Document:

Executive Employment Agreement--Jason Montague

 Exhibit 10.8 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT
(“Agreement”) is made as of the First day of January, 2011, between PRESTIGE CRUISE SERVICES, LLC, a Delaware limited liability company (“Employer”), and Jason Montague (“Executive”). (The Executive and Employer
shall collectively be referred to as the “Parties.) 
 WHEREAS, Executive and Employer desire to enter into an Employment
Agreement and an included Indemnification Agreement as set forth on Exhibit A and a Confidential Disclosure Agreement as set forth on Exhibit B; and 
 WHEREAS, Executive is desirous of serving Employer on the terms herein provided. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties agree that effective January 1, 2011: 

1.             Recitals. The above recitals are true and correct and,
along with each of the Exhibits mentioned, are made a substantive part of this Agreement. 
 2.
            Term of Agreement. The initial term of this Agreement shall extend from the Effective Date until the second anniversary of the Effective Date. The term of the Agreement
shall be subject to earlier termination only as provided in Paragraph 6. The term of this Agreement may be referred to herein as the “Period of Employment.” 
 3.             Position and Duties. During the Period of Employment, Executive shall serve as Executive Vice President and Chief
Financial Officer reporting to the Chairman and Chief Executive Officer, and shall be responsible for Finance and Accounting, and other duties and responsibilities as may be assigned to him; and shall have such other powers and duties as may from
time to time be prescribed by the Board of Directors of the Employer (the “Board”) and its 

 Chairman. If Employment of Executive is terminated for any reason whatsoever, or following the expiration of
this Period of Employment, Executive agrees to resign all positions and offices of Employer and its subsidiaries. Executive agrees to perform his duties and responsibilities in a diligent, careful and proper manner, to devote all of his business
time and efforts to the Employer’s interests and give his undivided professional loyalty to Employer. Notwithstanding the foregoing, Executive may engage in charitable and public service activities with appropriate approval and Executive may
devote a reasonable amount of time to serve on boards of other corporations or engage in other activities; not to include consulting activities. Executive may make personal investments in any other business, so long as those investments do not
require his participation in the operation of such other business and so long as such other business does not compete with the business of the Employer. All such outside activities will be subject to the Employer’s policies then in effect for
Executives. 
 4.      Compensation and Related Matters. 

4.1      Base Salary. On the Effective Date, Executive received an annual minimum base salary
(“Base Salary”) equal to Three Hundred Twenty Five Thousand Dollars ($325,000.00). Thereafter, Executive’s Base Salary shall be evaluated for an upward adjustment annually before each annual compensation determination date established
by Employer during the Period of Employment, but in any event no later than the first quarter of the applicable fiscal year (the “Annual Compensation Determination Date”) in an amount to be fixed by the Compensation Committee of the Board.
The Base Salary, as re-determined after 2011, is referred to herein as the “Adjusted Base Salary.” The Base Salary or, if applicable, the Adjusted Base Salary, shall be payable in substantially equal installments on the regular payroll
dates of the Employer, minus legally required and authorized withholding and deductions. 

  
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 4.2      Incentive Compensation. In addition to Base
Salary or, if applicable, Adjusted Base Salary, Executive shall be eligible to receive, with respect to each fiscal year during the Period of Employment incentive compensation (the “Incentive Compensation”) in an amount determined annually
by the Compensation Committee of the Board. The amount of Incentive Compensation awarded to Executive shall be determined at the sole discretion of the Compensation Committee of the Board based on the Employer’s EBIDTA and the job performance
of Executive. All Incentive Compensation earned under this subparagraph shall be paid to Executive in a lump sum, minus legally required and authorized deductions on or after January 1 but before March 31 of the year following the year in
which such Incentive Compensation was earned. “Pro Rata Incentive Compensation” shall be paid to Executive in certain instances of termination of employment as provided in Paragraph 6. Pro Rata Incentive Compensation equals the Incentive
Compensation for the fiscal year of termination multiplied by a fraction, the numerator of which is the number of days in the current fiscal year through Date of Termination and the denominator is 365. 

If, for the purpose of calculating Incentive Compensation or Pro Rata Incentive Compensation, the Incentive Compensation cannot be
determined by the time required to be paid, Employer shall make a good faith estimate of this amount, resolving all doubts in favor of Executive and, in calculating the Pro Rata Incentive Compensation, such good faith estimate shall be based on an
amount Executive would have earned had he continued employment for the entire fiscal year and had performance through the date of Executive’s termination continued at a consistent rate through the end of the fiscal year. 

4.3      Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by him (in accordance with the policies and procedures then 

  
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in effect and established by Employer for its senior executive officers) in performing services hereunder during the Period of Employment, provided that Executive properly accounts therefore in
accordance with Employer policy. Executive shall be permitted to travel via business-class service on regularly scheduled commercial aircraft for all international travel and for all domestic flights exceeding four (4) hours in length.

 4.4      Automobile Allowance. Employer shall provide Executive with a company car or
allowance therefore, which car or allowance shall be in the amount, per month, as may be determined by Employer from time to time, which is intended to cover the cost of car lease payments and vehicle insurance. 

4.5      Other Benefits. During the Period of Employment, Executive shall be entitled to
participate in or receive benefits under all of Employer’s Employee Benefit Plans in effect on the date hereof, or under plans or arrangements that provide Executive with at least substantially equivalent benefits to those provided under such
Employee Benefit Plans and those provided to similarly situated Senior Executives. As used herein, “Employee Benefit Plans” include, without limitation, each pension and retirement plan, supplemental pension, retirement and deferred
compensation plan, savings plan, life insurance plan, medical insurance plan, disability plan, and health and accidental plan, any statutorily mandated benefits or leave of absence programs or arrangements to the extent they are established and
maintained by Employer on the date hereof and enhancements thereof hereafter made. To the extent that the scope or nature of benefits described in this section are determined based in whole or in part on the seniority or tenure of an employee’s
service, Executive shall be deemed to have a tenure with Employer equal to the actual time of Executive’s service with Employer. During the Period of Employment, Executive shall be entitled to participate in or receive benefits under any of the

  
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 Employee Benefit Plans and any statutorily mandated benefits or leave of absence program or arrangements
that may, in the future, be made available by Employer to its executives and key management employees, subject to and on a basis consistent with the terms, conditions, and overall administration of such plans or arrangements. Notwithstanding any of
the above provisions of this Paragraph 4, Executive shall be provided with Group Medical Insurance Benefits for himself and “eligible dependents” as that term is defined under the Group Medical Plan Documents, the premium cost of which is
fully paid by Employer. 
 4.6      Vacations. Executive shall be entitled to a minimum of
fifteen (15) days of paid vacation in each calendar year with the ability to carry over not more than five (5) days of earned but unused vacation from one year to the next. Executive shall also be entitled to all paid holidays and personal
days given by Employer to its senior executive officers. To the extent that the scope or nature of benefits described in this section are determined under the policies of Employer, based in whole or in part on the seniority or tenure of an
employee’s service, Executive shall be deemed to have a tenure with Employer equal to the actual time of Executive’s service with Employer. 
 5.      Unauthorized Disclosure and Non-Solicitation. 
 5.1      Confidential Information. Executive acknowledges that in the course of his employment with Employer and any other subsidiaries of the Employer (and, if
applicable, the predecessors of Employer), he has been allowed to become, and will continue to be allowed to become, acquainted with Employer’s business affairs, information, trade secrets, and other matters that are of a proprietary or
confidential nature, such as business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals, letters, notebooks, procedures, reports, products, processes, services, and other

  
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confidential information and knowledge (collectively, the “Confidential Information”) concerning Employer’s and its predecessors’ business. Employer agrees to provide, on an
ongoing basis, such Confidential Information as Employer deems necessary or desirable to aid Executive in the performance of his duties. Executive understands and acknowledges that such Confidential Information is confidential, and he agrees not to
disclose such Confidential Information to anyone outside Employer, except as he deems reasonably necessary or appropriate in connection with performing his duties on behalf of Employer. Executive further agrees that he will not during employment
and/or at any time thereafter use such Confidential Information in competing, directly or indirectly, with Employer. At such time as Executive shall cease to be employed by Employer, he will immediately turn over to Employer all Confidential
Information, including papers, documents, writings, electronically stored information, other property, and all copies of them provided to or created by him during the course of his employment with Employer. In furtherance of Executive’s
obligation of confidentiality, he has agreed to the provisions contained in Exhibit B which is incorporated by reference as set forth herein. 
 5.2      Non Solicitation. During the period of Executive’s employment by Employer and thereafter until the date is one (1) year after the last date for
which compensation (including any compensation for services rendered as a consultant) is received from Employer, Executive will not, directly or indirectly, for Executive or on behalf of any other person or entity, induce and/or attempt to induce
any current or future employee of Employer to terminate employment; nor will Executive hire, utilize the service of, and/or participate in the hiring and/or interviewing of any current or former employee of Employer for or by a competing firm; nor
will Executive provide names and/or other information about Employer’s current, former or future 

  
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 Executives for the purpose of assisting others to hire such Executives; nor will Executive provide
information to a current, former or future employee of Employer about Executive’s subsequent employer and/or any employer or entity affiliated with Executive’s employer for the purpose of assisting that current, former or future employee
of Employer in finding employment with such entity. For purposes of this Paragraph 5.2, a “current or future employee of Employer “ means anyone who is or has been employed by Employer, its parent, subsidiary or affiliate organizations,
unless such person has ceased working for that entity for a period in excess of six (6) months prior to Executive’s inducement of, utilization of services of, participation in the hiring or interviewing of, or providing information about
or to such person. 
 5.3      Heirs, Successors, and Legal Representatives. The foregoing
provisions of Paragraph 5.1 shall be binding upon Executive’s heirs, successors, and legal representatives. The provisions of this Paragraph 5 shall survive the termination of this Agreement for any reason. 

5.4      Covenant Not To Compete. During the term of Executive’s employment with Employer and
for a period of six (6) months after the Executive’s separation from employment with Employer for any reason whatsoever, Executive will not directly or indirectly engage in any business that is engaged in the passenger ship cruise
industry. “Directly or indirectly engage in any business” shall include, but not be limited to, being an owner, manager, director, employee, officer, consultant, independent contractor, partner, shareholder, stockholder, investor,
representative, agent or otherwise of a business which is engaged in or plans to be engaged in the passenger ship cruise it being understood that nothing contained herein shall prevent Executive from owning Two percent or less of any publicly traded
stock of any company engaged in the passenger cruise ship industry. Executive acknowledges that any breach of this 

  
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 covenant not to compete will cause irreparable harm to Employer. In the event of such breach or threatened
breach by Executive of the provisions of this Subparagraph, Employer shall be entitled to an injunction restraining Executive from rendering services to any person, firm or corporation, association, partnership or other entity, which is a competitor
of Employer. Employer shall further be entitled to specific performance, including immediate issuance of a temporary restraining order or preliminary injunction enforcing this Subparagraph. Nothing contained herein shall be construed as prohibiting
Employer from pursuing any other remedies available to it for such breach or threatened breach against Executive, including the recovery of damages and in the event Executive fails to comply with the terms and conditions expressed herein. Executive
acknowledges that Employer is engaged in the passenger ship cruise business throughout the world and that the marketplace for the Employer’s services is worldwide. Executive further covenants and agrees that the geographic area, length of term
and types of activities restrictions (non-competition restrictions) contained in this Agreement are reasonable and necessary to protect the legitimate business interests of the Company because of the scope of the Employer’s business. In the
event that a court of competent jurisdiction shall determine that one or more of the provisions of this Subparagraph 5.4 is so broad as to be unenforceable, then such provision shall be deemed to be reduced in scope or length, as the case may be, to
the extent required to make this Subparagraph 5.4 enforceable. If Executive violates the provisions of this Subparagraph 5.4, the periods described therein shall be extended by that number of days which equals the aggregate of all days during which
at any time any such violations occurred. 
 6.      Termination. Executive’s employment
hereunder may be terminated without any breach of this Agreement under the following circumstances: 

6.1      Death. Executive’s employment hereunder shall terminate upon his death. 

  
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 6.2      Disability. Employer shall be entitled to
terminate the Executive’s employment because of the Executive’s Disability during the Period of Employment. “Disability” means that as a result of Executive’s incapacity due to physical or mental illness Executive shall have
been absent from his duties hereunder on a full-time basis for one hundred eighty (180) calendar days in the aggregate in any twelve (12) month period. A termination of the Executive’s employment by Employer for Disability shall,
after the 180 calendar day period described above in this Subparagraph 6.2, be communicated to the Executive by written notice. 
 6.3      Termination by Employer for Cause. At any time during the Period of Employment, Employer may terminate Executive’s employment hereunder for Cause if such
termination is approved by not less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose. For purposes of this Agreement “Cause” shall mean any of the following: (i) the
willful and continued failure of the Executive substantially to perform the Executive’s duties under this Agreement (other than as a result of physical or mental illness or injury), after the Board delivers to the Executive a written demand for
substantial performance and such nonperformance has continued for more than thirty (30) days following written notice of nonperformance from the Board that specifically identifies the manner in which the Board believes that the Executive has
not substantially performed the Executive’s duties (provided, however, that Executive shall not be deemed to be in nonperformance if within such 30-day time period following receipt by Executive of such notice he has taken steps
reasonably calculated to resolve such nonperformance); (ii) willful misconduct or gross misconduct by the Executive, that has resulted in material injury to the financial interests of or reputation of Employer; (iii) a violation of
policies and procedures of Employer which in the reasonable discretion of the Board is grounds for termination of employment; (iv) a 

  
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 material breach by Executive of the covenants contained in Paragraph 5 of this Agreement; (v) any act
or omission by Executive which, if convicted by a court of law, would constitute a felony; or involves disloyalty, dishonesty, or insubordination in Executive’s relations with Employer, the Board, other employees, or any of Employer’s
customers; (v) any act or omission which is an intentional violation of the written policies of Employer; (vi) any act or omission which results in a breach of any term or condition of this Agreement; or (viii) any act or omission
which has a material adverse effect on Employer’s reputation, business affairs or goodwill. 

6.4.      Termination Without Cause. At any time during the Period of Employment, Employer may
terminate Executive’s employment hereunder without (i.e., not for) Cause if such termination is approved by not less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose.

 6.5.      Termination by Executive. At any time during the Period of Employment,
Executive may terminate his employment hereunder for any reason, including but not limited to “Good Reason” (as hereinafter defined). For purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the
“Good Reason Process” (as hereinafter defined) following the occurrence of any of the following events (referred to individually as “Good Reason Event” and collectively as “Good Reason Events”): (A) any substantial
adverse change, not consented to by Executive in a writing signed by him, in the nature or scope of Executive’s responsibilities, authorities, powers, functions, or duties exercised by Executive immediately prior to the Effective Date;
(B) an involuntary reduction in Executive’s Base Salary or Adjusted Base Salary or Target Incentive Compensation; (C) a breach by Employer of any of its other material obligations under this Agreement and the failure of Employer to
cure such breach within 

  
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 thirty (30) days after written notice thereof by Executive; (D) the relocation of Employer’s
primary offices at which Executive is principally employed to a location more than sixty (60) miles from Employer’s current principal offices, or the requirement by Employer for Executive to be based anywhere other than Employer’s
principal offices at such current location (or more than sixty (60) miles therefrom) on an extended basis, except for required travel on Employer’s business to an extent substantially consistent with Executive’s current business
travel obligations. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a Good Reason Event has occurred; (ii) Executive notifies Employer in writing of the occurrence of the Good
Reason Event and Executive’s intent to terminate employment as a result thereof; (iii) Executive cooperates in good faith with Employer’s efforts, for a period not more than thirty (30) days following such notice, to modify
Executive’s employment situation in a manner acceptable to Executive and Employer; and (iv) notwithstanding such efforts, one or more of the Good Reason Events continues to exist for a period of more than thirty (30) days following
such notice and has not been modified or cured in a manner acceptable to Executive. 

6.6      Notice of Termination. Except for termination as specified in Subparagraph 6.1, any
termination of Executive’s employment by Employer or any such termination by Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice that shall indicate the specific provision of this Agreement relied upon, and shall include, if applicable, the notice described in Subparagraph 6.5(ii). 
 6.7      Date of Termination. “Date of Termination” shall mean: (a) if Executive’s employment is terminated by his death, the date of his death;
(b) if Executive’s employment is terminated on account of Disability under Subparagraph 6.2, the date notice is 

  
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 given but in no event shall notice be given before the one hundred and eightieth day of continuous
Disability; (c) if Executive’s employment is terminated by Employer under Subparagraph 6.3(i), thirty (30) days after the date on which a Notice of Termination is given; (d) If Executive’s employment is terminated by
Employer without cause under Subparagraph 6.3(ii) through (viiii) or Subparagraph 6.4, the date notice is given; and (e) if Executive’s employment is terminated by Executive under Subparagraph 6.5, thirty-one (31) days after the
date on which the notice of the Good Reason Event is provided by Executive to Employer. 
 7.     
Compensation Upon Termination or During Disability. 
 7.1      Death. If
Executive’s employment terminates by reason of his death, Employer shall, within thirty (30) days of death, pay in a lump sum amount to such person as his estate shall designate in a notice filed with Employer or, if no such person is
designated, to Executive’s estate, (i) Executive’s accrued and unpaid Base Salary, or, if applicable, his Adjusted Base Salary, through the date of his death, and (ii) any accrued and any unpaid Incentive Compensation and Pro
Rata Incentive Compensation. Upon death, all unvested stock-based grants shall immediately vest in Executive’s estate or other legal representatives. Employer, at its sole discretion, shall have the right to redeem any stock granted to
Executive hereunder by paying the “Then Fair Market Value” of the stock to Executive’s estate. 

7.2      Disability. During any period that Executive is unable to perform his duties hereunder as
a result of his incapacity due to physical or mental illness or injury, Executive shall continue to receive his accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary, and accrued and unpaid Incentive Compensation payments under
Subparagraphs 4.1 and 4.2, until and unless Executive’s employment is terminated due to Disability in accordance with Subparagraph 6.2. In the event of termination due to Disability 

  
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 Employer shall, (i) within thirty (30) days of the Termination, pay in a lump sum amount to
Executive his accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary through the Date of Termination, plus any accrued and unpaid Incentive Compensation, and (ii) within thirty (30) days after Executive’s
Separation from Service (as defined in Paragraph 16) pay in a lump sum amount to Executive his Pro Rata Incentive Compensation. Upon the Disability Effective Date, all unvested stock-based grants shall immediately vest. Employer, at is sole
discretion, shall have the right to redeem any stock granted to Executive hereunder by paying Executive the “Then Fair Market Value” of such stock. 
 7.3      By Executive Not for Good Reason. If Executive’s employment is terminated by Executive other than for Good Reason as provided in Subparagraph 6.5, then
Employer shall, through the Date of Termination, pay Executive (i) his accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary at the rate in effect on the date Notice of Termination is given, and (ii) any accrued,
earned, and unpaid Incentive Compensation plus, (iii) such other benefits as are available under any Employer policy or practice then in effect. If Executive’s employment is terminated by Executive other than for Good Reason as provided in
Paragraph 6, all unvested stock grants shall be forfeited on the Date of Termination. 

7.4      By Executive for Good Reason; by Employer Without Cause. If Executive terminates his
employment for Good Reason as provided in Subparagraph 6.5 or if Executive’s employment is terminated by Employer Without Cause as provided in Subparagraph 6.4, then Employer shall pay Executive (i) his accrued and unpaid Base Salary or,
if applicable, his Adjusted Base Salary at the rate in effect on the date Notice of Termination is given, plus (ii) any accrued and unpaid Incentive Compensation, plus (iii) within thirty (30) days after Executive’s Separation
from Service, the Incentive Compensation for the fiscal year of 

  
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 termination (determined in accordance with Subparagraph 4.2), plus (iv) all insurance benefits, and
automobile allowances provided for in Paragraph 4 above for a period of six (6) and (iv) within thirty (30) days after Executive’s Separation from Service, a lump sum severance payment equal to six (6) months of the
Executive’s Base or Adjusted Base Salary. Upon the Date of Termination, all unvested stock-based grants shall immediately vest. Employer, at its sole discretion, shall have the right to redeem any stock granted to Executive hereunder by paying
Executive the “Then Fair Market Value” of such stock. The receipt of any compensation and benefits under this Subparagraph 7.4 shall be conditioned upon Executive timely signing a general release of claims in a form and manner satisfactory
to the Executive and Employer. 
 The Applicable Base Salary and Incentive Compensation shall each be determined as of the date
of Notice of Termination or the Termination Date, whichever is more favorable to Executive. 
 Notwithstanding the foregoing, in
the event Executive terminates his employment for Good Reason as provided in Subparagraph 6.5, he shall be entitled to the severance amount as set forth in this Subparagraph 7.4 only if he complies with the Good Reason Process described in
Subparagraph 6.5. 
 7.5      By Employer, For Cause. If Executive’s employment is
terminated by Employer for Cause as provided in Subparagraph 6.3, then Employer shall, through the Date of Termination, pay Executive only his accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary at the rate in effect on the
date Notice of Termination. No further payments, benefits or stock grants shall be owed to Executive. In the event of a termination for cause, Employer shall have the right to redeem any stock granted to Executed hereunder by paying Executive the
“Then Fair Market Value” of such stock. 

  
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 7.6    Other Obligations. The foregoing Subparagraphs 7.1
through 7.5 shall not adversely affect or alter Executive’s rights (or the rights of his estate, spouse or other dependents) under any Employee Benefit Plan or other plans of Employer, except to the extent otherwise expressly provided therein
or in any agreement or other instrument attendant thereto. 
 8.    Severance Payment Upon Change Of
Control; Upon Expiration of Agreement. The provisions of this Paragraph 8 set forth the terms of an agreement reached between Executive and Employer regarding Executive’s rights and obligations upon the occurrence of a “Change in
Control” (as hereinafter defined) of Employer. These provisions are intended to assure and encourage in advance Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the
occurrence of any such Change in Control. 
 8.1    Change in Control. If, within ninety
(90) days prior to, or within twelve (12) months after the occurrence of an event constituting a Change in Control, Executive’s employment is terminated or a Notice of Termination is given for any reason other than (a) his death,
(b) his Disability, (c) by the Employer for Cause, or (d) by Executive Without Good Reason, then such termination shall be deemed to be a “Termination Due to Change in Control” (herein so called), in which event Employer
shall pay Executive, in a lump sum, within ten (10) days after the Executive’s Separation from Service: 

(i)    an amount equal to Five Hundred Thousand Dollars ($500,000.00); 

and 

(ii)    Executive’s accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary, through such
Date of Termination; and 
 (iii)    accrued and unpaid Incentive Compensation and Pro Rata

  
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 Incentive Compensation. 
 8.2    Definitions. For purposes of this Paragraph 8, the following terms shall have the following meanings: 

(a)    “Affiliated Company” shall mean and include but not be limited to, Prestige Cruises
International, Inc., and Prestige Cruise Holdings, Inc. 
 (b)    “Change in Control”
shall mean the acquisition by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (the “Acquiring Person”), other than Prestige Cruise Services, LLC, or any of its Subsidiaries, or
Affiliated Companies of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty-one percent (51%) or more of the common voting stock of the then outstanding voting securities of Employer entitled to
vote generally in the election of directors; 
 (c)    “Company” means Prestige Cruise
Service, LLC, or its successors by merger or otherwise; 
 (d)    “Employer” shall mean
not only the Company but also its subsidiaries and successors by merger or otherwise; 

(e)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time;
and 
 (f)    “Subsidiaries” shall mean and include but not be limited to, Oceania
Cruises, Inc., and Classic Cruises Holdings S. DE R. L and their affiliates respectively. 
 8.3    
Impact of Section 280G of the I.R.C. In the event that the Company anticipates entering into a transaction that may result in a change in control of the Company, the Company, to the extent reasonably feasible, shall undertake to have
payments that would 

  
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otherwise be “parachute payments” within the meaning of Section 280G(b)(2) of the Code excluded, pursuant to the provisions of Section 280G(b)(5) of the Code, from being
“parachute payments.” In the event that payments, benefits and distributions by the Employer to or for the benefit of the Executive under this Agreement or otherwise relating to the termination of the Executive’s employment in
connection with a change in control of the Company, including a Change in Control (whether paid or payable or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, including without limitation deemed amounts
under the Code resulting from the acceleration of the vesting of any stock options or other equity-based incentive award) (the “Gross Payments”) constitute a “Parachute Payment,” as such term is defined in Section 280G of
the Code, and, if actually paid or distributed, would be subject to the excise tax imposed by Section 4999 of the Code, the aggregate amount of the Gross Payments shall be increased such that, after the payment by the Executive of
(i) applicable federal, state and local income taxes on such increased payments and (ii) excise taxes on all such payments (including the Gross Payments), the Executive retains such Gross Payments and the obligation to pay applicable
federal, state and local income taxes thereon. The additional payment provided for herein shall be paid to Executive (or paid on behalf of Executive to the taxing authorities) upon the date the taxes are required to be remitted by Executive to the
taxing authorities. 
 The determination to be made with respect to this paragraph shall be made by an independent auditor (the
“Auditor”) jointly selected by the Executive and Company and paid for by Employer. The Auditor shall be a locally recognized United States public accounting firm that has not, during the two years preceding the date of its selection, acted
in any way on behalf of the Employer. 
 8.4     Notice. For purposes of this Agreement, notices and
all other 

  
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 communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given
when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as follows: 

if to the Executive: 
 At his home address as shown 
 in Employer’s personnel records; 

if to the Employer: 
 Prestige Cruise Services, LLC 
 8300 N.W. 33rd Street 

Suite 308 

Miami, FL. 33122 
 Attention: Frank Del Rio 
 or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

            8.5      Expiration of Agreement. In the
event the Company determines not to renew or extend the terms of this Agreement upon its expiration, then Employer shall pay Executive (i) his accrued and unpaid Base Salary or, if applicable, his Adjusted Base Salary at the rate in effect on
the date the Agreement expires, plus (ii) within thirty (30) days after Executive’s Separation from Service, the Incentive Compensation for the fiscal year of termination (determined in accordance with Subparagraph 4.2) within thirty
(30) days after Executive’s Separation from Service, the Incentive Compensation for the fiscal year of termination (determined in accordance with Subparagraph 4.2), and (iii) all insurance benefits, and automobile allowances provided
for in Paragraph 4 above for a period of three (3) months and, (iv) within thirty (30) days after Executive’s Separation from Service, a lump sum severance payment equal to three (3) months

  
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of the Executive’s Base or Adjusted Base Salary as in effect immediately prior to the expiration of the Agreement. 
 9.     Miscellaneous. No provisions of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and signed by
Executive and such officer of Employer as may be specifically designated by the Board. No waiver by either party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver
of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, unless specifically referred to herein, with respect to the subject matter
hereof have been made by either party that are not set forth expressly in this Agreement. The validity, interpretation, construction, and performance of the Agreement shall be governed by the laws of the State of Florida (without regard to
principles of conflicts of laws) and, where applicable, the laws of the United States. 

10.    Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to
render such portion enforceable. 
 11.    Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 12.     Arbitration; Other Disputes. 

12.1     Arbitration. In the event of any dispute or controversy in any way arising

  
 19 

 under or in connection with Executive’s employment and under or in connection with this Agreement, the
parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association before resorting to arbitration. In the event such dispute or controversy remains
unresolved in whole or in part for a period of thirty (30) days after it arises, the parties will settle any remaining dispute or controversy exclusively by arbitration conducted in Miami Dade County, Florida in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. All administration fees and arbitration fees shall be paid solely by Employer.
Notwithstanding the above, Employer shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Paragraph 5, including Exhibit B, hereof. The prevailing party
shall recover its reasonable attorneys’ fees and costs in any dispute or controversy arising under or in connection with this Agreement. 
 12.2     Disputes Regarding Disability. Should a dispute occur concerning Executive’s mental or physical capacity as described in Subparagraph 6.2, a doctor selected by
Executive and a doctor selected by Employer shall be entitled to examine Executive. If the opinion of Employer’s doctor and Executive’s doctor conflict, Employer’s doctor and Executive’s doctor shall together agree upon a third
doctor, whose opinion shall be binding. 
 12.3     Stock Valuation. Should a dispute occur
concerning a determination of “Then Current Fair Market Value” of any stock owned or acquired by Executive pursuant to this Agreement or otherwise, then the Executive and Employer’s designated representative shall confer to select an
independent stock valuation expert who shall render a decision as to the then Fair Market Value of the stock which shall be binding on the parties. The fees and costs charged 

  
 20 

 
by such valuation expert shall be paid the Employer. 

13.     Third-Party Agreements and Rights. Executive represents to Employer that upon Executive’s
execution of this Agreement, Executive’s employment with Employer, and the performance of Executive’s proposed duties for Employer, will not violate any obligations Executive may have to any employer prior to Employer, and Executive will
not bring to the premises of Employer any copies of other tangible embodiments of non-public information belonging to or obtained from any such previous employment prior to that with Employer. 

14.     Litigation and Regulatory Cooperation. During and after Executive’s employment, Executive shall
reasonably cooperate with Employer in the defense or prosecution of any claims or actions then in existence or that may be brought in the future against or on behalf of Employer that relate to events or occurrences that transpired while Executive
was employed by Employer. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of
Employer at mutually convenient times. During and after Executive’s employment, Executive also shall cooperate fully with Employer in connection with any investigation or review by any federal, state, or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while Executive was employed by Employer. 

15.     Binding Effect. This Agreement shall only become effective upon signature by Executive, the favorable
recommendation of the Compensation Committee of the Board and a ratification vote by a majority of the Board taken at a duly constituted meeting. 
 16.     Code Section 409A Definitions. For purposes of this Agreement, the Executive will incur a “Separation from Service” when Executive terminates employment
from the 

  
 21 

 
Company and all of its Affiliates, as determined under Code Section 409A, including the application of the following rules: 

 

	 	(a)	Executive will be presumed to have incurred a Separation from Service when the level of bona fide services performed by the Executive for the Company and its Affiliates
permanently decreases to a level equal to twenty percent (20%) or less of the average level of services performed by the Executive for the Company or its Affiliates during the immediately preceding thirty-six (36) month period (or such
lesser period of service). 

  

	 	(b)	Notwithstanding the foregoing, if Executive takes a leave of absence from the Company or an Affiliate for purposes of military leave, sick leave or other bona fide
reason, the Executive’s employment will be deemed to continue for the first six (6) months of the leave of absence, or if longer, for so long as the Executive’s right to reemployment is provided either by statute or by contract;
provided that if the leave of absence is due to Executive’s medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of six (6) months or more, and such
impairment causes Executive to be unable to perform the duties of his position with the Company or an Affiliate or a substantially similar position of employment, then the leave period may be extended for up to a total of twenty-nine
(29) months. If the period of the leave exceeds the applicable time period set forth above and Executive’s right to reemployment is not provided by either statute or contract, Executive will be considered to have incurred a Separation from
Service on the first day following the applicable time period set forth above. 

  
 22 

	 	(c)	Notwithstanding the foregoing, if after Executive’s termination of employment from the Company and its Affiliates, Executive becomes or remains a consultant to the
Company or an Affiliate, then the date of Executive’s Separation from Service may be delayed until Executive ceases to provide services in such capacity to the extent required by Code Section 409A. 

  
 23 

 For purposes of this Paragraph 16, the term “Company” shall mean Prestige Cruise
Services, LLC, or any successor thereto, and the term “Affiliate” shall mean each entity that is required to be included in the Company’s controlled group of corporations within the meaning of Code Section 414(b), or that is
under common control with the Company within the meaning of Code Section 414(c). 
 IN WITNESS WHEREOF, the parties have
executed this Agreement effective on the date and year above written. 
  

			
	PRESTIGE CRUISE SERVICES, LLC
		
	By:	 	 
		
	Its:	 	 
	
	/s/ Jason Montague
	Jason Montague
	
	 PRESTIGE CRUISE HOLDINGS, INC.
 CONSENTS AND AGREES TO BE BOUND

BY THESE TERMS AND CONDITIONS
 OF THE EMPLOYMENT AGREEMENT
 WHICH ARE APPLICABLE SPECIFICALLY TO
IT.

		
	 By:
	 	/s/ Frank J. Del Rio
	 Its:
	 	 

  
 24 

 EXHIBIT A 

  
 25 

 EXHIBIT B 

  
 26Employment Agreement--Mark Conroy

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into effective as of the 1st day of February, 2011, by and among Prestige Cruise Services, LLC, a Delaware limited liability company (the “Company”), Prestige Cruises International,
Inc., a corporation organized under the laws of the Republic of Panama (the “Parent”) and Mark Conroy (the “Executive”). 
 RECITALS 
 THE PARTIES ENTER THIS AGREEMENT on the basis of the
following facts, understandings and intentions: 
 A.  The Company is a wholly-owned indirect subsidiary of the
Parent that was formed to acquire the luxury cruise business carried on by Regent Seven Seas Cruises, Inc. (“Regent”) and its affiliated companies. 
 B. 
      The Executive desires to be employed by
the Company on the terms and conditions set forth in this Agreement. 
 E.      This
Agreement shall govern the employment relationship between the Executive and the Company 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 hire, engage and 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 hiring, engagement and 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 President of its affiliated company, Seven Seas Cruises
S. DE R.L., and shall have the powers, authorities, duties and obligations of management usually vested in such office in a company of a similar size and similar nature as the Company, and such other powers, authorities, duties and obligations
commensurate with such position as the Chief Executive Officer of Parent may assign from time to time, all subject to the directives of the Board and/or the Chief Executive Officer of Parent and the corporate policies of the Company and Parent as
they are in effect from time to time throughout the Period of Employment (including, without limitation, the Company’s business conduct and ethics policies, as they may change from time to time). During the

	 	
Period of Employment, the Executive shall report directly to the Chief Executive Officer of Parent and shall be entitled to attend meetings of the Board of Directors of Parent as an observer,
provided that Executive shall have no rights to attend any meetings (or portions thereof) held in executive session. During the Period of Employment, the Executive shall also be expected to perform services for the Parent. 

 

	 	1.3	No Other Employment; Minimum Time Commitment. During the Period of Employment, the Executive shall (A) devote substantially all of the
Executive’s business time, energy and skill to the performance of the Executive’s duties for the Company, (B) perform such duties in a faithful, effective and efficient manner to the best of his abilities, and (C) hold no other
employment. Notwithstanding the foregoing, nothing herein shall preclude the Executive from (i) serving, with the prior written consent of the Board of Directors of the Company (the “Board”), as a member of the board of
directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses, (ii) engaging in a reasonable level of charitable activities and community affairs, including serving as a member of the
board of directors or advisory boards of charitable organizations, and (iii) subject to the terms and conditions set forth in Section 6 hereof, managing his personal investments and affairs; provided, however, that the activities set out
in clauses (i), (ii) and (iii) shall be limited by the Executive so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. The Executive’s service on the
boards of directors (or similar body) of other business entities is subject to the approval of the Board. 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 interferes with the effective discharge of the Executive’s
duties and responsibilities to the Company 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, except with respect to Regent and its affiliated companies, 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 his duties
hereunder; (iii) that except with respect to Regent and its affiliated companies, 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. The Executive’s principal place of employment shall be the Company’s principal executive office as it may be located from time to
time. Commencing August, 2011, the principal executive office and principal place of employment shall be located in Miami-Dade County, Florida. The Executive agrees that he will be regularly present at that office. The Executive acknowledges that he
will be required to travel from time to time in the course of performing his duties for the Company. 

  

	2.	Period of Employment. The “Period of Employment” shall be a period
of             years commencing on January 31, 2011 (the “Effective Date”) and ending at the close of business on the second 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 ninety (90) 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. Notwithstanding the foregoing, the Period of
Employment is subject to earlier termination as provided below in Section 5 below. 

  

	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 five hundred thirty-five thousand dollars
($535,000). The Board (or a committee thereof) 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. 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, except as provided in Section 5.3 (and any related definitions), the Executive must be employed by the Company at the time the Company pays its annual bonuses
generally 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 Bonus shall be established by the Company in its discretion under the Company’s then applicable management incentive compensation
plan; provided that the Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined by the Board (or a committee thereof) 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 particular fiscal year by the Board (or a committee thereof) and communicated to the Executive within ninety (90) days of the
start of such fiscal year. The actual Incentive Bonus for each year shall be paid in the immediately following calendar year. In addition to the Incentive Bonus, for each fiscal year of the Company that occurs during the Period of Employment, the
Executive shall also be eligible to earn such discretionary bonuses as may be determined by the Board in its sole discretion. 

	 	
The amount of any discretionary bonuses (if any) for a fiscal year shall be determined based on such factors as the Board determines to be appropriate. 

 

	 	3.3	Stock Option Grant. On or promptly after the date hereof, the Parent will grant the Executive a stock option (the “Option”) to purchase
12,500 shares of the Parent’s common stock at a price per share equal to $                 . The Option shall be granted under the Parent’s 2008 Stock
Incentive Plan (the “Stock Incentive Plan”) pursuant to a written stock option agreement to be entered into by the Company and the Executive to evidence the Option, copies of each of which have been provided to the Executive.

  

	4.	Benefits. 

  

	 	4.1	Retirement, Welfare and Fringe Benefits. During the Period of Employment, the Executive shall be entitled to participate in all employee pension and
welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s executives generally, in accordance with the eligibility and participation provisions of such plans and as such plans or
programs may be in effect from time to time. For the avoidance of doubt, the Executive shall be entitled to participate in any executive health plans and short- and long-term disability plans the Company may have in effect from time to time.

  

	 	4.2	Company Automobile. During the Period of Employment, the Executive shall be entitled to an annual cash car allowance of $13,200, subject to the terms of
the Company’s policy as in effect from time to time. 

  

	4.3	Intentionally Omitted. 

  

	 	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 equal to a minimum of six weeks
per year; provided that such vacation shall accrue and be subject to the Company’s vacation policies (including any limits on accrued vacation balances) in effect from time to time. The Executive shall also be entitled to all other holiday and
leave pay generally available to other executives of the Company. 

  

	 	4.6	 Indemnification. The Company and Parent agree to indemnify and hold the Executive harmless against all costs, charges and expenses
whatsoever incurred or sustained by the Executive in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company or Parent to the fullest extent
permitted by applicable laws and the Company’s (or Parent’s, as applicable) governing documents, in each case as in effect at the time of the subject act or omission; provided, that in no event shall the Executive’s indemnification
rights and rights to advancement of fees and expenses at 

	 	
any time be less favorable than the indemnification rights and rights to advancement of fees and expenses generally available to the officers or directors of the Company or Parent. In connection
therewith, the Executive shall be entitled to the protection of any insurance policies which the Company or Parent elects to maintain generally for the benefit of the Company’s (or Parent’s, as applicable) directors and officers, against
all costs, charges and expenses whatsoever incurred or sustained by the Executive in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company
or Parent. This provision shall survive any termination of the Executive’s employment hereunder. 

  

	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 Executive has a Disability (as such term is defined in
Section 5.5), in each case subject to the satisfaction of the terms and conditions set forth below with respect to such termination. 

  

	 	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 thirty (30) days advance written notice to the Company (such notice to be delivered in accordance with Section 18); provided, however, that in the case of a Constructive Termination, the Executive may provide immediate written
notice of termination once the applicable cure period (as contemplated by the definition of Constructive Termination) has lapsed if the Company has not reasonably cured the circumstances that gave rise to the basis for the Constructive Termination.

  

	 	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 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 his 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 terminates as a result of an Involuntary Termination (as such term is defined in Section 5.5), 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, a lump sum amount equal to the greater of (i) an amount equal to one times his Base Salary at the annualized rate in effect on the Severance Date or (ii) an amount equal to the Base Salary the Executive would
have earned through the Termination Date assuming he continued to receive his Base Salary at the 

 
annualized rate in effect on the Severance Date for such period. Such amount is referred to hereinafter as the “Severance Benefit,” and subject to Section 5.8(a), the
Company shall pay the Severance Benefit to the Executive within ten (10) business days following the date on which the Executive’s Separation from Service (as such term is defined in Section 5.5) occurs. 

(ii)    The Company will pay or reimburse the Executive for his and his covered dependent’s premiums charged to
continue group health 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 5.8(a), commence with continuation coverage for the month following the month in which the 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. 

(iii)    The Company shall pay the Executive any unpaid Incentive Bonus in respect of any completed fiscal year
which has ended prior to the Severance Date, which amount shall be paid at such time as incentive bonuses are paid to other senior executives of the Company and shall be deem “earned” as of the date of the Severance Date. 

(iv)    The Company shall pay the Executive a pro-rata portion (based on the number of days elapsed from the
commencement of such year through the Severance Date) of any Incentive Bonus for the year in which the Severance Date occurs that would have actually been earned based on the Company’s performance for such year had the Executive remained
employed, which amount (if any) shall be paid at such time as any incentive bonuses are paid to other senior executives of the Company. 
 (v)    If the Retention Payment provided for in Section 3.4 herein has not been paid prior to the date of termination, the Company shall pay the Executive an amount equal to the
Retention Payment, payable within ten (10) business days following the date on which the Executive’s Separation from Service occurs. 
 (c)    Notwithstanding the foregoing provisions of this Section 5.3, if the Executive breaches his 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; (ii) the Executive’s rights under COBRA to
continue participation in medical, dental, hospitalization and life insurance coverage; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the Company’s 401(k) plan, the Deferred Compensation
Plan or the Stock Incentive Plan. 
  

	 	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, provide the Company with a valid, executed general release agreement in substantially the form attached hereto as Exhibit A (with such amendments that may be
necessary to ensure the release is enforceable to the fullest extent permissible under then 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 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 reasonably 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 (including accrued and unpaid vacation time) on or before the Severance Date; and 

(ii)    any Incentive Bonus payable pursuant to Section 3.2 with respect to any fiscal year in the Period of
Employment preceding the fiscal year in which the 

 
Severance Date occurs, if the Company has, prior to the Severance Date, paid bonuses generally to other senior executives of the Company with respect to such fiscal year, but has not paid any
Incentive Bonus due to the Executive with respect to such fiscal year; and 
 (iii)    any vested benefits
provided under the Company’s employee benefit plans in which the Executive participates (other than any benefits in the nature of severance pay, as this Agreement sets forth the full and exclusive severance provisions applicable to the
Executive) upon a termination of employment, in accordance with the terms and conditions of such plans; provided that in no event shall this clause (iii) result in a duplication of any benefit otherwise referred to in this Agreement; and

 (iv)    any reimbursement due to the Executive pursuant to Section 4.4 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; and 

(v)        any rights to indemnification and advancement of fees and expenses by virtue of the
Executive’s position as an officer or director of the Company, Parent or their respective subsidiaries and the benefits under any directors’ and officers’ liability insurance policy maintained by the Company, Parent or their
respective subsidiaries, in accordance with its terms thereof and Section 4.6. 
 (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 generality of the foregoing, the term
“Affiliate” includes any Person that is, directly or indirectly through any other Person, engaged in the Business (as such term is defined in Section 6.3) if that Person is controlled by Apollo (as that term is defined in the Stock
Incentive Plan) or any investment fund or vehicle managed by Apollo Management, L.P. or any of its Affiliates. However, any Person that would not otherwise be an Affiliate of the Company but for its ownership by Apollo (as defined in the Stock
Incentive Plan) or any investment fund or vehicle managed by Apollo Management, L.P. or any of its Affiliates 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 6.3). 
 (c)    As used herein, “Cause” shall mean,
as reasonably determined by 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 is convicted of, or pleads guilty or no contest to, 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); 

(ii)    the Executive has engaged in acts of fraud, or other acts of willful misconduct or dishonesty in the course
of his duties hereunder; 
 (iii)    the Executive willfully fails to perform or uphold his duties under
this Agreement and/or willfully fails to comply with reasonable directives of the Board and/or Chief Executive Officer of Parent, in either case after there has been delivered to the Executive a written demand for performance from the Company; or

 (iv)    any material 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, “Constructive Termination” shall mean a resignation by the Executive after
the occurrence (without the Executive’s consent) of any one or more of the following conditions after the date hereof: 

(i)    a material diminution in the Executive’s rate of Base Salary or Target Bonus established for the
Company’s 2008 fiscal year; 
 (ii)    a material diminution in the Executive’s authority,
powers, functions duties, or responsibilities; 
 (iii)    the relocation of the Executive’s principal
place of employment to a location outside of Broward or Miami-Dade counties, Florida; or 
 (iv)    a
material breach by the Company of this Agreement; 
 provided, however, that any such condition or conditions, as applicable,
shall not constitute grounds for a Constructive Termination unless both (x) the Executive provides written notice to the Company of the condition claimed to constitute grounds for a Constructive Termination within sixty (60) days of the
initial existence of such condition(s) (such notice to be delivered in accordance with Section 18), and (y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and provided,
further, that in all events the termination of the Executive’s employment with the Company shall not constitute a Constructive Termination unless such termination occurs not more than one hundred and twenty (120) days following the initial
existence of the condition claimed to constitute grounds for a Constructive Termination. 
 (e)    As used
herein, “Disability” shall mean a physical or mental impairment which renders the Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an
undue hardship on the Company, for more than 120 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. Any question as to the existence, extent or potentiality of the
Executive’s Disability upon which the Executive and the Company cannot agree shall be determined by a qualified, independent physician mutually agreed upon by 

 
the Company and the Executive. If Executive and the Company cannot agree on such physician, then the Executive and the Company shall each select one physician and those physicians shall jointly
select the physician to make such determination. The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
 (f)    As used herein, “Involuntary Termination” shall mean (i) a termination of the Executive by the Company without Cause (and other than due to
Executive’s death or in connection with a good faith determination by the Board that the Executive has a Disability), (ii) a Constructive Termination or (iii) a termination of the Executive as a result of the Company’s provision
of notice to the Executive pursuant to Section 2 that the Period of Employment will not be extended or further extended. 

(g)    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. 
 (h)    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.

  

	 	5.7.	Shareholder Approval/Modified Cut-Back. 

 (a)    Shareholder Approval. If any payment, benefit or distribution of any type to or for the benefit of the Executive by the Company or any of its Affiliates, whether paid or
payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively, the
“Total Payments”) would subject the Executive to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Executive,
in his sole discretion, may elect prior to the applicable event to waive his right to receive that portion of the Total Payments that would be subject to the Excise Tax, the payment of which thereafter would be subject to and contingent upon the
approval of the stockholders of the Company pursuant to Section 280G(b)(5)(A)(ii) (or any successor section) of the Code to make such payment. If the Executive makes such an election, the Company shall use its reasonable best efforts to obtain
approval from the stockholders of the Company in accordance with Section 280G(b)(5)(B) (or any successor section) of the Code and the regulations thereunder, of the payment to, and the retention by, the Executive of the portion of the Total
Payment that would otherwise be subject to the Excise Tax. 

 (b)    Modified Cutback. In the event that (i) the Total
Payments would be subject to the Excise Tax, and (ii) the Executive elects not to waive his right to receive a portion of the Total Payments as provided subsection (a) above, except as provided below, the Total Payments shall be reduced 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 imposed by Section 4999 of the Code; provided that the Total
Payment shall only be reduced to the extent the after-tax value of amounts received by the Executive after application of the above reduction would exceed the after-tax value of the amounts received without application of such reduction. For this
purpose, the after-tax value of an amount shall be determined taking into account all federal, state, and local income, employment and excise taxes applicable to such amount. Unless the Executive shall have given prior written notice to the Company
to effectuate a reduction in the Total Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation of any tax, penalty or interest thereunder, the Company shall
reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options
or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Total Payments. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Board hereunder, it is possible that Total Payments to the Executive which will not have been made by the Company pursuant to this Section 5.7(b) should have been
made (“Underpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

(c)    Determinations. An initial determination as to whether (i) any of the Total Payments received by
the Executive in connection with the occurrence of a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company shall be subject to the Excise Tax, and (ii) the amount
of any reduction, if any, that may be required pursuant to Section 5.7(b) above, shall be made by an independent accounting firm selected by the Company and reasonably acceptable to the Executive (the “Accounting Firm”) prior
to the consummation of such change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company. The Executive shall be furnished with notice of all determinations made as to the
Excise Tax payable with respect to his Total Payments, together with the related calculations of the Accounting Firm, promptly after such determinations and calculations have been received by the Company. 

 

	 	5.8	Section 409A. 

 (a)    If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-l(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) (other than any payment made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg.
Section 1.409A-1(b)(4) (Short-Term Deferrals)) until the earlier of (i) the date which is six (6) months after 

 
his or her 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. 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 5.8(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 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 which the related expense was incurred. The benefits and reimbursements pursuant
to Section 5.3(b)(ii) and Section 4 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. 
  

	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 not such information is developed by him, 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 his 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 his 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, Regent or any predecessors thereof (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company,
Regent and their predecessors and Affiliates, (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 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 his employment by the Company or any of its Affiliates prior to the Effective Date or that he 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 his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company, the Company’s (and any of its Affiliates’, as applicable)
rights to any Work Product. 

	 	6.3	Restriction on Competition. The Executive acknowledges that, in the course of his employment with the Company and/or its Affiliates and their predecessors
(including Regent for these purposes), he has become familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’(including Regent for these purposes) trade secrets and with other Confidential
Information concerning the Company, its Affiliates and their respective predecessors (including Regent for these purposes) and that his 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 (12) 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 goodwill with customers, during the Period of Employment and for a period of twelve
(12) 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 (12) month period following the
Severance Date competes, with the Company or any of its Affiliates in the passenger ship 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. 

 

	 	6.4	Non-Solicitation of Employees and Consultants. During the Period of Employment and for a period of twelve (12) months after the Severance Date, the
Executive will not directly or indirectly through any other Person induce or attempt to (i) 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. 

 

	 	6.5	 Non-Solicitation of Customers. During the Period of Employment and for a period of twelve (12) 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. Notwithstanding anything in this Section 6.5 to the contrary, nothing
herein shall prevent the Executive from soliciting business from travel agents on behalf of a non-Competing Business. 

  

	 	6.6	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 his 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 his 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 his education, skills and ability), the Executive does not believe would prevent him 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. 

  

	 	6.7	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, as determined in a final judgment by a court of
competent jurisdiction. 

	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. 

 

	8.	Successors and Assigns. 

 (a) This Agreement is personal to the Executive and without the prior written consent of the Company and Parent 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, Parent and their respective 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 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, together with the Deferred Compensation Plan, the Stock Incentive Plan and that certain Shareholders’
Agreement (the “Integrated Document”), embodies the entire agreement of the parties hereto respecting the matters within its scope. The Integrated Document supersedes all prior and contemporaneous agreements of the parties hereto
that directly or indirectly bear upon the subject matter hereof (other than the Retention Agreement to the extent necessary to give effect to Sections 3.4 and 5.3 herein), including any agreements with Regent or Apollo (as defined in the Stock
Incentive Plan) or any investment fund or vehicle managed by Apollo Management, L.P. or any of its Affiliates. Any prior negotiations, correspondence, agreements, proposals or understandings relating to the subject matter hereof shall be deemed to
have been merged into the Integrated Document, 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 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 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: 

Prestige Cruise Services, LLC 
 8300 N.W.
33rd Street, Suite 308 

Miami, FL 33122 

Facsimile: (305) 514-2297 
 Attn: Chief Executive Officer 
 if to the Parent: 

Prestige Cruises International, Inc. 
 c/o Apollo Management, L.P. 
 9 West 57th Street, 43rd Floor 
 New York, NY 10019 
 Fax: (212) 515-3288 

Attention: Steven Martinez 
 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 copies of such signed counterparts may be used in lieu of the originals for any purpose. 

  

	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. 

 [The remainder of this page has
intentionally been left blank.] 

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

			
	 “COMPANY”
  

Prestige Cruise Services, LLC

		
	By:	 	/s/ Gema M. Pinon
	Name:	 	Gema M. Pinon
	Title:	 	 Senior Vice President &
 General Counsel

	
	 “PARENT”
  

Prestige Cruises International, Inc.

a corporation organized under the laws of the Republic of

Panama

		
	By:	 	/s/ Frank J. Del Rio
	Name:	 	Frank J. Del Rio
	Title:	 	Chairman & CEO
	
	“EXECUTIVE”
	
	/s/ Mark Conroy
	Mark Conroy

 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 Prestige Cruise Services, LLC, a Delaware limited liability company (the “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 rights to indemnification or liability insurance coverage that Executive may have
pursuant to the Employment Agreement; (3) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); (4) any rights to the severance and other benefits payable under
Section 5.3(b) of the Employment Agreement in accordance with the terms of the Employment Agreement; (5) 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; or (6) any rights with respect to workers’ compensation or unemployment benefits under applicable state law. 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 he 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; 
 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)/forty five (45)] 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/45-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 he 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. 
 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. 

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 Remainder of this Page is Intentionally Left Blank] 

 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:	 	 
	
	 PRESTIGE CRUISE SERVICES, LLC, A
 DELAWARE LIMITED LIABILITY COMPANY,

	
	By:                           
                                         

	Name:                           
                                     
	Title:                          
                                        

 ENDORSEMENT 
 I,                     , hereby acknowledge that I was given [21/45] days to consider the
foregoing Release Agreement and voluntarily chose to sign the Release Agreement prior to the expiration of the [21-day/45-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:

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