Document:

Exhibit 10.38

                                    CARNIVAL
                               CORPORATION & PLC

STRICTLY PRIVATE & CONFIDENTIAL
ADDRESSEE ONLY

                                                December 1, 2004

A. Kirk Lanterman
C/o Holland America Line Inc.
300 Elliott Avenue West
Seattle, WA 98118

Dear Kirk,

I am pleased to confirm your continuing appointment (the "Appointment") as a
director of each of Carnival Corporation and Carnival plc (collectively, the
"Companies"). The terms of the Appointment as a non-executive director
commencing January 1, 2005 are set forth below. The Appointment is subject to
applicable law and the provisions of the Certificates of Incorporation/Articles
of Association ("Articles") and bylaws ("Bylaws") of each of the Companies as in
effect on the date hereof.

1.    Term of Appointment

1.1   The Appointment shall terminate after your resignation, removal,
      disqualification or death as set forth in the Articles and/or Bylaws of
      each Company. It is understood that your Appointment will terminate
      immediately if, among other things, you are not, re-elected at the annual
      general meetings of shareholders of the Companies; or are required to
      vacate office for any reason pursuant to any of the provisions of the
      Articles; or are removed as a director or otherwise required to vacate
      office under any applicable law.

1.2   Upon the termination of the Appointment, you shall (a) cease to be a
      director of each Company and (b) deliver to an authorized representative
      of the Companies all correspondence, documents (including, without
      limitation, board minutes and board papers), copies thereof or other
      property of each Company, and of each of their subsidiaries and affiliates
      (collectively, the "Group") made or received by you in the course of your
      directorship (whether before or after the date of this letter).

1.3   You will at the request of either Company immediately resign (in writing)
      from the office of director of both Companies and any other office with a
      Group company and you irrevocably authorize the Companies as your attorney
      in your name and on your behalf to sign all documents and do all things
      necessary to give effect to this.

2.    Duties and Fees

2.1   You shall carry out such duties as set forth in the Articles and Bylaws
      and as otherwise agreed to by the Boards (the "Duties"). You shall have
      all the usual Duties of a director under applicable law. In carrying out
      the Duties, you shall have particular regard to your role as a director in
      light of the Listing Rules, Combined Code from time to time in effect in
      England and to similar rules, regulations and laws in the United States.

<PAGE>

2.2   You are expected to attend all meetings of the Boards of Directors and
      committees upon which you serve, as well as the annual general meetings of
      shareholders. In addition, you are expected to devote appropriate
      preparation time ahead of each meeting. You have been provided with the
      calendar of Board meetings for 2005, including the location of each
      meeting. By accepting this appointment, you have confirmed that you are
      able to allocate sufficient time to attend the meetings and otherwise meet
      the expectations of your role. The agreement of the Chairman and the
      Presiding Director should be sought (which will not be unreasonably
      withheld) before accepting additional directorships that might affect the
      time you are able to devote to your role as a non-executive director of
      the Companies.

2.3   You will not be entitled to a fee for your services as a director of the
      Companies.

2.4   You will be reimbursed for reasonable expenses incurred in the performance
      of the Duties in accordance with the Non-Executive Board of Directors
      Travel Expense Reimbursement Policy, a copy of which is attached hereto.
      The Company may request receipts or other evidence of expenditure prior to
      any reimbursement pursuant to this clause 2.4.

2.5   The reimbursement arrangements set forth in clause 2.4 hereof are subject
      to change as determined by the Boards from time to time.

3.    Confidential Information

3.1   You agree that, during the continuance of the Appointment or afterwards
      (unless authorised to do so by the Boards or by a court of competent
      jurisdiction), you will not use for your own or another's benefit or
      disclose or permit the disclosure of any confidential information of any
      member of the Group which you have obtained by virtue of the Appointment
      or your employment by the Companies or in respect of which the Companies
      are bound by an obligation of confidence to a third party. Confidential
      information shall include, without limitation, lists or details of
      customers, information relating to the working of any product, process,
      invention, improvement or development carried on or used by any member of
      the Group, information relating to research projects, know-how, prices,
      discounts, mark-ups, future business strategy, marketing, tenders, any
      price sensitive information and information concerning the intellectual
      property portfolio and strategy of the Companies.

3.2   The restrictions contained in this clause shall cease to apply to any
      confidential information which may (other than by reason of your breach of
      these terms) become available to the public generally, but any such use
      will be subject to any restrictive covenants to which you are a party.

4.    Indemnity

      In the event that you (or your heirs, executors or administrators) are
      made a party or are threatened to be made a party to or witness in any
      threatened, pending or completed action, suit or proceeding, whether
      civil, criminal, administrative or investigative, by reason of the fact
      that you are or were a director of either Company, Carnival Corporation
      shall (i) indemnify you against all expenses of any kind whatsoever
      (including attorneys' fees and expenses to enforce this indemnity),
      judgments, fines and amounts paid in settlement actually incurred by you
      in connection with such action, suit or proceeding and (ii) pay or advance
      to you in advance of final disposition of such action, suit or proceeding,
      within 20 days of the

<PAGE>

      submission of an invoice therefore, all such expenses incurred in
      connection therewith, in each case of (i) and (ii) to the fullest extent
      and in the manner set forth in and permitted by the General Corporation
      Law of the Republic of Panama and any other applicable law, as from time
      to time in effect. Such right of indemnification and advancement of
      expenses shall not be deemed exclusive of any other rights to which you
      may be entitled apart from the foregoing provisions. The provisions of
      this Section 4, and Section 5 below, shall survive the termination of the
      letter and shall continue to be binding on Carnival Corporation until the
      later of (a) six years after the date that you cease to serve as a
      director of either Company and (b) the final termination of all
      proceedings pending or threatened on the sixth anniversary of your
      termination of service to which you are entitled to indemnification
      hereunder.

5.    Insurance

      To the extent possible, Carnival Corporation will maintain appropriate
      directors' and officers' liability insurance for your benefit in an amount
      which is not less than the current coverage as of the date of this letter
      for directors of each Company in respect of events occurring in respect of
      your service as a director of each Company or its subsidiaries, unless
      Carnival Corporation in good faith determines (and so notifies you
      reasonably in advance) that such insurance is not reasonably available or
      that the premiums therefore are disproportionate to the benefits. To the
      extent practicable, such insurance would name you separately as an insured
      (Side A Coverage).

6.    Code of Business Conduct and Ethics

      You agree to observe the provisions of the Companies' code of business
      conduct and ethics.

7.    Miscellaneous

7.1   Nothing in this letter shall create the relationship of employee and
      employer between you and the Companies.

7.2   The agreement contained in this letter shall be governed by, and construed
      in accordance with, to the extent it relates to your service as a director
      of Carnival Corporation to Florida law and, to the extent it relates to
      your service as a director of Carnival plc, to English law. Any legal
      action in connection herewith may be brought in the Federal or State
      Courts located in Miami-Dade County, Florida or, if you are not a resident
      of the United States, the courts sitting in London England, and the
      parties submit to the jurisdiction of such courts.

7.3   This appointment letter may be executed in one or more counterparts, each
      of which will be deemed to be an original copy of this appointment letter,
      and all of which, when taken together, shall be deemed to constitute one
      and the same agreement.

8.    Entire Agreement

      This appointment letter represents the entire understanding, and
      constitutes the whole agreement, in relation to the Appointment and
      supersedes any previous agreement between yourself and the Companies with
      respect thereto except for any additional separate indemnity agreement
      entered into between you and the Companies.

Kindly confirm your agreement to the terms set out above by signing the enclosed
copy of this letter. Please return the copy to me at the above address.

<PAGE>

CARNIVAL CORPORATION
CARNIVAL PLC

By: /s/ Howard S. Frank
    -----------------------
    Name:  Howard S. Frank
    Title: Vice-Chairman

AGREED AND ACCEPTED BY:

/s/ A. Kirk Lanterman
---------------------
A. Kirk Lanterman

<PAGE>

                        Non-Executive Board of Directors
                       Travel Expense Reimbursement Policy

                                 As of June 2003

Air Travel

As a non-executive Board member you are entitled to first class service travel
for both domestic and international Air travel.

Hotel Accommodations

Deluxe hotel room accommodation should be used when traveling on Board related
business.

Other Expenses

Other expenses include the following:

o     Meals

o     Ground Transportation (taxi, rental car).

o     Telephone

To qualify as a business deduction expenses should be ordinary and necessary and
based on factors surrounding the business trip such as the urgency, length of
trip, costs of available choices and business requirements. Reimbursements will
be for actual costs incurred and must be submitted for reimbursement on an
Expense Reimbursement Form.

Spousal Travel

In certain circumstances, the presence of a spouse may constitute a necessary
expense of the Company (i.e., included as an invitee to a special company
event/meeting). In these cases, the Company will reimburse you for travel
expenses incurred by your spouse.

Administrative Requirements:

o     Expense Reimbursement Forms and Your Expense Reimbursement Coordinator

      The Company will reimburse ordinary and necessary actual expenses incurred
      in the performance of assigned duties and approved according to these
      practices. To be reimbursed, the following form(s) are required to be
      completed:

      o     Expense Reimbursement Form - Used for Air, Hotel, Meals and other.
            The Business Purpose of the Trip should be entered in the applicable
            section of the form entitled "Business Purpose of Trip..." along
            with the date the expense was incurred.

      o     Wire Transfer (Sign-up) Form - (see Wire Transfer section below)

      To assist you with the following expense related items, you have been
      provided with an "Expense Reimbursement Coordinator" (ERC) (Maria Leon,
      Legal Assistant and Board of Director's

<PAGE>

      Coordinator) who can be contacted by tel. at (305) 599-2600 ext. 18035 or
      by e-mail at mleon@carnival.com.

      o     Provide expense reimbursement forms

      o     Collect, review and track your reimbursement forms and coordinate
            reimbursement

      o     Provide any required travel assistance

o     Wire Transfers

      Wire transfers are the preferred method of reimbursement for all cash
      outlays and mileage reimbursements. In order to be reimbursed in this
      manner you must submit your preferred banking information to the ERC using
      the Wire Transfer (Sign Up) Form. The form will be provided to you via
      e-mail/fax by the ERC upon request. If you change bank accounts, you must
      inform your ERC and fill out a new form with the new information and
      marking it "CHANGE". If you do not fill out this form, your expenses will
      be disbursed in the form of a Company check, which will be mailed to you.

o     Receipts (supporting documents)

Expense reports must be accompanied by receipts for expenditures of $75 or more.
For overseas travel, the company can reclaim the VAT (value added taxes) if
original itemized receipts are provided with your expense report. If possible,
meal receipts should be submitted in an itemized form showing the VAT broken out
and the VAT registered number for the vendor. The VAT in the British Isles is
17.5%. This makes your effort to obtain an original hotel bill in the name of
Carnival a worthwhile one.

o     Review and Approval

      Expense reimbursement forms and the related supporting documentation
      should be submitted to the ERC within 60 days of the incurred date. Your
      account will be credited within 30 days from the date of submission.Exhibit 10.41

                                    CARNIVAL
                               CORPORATION & PLC

STRICTLY PRIVATE & CONFIDENTIAL
ADDRESSEE ONLY

                                        August 19, 2004

Ambassador Richard G. Capen, Jr.
6077 San Elijo
P.O. Box 2494 Rancho Santa Fe, CA 92067

Dear Dick,

I am pleased to confirm your re-appointment (the "Appointment") as a director of
each of Carnival Corporation and Carnival plc (collectively, the "Companies").
The terms of the Appointment are set forth below. The Appointment is subject to
applicable law and the provisions of the Certificates of Incorporation/Articles
of Association ("Articles") and bylaws ("Bylaws") of each of the Companies as in
effect on the date hereof.

1.    Term of Appointment

1.1   The Appointment shall terminate after your resignation, removal,
      disqualification or death as set forth in the Articles and/or Bylaws of
      each Company. It is understood that your Appointment will terminate
      immediately without any entitlement to further compensation if, among
      other things, you are not, re-elected at the annual general meetings of
      shareholders of the Companies; or are required to vacate office for any
      reason pursuant to any of the provisions of the Articles; or are removed
      as a director or otherwise required to vacate office under any applicable
      law.

1.2   Upon the termination of the Appointment, you shall (a) cease to be a
      director of each Company, (b) cease to have any entitlement to
      compensation other than compensation accrued and unpaid on the date of
      termination, and (c) deliver to an authorized representative of the
      Companies all correspondence, documents (including, without limitation,
      board minutes and board papers), copies thereof or other property of each
      Company, and of each of their subsidiaries and affiliates (collectively,
      the "Group") made or received by you in the course of your directorship
      (whether before or after the date of this letter).

1.3   You will at the request of either Company immediately resign (in writing)
      from the office of director of both Companies and any other office with a
      Group company and you irrevocably authorize the Companies as your attorney
      in your name and on your behalf to sign all documents and do all things
      necessary to give effect to this.

2.    Duties and Fees

2.1   You shall carry out such duties as set forth in the Articles and Bylaws
      and as otherwise agreed to by the Boards (the "Duties"). You shall have
      all the usual Duties

<PAGE>

      of a director under applicable law. In carrying out the Duties, you shall
      have particular regard to your role as a director in light of the Listing
      Rules, Combined Code from time to time in effect in England and to similar
      rules, regulations and laws in the United States.

2.2   You are expected to attend all meetings of the Boards of Directors and
      committees upon which you serve, as well as the annual general meetings of
      shareholders. In addition, you are expected to devote appropriate
      preparation time ahead of each meeting. You have been provided with the
      calendar of Board meetings for the remainder of 2004 and 2005, including
      the location of each meeting. By accepting this appointment, you have
      confirmed that you are able to allocate sufficient time to attend the
      meetings and otherwise meet the expectations of your role. The agreement
      of the Chairman and the Presiding Director should be sought (which will
      not be unreasonably withheld) before accepting additional directorships
      that might affect the time you are able to devote to your role as a
      non-executive director of the Companies.

2.3   You will be entitled to a fee for your services as a director of the
      Companies of $40,000 per annum. You will receive an additional fee of
      $2,500 per annum ($5,000 for the audit committees) for service on a
      committee of the Boards of the Companies (it being understood that the
      parallel committees of the Companies will be deemed to be one committee
      for these purposes). If you act as chairperson of a committee of the
      Boards, you will be entitled to an additional fee of $5,000 per annum
      ($10,000 for the audit committees). In addition, attendance fees for
      meetings of the Boards and committees will also be paid ranging from
      $1,000 to $5,000 per meeting. A compensation table which sets forth all
      such fees is annexed to this letter for your reference

2.4   You will be reimbursed for reasonable expenses incurred in the performance
      of the Duties in accordance with the Non-Executive Board of Directors
      Travel Expense Reimbursement Policy, a copy of which is attached hereto.
      The Company may request receipts or other evidence of expenditure prior to
      any reimbursement pursuant to this clause 2.4.

2.5   The compensation and reimbursement arrangements set forth in clauses 2.3
      and 2.4 hereof are subject to change as determined by the Boards from time
      to time.

3.    Confidential Information

3.1   You agree that, during the continuance of the Appointment or afterwards
      (unless authorised to do so by the Boards or by a court of competent
      jurisdiction), you will not use for your own or another's benefit or
      disclose or permit the disclosure of any confidential information of any
      member of the Group which you have obtained by virtue of the Appointment
      or your employment by the Companies or in respect of which the Companies
      are bound by an obligation of confidence to a third party. Confidential
      information shall include, without limitation, lists or details of
      customers, information relating to the working of any product, process,
      invention, improvement or development carried on or used by any member of
      the Group, information relating to research projects, know-how, prices,
      discounts, mark-ups, future business strategy, marketing, tenders, any
      price sensitive information and information concerning the intellectual
      property portfolio and strategy of the Companies.

3.2   The restrictions contained in this clause shall cease to apply to any
      confidential information which may (other than by reason of your breach of
      these terms) become

<PAGE>

      available to the public generally, but any such use will be subject to any
      restrictive covenants to which you are a party.

4.    Indemnity

      In the event that you (or your heirs, executors or administrators) are
      made a party or are threatened to be made a party to or witness in any
      threatened, pending or completed action, suit or proceeding, whether
      civil, criminal, administrative or investigative, by reason of the fact
      that you are or were a director of either Company, Carnival Corporation
      shall (i) indemnify you against all expenses of any kind whatsoever
      (including attorneys' fees and expenses to enforce this indemnity),
      judgments, fines and amounts paid in settlement actually incurred by you
      in connection with such action, suit or proceeding and (ii) pay or advance
      to you in advance of final disposition of such action, suit or proceeding,
      within 20 days of the submission of an invoice therefore, all such
      expenses incurred in connection therewith, in each case of (i) and (ii) to
      the fullest extent and in the manner set forth in and permitted by the
      General Corporation Law of the Republic of Panama and any other applicable
      law, as from time to time in effect. Such right of indemnification and
      advancement of expenses shall not be deemed exclusive of any other rights
      to which you may be entitled apart from the foregoing provisions. The
      provisions of this Section 4, and Section 5 below, shall survive the
      termination of the letter and shall continue to be binding on Carnival
      Corporation until the later of (a) six years after the date that you cease
      to serve as a director of either Company and (b) the final termination of
      all proceedings pending or threatened on the sixth anniversary of your
      termination of service to which you are entitled to indemnification
      hereunder.

5.    Insurance

      To the extent possible, Carnival Corporation will maintain appropriate
      directors' and officers' liability insurance for your benefit in an amount
      which is not less than the current coverage as of the date of this letter
      for directors of each Company in respect of events occurring in respect of
      your service as a director of each Company or its subsidiaries, unless
      Carnival Corporation in good faith determines (and so notifies you
      reasonably in advance) that such insurance is not reasonably available or
      that the premiums therefore are disproportionate to the benefits. To the
      extent practicable, such insurance would name you separately as an insured
      (Side A Coverage).

6.    Code of Business Conduct and Ethics

      You agree to observe the provisions of the Company's code of business
      conduct and ethics.

7.    Miscellaneous

7.1   Nothing in this letter shall create the relationship of employee and
      employer between you and the Companies.

7.2   The agreement contained in this letter shall be governed by, and construed
      in accordance with, to the extent it relates to your service as a director
      of Carnival Corporation to Florida law and, to the extent it relates to
      your service as a director of Carnival plc, to English law. Any legal
      action in connection herewith may be brought in the Federal or State
      Courts located in Miami-Dade County, Florida or, if you are not a resident
      of the United States, the courts sitting in London England, and the
      parties submit to the jurisdiction of such courts.

<PAGE>

7.3   This appointment letter may be executed in one or more counterparts, each
      of which will be deemed to be an original copy of this appointment letter,
      and all of which, when taken together, shall be deemed to constitute one
      and the same agreement.

8.    Entire Agreement

      This appointment letter represents the entire understanding, and
      constitutes the whole agreement, in relation to the Appointment and
      supersedes any previous agreement between yourself and the Companies with
      respect thereto except for any additional separate indemnity agreement
      entered into between you and the Companies.

Kindly confirm your agreement to the terms set out above by signing the enclosed
copy of this letter. Please return the copy to me at the above address.

CARNIVAL CORPORATION
CARNIVAL PLC

By: /s/ Howard S. Frank
    -----------------------
    Name:  Howard S. Frank
    Title: Vice-Chairman

AGREED AND ACCEPTED BY:

/s/Ambassador Richard G. Capen, Jr
----------------------------------
Ambassador Richard G. Capen, Jr.

ANNEX

                          Board        Audit Committee         Other Committees
                          Member
                                      Chair       Member      Chair       Member
Annual Retainer          $40,000     $10,000     $ 5,000     $ 5,000     $ 2,500
  Attendance Fee
Attendance Fee
Meeting in Person          5,000       2,500       2,500       2,000       2,000
By Phone                   2,000       1,000       1,000       1,000       1,000

<PAGE>

                                    CARNIVAL
                               CORPORATION & PLC

                        Non-Executive Board of Directors

                       Travel Expense Reimbursement Policy

                                 As of June 2003

Air Travel

As a non-executive Board member you are entitled to first class service travel
for both domestic and international Air travel.

Hotel Accommodations

Deluxe hotel room accommodation should be used when traveling on Board related
business.

Other Expenses

Other expenses include the following:

o     Meals

o     Ground Transportation (taxi, rental car).

o     Telephone

To qualify as a business deduction expenses should be ordinary and necessary and
based on factors surrounding the business trip such as the urgency, length of
trip, costs of available choices and business requirements. Reimbursements will
be for actual costs incurred and must be submitted for reimbursement on an
Expense Reimbursement Form.

Spousal Travel

In certain circumstances, the presence of a spouse may constitute a necessary
expense of the Company (i.e., included as an invitee to a special company
event/meeting). In these cases, the Company will reimburse you for travel
expenses incurred by your spouse.

Administrative Requirements:

o     Expense Reimbursement Forms and Your Expense Reimbursement Coordinator

      The Company will reimburse ordinary and necessary actual expenses incurred
      in the performance of assigned duties and approved according to these
      practices. To be reimbursed, the following form(s) are required to be
      completed:

<PAGE>

      o     Expense Reimbursement Form - Used for Air, Hotel, Meals and other.
            The Business Purpose of the Trip should be entered in the applicable
            section of the form entitled "Business Purpose of Trip..." along
            with the date the expense was incurred.

      o     Wire Transfer (Sign-up) Form - (see Wire Transfer section below)

      To assist you with the following expense related items, you have been
      provided with an "Expense Reimbursement Coordinator" (ERC) (Maria Leon,
      Legal Assistant and Board of Director's Coordinator) who can be contacted
      by tel. at (305) 599-2600 ext. 18035 or by e-mail at mleon@carnival.com.

      o     Provide expense reimbursement forms

      o     Collect, review and track your reimbursement forms and coordinate
            reimbursement

      o     Provide any required travel assistance

o     Wire Transfers

      Wire transfers are the preferred method of reimbursement for all cash
      outlays and mileage reimbursements. In order to be reimbursed in this
      manner you must submit your preferred banking information to the ERC using
      the Wire Transfer (Sign Up) Form. The form will be provided to you via
      e-mail/fax by the ERC upon request. If you change bank accounts, you must
      inform your ERC and fill out a new form with the new information and
      marking it "CHANGE". If you do not fill out this form, your expenses will
      be disbursed in the form of a Company check, which will be mailed to you.

o     Receipts (supporting documents)

Expense reports must be accompanied by receipts for expenditures of $75 or more.
For overseas travel, the company can reclaim the VAT (value added taxes) if
original itemized receipts are provided with your expense report. If possible,
meal receipts should be submitted in an itemized form showing the VAT broken out
and the VAT registered number for the vendor. The VAT in the British Isles is
17.5%. This makes your effort to obtain an original hotel bill in the name of
Carnival a worthwhile one.

o     Review and Approval

      Expense reimbursement forms and the related supporting documentation
      should be submitted to the ERC within 60 days of the incurred date. Your
      account will be credited within 30 days from the date of submission.

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