Document:

Exhibit 10.107

 

[Form
of] Management Exchange Agreement

 

[Date]

 

[Full Name]

 

Dear [First Name]:

 

You currently hold equity units in NCL Corporation
Ltd. (“NCLC”) that represent a capital interest in NCLC (the “NCLC Units”). Each of your
vested NCLC Units may currently be exchanged for one ordinary share of Norwegian Cruise Line Holdings Ltd. (“NCLH”),
subject to the terms of the Exchange Agreement for NCLC (as amended, the “Exchange Agreement”).

 

Management has determined that it is in the
best interests of NCLC and NCLH for all of the holders of NCLC Units (other than NCLH) to exchange their units for ordinary shares
of NCLH at this time. We expect that the extra SEC, financial and tax reporting and administrative costs associated with our current
operating structure will be reduced as a result of NCLH becoming the sole member and 100% owner of the economic interests in NCLC.
If you exchange your units, beginning in 2015 you will no longer receive IRS Schedule K-1’s.

 

The Board has approved several important benefits
for you to help facilitate your exchange at this time. These benefits are described in more detail below. You will only be entitled
to these benefits if you sign and return this Management Exchange Agreement to us prior to the deadline of November 14, 2014, so
please make sure to return a signed copy to us before the deadline.

 

We intend to terminate your ability to exchange
your NCLC Units for ordinary shares of NCLH under the Exchange Agreement no later than December 31, 2014. We also intend to stop
paying you “tax distributions” (which are described below) with respect to your NCLC Units. If there are any holders
of NCLC Units who have not exchanged their units prior to December 31, 2014, we intend to force their exchange of NCLC Units for
ordinary shares of NCLH no later than December 31, 2014. As a result, if you fail to sign and return this Management Exchange
Agreement to us prior to November 14, 2014, in addition to not being eligible to receive the important benefits described below,
your NCLC Units will cease to be liquid and we intend to force your exchange of NCLC Units prior to December 31, 2014 in any event.

 

New Benefits Approved for NCLC Unit Holders
Who Sign the Management Exchange Agreement 

 

If you sign and return this Management Exchange
Agreement to us prior to November 14, 2014, you will become entitled to the following payments and benefits. These payments and
benefits are being provided to offer you an economic incentive to exchange your NCLC Units at

 

    	1

    	 

    

 

this time, and to help deal with the U.S. tax
consequences that will be triggered by the exchange. We have carefully structured this package of payments and benefits, and these
payments and benefits will only be made available to you if you agree to exchange all of your NCLC Units at this time.

 

Non-Pro-Rata Tax Distribution Settlement.
Your NCLC Units are governed by the Amended and Restated United States Tax Agreement for NCLC (as amended, the “Tax Agreement”).
As referenced above, to the extent funds are legally available, the Tax Agreement provides that NCLC will make “tax distributions”
to you to provide you with a source of available funds to help satisfy U.S. tax liabilities related to your ownership of NCLC Units.
The Tax Agreement currently provides that any non-pro-rata tax distributions paid to you, relative to NCLH, will reduce the amounts
you would otherwise have been entitled to receive with respect to your NCLC Units, and requires that any such unpaid tax distributions
be settled upon the exchange of your NCLC Units by a reduction in the amount of cash or NCLH shares you receive or via a cash payment
from you.

 

In connection with this Management Exchange
Agreement we have agreed to waive the requirement that you settle any outstanding non-pro-rata tax distributions. This waiver does
not apply to any non-pro-rata tax distributions that may have previously been settled in connection with prior exchanges of NCLC
Units by you.

 

You currently have $[________] of total outstanding
non-pro-rata tax distributions. If you timely sign and return this Management Exchange Agreement, this amount will be forgiven
by NCLC and NCLH upon the exchange of your NCLC Units.

 

Tax Gross-Up Payment. The forgiveness
of your $[________] of total outstanding non-pro-rata tax distributions will cause you to recognize additional taxable income under
U.S. tax laws (the “Additional Income”). Unlike payments of base salary or bonuses where applicable taxes are
withheld directly from the cash payable to you, there is no cash payment associated with the Additional Income, and you would be
directly responsible (and would have to come “out-of-pocket”) for the applicable taxes. In order to help prevent you
from having to come out-of-pocket for the applicable taxes, we have agreed to provide you with a tax “gross-up” payment
to help cover the applicable taxes (the “Gross-Up Payment”). The amount of the Gross-Up Payment will be estimated
by us and will be equal to an amount that will cover the applicable tax on the Additional Income you receive as a result of the
forgiveness. We estimate that the amount of your Gross-Up Payment will be approximately $[________]. If you timely sign and return
this Management Exchange Agreement, this Gross-Up Payment will be processed no later than December 31, 2014.

 

Accelerated Vesting of 20% of Unvested
NCLC Units. This Management Exchange Agreement requires you to agree to exchange all of your NCLC Units, whether the units
are vested or unvested at the time of the exchange. As described in more detail below, the exchange of your NCLC Units for NCLH
ordinary shares will be a taxable transaction, even when you are exchanging unvested NCLC Units. In order to help provide you with
an additional means to satisfy the taxes triggered by the exchange, we have agreed to accelerate the vesting of 20% of the total
number of unvested NCLC Units that you currently hold (the “Accelerated Vesting”). The Accelerated Vesting will
be applied pro-rata to each vesting tranche of time-based and

 

    	2

    	 

    

 

performance-based NCLC Units that you hold. (For
example, if you have 20 unvested time-based units that are scheduled to vest on 3/1/15, 20 unvested time-based units that are scheduled
to vest on 3/1/16, and 100 unvested performance-based units >> 4 of the time-based units scheduled to vest on 3/1/15 will
vest, 4 of the time-based units scheduled to vest on 3/1/16 will vest and 20 of the performance-based units will vest.)

 

If you timely sign and return this Management
Exchange Agreement, you will automatically receive the Accelerated Vesting described above.

 

Automatic Sale of 20% of Exchanged NCLC
Units. Upon the exchange of your NCLC Units for ordinary shares of NCLH, you may (subject to applicable restrictions under
the U.S. securities laws or our insider trading policy), generally choose to sell any vested ordinary shares of NCLH that you acquire.
In order to help you satisfy the taxes triggered by the exchange of your NCLC Units for ordinary shares of NCLH, unless you elect
otherwise, this Management Exchange Agreement authorizes us to automatically sell vested NCLH ordinary shares representing 20%
of the total number of NCLC Units exchanged by you immediately following the exchange. We have agreed to cover brokerage costs
associated with this sale of vested NCLH ordinary shares representing 20% of the total number of NCLC Units exchanged by you, and
the proceeds of this sale will be remitted to you to help you pay the taxes triggered by the exchange.

 

If you timely sign and return this Management
Exchange Agreement, unless you elect otherwise, we will automatically sell vested NCLH ordinary shares representing 20% of the
total number of NCLC Units exchanged by you immediately following the exchange.

 

Ability to Exchange Unvested Units.
The Exchange Agreement currently only permits you to exchange your vested NCLC Units. Your unvested NCLC Units may not be exchanged
for NCLH ordinary shares until the time (if any) that they vest. If you timely sign and return this Management Exchange Agreement,
you will be entitled to exchange both your vested and unvested NCLC Units pursuant to the Exchange Agreement.

 

Restrictions Applicable to NCLH Shares
Received in Exchange for Unvested NCLC Units

 

As described above, this Management Exchange
Agreement requires you to agree to exchange all of your NCLC Units, whether vested or unvested. Any NCLH ordinary shares that you
receive in exchange for unvested NCLC Units will be restricted shares that will continue to remain subject to the same vesting
requirements that were applicable to the unvested NCLC Units for which they were exchanged (the “Restricted Shares”).
Importantly, any NCLH ordinary shares received in exchange for any NCLC Units that will become vested as part of the Accelerated
Vesting will be fully vested and will not be Restricted Shares.

 

For example, assume that you hold 100 unvested
NCLC Units and that 10 are time-based units that are scheduled to vest on 3/1/15, 10 are time-based units that are scheduled to
vest on 3/1/16, and 80 are performance-based units. If you receive 100 NCLH Restricted Shares in exchange for these unvested NCLC
Units, 10 of the Restricted Shares will be time-based Restricted Shares that are scheduled to vest on 3/1/15, 10 of the Restricted
Shares will be time-based Restricted Shares that are scheduled to vest on 3/1/16, and 80 of the Restricted Shares will

 

    	3

    	 

    

 

be performance-based Restricted Shares that are
scheduled to vest on an Apollo realization event based on the multiple of invested capital achieved by Apollo.

 

By signing this Management Exchange Agreement
below, you hereby agree to the following terms with respect to your Restricted Shares:

 

		·	Prior to the time that they have become vested, neither the Restricted Shares nor any interest therein may be sold, assigned,
transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions
in the preceding sentence will not apply to (a) transfers to us, or (b) transfers by will or the laws of descent and distribution.

 

		·	Any certificates representing the Restricted Shares that may be delivered to you prior to vesting will be redelivered to NCLH
to be held by NCLH until the restrictions on these shares have lapsed and the shares have become vested or the shares represented
thereby have been forfeited. Such certificates shall bear the following legend and any other legends we may determine to be necessary
or advisable to comply with all applicable laws, rules, and regulations: “The ownership of this certificate and the shares
evidenced hereby and any interest therein are subject to substantial restrictions on transfer under an Agreement entered into between
the registered owner and NCLH. A copy of such Agreement is on file in the office of the Assistant Secretary of NCLH.” For
any Restricted Shares issued in book entry form, notations regarding the applicable restrictions on transfer imposed under this
Management Exchange Agreement shall be included.

 

		·	You hereby appoint NCLH and each of its authorized representatives as your attorney(s) in fact to effect any transfer of unvested
forfeited Restricted Shares to NCLH and to execute such documents as NCLH or such representatives deem necessary or advisable in
connection with any such transfer.

 

		·	You hereby agree to timely (and in all events within 30 days after the date of the exchange of your NCLC Units) and properly
make an election under Section 83(b) of the Internal Revenue Code of 1986 (the “Code”) with respect to your
Restricted Shares in the form attached hereto as Exhibit A. You hereby acknowledge that it is your sole responsibility (and
not ours) to file timely the election under Section 83(b) of the Code required pursuant to this Management Exchange Agreement.

 

Tax Considerations for NCLC
Units and NCLH Ordinary Shares Received Upon Exchange

 

As noted above, the exchange of your NCLC Units
(whether the NCLC Units are vested or unvested) for NCLH ordinary shares will be a taxable transaction. You will recognize gain
on the exchange of your NCLC Units equal to the difference between the fair market value of the NCLH ordinary shares received,
as of the date of the exchange, less your tax basis in the NCLC Units surrendered. Your tax basis in the NCLH ordinary shares received
will be equal to the fair market value of such shares on the date of the exchange and you will begin a new holding period

 

    	4

    	 

    

 

for determining long or short-term capital gain
as of the day following the exchange. For example, if the fair market value of the NCLH ordinary shares received on the date of
the exchange was $33 and you sold those same shares for $33 on that same date or thereafter, you would not recognize any additional
capital gain as a result of the sale of the shares. However, any future appreciation or depreciation in the value of the shares
after the date of the exchange will be either a long or short-term capital gain or loss.

 

If any of the NCLH ordinary shares received
are Restricted Shares, you must timely (and in all events within 30 days after the date of the exchange of your NCLC Units) and
properly make the election under Section 83(b) of the Code described above. If you fail to timely and properly make a valid Section
83(b) election with respect to any Restricted Shares, any appreciation in the value of the Restricted Shares following the exchange
up until the time (if any) that the Restricted Shares vest will likely be taxed at ordinary income rates instead of at capital
gain rates. You will not be required to recognize any additional taxable income by making a Section 83(b) election with respect
to your Restricted Shares.

 

You should consult your own tax advisor regarding
the specific consequences to you of the ownership and disposition of the NCLC Units and NCLH ordinary shares.

 

Agreement to Exchange NCLC Units

 

By signing this Management Exchange Agreement
below, you hereby authorize NCLH and each of its authorized representatives (the “Representatives”) as your attorney(s)
in fact to effect the exchange of all of your NCLC Units for ordinary shares of NCLH on a date following November 14, 2014 and
prior to December 1, 2014 to be determined by the Representatives (the “Exchange Date”). You also hereby authorize
the Representatives as your attorney(s) in fact to complete the appropriate written notice of exchange and any other appropriate
documents required to effect the exchange on the Exchange Date on your behalf.

 

In addition, unless you elect otherwise by
checking the box below, you hereby authorize the Representatives as your attorney(s) in fact to effect the sale of vested NCLH
ordinary shares representing 20% of the total number of NCLC Units exchanged by you immediately following the exchange, with such
sale to take place on the Exchange Date or as soon as practicable thereafter. 

 

		 ̈	By checking this box, I hereby elect NOT to authorize the Representatives to effect the sale of vested NCLH ordinary shares
representing 20% of the total number of NCLC Units exchanged by me.

 

Once you elect to exchange your NCLC Units,
you will surrender all of your rights with respect to the NCLC Units.

 

    	5

    	 

    

 

Miscellaneous

 

This Management Exchange Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of Florida without regard to conflict of law principles
thereunder.

 

Nothing contained in this Management Exchange
Agreement constitutes a continued employment or service commitment by us, or confers upon you any right to remain employed by or
in service to us.

 

This Management Exchange Agreement may be executed
simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument. Photographic or PDF copies of such signed counterparts may be used in lieu of the originals for any
purpose.

 

Further Questions

 

If you have any questions regarding the terms
of this Management Exchange Agreement, please contact George Chesney at 305.436.4701. If you have any questions regarding the tax,
financial and other consequences of the exchange of your NCLC Units for ordinary shares of NCLH or future sales of the exchanged
NCLH ordinary shares, you should contact your own legal counsel, tax advisors, and/or investment advisors.

 

Please sign and return this Management Exchange
Agreement to us no later than November 14, 2014.

 

****

 

    	6

    	 

    

 

Please sign below to indicate your agreement
to the terms of this Management Exchange Agreement. Your signed copy of this Management Exchange Agreement should be returned to
us no later than November 14, 2014.

 

	 	 	Sincerely,
	 	 	 
	 	 	Daniel S. Farkas
	 	 	Senior Vice President & General Counsel

 

	AGREED AND ACCEPTED:	 	 
	 	 	 
	 	 	 
	Name:	 	Date:

 

    	7

    	 

    

 

EXHIBIT A

 

Section 83(b) Tax Election

 

The undersigned hereby elects pursuant to Section
83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income the fair market value of the property described
below and supplies the following information in accordance with Treasury Regulation section 1.83-2:

 

		(1)	The taxpayer who performed the services is:

 

	Name: 	 
	Address:	 
	Taxpayer Ident. No.: 	                                                                                         (Social
    Security Number)
	Taxable Year: 	2014

 

		(2)	The property with respect to which the election is being made is ordinary shares of Norwegian Cruise
Line Holdings Ltd., a company organized under the laws of Bermuda.

 

		(3)	The property was issued on [__________],
2014.

 

		(4)	The property is subject to forfeiture if for any reason taxpayer’s employment with the issuer
is terminated prior to the property becoming vested. A portion of the property will become vested [Insert time-based vesting schedule],
while the remaining portion of the property will become vested if the taxpayer remains employed through the date of a realization
event for one of the issuer’s shareholders and the shareholder achieves a specified multiple of its invested capital.

 

		(5)	The fair market value at the time of transfer (determined without regard to any restriction other
than a restriction which by its terms will never lapse) is [$ Insert price on date of exchange] per share.

 

		(6)	The amount paid for such property is [$ Insert price on date of exchange] per share.

 

		(7)	A copy of this statement was furnished to Norwegian Cruise Line Holdings Ltd., a company organized
under the laws of Bermuda, the issuer of the property and the entity for whom the taxpayer rendered the services underlying the
transfer of property.

 

		(8)	This statement is executed as of ___________________, 2014.

 

	 	 	 
	Taxpayer	 	Spouse (if any)

 

This election form must be filed with the Internal Revenue Service
Center with which Taxpayer files his or her federal income tax returns. The filing must be made within thirty (30) days after the
date of the transfer of the property (the exchange date). This filing should be made by registered or certified mail, return receipt
requested. The Taxpayer must retain two (2) copies of the completed form for filing with his or her Federal and state tax returns
for the current tax year and an additional copy for his or her records.

 

    	8Exhibit 10.108

NORWEGIAN CRUISE LINE HOLDINGS LTD.

 

DIRECTORS’ COMPENSATION POLICY 

 

(Effective January 1, 2015)

 

Directors of Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda (the “Company”), who are not employed by the Company or one of
its subsidiaries or affiliated with Apollo, TPG or Genting HK (“non-affiliated directors”) are entitled to the compensation
set forth below for their service as a member of the Board of Directors (the “Board”) of the Company. The Board has
the right to amend this policy from time to time.

 

	Cash Compensation	 	 	 	 
	Annual Cash Retainer	 	$	100,000	 
	Additional Audit Committee Chair Retainer	 	$	10,000	 
	U.K. Meeting Fee	 	$	10,000	 
	Audit Committee Meeting Fee	 	$	1,200	 
	 	 	 	 	 
	Equity Compensation	 	 	 	 
	Annual Equity Award	 	$	50,000	 
	Initial Equity Award	 	$	100,000	 

 

Cash Compensation 

 

Each non-affiliated director will be entitled
to an annual cash retainer while serving on the Board in the amount set forth above (the “Annual Cash Retainer”). A
non-affiliated director who serves as the Chair of the Audit Committee will be entitled to an additional annual cash retainer while
serving in that position in the amount set forth above (the “Additional Audit Committee Chair Retainer”). A non-affiliated
director who attends in person a Board or committee meeting located in the United Kingdom will be entitled to a fee for attendance
at the meeting in the amount set forth above (a “U.K. Meeting Fee”), provided that the director will only be entitled
to one U.K. Meeting Fee if multiple Board or committee meetings are held on the same day or over consecutive days. A non-affiliated
director who serves as a member of the Audit Committee will be entitled to a fee for each Audit Committee meeting attended in person
or telephonically, whether located in the United Kingdom or elsewhere, in the amount set forth above (an “Audit Committee
Meeting Fee”). Except for the U.K. Meeting Fee and the Audit Committee Meeting Fee, no non-affiliated director will be entitled
to a meeting fee for attending in-person or telephonically any other Board or committee meetings.

 

The amounts of the Annual Cash Retainer and
Additional Audit Committee Chair Retainer are expressed as annualized amounts. These retainers will be paid on a quarterly basis,
at the end of each quarter in arrears, and will be pro-rated if a non-affiliated director serves (or serves in the corresponding
position, as the case may be) for only a portion of the quarter (with the proration based on the number of calendar days in the
quarter that the director served as a non-affiliated director or held the particular position, as the case may be). U.K. Meeting
Fees and Audit Committee Meeting Fees for attendance at meetings that occur in a particular quarter will be paid at the end of
the quarter.

 

Equity Awards

 

Initial Equity Awards 

 

For each new non-affiliated director appointed
or elected to the Board, on the date that the new non-affiliated director first becomes a member of the Board, the new non-affiliated
director will automatically be granted an award of restricted Ordinary Shares of the Company (an “Initial Restricted Share
Award”) determined by dividing (1) the Initial Equity Award grant value set forth above by (2) the per-share closing price
of an Ordinary Share on the date of grant (rounded down to the nearest whole share). Each Initial Restricted Share Award will vest
in four substantially equal annual installments on each of the first four anniversaries of the date of grant.

 

    	1

    	 

    

 

Annual Equity Awards for Continuing Board
Members 

 

On the first business day of each calendar
year (beginning with the 2015 calendar year), each non-affiliated director then in office will automatically be granted an award
of restricted Ordinary Shares of the Company (an “Annual Restricted Share Award”) determined by dividing (1) the Annual
Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the first business day of the
year (rounded down to the nearest whole share). Each Annual Restricted Share Award will vest in four substantially equal quarterly
installments on the last day of each quarter in the applicable calendar year.

 

For each new non-affiliated director appointed
or elected to the Board after the first business day of the year, on the date that the new non-affiliated director first becomes
a member of the Board, the new non-affiliated director will automatically be entitled to a pro-rata portion of the Annual Restricted
Share Award (a “Pro-Rata Annual Restricted Share Award”) determined by dividing (1) a pro-rata portion of the Annual
Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the date the new non-affiliated
director first became a member of the Board (rounded down to the nearest whole share). The pro-rata portion of the Annual Equity
Award grant value for purposes of a Pro-Rata Annual Restricted Share Award will equal the Annual Equity Award grant value set forth
above multiplied by a fraction (not greater than one), the numerator of which is 12 minus the number of whole months that as of
the particular grant date had elapsed since the first business day of the year, and the denominator of which is 12. Each Pro-Rata
Annual Restricted Share Award will vest in substantially equal quarterly installments on the same schedule as the Annual Restricted
Share Award.

 

Elective Grants of Equity Awards

 

Non-affiliated directors may elect, prior to
the start of each applicable calendar year, to convert all or a portion of their Annual Cash Retainer (but not any Additional Audit
Committee Chair Retainer, U.K. Meeting Fees or Audit Committee Meeting Fees) payable with respect to the particular calendar year
into the right to receive an award of restricted Ordinary Shares of the Company (an “Elective Restricted Share Award”).
The Elective Restricted Share Award shall automatically be granted on the first business day of each calendar year in an amount
determined by dividing (1) the amount of the Annual Cash Retainer elected to be so converted by (2) the per-share closing price
of an Ordinary Share on the first business day of the year (rounded down to the nearest whole share). Like the payment schedule
for the Annual Cash Retainer, each Elective Restricted Share Award will vest in four substantially equal quarterly installments
on the last day of each quarter in the applicable calendar year.

 

In order to elect to receive an Elective Restricted
Share Award, non-affiliated directors must complete an election form in such form as the Board may prescribe from time to time
(an “Election Form”), and file such completed form with the Company prior to the start of the applicable calendar
year (i.e. if a director wants to convert his or her Annual Cash Retainer payable for the 2015 calendar year, the Election Form
must be filed prior to December 31, 2014). Once an Election Form is validly filed with the Company, it shall automatically continue
in effect for future calendar years unless the non-affiliated director changes or revokes his or her Election Form prior to the
beginning of any such future calendar years.

 

Provisions Applicable to All Equity Awards

 

Each award of Ordinary Shares will be made
under and subject to the terms and conditions of the Company’s 2013 Performance Incentive Plan (the “2013 Plan”)
or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant, and
will be evidenced by, and subject to the terms and conditions of, an award agreement in the form approved by the Board to evidence
such type of grant pursuant to this policy (the “Form of Award Agreement”).

 

Expense Reimbursement 

 

All non-affiliated directors will be entitled
to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses
incident to meetings of the Board or committees thereof or in connection with other Board related business.

 

    	2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]