Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into this 4th day of March 2015, by and between NCL (Bahamas) Ltd., a company organized under the laws of Bermuda
(the “Company”), which is a wholly owned, indirect subsidiary of Norwegian Cruise Line Holdings Ltd. (the “Parent
Company”) and Andrew C. Stuart (the “Executive”) and replaces supersedes any previous contract(s)
previously Agreement executed between Company and Executive.

 

RECITALS

 

THE PARTIES ENTER THIS AGREEMENT on the
basis of the following facts, understandings and intentions:

 

A.           The
Company desires to offer the Executive the benefits set forth in this Agreement and provide for the services of the Executive on
the terms and conditions set forth in this Agreement.

 

B.           The
Executive desires to be employed by the Company on the terms and conditions set forth in this Agreement.

 

C.           This
Agreement shall govern the employment relationship between the Executive and the Company and all of its affiliates from and after
the date hereof, and supersedes and negates any previous agreements with respect to such relationship.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

		1.	Retention and Duties.

 

		1.1	Retention. The Company does hereby agree to employ the Executive for the Period of Employment (as such term is
defined in Section 2) on the terms and conditions expressly set forth in this Agreement. The Executive does hereby accept and agree
to such employment, on the terms and conditions expressly set forth in this Agreement.

 

		1.2	Duties. During the Period of Employment, the Executive shall serve the Company as its President and Chief Operating
Officer, and shall be appointed to such position on the first day of the Period of Employment. The Executive shall have duties
and obligations generally consistent with that position as the Company may assign from time to time. The Executive shall comply
with the corporate policies of the Company as they are in effect from time to time

 

    	 

    	 

    

 

throughout the Period of Employment (including,
without limitation, the Company’s Code of Ethical Business Conduct policy, as it may change from time to time). During the
Period of Employment, the Executive shall report directly to the Chief Executive Officer of the Company. During the Period of Employment,
the Executive shall perform services for the Parent Company, and the Parent Company’s other subsidiaries, but shall not be
entitled to any additional compensation with respect to such services.

 

		1.3	No Other Employment; Minimum Time Commitment. During the Period of Employment, the Executive shall (i) devote
substantially all of the Executive’s business time, energy and skill to the performance of the Executive’s duties for
the Company, (ii) perform such duties in a faithful, effective and efficient manner to the best of Executive’s abilities,
and (iii) hold no other employment. The Executive’s service on the boards of directors (or similar body) of other business
entities is subject to the approval of the Board of Directors of the Parent Company (the “Board”), provided
that the Executive shall be permitted to serve on one board of directors (or similar bodies) during the Period of Employment, subject
to the Company’s rights to require the Executive’s resignation pursuant to the following sentence. The Company shall
have the right to require the Executive to resign from any board or similar body (including, without limitation, any association,
corporate, civic or charitable board or similar body) which he may then serve if the Board reasonably determines that the Executive’s
service on such board or body materially interferes with the effective discharge of the Executive’s duties and responsibilities
or that any business related to such service is then in competition with any business of the Company or any of its Affiliates (as
such term is defined in Section 5.5), successors or assigns.

 

		1.4	No Breach of Contract. The Executive hereby represents to the Company that: (i) the execution and delivery of
this Agreement by the Executive and the Company and the performance by the Executive of the Executive’s duties hereunder
do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any
other agreement or policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive
is subject; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets)
relating to any other Person (as such term is defined in Section 5.5) which would prevent, or be violated by, the Executive entering
into this Agreement or carrying out Executive’s duties hereunder; (iii) the Executive is not bound by any employment, consulting,
non-compete, confidentiality, trade secret or similar agreement (other than this Agreement) with any other Person; and (iv) the
Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of the Executive
set forth herein and the Executive consents to such reliance.

 

		1.5	Location. During the Period of Employment, the Executive’s principal place of employment shall be the Company’s
principal executive office as it may be located from time to time. The Executive agrees that he will be regularly present

 

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at the Company’s principal executive
office. The Executive acknowledges that he will be required to travel from time to time in the course of performing Executive’s
duties for the Company.

 

		2.	Period of Employment. The “Period of Employment” shall be a period of one year commencing
on a date on or prior to March 4, 2015 that is mutually agreed to by the Executive and the Chief Executive Officer of the Company
(the “Effective Date”) and ending at the close of business on the first anniversary of the Effective Date (the
“Termination Date”); provided, however, that this Agreement shall be automatically renewed, and the Period of
Employment shall be automatically extended for one (1) additional year on the Termination Date and each anniversary of the Termination
Date thereafter, unless either party gives written notice at least sixty (60) days prior to the expiration of the Period of Employment
(including any renewal thereof) of such party’s desire to terminate the Period of Employment (such notice to be delivered
in accordance with Section 18). The term “Period of Employment” shall include any extension thereof pursuant to the
preceding sentence. Provision of notice that the Period of Employment shall not be extended or further extended, as the case may
be, shall not constitute a breach of this Agreement and shall not constitute a termination by the Company without Cause for purposes
of this Agreement. Notwithstanding the foregoing, the Period of Employment is subject to earlier termination as provided below
in this Agreement.

 

		3.	Compensation.

 

		3.1	Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary (the “Base
Salary”), which shall be paid biweekly or in such other installments as shall be consistent with the Company’s
regular payroll practices in effect from time to time. The Executive’s Base Salary shall be at an annualized rate of Six
Hundred Fifty thousand dollars ($650,000.00). The Compensation Committee of the Board (the “Compensation Committee”)
will review the Executive’s rate of Base Salary on an annual basis and may, in its sole discretion, increase (but not decrease)
the rate then in effect.

 

		3.2	Incentive Bonus. Beginning with the 2015 fiscal year, the Executive shall be eligible to receive an incentive
bonus for each fiscal year of the Company that occurs during the Period of Employment (“Incentive Bonus”); provided
that the Executive must be employed by the Company at the time the Company pays the Incentive Bonus with respect to any such fiscal
year in order to be eligible for an Incentive Bonus with respect to that fiscal year (and, if the Executive is not so employed
at such time, in no event shall he have been considered to have “earned” any Incentive Bonus with respect to the fiscal
year in question). The Executive’s target Incentive Bonus amount for a particular fiscal year of the Company shall equal
75% of the Executive’s Base Salary paid by the Company to the Executive for that fiscal year (the “Target Bonus”);
provided that the Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined by the Compensation
Committee in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial,
strategic, individual or other objectives) established with respect to that

 

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particular fiscal year by the Compensation
Committee. Any Incentive Bonus becoming payable for a particular fiscal year shall be paid in the following fiscal year, provided
that the Executive must be employed by the Company at the time the Company pays the Incentive Bonus.

 

		3.3	Equity Award. The Company shall recommend that the Parent Company grant the Executive an award of one hundred
thousand (100,000) non-qualified stock options to acquire the Parent Company’s ordinary shares as soon as practicable after
the Effective Date. All stock options granted pursuant to this Section 3.3 shall (i) be granted under the Parent Company’s
2013 Performance Incentive Plan (together with any successor equity incentive plan, the “Parent Equity Plan”),
(ii) have an exercise price equal to the closing market price of the Parent Company’s ordinary shares on the date
of grant, (iii) have an ordinary term of ten (10) years (which is subject to earlier termination in accordance with the terms of
the Parent Equity Plan), (iv) subject to the Executive’s continued employment through each vesting date, vest in four equal
annual installments on each of the first four anniversaries of the Effective Date following the date of grant, (v) become immediately
vested upon the occurrence of a Sale of the Company (as such term is defined in the Amended and Restated Shareholders’ Agreement
of the Parent Company dated as of January 24, 2013, as amended), subject to the Executive’s continued employment through
immediately prior to such Sale of the Company, and (vi) be subject to the terms of the Parent Equity Plan and the option agreement
in the Parent Company’s customary form evidencing the awards. The number of ordinary shares subject to the stock options
to be granted pursuant to this Section 3.3 is subject to equitable and proportional adjustments to reflect stock splits, stock
dividends, mergers, combinations and similar extraordinary corporate transactions in a manner consistent with the terms of the
Parent Equity Plan. Executive will not receive additional non-qualified stock options within the 2015 fiscal year. Beginning with
the 2016 fiscal year, the Executive shall be eligible to receive additional equity awards under the Parent Equity Plan on the same
schedule as the Company’s other senior executives. Any future equity awards will have terms and will be granted at award
levels that are generally consistent with awards granted to the Company’s other senior executives (with appropriate consideration
given to the Executive’s position as President and Chief Operating Officer).

 

		4.	Benefits.

 

		4.1	Retirement, Welfare and Fringe Benefits. During the Period of Employment, the Executive shall be entitled to
participate, on a basis generally consistent with other senior executives, in all employee pension and welfare benefit plans and
programs, all fringe benefit plans and programs and all other benefit plans and programs (including those providing for perquisites
or similar benefits) that are made available by the Company to the Company’s other senior executives generally (including,
but not limited to the NCL (Bahamas) Ltd. Supplemental Executive Retirement Plan and the NCL (Bahamas) Ltd. Senior Management Retirement
Savings Plan), in accordance with the eligibility and participation

 

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provisions of such plans and as such plans
or programs may be in effect from time to time. The Executive’s participation in the foregoing plans and programs is subject
to the eligibility and participation provisions of such plans, and the Company’s right to amend or terminate such plans from
time to time in accordance with their terms.

 

		4.2	Medical Executive Reimbursement Plan. During the Period of Employment, the Company will provide the Executive,
and the Executive’s spouse and dependent children, with a Medical Executive Reimbursement Plan, subject to the terms and
conditions of such plan. Reimbursement under said plan shall be limited to a maximum of fifteen thousand dollars ($15,000) in any
calendar year.

 

		4.3	Company Automobile. During the Period of Employment, the Company shall provide the Executive with a monthly cash
car allowance of up to one thousand five hundred dollars ($1,500.00) per month, in accordance with the Company’s policy as
in effect from time to time.

 

		4.4	Reimbursement of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out
the Executive’s duties for the Company under this Agreement and shall be entitled to reimbursement for all reasonable business
expenses the Executive incurs during the Period of Employment in connection with carrying out the Executive’s duties for
the Company, subject to the Company’s expense reimbursement policies and any pre-approval policies in effect from time to
time.

 

		4.5	Vacation and Other Leave. During the Period of Employment, the Executive’s annual rate of vacation accrual
shall be five (5) weeks per year; provided that such vacation shall accrue on a bi-weekly basis in accordance with the Company’s
regular payroll cycle and be subject to the Company’s vacation policies in effect from time to time. The Executive shall
also be entitled to all other holiday and leave pay generally available to other senior executives of the Company.

 

		5.	Termination.

 

		5.1	Termination by the Company. The Executive’s employment by the Company, and the Period of Employment, may
be terminated at any time by the Company: (i) with Cause (as such term is defined in Section 5.5), or (ii) without Cause, or (iii)
in the event of the Executive’s death, or (iv) in the event that the Board determines in good faith that the Executive has
a Disability (as such term is defined in Section 5.5).

 

		5.2	Termination by the Executive. The Executive’s employment by the Company, and the Period of Employment,
may be terminated by the Executive with no less than sixty (60) days advance written notice to the Company (such notice to be delivered
in accordance with Section 18).

 

		5.3	Benefits Upon Termination. If the Executive’s employment by the Company is terminated during the Period
of Employment for any reason by the Company or

 

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by the Executive, or upon or following
the expiration of the Period of Employment (in any case, the date that the Executive’s employment by the Company terminates
is referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to
the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except
as follows:

 

		(a)	The Company shall pay the Executive (or, in the event of Executive’s death, the Executive’s estate) any Accrued
Obligations (as such term is defined in Section 5.5);

 

		(b)	If, during the Period of Employment, the Executive’s employment with the Company is terminated by the Company without
Cause (and other than due to the Executive’s death or in connection with a good faith determination by the Board that the
Executive has a Disability), the Executive shall be entitled to the following benefits:

 

		(i)	The Company shall pay the Executive (in addition to the Accrued Obligations), subject to tax withholding and other authorized
deductions, an amount equal to one times Executive’s Base Salary at the annualized rate in effect on the Severance Date.
Such amount is referred to hereinafter as the “Severance Benefit.” Subject to Section 5.7(a), the Company shall
pay the Severance Benefit to the Executive in substantially equal installments in accordance with the Company’s standard
payroll practices over a period of twelve (12) consecutive months, with the first installment payable in the month following the
month in which the Executive’s Separation from Service (as such term is defined in Section 5.5) occurs. (For purposes of
clarity, each such installment shall equal the applicable fraction of the aggregate Severance Benefit. For example, if such installments
were to be made on a monthly basis, each installment would equal one-twelfth (1/12th) of the Severance Benefit.)

 

		(ii)	Subject to the Executive’s continued payment of the same percentage of the applicable premiums as he was paying on the
Severance Date, the Company will pay or reimburse the Executive for Executive’s premiums charged to continue medical coverage
pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent
medical coverage for the Executive (and, if applicable, the Executive’s eligible dependents) as in effect immediately prior
to the Severance Date, to the extent that the Executive elects such continued coverage; provided that the Company’s obligation
to make any payment or reimbursement pursuant to this clause (ii) shall, subject to Section 5.7(a), commence with continuation
coverage for the month following the month in which the

 

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Executive’s Separation from Service
occurs and shall cease with continuation coverage for the twelfth month following the month in which the Executive’s Separation
from Service occurs (or, if earlier, shall cease upon the first to occur of the Executive’s death, the date the Executive
becomes eligible for coverage under the health plan of a future employer, or the date the Company ceases to offer group medical
coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA continuation coverage
to the Executive). To the extent the Executive elects COBRA coverage, he shall notify the Company in writing of such election prior
to such coverage taking effect and complete any other continuation coverage enrollment procedures the Company may then have in
place.

 

		(c)	Notwithstanding the foregoing provisions of this Section 5.3, if the Executive breaches Executive’s obligations under
Section 6 of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or
remedy otherwise available to the Company, the Executive will no longer be entitled to, and the Company will no longer be obligated
to pay, any remaining unpaid portion of the Severance Benefit or to any continued Company-paid or reimbursed coverage pursuant
to Section 5.3(b)(ii); provided that, if the Executive provides the release contemplated by Section 5.4, in no event shall the
Executive be entitled to a Severance Benefit payment of less than $5,000, which amount the parties agree is good and adequate consideration,
in and of itself, for the Executive’s release contemplated by Section 5.4.

 

		(d)	The foregoing provisions of this Section 5.3 shall not affect: (i) the Executive’s receipt of benefits otherwise due
terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; or
(ii) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance
coverage.

 

		5.4	Release; Exclusive Remedy.

 

		(a)	This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based
award agreement to the contrary. As a condition precedent to any Company obligation to the Executive pursuant to Section 5.3(b)
or any other obligation to accelerate vesting of any equity-based award in connection with the termination of the Executive’s
employment, the Executive shall, upon or promptly following his last day of employment with the Company (and in any event within
twenty-one (21) days following the Executive’s last day of employment), execute a general release agreement in substantially
the form of Exhibit A (with such amendments that may be necessary to ensure the release is enforceable to the fullest extent permissible
under then

 

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applicable law), and such release agreement
shall have not been revoked by the Executive pursuant to any revocation rights afforded by applicable law.

 

		(b)	The Executive agrees that the payments and benefits contemplated by Section 5.3 (and any applicable acceleration of vesting
of an equity-based award in accordance with the terms of such award in connection with the termination of the Executive’s
employment) shall constitute the exclusive and sole remedy for any termination of Executive’s employment and the Executive
covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment. The Company
and the Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under this Agreement. All amounts
paid to the Executive pursuant to Section 5.3 shall be paid without regard to whether the Executive has taken or takes actions
to mitigate damages. The Executive agrees to resign, on the Severance Date, as an officer and director of the Company and any Affiliate
of the Company, and as a fiduciary of any benefit plan of the Company or any Affiliate of the Company, and to promptly execute
and provide to the Company any further documentation, as requested by the Company, to confirm such resignation.

 

		5.5	Certain Defined Terms.

 

		(a)	As used herein, “Accrued Obligations” means:

 

		(i)	any Base Salary that had accrued but had not been paid on or before the Severance Date (including accrued and unpaid vacation
time to the extent that the Executive is entitled to accrued vacation in accordance with the Company’s policy in effect at
the applicable time); and

 

		(ii)	any reimbursement due to the Executive pursuant to Section 4.4 or Section 4.6 for expenses reasonably incurred by the Executive
on or before the Severance Date and documented and pre-approved, to the extent applicable, in accordance with the Company’s
expense reimbursement policies in effect at the applicable time.

 

		(b)	As used herein, “Affiliate” of the Company means a Person that directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Company. As used in this definition, the term
“control,” including the correlative terms “controlling,” “controlled by” and “under
common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management
or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise)
of a Person. For purposes of clarity and without limiting the

 

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generality of the foregoing, the term
“Affiliate” includes any Person that meets the definition of “Affiliate” and is, directly or indirectly
through any other Person, engaged in the Business (as such term is defined in Section 6.2) if that Person is controlled by Apollo
Global Management, LLC or any of its affiliated funds or Genting HK and its affiliates. However, any Person that would not otherwise
be an Affiliate of the Company but for its ownership by Apollo Global Management, LLC or its affiliated funds shall not be considered
an Affiliate if such Person is not, directly or indirectly through any other Person, engaged in the Business (as such term is defined
in Section 6.2).

 

		(c)	As used herein, “Cause” shall mean, as reasonably determined by a majority of the Board (excluding the Executive,
if he is then a member of the Board) based on the information then known to it, that one or more of the following has occurred:

 

		(i)	the Executive has committed a felony (under the laws of the United States or any relevant state, or a similar crime or offense
under the applicable laws of any relevant foreign jurisdiction), other than through vicarious liability not related to the Company
or any of its Affiliates;

 

		(ii)	the Executive has engaged in acts of fraud, dishonesty or other acts of willful misconduct in the course of Executive’s
duties hereunder;

 

		(iii)	the Executive willfully fails to perform or uphold Executive’s duties under this Agreement and/or willfully fails to
comply with reasonable directives of the Board and/or Chief Executive Officer, in either case after there has been delivered to
the Executive a written demand for performance from the Company and the Executive fails to remedy such condition(s) within ten
(10) days of receiving such written notice thereof; or

 

		(iv)	any breach by the Executive of the provisions of Section 6, or any material breach by the Executive of any other contract he
is a party to with the Company or any of its Affiliates.

 

		(d)	As used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined
by the Board, renders the Executive unable to perform the essential functions of Executive’s employment with the Company,
even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 90 days in any 180-day
period, unless a longer period is required by federal or state law, in which case that longer period would apply.

 

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		(e)	As used herein, the term “Person” shall be construed broadly and shall include, without limitation, an individual,
a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

		(f)	As used herein, a “Separation from Service” occurs when the Executive dies, retires, or otherwise has a
termination of employment with the Company that constitutes a “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.

 

		5.6	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated
by written notice of termination from the terminating party to the other party. This notice of termination must be delivered in
accordance with Section 18 and must indicate the specific provision(s) of this Agreement relied upon in effecting the termination
and the basis of any termination by the Company for Cause.

 

		5.7	Section 409A.

 

		(a)	If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of
the date of the Executive’s Separation from Service, the Executive shall not be entitled to any payment or benefit pursuant
to Section 5.3(b) until the earlier of (i) the date which is six (6) months after Executive’s Separation from Service
for any reason other than death, or (ii) the date of the Executive’s death. The provisions of this paragraph shall only apply
if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code. For
purposes of clarity, the six (6) month delay shall not apply in the case of any short-term deferral as contemplated by Treasury
Regulation Section 1.409A-1(b)(4) or severance pay contemplated by Treasury Regulation Section 1.409A-1(b)(9)(iii) to the extent
of the limits set forth therein. Any amounts otherwise payable to the Executive upon or in the six (6) month period following the
Executive’s Separation from Service that are not so paid by reason of this Section 5.7(a) shall be paid (without interest)
as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Executive’s
Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the
Executive’s death).

 

		(b)	To the extent that any benefits pursuant to Section 5.3(b)(ii) or reimbursements pursuant to Section 4 (other than Section
4.6) are taxable to the Executive, any reimbursement payment due to the Executive pursuant to any such provision shall be paid
to the Executive on or before the last day of the Executive’s taxable year following the taxable year in

 

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which the related expense was incurred.
The benefits and reimbursements pursuant to Section 5.3(b)(ii) and Section 4 (other than Section 4.6) are not subject to liquidation
or exchange for another benefit and the amount of such benefits and reimbursements that the Executive receives in one taxable year
shall not affect the amount of such benefits or reimbursements that the Executive receives in any other taxable year.

 

		(c)	Any installment payments provided for in this Agreement shall be treated as separate payments for purposes of Section 409A
of the Code. This Agreement is intended to comply with the requirements of Section 409A of the Code and shall be interpreted consistent
with this intent so as to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code.

 

		5.8	Possible Limitation of Benefits in Connection with a Change in Control. Notwithstanding anything contained in
this Agreement to the contrary, if following a change in ownership or effective control or in the ownership of a substantial portion
of assets (in each case, within the meaning of Section 280G of the Code), the tax imposed by Section 4999 of the Code or any similar
or successor tax (the “Excise Tax”) applies to any payments, benefits and/or amounts received by the Executive
pursuant to this Agreement or otherwise, including, without limitation, any acceleration of the vesting of outstanding stock options
or other equity awards (collectively, the “Total Payments”), then the Total Payments shall be reduced (but not
below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount
which would cause the Total Payments to be subject to the Excise Tax; provided that such reduction to the Total Payments shall
be made only if the total after-tax benefit to the Executive is greater after giving effect to such reduction than if no such reduction
had been made. If such a reduction is required, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating
any cash payments under this Agreement, then by reducing or eliminating any accelerated vesting of stock options, then by reducing
or eliminating any accelerated vesting of other equity awards, then by reducing or eliminating any other remaining Total Payments,
in each case in reverse order beginning with the payments which are to be paid the farthest in time from the date of the transaction
triggering the Excise Tax. The provisions of this Section 5.8 shall take precedence over the provisions of any other plan, arrangement
or agreement governing the Executive’s rights and entitlements to any benefits or compensation.

 

		6.	Protective Covenants.

 

		6.1	Confidential Information; Inventions.

 

		(a)	The Executive shall not disclose or use at any time, either during the Period of Employment or thereafter, any Confidential
Information (as defined below) of which the Executive is or becomes aware, whether or

 

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not such information is developed by
Executive, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance
in good faith of duties for the Company. The Executive will take all appropriate steps to safeguard Confidential Information in
Executive’s possession and to protect it against disclosure, misuse, espionage, loss and theft. The Executive shall deliver
to the Company at the termination of the Period of Employment, or at any time the Company may request, all memoranda, notes, plans,
records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information
or the Work Product (as hereinafter defined) of the business of the Company or any of its Affiliates which the Executive may then
possess or have under Executive’s control. Notwithstanding the foregoing, the Executive may truthfully respond to a lawful
and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof, shall, as much in advance
of the return date as possible, make available to the Company and its counsel the documents and other information sought, and shall
assist the Company and such counsel in resisting or otherwise responding to such process.

 

		(b)	As used in this Agreement, the term “Confidential Information” means information that is not generally known
to the public and that is used, developed or obtained by the Company or its Affiliates in connection with their businesses, including,
but not limited to, information, observations and data obtained by the Executive while employed by the Company or any predecessors
thereof (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company (or such predecessors),
(ii) products or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and
reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and
documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes,
whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client lists,
(xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and
related information in whatever form. Confidential Information will not include any information that has been published (other
than a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to the date the
Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely
because individual portions of the information have been separately published, but only if all material features comprising such
information have been published in combination.

 

		(c)	As used in this Agreement, the term “Work Product” means all inventions, innovations, improvements, technical
information, systems, software

 

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developments, methods, designs, analyses,
drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or
unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to the Company’s
or any of its Affiliates’ actual or anticipated business, research and development or existing or future products or services
and which are conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the
use of the facilities of the Company or any of its Affiliates, and whether or not alone or in conjunction with any other person)
while employed by the Company (including those conceived, developed or made prior to the Effective Date) together with all patent
applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof
that may be granted for or upon any of the foregoing. All Work Product that the Executive may have discovered, invented or originated
during Executive’s employment by the Company or any of its Affiliates prior to the Effective Date or that she may discover,
invent or originate during the Period of Employment or at any time prior to the Severance Date, shall be the exclusive property
of the Company and its Affiliates, as applicable, and Executive hereby assigns all of Executive’s right, title and interest
in and to such Work Product to the Company or its applicable Affiliate, including all intellectual property rights therein. Executive
shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents
the Company may deem necessary to protect or perfect its (or any of its Affiliates’, as applicable) rights therein, and shall
assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any of its Affiliates’,
as applicable) rights therein. The Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s
behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company’s (and any of
its Affiliates’, as applicable) rights to any Work Product.

 

		6.2	Restriction on Competition. The Executive acknowledges that, in the course of Executive’s employment with
the Company and/or its Affiliates , he has become familiar, or will become familiar, with the Company’s and its Affiliates’
and their predecessors’ trade secrets and with other Confidential Information concerning the Company, its Affiliates and
their respective predecessors and that Executive’s services have been and will be of special, unique and extraordinary value
to the Company and its Affiliates. The Executive agrees that if the Executive were to become employed by, or substantially involved
in, the business of a competitor of the Company or any of its Affiliates during the twelve months following the Severance Date,
it would be very difficult for the Executive not to rely on or use the Company’s and its Affiliates’ trade secrets
and Confidential Information. Thus, to avoid the inevitable disclosure of the Company’s and its Affiliates’ trade secrets
and Confidential Information, and to protect such trade secrets and Confidential Information and the Company’s and its Affiliates’
relationships and

 

    	13

    	 

    

 

goodwill with customers, during the Period
of Employment and for a period of twelve months after the Severance Date, the Executive will not directly or indirectly through
any other Person engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the
financing, operation, management or control of, any Competing Business. For purposes of this Agreement, the phrase “directly
or indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or
profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise,
and shall include any direct or indirect participation in such enterprise as an employee, consultant, director, officer, licensor
of technology or otherwise. For purposes of this Agreement, “Competing Business” means a Person anywhere in
the continental United States and elsewhere in the world where the Company and its Affiliates engage in business, or reasonably
anticipate engaging in business, on the Severance Date (the “Restricted Area”) that at any time during the Period
of Employment has competed, or at any time during the twelve month period following the Severance Date competes, with the Company
or any of its Affiliates in the provision of travel services, including, without limitation, travel services related to the cruise
ship industry (the “Business”). Nothing herein shall prohibit the Executive from being a passive owner of not
more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active
participation in the business of such corporation.

 

		6.3	Non-Solicitation of Employees and Consultants. During the Period of Employment and for a period of twenty four
months after the Severance Date, the Executive will not directly or indirectly through any other Person (i) induce or attempt to
induce any employee or independent contractor of the Company or any Affiliate of the Company to leave the employ or service, as
applicable, of the Company or such Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate,
on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was an employee
of the Company or any Affiliate of the Company until twelve months after such individual’s employment relationship with the
Company or such Affiliate has been terminated.

 

		6.4	Non-Solicitation of Customers. During the Period of Employment and for a period of twenty four months after the
Severance Date, the Executive will not directly or indirectly through any other Person influence or attempt to influence customers,
vendors, suppliers, licensors, lessors, joint venturers, associates, consultants, agents, or partners of the Company or any Affiliate
of the Company to divert their business away from the Company or such Affiliate, and the Executive will not otherwise interfere
with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any Affiliate
of the Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates,
officers, employees, consultants, managers, partners, members or investors, on the other hand.

 

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		6.5	Understanding of Covenants. The Executive represents that he (i) is familiar with and has carefully considered
the foregoing covenants set forth in this Section 6 (together, the “Restrictive Covenants”), (ii) is fully aware
of Executive’s obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage,
as applicable, of the Restrictive Covenants, (iv) agrees that the Company and its Affiliates currently conduct business throughout
the continental United States and the rest of the world, (v) agrees that the Restrictive Covenants are necessary to protect the
Company’s and its Affiliates’ confidential and proprietary information, good will, stable workforce, and customer relations,
and (vi) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section
6 regardless of whether the Executive is then entitled to receive severance pay or benefits from the Company. The Executive understands
that the Restrictive Covenants may limit Executive’s ability to earn a livelihood in a business similar to the Business of
the Company and any of its Affiliates, but he nevertheless believes that he has received and will receive sufficient consideration
and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to
clearly justify such restrictions which, in any event (given Executive’s education, skills and ability), the Executive does
not believe would prevent Executive from otherwise earning a living. The Executive agrees that the Restrictive Covenants do not
confer a benefit upon the Company disproportionate to the detriment of the Executive.

 

		6.6	Enforcement. The Executive agrees that the Executive’s services are unique and that he has access to Confidential
Information and Work Product. Accordingly, without limiting the generality of Section 17, the Executive agrees that a breach by
the Executive of any of the covenants in this Section 6 would cause immediate and irreparable harm to the Company that would be
difficult or impossible to measure, and that damages to the Company for any such injury would therefore be an inadequate remedy
for any such breach. Therefore, the Executive agrees that in the event of any breach or threatened breach of any provision of this
Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under
this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate relief (without
posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 6. The Executive further
agrees that the applicable period of time any Restrictive Covenant is in effect following the Severance Date, as determined pursuant
to the foregoing provisions of this Section 6, shall be extended by the same amount of time that Executive is in breach of any
Restrictive Covenant.

 

		7.	Withholding Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there
to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal,
state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

    	15

    	 

    

 

		8.	Successors and Assigns.

 

		(a)	This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by
the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and
be enforceable by the Executive’s legal representatives.

 

		(b)	This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Without limiting
the generality of the preceding sentence, the Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and
any successor or assignee, as applicable, which assumes and agrees to perform this Agreement by operation of law or otherwise.

 

		9.	Number and Gender; Examples. Where the context requires, the singular shall include the plural, the plural shall
include the singular, and any gender shall include all other genders. Where specific language is used to clarify by example a general
statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction
of the general statement to which it relates.

 

		10.	Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement
are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction
or interpretation thereof.

 

		11.	Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA,
WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION)
THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE
INTERNAL LAW OF THE STATE OF FLORIDA WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S
CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

		12.	Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced
to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent

 

    	16

    	 

    

 

jurisdiction to be invalid, prohibited
or unenforceable under any present or future law, and if the rights and obligations of any party under this Agreement will not
be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction,
and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable
provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in
terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision could be
more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable
in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of
this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

		13.	Entire Agreement; Legal Effect. This Agreement embodies the entire agreement of the parties hereto respecting
the matters within its scope. This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that directly
or indirectly bear upon the subject matter hereof. Any prior negotiations, correspondence, agreements, proposals or understandings
relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith,
such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There
are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject
matter hereof, except as expressly set forth herein.

 

		14.	Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal,
definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

 

		15.	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

		16.	Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

		17.	Remedies. Each of the parties to this Agreement and any such person or entity granted rights hereunder whether
or not such person or entity is a signatory hereto shall be entitled to enforce its rights under this Agreement specifically to
recover damages and

 

    	17

    	 

    

 

costs for any breach of any provision
of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement and that each party may in its sole discretion
apply to any court of law or equity of competent jurisdiction for specific performance, injunctive relief and/or other appropriate
equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this
Agreement. Each party shall be responsible for paying its own attorneys’ fees, costs and other expenses pertaining to any
such legal proceeding and enforcement regardless of whether an award or finding or any judgment or verdict thereon is entered against
either party.

 

		18.	Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered,
transmitted via telecopier, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight
courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed
to have been given hereunder and received when delivered personally, when received if transmitted via telecopier, five days after
deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

 

if to the Company:

 

NCL (Bahamas) Ltd.

7665 Corporate Center Drive

Miami, FL 33126

Facsimile: (305) 436-4101

Attn: Senior Vice President of Human Resources

 

with a copy to:

 

NCL (Bahamas) Ltd.

7665 Corporate Center Drive

Miami, FL 33126

Facsimile: (305) 436-4101

Attn: Board of Directors

 

if to the Executive, to the address most recently on file
in the payroll records of the Company.

 

		19.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an
original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.
This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures
of all of the parties reflected hereon as the signatories. Photographic or other electronic copies of such signed counterparts
may be used in lieu of the originals for any purpose.

 

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		20.	Legal Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges
and agrees that they have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting,
negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed
against either party on the basis of that party being the drafter of such language. The Executive agrees and acknowledges that
he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior
to entering into this Agreement and has had ample opportunity to do so.

 

IN WITNESS WHEREOF, the Parent Company and the Executive
have executed this Agreement as of the date hereof.

 

	 	“PARENT COMPANY”
	 	 
	 	Norwegian Cruise Line Holdings Ltd.
	 	a company organized under the laws of Bermuda
	 	 	 
	 	By:	/s/ Frank Del Rio
	 	Name: Frank Del Rio
	 	Title: President & Chief Executive Officer
	 	 
	 	“EXECUTIVE”
	 	 
	 	/s/ Andrew C. Stuart
	 	Andrew  C. Stuart

 

    	19

    	 

    

 

Exhibit A

 

FORM OF RELEASE AGREEMENT

 

This Release Agreement (this “Release
Agreement”) is entered into this      day of ___________ 20__, by and between [                    ],
an individual (“Executive”), and NCL (Bahamas) Ltd., a company organized under the laws of Bermuda (the “Company”),
which is a wholly owned, indirect subsidiary of Norwegian Cruise Line Holdings Ltd. (the “Parent Company”).

 

WHEREAS, Executive has been employed
by the Company or one of its subsidiaries; and

 

WHEREAS, Executive’s employment
by the Company or one of its subsidiaries has terminated and, in connection with the Executive’s Employment Agreement with
the Company, dated as of [______________] (the “Employment Agreement”), the Company and Executive desire to
enter into this Release Agreement upon the terms set forth herein;

 

NOW, THEREFORE, in consideration of the
covenants undertaken and the releases contained in this Release Agreement, and in consideration of the obligations of the Company
to pay severance and other benefits (conditioned upon this Release Agreement) under and pursuant to the Employment Agreement, Executive
and the Company agree as follows:

 

1.         Termination
of Employment. Executive’s employment with the Company terminated on [_________, __________] (the “Separation
Date”). Executive waives any right or claim to reinstatement as an employee of the Company and each of its affiliates.
Executive hereby confirms that Executive does not hold any position as an officer, director or employee with the Company and each
of its affiliates. Executive acknowledges and agrees that Executive has received all amounts owed for Executive’s regular
and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement
of expenses, sick pay and usual benefits.

 

2.         Release.
Executive, on behalf of Executive, Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors,
and each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its parents, subsidiaries
and affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents,
attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, hereinafter
together and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages,
demands, rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts,
costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or
otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”),
which he now owns or holds or he has at any time heretofore owned or held or may in the future hold as against any of said Releasees
(including, without limitation, any Claim arising out of or in any way connected with Executive’s service as an officer,
director, employee, member or manager of any Releasee, Executive’s separation from Executive’s position as an officer,
director, employee, manager

 

    	 

    	 

    

 

and/or member, as applicable, of any Releasee,
or any other transactions, occurrences, acts or omissions or any loss, damage or injury whatever), whether known or unknown, suspected
or unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed or omitted prior
to the date of this Release Agreement including, without limiting the generality of the foregoing, any Claim under Title VII of
the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the Family
and Medical Leave Act of 1993, or any other federal, state or local law, regulation, or ordinance, or any Claim for severance pay,
equity compensation, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe
benefit, workers’ compensation or disability (the “Release”); provided, however, that the foregoing Release
does not apply to any obligation of the Company to Executive pursuant to any of the following: (1) any equity-based awards previously
granted by the Company or its affiliates to Executive, to the extent that such awards continue after the termination of Executive’s
employment with the Company in accordance with the applicable terms of such awards (and subject to any limited period in which
to exercise such awards following such termination of employment); (2) any right to indemnification that Executive may have pursuant
to the Bylaws of the Company, its Articles of Incorporation or under any written indemnification agreement with the Company (or
any corresponding provision of any subsidiary or affiliate of the Company) or applicable state law with respect to any loss, damages
or expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future
incur with respect to Executive’s service as an employee, officer or director of the Company or any of its subsidiaries or
affiliates; (3) with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under
any Company (or subsidiary or affiliate) directors and officers liability insurance policy; (4) any rights to continued medical
or dental coverage that Executive may have under COBRA (or similar applicable state law); (5) any rights to the severance and other
benefits payable under Section 5.3 of the Employment Agreement in accordance with the terms of the Employment Agreement; or (6)
any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained by the Company or its
affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this
Release does not cover any Claim that cannot be so released as a matter of applicable law. Executive acknowledges and agrees that
he has received any and all leave and other benefits that she has been and is entitled to pursuant to the Family and Medical Leave
Act of 1993.

 

3.         ADEA
Waiver. Executive expressly acknowledges and agrees that by entering into this Release Agreement, Executive is waiving any
and all rights or Claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),
which have arisen on or before the date of execution of this Release Agreement. Executive further expressly acknowledges and agrees
that:

 

A.           In
return for this Release Agreement, the Executive will receive consideration beyond that which the Executive was already entitled
to receive before entering into this Release Agreement;

 

B.           Executive
is hereby advised in writing by this Release Agreement to consult with an attorney before signing this Release Agreement;

 

    	2

    	 

    

 

 

C.           Executive
has voluntarily chosen to enter into this Release Agreement and has not been forced or pressured in any way to sign it;

 

D.           Executive
was given a copy of this Release Agreement on [                    ,
20    ] and informed that he had twenty one (21) days within which to consider this Release Agreement
and that if he wished to execute this Release Agreement prior to expiration of such 21-day period, he should execute the Endorsement
attached hereto;

 

E.           Executive
was informed that he had seven (7) days following the date of execution of this Release Agreement in which to revoke this Release
Agreement, and this Release Agreement will become null and void if Executive elects revocation during that time. Any revocation
must be in writing and must be received by the Company during the seven-day revocation period. In the event that Executive exercises
Executive’s right of revocation, neither the Company nor Executive will have any obligations under this Release Agreement;

 

F.           Nothing
in this Release Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically
authorized by federal law.

 

4.         No
Transferred Claims. Executive warrants and represents that the Executive has not heretofore assigned or transferred to any
person not a party to this Release Agreement any released matter or any part or portion thereof and she shall defend, indemnify
and hold the Company and each of its affiliates harmless from and against any claim (including the payment of attorneys’
fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such
assignment or transfer made, purported or claimed.

 

5.         Severability.
It is the desire and intent of the parties hereto that the provisions of this Release Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any
particular provision of this Release Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited
or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction;
furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release Agreement,
a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Release Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

6.         Counterparts.
This Release Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement. This Release Agreement shall become binding when one or more counterparts

 

    	3

    	 

    

 

hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. Photographic or other electronic copies of such
signed counterparts may be used in lieu of the originals for any purpose.

 

7.         Successors.
This Release Agreement is personal to Executive and shall not, without the prior written consent of the Company, be assignable
by Executive. This Release Agreement shall inure to the benefit of and be binding upon the Company and its respective successors
and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of this Release Agreement
for all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation
or other business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly
acquires the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the Company
assigns this Release Agreement by operation of law or otherwise.

 

8.         Governing
Law. THIS RELEASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT
NOT PREEMPTED BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
PROVISION OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER
THAN UNITED STATES FEDERAL LAW AND THE LAW OF THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL
LAW AND, TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF FLORIDA, WILL CONTROL THE INTERPRETATION
AND CONSTRUCTION OF THIS RELEASE AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS,
THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

9.         Amendment
and Waiver. The provisions of this Release Agreement may be amended and waived only with the prior written consent of the Company
and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Release Agreement shall be construed
as a waiver of such provisions or affect the validity, binding effect or enforceability of this Release Agreement or any provision
hereof.

 

10.       Descriptive
Headings. The descriptive headings of this Release Agreement are inserted for convenience only and do not constitute a part
of this Release Agreement.

 

11.       Construction.
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be
deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used
in this Release Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule
of strict construction shall be applied against any party.

 

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12.       Nouns
and Pronouns. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.

 

13.       Legal
Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity
to consult with legal counsel of their choice. Executive acknowledges and agrees that he has read and understands this Release
Agreement completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this
Release Agreement and he has had ample opportunity to do so.

 

The undersigned have read and understand the
consequences of this Release Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws
of the State of Florida that the foregoing is true and correct.

 

EXECUTED this ____ day of _________ 20__, at
_________

 

	 	“Executive”
	 	 
	 	 

 

	 	Print Name:	 

 

	 	“PARENT COMPANY”
	 	 
	 	NORWEGIAN CRUISE LINE HOLDINGS LTD.,
	 	a company organized under the laws of Bermuda,
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	5

    	 

    

 

ENDORSEMENT

 

I, ________________, hereby acknowledge that
I was given 21 days to consider the foregoing Release Agreement and voluntarily chose to sign the Release Agreement prior to the
expiration of the 21-day period.

 

I declare under penalty of perjury under the
laws of the United States and the State of Florida that the foregoing is true and correct.

 

EXECUTED this [____] day of [__________ 200__].

 

	 	 
	 	Print Name:EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR,
IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 

 
 WARRANT TO PURCHASE STOCK 

Company: ETSY, Inc., a Delaware corporation 
 Number of Shares: As set forth below

 Class of Stock: Series C Convertible Preferred Stock, $0.001 par value per share 

Warrant Price: $2.67, subject to adjustment 
 Issue
Date:      November 15, 2007 
 Expiration Date: November 14, 2017 

			
	Credit Facility:	 	 This Warrant is issued in connection with that certain Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company
(the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley
Bank, together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, is referred to hereinafter as “Holder”) is entitled to purchase the number of fully paid and nonassessable
shares (the “Shares”) of the class of securities (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant,
subject to the provisions and upon the terms and conditions set forth in this Warrant. 

A.        Number of Shares.      This Warrant shall be
exercisable for the Initial Shares, plus the Additional Shares (if any). 

(1)        Initial
Shares.            As used herein, “Initial Shares” means 16,854 shares of the Class; 

(2)        Additional Shares.      This Warrant shall
automatically become exercisable for the Additional Shares, if at all, on and as of such date (if any) that Bank (as defined in the Loan Agreement) makes an Equipment Advance (as defined in the Loan Agreement) in excess of $500,000 of Equipment
Advances in the aggregate. As used herein, “Additional Shares” means such number of additional shares of the Class as shall equal (a) $25,000, divided by (b) the Warrant Price in effect on and as of the date of such Equipment
Advance. 
 (3) As used herein, “Shares” shall mean the Initial Shares together with the Additional Shares (if any) for
which this Warrant becomes exercisable in accordance with paragraph A(2) above. 

 ARTICLE 1. EXERCISE. 

1.1      Method of Exercise.    Holder may exercise this Warrant by delivering
the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder
shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2      Conversion Right.  In lieu of exercising this Warrant as specified in Article
1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant
minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

1.3      Fair Market Value.  If the Company’s common stock is traded in a public
market and the Shares are common stock, the fair market value of a Share shall be the closing price of a share of common stock reported for the business day immediately before Holder delivers this Warrant together with its Notice of Exercise to the
Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering (“IPO”), the “price to public” per share price specified in the final prospectus
relating to such offering). If the Company’s common stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the Company’s common stock reported for
the business day immediately before Holder delivers this Warrant together with its Notice of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of the IPO, the initial “price to
public” per share price specified in the final prospectus relating to such offering), in both cases, multiplied by the number of shares of the Company’s common stock into which a Share is convertible. If the Company’s common stock is
not traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 

1.4      Delivery of Certificate and New Warrant.  Promptly after Holder exercises or
converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has
not expired, a new Warrant representing the Shares not so acquired. 
 1.5      Replacement of
Warrants.    On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

  
 2 

 1.6      Treatment of Warrant Upon Acquisition of
Company. 
 1.6.1    “Acquisition”.        For the
purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, merger or sale of outstanding capital stock of the Company
where the holders of the Company’s securities before the transaction beneficially own less than a majority of the outstanding voting securities of the surviving entity after the transaction. 

1.6.2    Treatment of Warrant at Acquisition. 

A)        Upon the written request of the Company, Holder agrees that, in the event of an Acquisition in which
the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder
elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable information as
the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

B)        Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an
“arms length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall
exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue
until the Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating to the foregoing (together with such reasonable
information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

C)        Upon the closing of any Acquisition other than those particularly described in subsections
(A) and (B) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 

As used herein “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten percent (10%) or more
of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers or partners, as
applicable. 

  
 3 

 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1      Stock Dividends, Splits, Etc.  If the Company declares or pays a dividend on
the outstanding shares of the Class payable in common stock or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would
have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares or takes any other action
which increase the amount of common stock into which the one share of the Class is convertible, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the
outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2      Reclassification, Exchange, Combinations or Substitution.  Upon any
reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of
this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall
include, without limitation, any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Articles or Certificate (as
applicable) of Incorporation. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as
a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon
exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 

2.3      Adjustments for Diluting Issuances.    The number of shares of common
stock issuable upon conversion of the Shares shall be subject to adjustment, from time to time in the manner set forth in the Company’s Articles or Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date
of any such required adjustment. The provisions set forth for the Class in the Company’s Articles or Certificate (as applicable) of Incorporation relating to the above in effect as of the Issue Date may not be amended, modified or waived,
without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such amendment, modification or waiver affects the rights associated with all other shares
of the Class. 
 2.4      No Impairment.    The Company shall not, by
amendment of its Articles or Certificate (as applicable) of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at 

  
 4 

 
all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this
Article against impairment. 
 2.5      Fractional Shares.  No fractional Shares shall
be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value of a full Share. 

2.6      Certificate as to Adjustments.    Upon each adjustment of the Warrant
Price, Class and/or number of Shares, the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such
adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price, Class and number of Shares in effect upon the date thereof and the series of
adjustments leading to such Warrant Price, Class and number of Shares. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1      Representations and Warranties.  The Company represents and warrants to, and
agrees with, the Holder as follows: 
 (a)        The initial Warrant Price referenced on the
first page of this Warrant is not greater than the price per share at which shares of the same class and series as the Shares were last issued in an arms-length transaction in which at least $500,000 of such shares were sold. 

(b)        All Shares which may be issued upon the exercise of the purchase right represented
by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer
provided for herein or under applicable federal and state securities laws. 
 (c)        The
Company’s capitalization table attached hereto as Schedule 1 is true and complete as of the Issue Date. 

3.2      Notice of Certain Events.  If the Company proposes at any time (a) to
declare any dividend or distribution upon the outstanding shares of the same class and series as the Shares, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription or sale
pro rata to the holders of the outstanding shares of the same class and series as the Shares any additional shares of any class or series of the Company’s stock; (c) to effect any reclassification, reorganization or recapitalization of any
of its stock; (d) to effect an Acquisition or to liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the Company’s securities for cash, then,
in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on

  
 5 

 
which the holders of shares of the same class and series as the Shares will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (c) and
(d) above; (2) in the case of the matters referred to in (c) and (d) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the holders of shares of the same class
and series as the Shares will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in (e) above, the same notice as is given
to the holders of such registration rights. 
 3.3        Registration Under Securities
Act of 1933, as amended.    The Company agrees that the Shares or, if the Shares are convertible into common stock of the Company, such common stock, shall have certain incidental, or “Piggyback,” and S-3
registration rights pursuant to and as set forth in the Company’s Investor Rights Agreement or similar agreement. The provisions set forth in the Company’s Investor Rights Agreement or similar agreement relating to piggyback and S-3
registration rights in effect as of the Issue Date may not be amended, modified or waived without the prior written consent of Holder unless such amendment, modification or waiver affects such piggyback and S-3 registration rights associated with
the Shares in the same manner as such amendment, modification, or waiver affects the piggyback and S-3 registration rights associated with all other shares of the same series and class as the Shares granted to the Holder. 

3.4        No Shareholder Rights.    Except as provided in this
Warrant, Holder will not have any rights as a shareholder of the Company until the exercise of this Warrant. 

3.5        Certain Information.    The Company agrees to provide
Holder at any time and from time to time with such information as Holder may reasonably request for purposes of Holder’s compliance with regulatory, accounting and reporting requirements applicable to Holder. 

ARTICLE 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.    The Holder represents and warrants to the Company as follows: 

4.1        Purchase for Own Account.  This Warrant and the securities to be
acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents
that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2        Disclosure of Information.    Holder has received or has
had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3        Investment Experience.  Holder understands that the purchase of
this Warrant and its underlying securities involves substantial risk. Holder has 

  
 6 

 
experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its
underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal
or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

  4.4  Accredited Investor Status.  Holder is an “accredited investor” within the
meaning of Regulation D promulgated under the Act. 
 4.5      The Act.  Holder
understands that this Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature
of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under
applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. 
 ARTICLE 5.
MISCELLANEOUS. 
 5.1      Term:  This Warrant is exercisable in whole or in
part at any time and from time to time on or before the Expiration Date. 

5.2      Legends.        This Warrant and the Shares (and
the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE ACT, OR THE SECURITIES LAWS OF ANY
STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE COMPANY TO SILICON VALLEY BANK DATED AS OF NOVEMBER 15, 2007, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 5.3      Compliance with Securities Laws on
Transfer.  This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without
compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the

  
 7 

 
Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s
parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. 

5.4 Transfer Procedure.  After receipt by Silicon Valley Bank (“Bank”) of the executed Warrant, Bank will
transfer all of this Warrant to SVB Financial Group, Holder’s parent company. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of
this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB Financial
Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for
reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company is publicly traded. 

5.5      Notices.  All notices and other communications from the Company to the Holder,
or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the
first business day after transmission by facsimile) be, in writing by the Company or such holder from time to time. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a
transfer or otherwise: 
 SVB Financial Group 

Attn: Treasury Department 

3003 Tasman Drive, HA 200 

Santa Clara, CA 95054 

Telephone: 408-654-7400 

Facsimile: 408-496-2405 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

ETSY, Inc. 

Attn: Robert Kalin 

325 Gold Street, 6th Floor 

Brooklyn, NY 11201 

Telephone: 718-855-7955 

Facsimile: 718-855-7956 

  
 8 

 5.6      Waiver.    This Warrant
and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7      Attorney’s Fees.  In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8      Automatic Conversion upon Expiration.    In the event that, upon the
Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver
a certificate representing the Shares (or such other securities) issued upon such conversion to Holder. 

5.9      Counterparts.  This Warrant may be executed in counterparts, all of which
together shall constitute one and the same agreement. 
 5.10    Governing Law.  This Warrant
shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
  

			
	“COMPANY”
	
	ETSY, INC.
		
	By:	 	

		 	  

			
		
	Name:	 	Robert Kalin
		 	  

		 	  (Print)

			
	Title:	 	President and Chief Executive Officer
	
	“HOLDER”
	
	SILICON VALLEY BANK

			
		
	By:	 	

		 	  

			
		
	Name:	 	Melissa Stepanis
		 	  

		 	  (Print)
	Title:	 	Vice President

  
 9 

 APPENDIX 1 
  

NOTICE OF EXERCISE 
  

1.        Holder elects to purchase
                     shares of the Common/Series              Preferred
[strike one] Stock of
                                        
pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 

1.        Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in
the Warrant. This conversion is exercised for
                                        
of the Shares covered by the Warrant. 
 [Strike paragraph that does not apply.] 

2.        Please issue a certificate or certificates representing the Shares in the name specified below: 

 

					
		  	  
	 	
		  	            Holders Name	 	
			
		  	  
	 	
			
		  	  
	 	
		  	            (Address)	 	

 3.    By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as of the date hereof. 
  

					
	HOLDER:	 	
		
	  
	 	

 
					
			
	By:	 	  
	 	

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

 
			
		
	(Date):	 	  

  
 10 

 SCHEDULE 1 

Company Capitalization Table 

See attached 

  
 11 

 Etsy, Inc. 

Capitalization Table 
  

																	
	 	 	Outstanding
Common
Stock	 	  	Warrants for
Common
Stock	 	  	Outstanding
Series A
Preferred Stock  	 	  	Outstanding
Series A-1
Preferred Stock  	 
	 Totals:
	 	 	5,750,000	  	  	 	-	  	  	 	1,400,000	  	  	 	1,570,873	  
					
	 Options Outstanding and Available for Grant
	 				  				  				  			
					
	 Total Fully Diluted
	 				  				  				  			

																	
	Outstanding
Series B
Preferred Stock  	 	 	Outstanding
Series C
Preferred Stock  	 	 	Total	 	 	Percentage
Fully Diluted	 	 	 
	 	1,250,000	  	 	 	1,217,230	  	 	 	11,188,103	  	 	 	89.74	% 	 
				 				 	  
  
	  
 1,279,127
	  
   
	 	  
  
	  
 10.26
	  
 % 
	 
				 				 	  
  
	  
 12,467,230
	  
   
	 	  
  
	  
 100.00
	  
 %

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