminate or discharge
            Executive at any time for any reason whatsoever, with or without, Cause.

             

             

            
            8

             

            

            

            

            

             

             

            
            (c)        
            Bound by Plan. By signing this Agreement,
            Executive acknowledges that he has received a copy of the Plan and has had an
            opportunity to review the Plan and agrees to be bound by all the terms and provisions
            of the Plan.

            
            (d)        
            Successors. The terms of this Agreement
            shall be binding upon and inure to the benefit of the Company, its successors and
            assigns, and on Executive and the beneficiaries, executors, administrators, heirs and
            successors of Executive.

            
            (e)        
            Invalid Provision. The invalidity or
            unenforceability of any particular provision hereof shall not affect the other
            provisions hereof, and this Agreement shall be construed in all respects as if such
            invalid or unenforceable provision had been omitted.

            
            (f)         
            Modifications. No change, modification or
            waiver of any provision of this Agreement shall be valid unless the same be in writing
            and signed by the parties hereto.

            
            (g)        
            Entire Agreement. This Agreement and the
            Plan contain the entire agreement and understanding of the parties hereto with respect
            to the subject matter contained herein and therein and supersede all prior
            communications, representations and negotiations in respect thereto.

            
            (h)        
            Governing Law. This Agreement and the
            rights of Executive hereunder shall be construed and determined in accordance with the
            laws of the State of Florida.

            
            (i)         
            Headings. The headings of the Sections
            hereof are provided for convenience only and are not to serve as a basis for
            interpretation or construction, and shall not constitute a part, of this
            Agreement.

            
            (j)         
            Counterparts. This Agreement may be
            executed in counterparts, each of which shall be deemed an original, but all of which
            together shall constitute one and the same instrument.

            
            IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
            the date first written above.

            
            CARNIVAL CORPORATION

            
             

             

            	
                        
                        By:

                    	
                        
                        _______________________________

                    

            
             

            
             

             

            
            ACCEPTED AND AGREED THIS _____

            DAY
            OF _____________.

             

            
            _____________________________

             

            
            Executive

             

             

            
            9

             

             

             

            
            

            

            

             

            
            EXHIBIT B

             

            
            ALTERNATIVE VESTING SCHEDULE I

             

            
                	
                            
                            1.

                        	
                            
                            Vest as to 33% of the Restricted Stock Benefit on the
                            first anniversary of the grant date thereof;

                        

            

            
             

            
                	
                            
                            2.

                        	
                            
                            Vest as to 66% of the Restricted Stock Benefit on the
                            second anniversary of the grant date thereof; and

                        

            

            
             

            
                	
                            
                            3.

                        	
                            
                            Vest as to 100% of the Restricted Stock Benefit on the
                            third anniversary of the grant date thereof.

                        

            

             

            
            10

             

            
            

            

            

            
            EXHIBIT C

             

            
            ALTERNATIVE VESTING SCHEDULE II

             

            
                	
                            
                            1.

                        	
                            
                            Vested as to 0% of the Restricted Stock Benefit if
                            termination occurs between the grant date and the first anniversary of
                            the grant date thereof;

                        

            

            
             

            
                	
                            
                            2.

                        	
                            
                            Vested as to 33% of the Restricted Stock Benefit if
                            termination occurs between the first and second anniversaries of the
                            grant date thereof;

                        

            

            
             

            
                	
                            
                            3.

                        	
                            
                            Vested as to 66% of the Restricted Stock Benefit if
                            termination occurs between the second and third anniversaries of the
                            grant date thereof;

                        

            

            
             

            
                	
                            
                            4.

                        	
                            
                            Vested as to 100% of the Restricted Stock Benefit if
                            termination occurs after the third anniversary of the grant date
                            thereof.

                        

            

             

             

            
            11

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