Document:

EX-4.2

 Exhibit 4.2 

CARNIVAL PLC 
 As
Issuer, 
 CARNIVAL CORPORATION 

As Guarantor, 
 and

 U.S. BANK NATIONAL ASSOCIATION 

As Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of October 28, 2019 

 
  

Supplement to Indenture 

Dated as of October 28, 2019 
  

 
 Creating a
series of Securities 
 designated as 

1.000% Senior Notes Due 2029 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE ONE	  

	THE NOTES	  

	 Section 101
	  	Provisions Applicable Only to the Notes	  	 	1	 
	 Section 102
	  	Designation of Notes; Establishment of Form	  	 	2	 
	 Section 103
	  	Amount	  	 	3	 
	 Section 104
	  	Interest and Payments	  	 	3	 
	 Section 105
	  	Currency and Denominations	  	 	4	 
	 Section 106
	  	Paying Agent, Transfer Agent and Security Registrar	  	 	5	 
	 Section 107
	  	Place of Payment	  	 	5	 
	 Section 108
	  	Stated Maturity	  	 	5	 
	 Section 109
	  	Redemption	  	 	5	 
	 Section 110
	  	Other Terms of the Notes	  	 	5	 
	 Section 111
	  	Definitions	  	 	6	 
	 Section 112
	  	Repurchase at the Option of the Holders upon a Change of Control Triggering Event	  	 	8	 
	 Section 113
	  	Limitation on Liens	  	 	10	 
	
	ARTICLE TWO	  

	THE BASE INDENTURE	  

	 Section 201
	  	Provisions Applicable to all Securities	  	 	11	 
	 Section 202
	  	Amendments to the Base Indenture	  	 	11	 
	
	ARTICLE THREE	  

	MISCELLANEOUS PROVISIONS	  

	 Section 301
	  	Integral Part	  	 	12	 
	 Section 302
	  	General Definitions	  	 	12	 
	 Section 303
	  	Adoption, Ratification and Confirmation	  	 	12	 
	 Section 304
	  	Counterparts	  	 	12	 
	 Section 305
	  	Governing Law	  	 	12	 
	 Section 306
	  	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	  	 	12	 
	 Section 307
	  	Effect of Headings	  	 	13	 
	 Section 308
	  	Severability of Provisions	  	 	13	 
	 Section 309
	  	Successors and Assigns	  	 	13	 
	 Section 310
	  	Benefit of Supplemental Indenture	  	 	13	 
	 Section 311
	  	Acceptance by Trustee	  	 	13	 
			
	 ANNEX A
	  	Form of Note	  	 	A-1	 

  
 i 

 CARNIVAL PLC 

FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of October 28, 2019, among Carnival plc, a company
incorporated and registered under the laws of England and Wales (the “Company”), Carnival Corporation, a corporation organized and existing under the laws of the Republic of Panama (the “Guarantor”), and U.S. Bank National
Association, a national banking association organized and existing under the laws of the United States of America (the “Trustee”). 

WITNESSETH 
 WHEREAS, the
Company and the Guarantor have heretofore executed and delivered to the Trustee an Indenture, dated as of October 28, 2019 (the “Indenture”), providing for the issuance from time to time of the Company’s debentures, notes, bonds
or other evidences of indebtedness (hereinafter called “Securities”) in one or more fully registered series; 
 WHEREAS,
Sections 2.1, 3.1 and 9.1(vii) of the Indenture provide that the Company, the Guarantor and the Trustee may from time to time enter into one or more indentures supplemental thereto to establish the form or terms of a new series of Securities;

 WHEREAS, the Company desires to issue 1.000% Senior Notes Due 2029 (the “Notes”), a new series of Securities, the issuance of
which was authorized pursuant to resolutions adopted by Board of Directors of the Company and the Guarantor on April 17, 2019 and the Debt Committee of the Company and the Guarantor on September 25, 2019; 

WHEREAS, the Company, the Guarantor, Elavon Financial Services DAC, UK Branch, and U.S. Bank National Association have executed and delivered
an Agency Agreement dated as of October 28, 2019 (the “Agency Agreement”) to appoint Elavon Financial Services DAC, UK Branch, as Paying Agent and U.S. Bank National Association as Security Registrar and Transfer Agent (as defined
therein) in respect of the Notes; and 
 WHEREAS, all things necessary have been done to make this Supplemental Indenture a valid agreement
of the Company and the Guarantor, in accordance with their and its terms, and to make the Notes, when executed by the Company and the Guarantor and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the
Company and the Guarantor. 

 NOW THEREFORE: 

In consideration of the promises provided for herein, the Company, the Guarantor and the Trustee mutually covenant and agree as follows: 

ARTICLE ONE 
 THE NOTES

 Section 101 Provisions Applicable Only to the Notes. 

The provisions contained in this Article One shall apply to the Notes only and not to any other series of Securities issued under the Indenture
and any covenants provided herein are expressly being included solely for the benefit of the Notes and not for the benefit of any other series of Securities issued under the Indenture. These provisions shall be effective for so long as there remain
any Notes Outstanding. 
 Section 102 Designation of Notes; Establishment of Form. 

There shall be a series of Notes designated “1.000% Senior Notes Due 2029” of the Company, guaranteed by the Guarantor, and the form
thereof shall be substantially as set forth in Annex A hereto, which is incorporated into and shall be deemed a part of this Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or
as may, consistently herewith, be determined by the officer or officers of the Company executing such Notes, as evidenced by their execution of the Notes. 

The Notes designated herein shall be issued initially in the forms of one or more fully-registered permanent Global Securities, which shall be
deposited with, or on behalf of, Clearstream Banking S.A. (“Clearstream”) and Euroclear Bank SA/NV, as operator of the Euroclear system (“Euroclear”) and registered in the name of a common depositary (the “Common
Depositary”) for, and in respect of interests held through, Clearstream and Euroclear. The aggregate principal amount of outstanding Notes represented by a Global Security may from time to time be increased or decreased by adjustments made on
the records of the Trustee and the Common Depositary or its nominee, or their respective successors, as hereinafter provided. 
 Unless and
until the Global Securities are exchanged in whole or in part for Certificated Notes (as defined below), such Global Securities may not be transferred except as a whole by the Common Depositary to its nominee or by its nominee to the Common
Depositary or another nominee of the Common Depositary or by the Common Depositary or any of its nominees to a successor depositary for such series selected or approved by the Company or any nominee of such successor depositary. 

So long as the Common Depositary or such Common Depositary’s nominee is the registered owner of the Global Securities, the Common
Depositary or its nominee shall be considered the sole owner or Holder of the Notes represented by such Global Securities for all purposes under the Indenture and under the Notes. Except as provided in this Section 102, owners of beneficial
interests in the Global Securities shall not be entitled to have Notes represented by the Global Securities registered in their names, shall not receive or be entitled to receive physical delivery of Certificated Notes and shall not be considered
the owners or Holders thereof under the Indenture or under the Notes for any purpose, including with respect to the giving of any direction, instruction or approval to the Trustee. 

  
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 Notwithstanding Section 2.5 of the Indenture, the Global Securities shall only be
exchanged by the Company for one or more Notes in definitive, fully registered certificated form, without coupons (“Certificated Notes”), if: (i) Clearstream, Euroclear or any successor thereto notifies the Company that it is no
longer willing or able to act as a clearing system for the Global Securities; or (ii) the Company determines, in its sole discretion, not to have the Notes represented by a Global Security. Certificated Notes issued in exchange for Global
Securities, any beneficial interest therein or any portion thereof shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Common Depositary (in accordance with its customary procedures). 

Any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of beneficial interests in such Global
Security may be effected only through book-entry procedures maintained by the Common Depositary, and that, except as provided for in this Section 102, ownership of a beneficial interest in the Notes represented thereby shall be required to be
reflected in book-entry form. Interests of beneficial owners in a Global Security shall be transferred in accordance with the rules and procedures of Clearstream and Euroclear, or their respective successors (such procedures, the “Applicable
Procedures”). 
 For so long as the Notes are represented by Global Securities, all notices to Holders shall be valid if provided in
accordance with the Applicable Procedures. 
 Section 103 Amount. 

The Trustee shall authenticate and deliver the Notes for original issue in an initial aggregate principal amount of up to €600,000,000
upon a Company Order for the authentication and delivery of the Notes. The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as supplemented hereby, is unlimited. The Company may, without the
consent of the Holders of the Notes, issue additional notes having the same ranking and the same interest rate, maturity and other terms as the Notes, provided that such additional notes are fungible with the previously issued Notes for U.S. Federal
income tax purposes. Any additional Notes, together with the original issuance of Notes, will constitute a single series of Notes under the Indenture. No additional Notes may be issued if an Event of Default has occurred with respect to the Notes.
The Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. 

Section 104 Interest and Payments. 

Outstanding Notes shall bear interest at the rate of 1.000% per annum. The Company shall pay interest annually in arrears on October 28th of each year, commencing on October 28, 2020 (each such date, an “Interest Payment Date”). The interest so payable on any Interest Payment Date will be paid to the Person in whose
name the Notes are registered at the close of business on the Regular Record Date, which shall mean: (a) the Business Day (as defined below) immediately preceding such Interest Payment Date, for so long as the Notes are represented by a Global
Security; or (b) the fifteenth calendar day (whether or not a Business Day), immediately preceding such Interest Payment Date, in the case of Certificated Notes (such date, the “Regular Record Date”). 

Interest shall be calculated based on the actual number of days in the period for which interest is being calculated and the actual number of
days from and including the last date on which interest was paid on the Notes (or October 28, 2019, if no interest has been paid on the Notes), to, but not including, the next scheduled Interest Payment Date, until the principal thereof is
paid. This payment convention is referred to as ACT/ACT (ICMA) as defined in the rulebook of the International Capital Market Association. 

  
 3 

 If interest on the Notes is payable, or the Maturity, Redemption Date or Repayment Date
falls, as the case may be, on a day that is not a Business Day, the Company will make such payment on the next Business Day as if it were made on the date the payment was due, and no interest will accrue as a result of the delay in payment. Interest
will cease to accrue on a Note upon its Maturity or redemption, whichever occurs first. With respect to the Notes, for all purposes of the Indenture, “Business Day” means any day other than: (i) a Saturday or Sunday; (ii) a day
on which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to close; and (iii) on which the Trans-European Automated Real Time Gross Settlement Express Transfer System, or
any successor thereto, is not open. 
 Interest due on the Notes shall be deemed punctually paid if the Company shall have deposited with
the Paying Agent as of 10 AM London time on the Interest Payment Date money in immediately available funds and designated for and sufficient to pay the amounts then due. Any such interest not so punctually paid will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid: (i) to the Person in whose name the Notes are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
provided that notice shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date; or (ii) at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Section 105 Currency and Denominations. 

Payments of interest and principal, including payments made upon any redemption or repurchase of the Notes, will be payable in Euro. If the
Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Euro is no longer being used by the member states of the European Monetary Union that have adopted the
Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the Euro is again available to the
Company or so used. In such circumstances, the amount payable on any date in Euro will be converted into U.S. dollars on the basis of the most recently available market exchange rate for Euro, as determined by the Company in its sole discretion.
“Market exchange rate” means the noon buying rate in The City of New York for cable transfers of Euro as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. Any payment
in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent for the Notes shall have any responsibility for any calculation or conversion in
connection with the foregoing. “€” or “Euro” means the single currency introduced at the third stage of the European Monetary Union pursuant to the Treaty establishing the European Community, as amended. 

  
 4 

 Each Note shall be issued in fully registered form without coupons, in a denomination of
€100,000 and integral multiples of €1,000 in excess thereof. 
 Section 106 Paying Agent, Transfer Agent
and Security Registrar. 
 Pursuant to the Agency Agreement, the Company has initially appointed Elavon Financial Services DAC, UK Branch
as the Paying Agent and U.S. Bank National Association as Security Registrar and Transfer Agent for the Notes. 

Section 107 Place of Payment. 

The place of payment for the Notes will initially be the office of the Paying Agent at 125
Old Broad Street, Fifth Floor, London EC2N 1AR, United Kingdom (or such other office of the Paying Agent in London, United Kingdom as agreed to by the Company and the Paying Agent), and at the agency of the Trustee maintained for that purpose at the
office of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the address of the Person entitled thereto at such address as shall appear in the Security Register. 

Section 108 Stated Maturity. 

The date on which the principal of the Notes is due and payable, unless earlier accelerated or redeemed pursuant to the Indenture, shall be
October 28, 2029. 
 Section 109 Redemption. 

(a) There shall be no sinking fund for the retirement of the Notes. 

(b) Except as provided for herein, the Notes are not redeemable prior to their Maturity. 

(c) The Company may redeem the Notes in accordance with and at the redemption prices set forth under the captions “Optional
Redemption” and “Optional Redemption or Assumption of Securities under Certain Circumstances” in the Notes and Section 11.8 of the Indenture, respectively, and in accordance with the provisions of the Indenture, including Article
XI of the Indenture; provided that in Sections 11.4 and 11.8, the phrase “not less than 30” shall be deleted and replaced with the phrase “not less than 10” when applicable to the Notes only. 

(d) The Company may rescind the redemption of the Notes in accordance with Section 11.9 of the Indenture, and in accordance with the
provisions of the Indenture, including Article XI of the Indenture. 
 Section 110 Other Terms of the Notes.

 The Notes shall have the other terms and provisions set forth in the form of Note attached hereto as Annex A to this Supplemental
Indenture with the same force and effect as if such terms and provisions were set forth in full herein, and such other terms and provisions as provided in the Indenture and this Supplemental Indenture (including Article Two hereof). 

  
 5 

 Section 111 Definitions. 

For the purposes of Sections 112 and 113 of this Supplemental Indenture, the following definitions shall apply. Any other terms used in
such section shall have the meanings set forth in this Supplemental Indenture or the Indenture, as applicable. 
 “Carnival
Corporation & plc Group” means the Carnival Corporation Group and the Carnival plc Group. 

“Carnival Corporation Group” means the Guarantor and all its subsidiaries from time to time. 

“Carnival plc Group” means the Company and all its subsidiaries from time to time. 

“Change of Control” means any “person” or “group” (as such terms are used for the purposes of
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than Permitted Holders (each, a “Relevant Person”), that is or becomes the “beneficial
owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of such capital stock of the Company and the Guarantor, in each case as is entitled to exercise or direct
the exercise of more than 50 percent of the rights to vote to elect members of the boards of directors of each of the Company and the Guarantor; provided (i) such event shall not be deemed a Change of Control so long as one or more
of the Permitted Holders have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the boards of directors of the Company or the Guarantor, (ii) for the avoidance of doubt, no Change of
Control shall occur solely as a result of either the Company (or any Subsidiary thereof) or the Guarantor (or any Subsidiary thereof) acquiring or owning, at any time, any or all of the capital stock of each other and (iii) no Change of Control
shall be deemed to occur if all or substantially all of the holders of the capital stock of the Relevant Person immediately after the event which would otherwise have constituted a Change of Control were the holders of the capital stock of the
Company and/or the Guarantor with the same (or substantially the same) pro rata economic interests in the share capital of the Relevant Person as such shareholders had in the capital stock of the Company and/or the
Guarantor, respectively, immediately prior to such event. Any direct or indirect intermediate holding company whose only asset is capital stock of the Company or the Guarantor shall be deemed not to be a “Relevant Person.” 

“Change of Control Period” means, in respect of any Change of Control, the period commencing on the Relevant Announcement
Date in respect of such Change of Control and ending 60 days after the occurrence of such Change of Control. 
 “Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Rating Downgrade. 

  
 6 

 “GAAP” means generally accepted accounting principles in the United
States in effect on the original issue date of the Notes. 
 “Indebtedness for Borrowed Money” of any Person means,
without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments and (iii) all guarantee obligations of such Person with
respect to Indebtedness for Borrowed Money of others. 
 “Permitted Holder” means (i) each of Marilyn B.
Arison, Micky Arison, Shari Arison, Michael Arison or their spouses, the children or lineal descendants of Marilyn B. Arison, Micky Arison, Shari Arison, Michael Arison or their spouses, any trust established for the benefit of (or any charitable
trust or non-profit entity established by) any Arison family member mentioned in this clause (i), or any trustee, protector or similar person of such trust or
non-profit entity or any “person” (as such term is used in Section 13(d) or 14(d) of the Exchange Act), directly or indirectly, controlling, controlled by or under common control with any
Permitted Holder mentioned in this clause (i), and (ii) any “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) the members of which include any of the Permitted Holders specified in
clause (i) above, and that (directly or indirectly) hold or acquire beneficial ownership of capital stock of the Company and/or the Guarantor (a “Permitted Holder Group”); provided that in the case of this
clause (ii), the Permitted Holders specified in clause (i) collectively, directly or indirectly, beneficially own more than 50% on a fully diluted basis of the capital stock of the Company and the Guarantor held by such Permitted Holder
Group. Any one or more persons or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer (as defined in Section 112 of this Supplemental Indenture) is made in accordance
with the requirements of Section 112 of this Supplemental Indenture will thereafter, together with its (or their) affiliates, constitute an additional Permitted Holder or Permitted Holders, as applicable. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Rating
Agencies” means each of Moody’s Investors Service, Inc. and S&P Global Ratings, a division of S&P Global, Inc., or any of their respective successors or any national rating agency substituted for either of them as
selected by the Company. 
 “Rating Downgrade” means, in respect of any Change of Control, that the Notes are,
within the Change of Control Period in respect of such Change of Control, downgraded by both of the Rating Agencies to a non-investment grade credit rating (Ba1/BB+, or equivalent, or lower) and are not,
within such Change of Control Period subsequently upgraded to an investment grade rating (Baa3/BBB-, or equivalent, or better) by both of the Rating Agencies; provided, however, that a Rating
Downgrade otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Downgrade for purposes of the definition of Change of
Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or confirm to us in writing at our request that the reduction was the result, in whole or in part, of any
event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Downgrade). 

  
 7 

 “Relevant Announcement Date” means, in respect of any Change of
Control, the date which is the earlier of (i) the date of the first public announcement of such Change of Control and (ii) the date of the earliest Relevant Potential Change of Control Announcement, if any, in respect of such Change of
Control. 
 “Relevant Potential Change of Control Announcement” means, in respect of any Change of Control, any
public announcement or statement by the Company or the Guarantor or any actual or potential bidder or any advisor acting on behalf of any actual or potential bidder of any action or actions which could give rise to such Change of Control;
provided that within 180 days following such announcement or statement such Change of Control shall have occurred. 

“Security Interest” means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any
other agreement or arrangement having a similar effect. 
 Section 112 Repurchase at the Option of the Holders upon a
Change of Control Triggering Event. 
 If a Change of Control Triggering Event occurs, unless the Company has exercised its right to
redeem the Notes in accordance with such Notes, this Supplemental Indenture and the Indenture, Holders of Notes will have the right to require the Company to repurchase all or any part equal to €100,000 or an integral multiple of €1,000 in
excess thereof of such Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of
such Notes repurchased plus accrued and unpaid interest, if any, on such Notes repurchased to, but not including, the date of purchase (the “Change of Control Payment”) (subject to the right of Holders of record on the relevant
Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 Within 30 days following any Change of Control
Triggering Event, the Company will be required to deliver a notice to Holders of Notes describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in
the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is delivered (the “Change of Control Payment Date”), pursuant to the procedures described below. 

Such notice shall state: 

(1) that the Change of Control Offer is being made pursuant to this Section 112 and that all Notes tendered and not
withdrawn will be accepted for payment; 
 (2) the purchase price (including the amount of accrued interest) and the Change
of Control Payment Date; 
 (3) that any Note not tendered will continue to accrue interest; 

  
 8 

 (4) that, unless the Company defaults in making payment therefor, any Note
accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

(5) that Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the
Note, with the form entitled “Option of Holder to Elect to Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the
Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives,
not later than the second Business Day prior to the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased; and 
 (7) that Holders whose Notes are purchased only in
part will be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered (equal to €100,000 and integral multiples of €1,000 in excess thereof). 

If delivered prior to the date of consummation of the Change of Control, the notice will state that the Change of Control Offer is conditioned
on the consummation of the Change of Control on or prior to the Change of Control Payment Date; provided that a Change of Control Offer may only be made in advance of a Change of Control Triggering Event and be conditional on such Change of
Control Triggering Event if a definitive agreement is in place for the Change of Control Triggering Event at the time such conditional Change of Control Offer is made. 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to: 

(a) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
 (c) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 The Paying Agent will promptly deliver to each
Holder of Notes so tendered the Change of Control Purchase Price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of €100,000 and integral multiples of €1,000 in excess thereof. 

  
 9 

 The Company will publicly announce the results of the Change of Control Offer on or as soon
as practicable after the Change of Control Payment Date. 
 The Company will not be required to make a Change of Control Offer if (i) a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements that the Company would have been required to meet had the Company made such an offer, and (ii) such third party purchases all Notes
properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default
in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company must comply with the requirements
of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the offer or repurchase of the
Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 112 or the Notes, the Company will be required to comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this Section 112 or the Notes by virtue of such conflicts. 

Section 113 Limitation on Liens. 

(a) Neither the Company nor the Guarantor will create or incur, or suffer to be created or incurred or come to exist, any Security Interest in
respect of Indebtedness for Borrowed Money on any vessel or other of its respective properties or assets of any kind, real or personal, tangible or intangible, included in the consolidated balance sheet of the Carnival Corporation & plc
Group in accordance with GAAP, nor shall the Company permit any member of the Carnival Corporation & plc Group to do any of the foregoing, unless the Company makes or causes to be made effective provisions whereby either (i) the Notes
will be secured by a Security Interest on such vessels, properties or assets equally and ratably with (or prior to) all other Indebtedness for Borrowed Money thereby secured or (ii) the Notes will be secured by a Security Interest on other
vessels, properties or assets with a book value at least equal to the principal amount of the Notes that ranks prior to all other Indebtedness for Borrowed Money thereby secured. The foregoing restriction does not apply to any Security Interest in
respect of Indebtedness for Borrowed Money up to an amount not greater than 40% of the amount of the total assets of the Carnival Corporation & plc Group as shown in the Carnival Corporation & plc Group’s most recent
consolidated balance sheet (excluding for these purposes the value of any intangible assets). 
 (b) Any Security Interest granted to the
holders of the Notes under clauses (i) or (ii) of paragraph (a) above will terminate automatically when any other Indebtedness for Borrowed Money that causes such Security Interest to be granted ceases to be secured by any vessels,
assets or properties of the Carnival Corporation & plc Group. In addition, such Security Interests shall terminate automatically upon (i) payment in full of the principal of and premium on (if any), together with accrued and unpaid
interest on, the Notes and all other obligations under the Indenture or this Supplemental Indenture, in respect of the Notes, that are due and payable at or prior to the time such principal and premium on (if any), together with accrued and

  
 10 

 
unpaid interest, is paid or (ii) the Company shall have exercised its option to satisfy and discharge all the Securities of the Indenture under Article IV of the Indenture. To the
extent that the Notes are secured by a Security Interest on vessels, properties or assets of Carnival Corporation & plc Group equally and ratably with other Indebtedness for Borrowed Money, then the collateral release provisions of the
security documents for the Notes will be substantially the same as those set forth in the security documents for the other Indebtedness for Money Borrowed. 

Upon receipt of an Officers’ Certificate and an Opinion of Counsel certifying that all conditions precedent under this Supplemental
Indenture, the Indenture, and security documents, if any, to the release of the Security Interest have been met and any necessary or proper instruments of termination, satisfaction or release have been prepared by the Company, the Trustee shall
execute, deliver or acknowledge (at the Company’s expense) such documents, instruments or releases to evidence the release of any Security Interest for the benefit of the Holders of the Notes permitted to be released pursuant to this
Section 115(b). 
 ARTICLE TWO 

THE BASE INDENTURE 

Section 201 Provisions Applicable to all Securities. 

The provisions contained in this Article Two shall apply to all series of Securities issued under the Indenture. These provisions shall be
effective for so long as there remain any Securities Outstanding. 
 Section 202 Amendments to the Base Indenture

  

	 	a)	 Section 10.5 of the Base Indenture shall be amended by deleting
sub-clauses (a)(5) and (a)(6) in their entirety and replacing them with the following: “[RESERVED]”. 

  

	 	b)	 In Section 11.2 of the Base Indenture the phrase “at least 45 days prior to the Redemption Date fixed
by the Company” will be deleted and replaced with the following: 

 “at least 5 days prior to the delivery of the
notice of redemption pursuant to Section 11.4”. 
  

	 	c)	 Section 11.3 of the Base Indenture shall be replaced in its entirety with the following:

 “If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall
be selected not more than five days prior to the delivery of the notice of redemption pursuant to Section 11.4 by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or such method as the
Trustee shall deem fair and appropriate and in accordance with the Applicable Procedures of the Depository; provided, however, that no such partial redemption shall reduce the portion of the principal amount of such Security not redeemed to less
than the minimum authorized denomination for Securities of that series.” 

  
 11 

 ARTICLE THREE 

MISCELLANEOUS PROVISIONS 

Section 301 Integral Part. 

This Supplemental Indenture constitutes an integral part of the Indenture, except that Article One shall relate only to the Notes. 

Section 302 General Definitions. 

For all purposes of this Supplemental Indenture, capitalized terms used herein without definition shall have the meanings specified in the
Indenture. 
 Section 303 Adoption, Ratification and Confirmation. 

The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to
the extent the Indenture is inconsistent herewith. 
 Section 304 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original; and all
such counterparts shall together constitute but one and the same instrument. 
 Section 305 Governing Law. 

THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK IN ACCORDANCE WITH THE LAWS OF SAID STATE. 

Section 306 Conflict of Any Provision of Indenture with Trust Indenture Act of 1939. 

If and to the extent that any provision of this Supplemental Indenture limits, qualifies or conflicts with a provision required under the terms
of the Trust Indenture Act of 1939, as amended, such Trust Indenture Act provision shall control. 

  
 12 

 Section 307 Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

Section 308 Severability of Provisions. 

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 309
Successors and Assigns. 
 All covenants and agreements in this Supplemental Indenture by the parties hereto shall bind their
respective successors and assigns and inure to the benefit of their respective successors and assigns, whether so expressed or not. 

Section 310 Benefit of Supplemental Indenture. 

Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar,
any Paying Agent and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture. 

Section 311 Acceptance by Trustee. 

The Trustee accepts the amendments to the Indenture effected by this Supplemental Indenture and agrees to execute the trusts created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in this Supplemental Indenture and the Indenture. Without limiting the generality of the foregoing, the Trustee assumes no responsibility for the correctness of the
recitals contained herein, which shall be taken as the statements of the Company and, except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity or execution or
sufficiency of this Supplemental Indenture and the Trustee makes no representation with respect thereto. 
 Section 312
Notices.  
 Any notice or communication by the Company, Guarantor or the Trustee to the others is duly given if in writing and
delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile, electronic mail (in “.pdf” format) or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company: 
 Carnival
plc 
 3655 N.W. 87th Avenue 

Miami, Florida 33178-2428 

Attention: Treasurer: dcampbell@carnival.com 

  
 13 

 If to the Guarantor: 

Carnival Corporation 
 3655 N.W.
87th Avenue 
 Miami, Florida 33178-2428 

Attention: Treasurer: dcampbell@carnival.com 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust Services
EP-MN-WS3C 
 60 Livingston Avenue 

St. Paul, MN 55107 
 Attention:
Corporate Trust Administrator for Carnival plc 
 Email: rick.prokosch@usbank.com 

The Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 For so long as any Notes are represented by Global Notes, all notices to Holders of the Notes will be delivered to the
Common Depositary, which will give such notices to the holders of Book-Entry Interests. If any Notes are represented by Definitive Notes, the notices to Holders of such Notes will be validly given if mailed to them at their respective addresses in
the Note Register maintained by the Registrar. 
 All notices and communications (other than those sent to Holders) shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; on the first date on which publication is made or electronic delivery
made; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt
thereof. 
 Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders. 
 If a notice or communication is mailed or otherwise delivered in the manner provided above within the time prescribed,
such notice or communication shall be deemed duly given, whether or not the addressee receives it. 
 If the Issuer delivers or mails a
notice or communication to Holders, it shall deliver or mail a copy to the Trustee and each Agent at the same time. 
 Section 313
USA PATRIOT Act. 
 The parties hereto acknowledge that in order to help the government fight the funding of terrorism and money
laundering activities, pursuant to federal regulations that became effective on October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person
establishing a relationship or opening an account with U.S. Bank National Association. The parties hereto agree that they will 

  
 14 

 
provide the Trustee with name, address, tax identification number, if applicable, and other information that will allow the Trustee to identify the individual or entity who is establishing the
relationship, and will further provide the Trustee with formation documents such as articles of incorporation or other identifying documents. 

Section 314 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Supplemental
Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

Section 315 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE GUARANTOR, THE TRUSTEE AND EACH OTHER PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Signature page follows.] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested as of the day and year first written above. 
  

			
	CARNIVAL PLC
		
	By:	 	/s/ Darrell Campbell
		 	Name: Darrell Campbell
		 	Title: Treasurer

  

			
	CARNIVAL CORPORATION
		
	By:	 	/s/ Darrell Campbell
		 	Name: Darrell Campbell
		 	Title: Treasurer

  

  
 [First Supplemental
Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Richard Prokosch
		 	Name: Richard Prokosch
		 	Title:   Vice President

  

  
 [First Supplemental
Indenture] 

 ANNEX A 

[Form of Note] 

  
 A-1 

 [FORM OF FACE OF SECURITY] 

CARNIVAL PLC 
 1.000%
Senior Notes Due 2029 
  

			
	€_____________	  	No. __________
		  	ISIN: XS2066744231
		  	Common Code: 206674423

 CARNIVAL PLC, a company incorporated and registered under the laws of England and Wales (herein called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), and CARNIVAL CORPORATION, a corporation organized and existing under the laws of the Republic of Panama (herein called the
“Guarantor,” which term includes any successor corporation under the Indenture hereinafter referred to) for value received, hereby promise to pay to ______________________, or registered assigns, the principal sum of __________ Euros
on October 28, 2029, and to pay interest thereon from October 28, 2019 or from the most recent Interest Payment Date (as defined below) on which interest has been paid or duly provided for, on October 28 of each year (the
“Interest Payment Date”), commencing October 28, 2020, at the rate of 1.000% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be (a) for so long as the Notes are
represented by a Global Security, the Business Day immediately preceding such Interest Payment Date and (b) in the case of Certificated Notes, the fifteenth calendar day (whether or not a Business Day), immediately preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid: (i) to the Person in whose name this Security is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, provided that notice thereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or (ii) be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. This Security has the benefit of unconditional guarantees by the Guarantor, as more fully described on the reverse hereof. 

Payment of the principal of (and premium, if any, on) and any such Interest on this Security will be made at the office or agency of the
Paying Agent maintained for that purpose in London, initially at 125 Old Broad Street, Fifth Floor, London EC2N 1AR, United Kingdom; provided, however, that at the option of the Company payment of interest may be made by check mailed
to the address of the Person entitled thereto at such address as shall appear in the Security Register. 
 Payments of interest and
principal, including payments made upon any redemption or repurchase of the Securities, will be payable in Euro. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s
control or if the Euro is no longer being used by the member states of the European Monetary Union that 

  
 A-2 

 
have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the
Securities will be made in U.S. dollars until the Euro is again available to the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted into U.S. dollars on the basis of the most recently available market
exchange rate for Euro, as determined by the Company in its sole discretion. “Market exchange rate” means the noon buying rate in The City of New York for cable transfers of Euro as certified for customs purposes (or, if not so certified,
as otherwise determined) by the Federal Reserve Bank of New York. Any payment in respect of the Securities so made in U.S. dollars will not constitute an Event of Default under the Securities or the Indenture. Neither the Trustee nor the Paying
Agent for the Securities shall have any responsibility for any calculation or conversion in connection with the foregoing. “€” or “Euro” means the single currency introduced at the third stage of the European Monetary Union
pursuant to the Treaty establishing the European Community, as amended. 
 Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Signature page follows.]

  
 A-3 

 IN WITNESS WHEREOF, Carnival plc and Carnival Corporation have caused this Instrument to be
signed by, in each case, a duly authorized officer thereof, manually or in facsimile. 
 Dated: __________, 20__ 

 

			
	CARNIVAL PLC
		
	By:	 	 
		 	Name: Darrell Campbell
		 	Title: Treasurer

  

			
	CARNIVAL CORPORATION
		
	By:	 	 
		 	Name: Darrell Campbell
		 	Title: Treasurer

  
 [Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, As Trustee
		
	By:	 	 
		 	Authorized Officer

  
 [Note] 

 [FORM OF REVERSE SIDE OF SECURITY] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture (the “Base Indenture”), dated as of October 28, 2019, as amended and supplemented by the First Supplemental Indenture dated as of October 28, 2019 (the “First
Supplemental Indenture”) (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the “Indenture”), each among the Company, the Guarantor and U.S. Bank National Association, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the same upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the Series designated on the face hereof. The Company may from time to time, without the consent of the Holders of Securities, issue additional securities having the same terms and conditions as
the Securities in all respects, except for the original issue date, issue price and, in some cases, the first interest payment date. Any such additional securities will, together with the Securities, constitute a single series of the Securities
under the Indenture. 
 Paying Agent, Security Registrar and Transfer Agent 

Initially, Elavon Financial Services DAC, UK Branch will be the Paying Agent and U.S. Bank National Association will be the Security Registrar
and Transfer Agent with respect to this Security. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent, Security Registrar or Transfer Agent, to appoint additional or other Paying Agents, Security
Registrars or Transfer Agents and to approve any change in the office through which any Paying Agent, Security Registrar or Transfer Agent acts; provided that there will at all times be a Paying Agent in London, United Kingdom. 

Guarantees 
 Carnival
Corporation irrevocably, unconditionally and absolutely guarantees, jointly and severally and on a continuing basis, to each Holder of Securities, until final and indefeasible payment of the amounts referred to in clause (i) below have been
made: (i) the due and punctual payment of principal of and interest on the Securities at any time outstanding and the due and punctual payment of all other amounts payable, and all other amounts owing, by the Company to the Holders of the
Securities under the Indenture and the Securities (including, without limitation, any Additional Amounts which may be owing to any of the Holders of Securities pursuant to the terms of Section 10.5 of the Base Indenture as amended by the First
Supplemental Indenture), in each case when and as the same shall become due and payable, whether at Maturity, by acceleration, by redemption or otherwise and all other monetary obligations of the Company thereunder, all in accordance with the terms
and provisions thereof and (ii) the punctual and faithful performance, keeping, observance and fulfillment by the Company of all duties, agreements, covenants and obligations of the Company under the Indenture and the Securities. 

  
 A-6 

 The Guarantees constitute guarantees of payment, performance and compliance and not merely
of collection. The obligation of the Guarantor to make any payments may be satisfied by causing the Company or any other Person to make such payments. Further, the Guarantor agrees to pay any and all costs and expenses (including reasonable
attorney’s fees) incurred by the Trustee or any Holder of Securities in enforcing any of their respective rights under the Guarantees. 

Additional Amounts 
 The
Company will pay to the Holders such Additional Amounts as may become payable under Section 10.5 of the Base Indenture (as amended by the First Supplemental Indenture). 

The Guarantor will pay to the Holders such Guarantor Additional Amounts as may become payable under Section 15.2 of the Indenture. 

Optional Redemption 
 The
Securities will be redeemable as a whole at any time or in part from time to time, at the option of the Company, at any time prior to July 28, 2029 (the “Par Call Date”), on prior notice delivered at least 10 days, but not
more than 60 days, prior to the Redemption Date to each Holder of Securities to be redeemed, at a Redemption Price equal to the greater of (i) 100% of the principal amount of Securities to be redeemed and (ii) the sum of the present
values of the Remaining Scheduled Payments (as defined below) discounted to the Redemption Date, on an annual basis (ACT/ACT (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 25 basis points, plus, in each case,
accrued and unpaid interest to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

On or after the Par Call Date, the Securities will be redeemable as a whole at any time or in part from time to time, at the option of the
Company, on at least 10 days, but not more than 60 days, prior notice delivered to each Holder of Securities to be redeemed, at a Redemption Price equal to 100% of the principal amount of the Securities being redeemed, plus accrued and unpaid
interest to, but not including, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate (as defined below) calculation, at the
discretion of an independent investment bank selected by the Company, a German Bundesanleihe bond whose maturity is closest to the maturity of the Securities to be redeemed (assuming for this purpose that the Securities matured on the Par
Call Date), or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German Bundesanleihe bond as such independent investment bank may, with the advice of three brokers of, and/or
market makers in, German Bundesanleihe bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate. 

  
 A-7 

 “Comparable Government Bond Rate” means the yield to maturity, expressed as
a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Comparable Government Bond on the basis of the middle market price of the Comparable
Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank selected by the Company. 

“Remaining Scheduled Payments” means, with respect to each Security to be redeemed, the remaining scheduled payments
of the principal thereof and interest thereon (not including unpaid interest accrued to the Redemption Date) that would be due if the Security matured on the Par Call Date; provided, however, that, if such Redemption Date is not an
Interest Payment Date with respect to such Security, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such Redemption Date. 

Any redemption or notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including,
but not limited to, completion of an equity offering or Change of Control, issuance of indebtedness or other transaction or event. Notice of any redemption in respect thereof will be given prior to the completion thereof and may be partial as a
result of only some of the conditions being satisfied. The Company may provide in such notice that payment of the applicable Redemption Price and the performance of its obligations with respect to such redemption may be performed by another Person.

 On and after the Redemption Date, interest will cease to accrue on the Securities or any portion thereof called for redemption, unless
the Company defaults in the payment of the applicable Redemption Price and accrued and unpaid interest. On or before the Redemption Date, the Company shall deposit with a Paying Agent, or the Trustee, money sufficient to pay the applicable
Redemption Price of and accrued and unpaid interest on the Securities to be redeemed on such date. If the Company elects to redeem less than all of the Securities, then the Company will notify the PLC Senior Trustee at least five days before giving
notice of redemption to holders of the notes, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of the Securities to be redeemed and the redemption date, and the Trustee will select the particular Securities
to be redeemed by lot or such other method as the Trustee deems appropriate and fair and in accordance with the Applicable Procedures of the Common Depositary. To the extent consistent with the terms set forth above, the redemption provisions set
forth in Article XI of the Indenture shall apply to any such optional redemption (including without limitation Section 11.9 of the Indenture). 

Optional Redemption upon Obligation to Pay Additional Amounts 

The Securities are redeemable in accordance with Section 11.8 of the Base Indenture (as amended by the First Supplemental Indenture). 

Rescission of Redemption 

Redemption of the Securities may be rescinded in accordance with Section 11.9 of the Base Indenture. 

  
 A-8 

 Repurchase at Option of Holder 

Upon the occurrence of a Change of Control Triggering Event, and subject to certain conditions set forth in the Indenture, the Company will be
required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to, but not including, the date of repurchase (subject to the right
of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), as set forth in Section 112 of the First Supplemental Indenture. 

Additional Covenants 
 The
Base Indenture and the First Supplemental Indenture contain certain covenants for the benefit of Holders of the Securities that, among other things, limit the ability of the Company and Guarantor to create liens and to consolidate, merge or sell all
or substantially all of their assets. The limitations are subject to a number of important qualifications and exceptions set forth in the Base Indenture and the First Supplemental Indenture. 

Acceleration 
 If an Event
of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Modification and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of
the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the holders of a Majority in principal amount of the Outstanding Securities
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Outstanding Securities of each series, on behalf of the Holders of all Outstanding Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the amount of principal of (and premium, if any, on) and interest on this Security herein provided, and at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 A-9 

 Transfer 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any, on) and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of like tenor of different authorized denominations as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 Definitions 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

Governing Law 
 THIS
SECURITY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 ISIN, Common Codes 

The Company has caused an ISIN number and Common Code to be printed on the Securities as a convenience to the Holders of the Securities. No
representation is made as to the correctness or accuracy of such ISIN number or Common Code printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon. 

Requests for Copies of the Indenture 

The Company will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to
Carnival plc, Carnival House, 100 Harbour Parade, Southampton S015 1ST, United Kingdom, Attention: Treasurer. 

  
 A-10 

 OPTION TO ELECT REPAYMENT 

If you want to elect to have this Security repaid by the Company pursuant to Section 112 of the First Supplemental Indenture upon a
Change of Control Triggering Event, check the following box: ☐ 
 If you want to elect to have only part of this Security repaid by
the Company pursuant to Section 112 of the First Supplemental Indenture, state the amount (in denominations of €100,000 and integral multiples of €1,000 in excess thereof): €_______________ 

 

					
	Dated:                     	  		  	 Signed: ________________________

(Sign exactly as your name appears on the other side of this Security)

			
		  		  	 Signature Guarantee: ______________

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the
Trustee)

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY1 
 The following exchanges of a part of this Global Security for an interest in
another Global Security or for a definitive security, or exchanges of a part of another Global Security or definitive security for an interest in this Global Security, have been made: 

 

																	
	 Date of Exchange
	  	Amount of decrease
in principal amount
of this Global
Security	 	  	Amount of increase
in principal amount
of this Global
Security	 	  	Principal amount of
this Global Security
following such
decrease
(or increase)	 	  	Signature of
authorized signatory
of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

	1 	 This schedule should be included only if the Security is a Global Security. 

  
 A-12 

 ASSIGNMENT FORM 

For each Security fill in the form below: 
 Assign
and transfer this Security to 
  

                          
                                         
                                         
             
  

                          
                                         
                                         
             
 (Transferee’s soc. sec. or tax ID no.) 

 
  
  

 
  

 
 (Print or type assignee’s name, address and zip
code) 
 I irrevocably appoint __________________ agent to transfer this Security on the books of the Company. The agent may substitute another to act for
him. 
 Date: __________________________ 

Your Signature:_____________________________________________________________________________________________________________ 

 
  

(Sign exactly as your name appears on the other side of this Security) 

  
 A-13Exhibit

        

SEPARATION AGREEMENT AND GENERAL RELEASE
This Separation Agreement and General Release (hereinafter, the “Agreement”) is offered to Martin St. George (“Executive”) by JetBlue Airways Corporation (the “Company”) as of the date set forth on the signature page hereto.
WHEREAS, Executive understands that this Agreement is being executed in conjunction with the benefits offered hereunder and timely acceptance, without modification and without revocation, is required as a pre-condition to receipt of such benefits;
WHEREAS, the parties have determined that Executive shall relinquish his role as Executive Vice President, Chief Commercial Officer effective June 7, 2019;
WHEREAS, the Company desires and Executive agrees to remain as a Senior Advisor on an at will basis during the Advisory Period (as defined below), unless terminated by either party sooner; 
WHEREAS, Executive’s employment during the Advisory Period (as defined below) with the Company shall terminate on January 1, 2020, or sooner as provided herein; and
NOW THEREFORE, in consideration of the payments and other benefits provided and as described in general terms below, and intending to be legally bound thereby, the Company and Executive covenant and agree as follows:
1.Advisory Period.  (i)  Executive shall separate from his position of Executive Vice President Chief Commercial Officer of the Company as of June 7, 2019 and will be employed in the alternate full-time position of Senior Advisor from June 8, 2019 through January 1, 2020  (the “Advisory Period”).  As a senior advisor, Executive will assist with the transition and advise the new Vice President of Loyalty and shall have no other paid employment other than as provided in Section 10(e).  
(ii) The Company may terminate Executive’s employment as a Senior Advisor as provided in Section 12.  
(iii)  Executive may terminate Executive’s employment as a Senior Advisor at any time.  If Executive voluntarily terminates the Advisory Period no earlier than 120 days from the commencement of the Advisory Period with the Company’s consent (as set forth in Section 10(a)), the Executive’s Advisory Period early termination with the Company’s consent shall commence the provision of benefits under Sections 3(b)-(j).  To the extent that any of those benefits are time limited, they shall conclude as of an earlier time as triggered by the early termination of the Advisory Period.  
For the avoidance of doubt, for example, if Executive were to voluntarily terminate the Advisory Period on November 15, 2019 in accordance with the provisions of Section 10 and with Company consent, salary continuation and medical and dental benefits coverage would commence on November 16, 2019 and the applicable medical and dental benefit 

1

coverage would conclude on November 30, 2020 (subject to Executive’s right to elect continuation coverage under COBRA). 
If Executive terminates the Executive’s employment as a Senior Advisor within 120 days from the commencement of the Advisory Period or without the Company’s consent as provided in Section 10(a), the Company’s obligation to make or continue future payments and benefits under this Agreement shall terminate, and Executive shall be required to repay to the Company any payments and benefits previously paid to him (other than amounts required by law and $1.00) under this Agreement within three business days of such termination. 
(iv)    Should Executive die or become disabled during the Advisory Period, the Company shall include any remaining salary payments due to him through the Termination Date (as defined below) into a lump sum payment, less all applicable withholdings and deductions, to be made within 15 business days of Executive’s execution and non-revocation of the Bring Down Release attached as Appendix A payable to Executive (or his designated beneficiary). In addition, the amounts otherwise payable subsequent to the Termination Date under this agreement and the Severance Plan shall remain payable to Executive or his beneficiaries, following submission to the Company of proof of such death or disability, with the date of such termination thereinafter being utilized for all purposes as a Termination Date pursuant to the Severance Plan.  If Executive is unable to execute a Bring Down Release due to death, any payments otherwise conditioned on such execution will be paid to his designated beneficiary.

2.    Termination.  Executive acknowledges that Executive’s service with the Company will terminate on the earlier of the termination of the Advisory Period or January 1, 2020 (the “Termination Date”).  Executive shall be deemed to have resigned from all positions with or on behalf of the Company and any affiliate of the Company as of the Termination Date, and hereby agrees to execute and deliver any document or other instrument and take such further actions as the Company deems necessary or advisable to effect the termination of each such position.  After the Termination Date, Executive shall not represent himself as being a current employee, officer, agent or representative of the Company or any of its subsidiaries or affiliates for any purpose.  Whether Executive signs this Agreement or not, Executive will receive all amounts required to be paid to him by law.
3.    Consideration and Benefits.  In consideration for Executive’s obligations hereunder, the Company shall provide Executive the following consideration and benefits:
(a)    During the Advisory Period, Executive shall continue to be actively employed by the Company with duties to be mutually agreed upon by the parties, and will be paid his annual Base Salary of FOUR HUNDRED THIRTY FIVE THOUSAND DOLLARS ($435,000.00), less all applicable withholdings and deductions. 
(b)    Salary Continuation.  Following the Termination Date, the Company shall pay Executive 24 months of salary continuation in accordance with the Company’s normal payroll cycles, equaling EIGHT HUNDRED SEVENTY THOUSAND 

2

DOLLARS ($870,000) dollars in total.  The salary continuation payments provided in this Section 3(b) shall commence on the first payroll cycle following the Effective Date of the Bring Down Release included in Annex A (through the final payment, the “Salary Continuation Period”); provided, however, that if the Consideration Period for the Bring Down Release together with the Revocation Period (as each is defined in Annex A) begins in one calendar year and ends in a later calendar year, such payments shall commence no earlier than the first payroll cycle to occur in such later calendar year.  The first salary continuation payment shall include all amounts for the period from the Termination Date to the date of such payment.
(c)    Pro-rated Annual Bonus.  The Company shall pay Executive a pro-rated annual bonus for the year of Executive’s termination, which if the Termination Date is January 1, 2020, would be in the amount of ONE HUNDRED FORTY SIX  THOUSAND EIGHT HUNDRED FIFTY DOLLARS ($146,850.00), which shall be paid at the same time that bonus payments are made to executive’s generally, but no later than March 15 of the calendar year following the year in which the Termination Date occurs. 
(d)    Restricted Stock Units/Performance Share Units.  The Company agrees that outstanding restricted stock unit awards and performance share unit awards held by Executive shall vest per the terms and conditions of the applicable plans and agreements for retirees. 
(e)    Medical/Dental Benefits.  If Executive is a participant in the group medical and dental benefits sponsored by the Company on the day before the Termination Date, the Company shall provide continued medical and dental benefits in accordance with the terms and conditions of the governing medical and dental benefit plan documents through January 31, 2021, subject to Executive’s continued payment of premiums at the active rates.  If enrolled in the Company’s health, dental, and welfare plans as of the Termination Date, Executive and any eligible dependents will be eligible to elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA).  Details about specific plan coverages, electing COBRA coverage, premium rates, conversion and distribution eligibility will be provided separately.
(f)    Unemployment Benefits.  The Company shall not contest Executive’s application for unemployment benefits.
(g)    Career Transition Consulting Services.  The Company will pay up to FORTY THOUSAND ($40,000) for career counseling and career transition consulting services for Executive from a firm selected by the Company, in accordance with Company policy, during a period of one (1) year following the Effective Date.  Executive must contact Nik Sakkas, Director, Crew and Values Relations, in order to initiate any such services.  The Company shall pay the consulting firm directly for such services up to the amount specified above, and shall not pay Executive cash in lieu of such services.

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(h)    Travel Privileges.  In addition to the Severance Plan benefits set forth in Section 3 above, the Company shall also provide Executive the travel privileges set forth in this Section 3(h).  Notwithstanding Article IV.7 of the Severance Plan, the benefits set forth in this Section shall not offset or in any way reduce the Severance Plan benefits to which Executive is entitled.  During the Salary Continuation Period set forth in Section 3(b) above, Executive shall receive flight benefits in effect prior to the Termination Date, subject to the terms and conditions of the Company’s pass travel programs, including, but not limited to, any changes as may be required by Section 409A (as defined below).  Following the Salary Continuation Period, Executive shall be eligible for lifetime positive space flight benefits on JetBlue, and standby travel benefits on OALs, subject to the terms and conditions of the Company’s pass travel programs and any future changes to those programs, including, but not limited to any changes as may be required by Section 409A.  As set forth in the JetBlue Pass Riding Guide, as may be amended from time to time, violation of the Company’s pass riding guidelines shall result in the termination of all benefits set forth in this Section.
(i)    OAL Retiree Flight Privileges.  The Company agrees to use reasonable efforts to assist Executive in obtaining OAL retiree flight privileges (and badge, to the extent JetBlue issues such badges) upon Executive meeting the requirements of age plus years of service (minimum 10 years) adding up to 65.
(j)    Executive Physical.  Executive shall be eligible to have one annual executive physical pursuant to the Company’s existing program through June 30, 2020.
4.    Executive Representations.  Executive hereby affirms that:  (a) except for the consideration and benefits provided for in Section 3 above and payments required by law (which Executive acknowledges that Executive is only eligible to receive if Executive signs, returns and does not revoke this Agreement), Executive is not entitled to any other consideration or benefits of any kind from the Company, including, but not limited to, any claims for salary, bonuses, leave, severance pay, or any other payments or benefits whatsoever under any other Company plan or program; (b) Executive has no known workplace injuries or occupational diseases for which a claim for workers’ compensation benefits could be made or an award of benefits could be issued and has not been denied any leave requested, whether paid or unpaid, under the Family and Medical Leave Act or any other law; (c) Executive, as of the date of Executive’s execution of this Agreement, has neither filed nor caused to be filed any claim against the Company in any forum; (d) Executive finally affirms that Executive has not made any reports or filed any complaints that the Company engaged in any type of corporate fraud, wrongdoing or other unlawful policy or practice and Executive is not aware of nor has Executive observed any such fraud, wrongdoing or other unlawful policy or practice; and (e) the Company has no debts to Executive.
5.    Release.  In consideration of the obligations of the Company herein, specifically the payments and benefits described in Section 3 of this Agreement, of which Executive acknowledges that Executive is not otherwise entitled, Executive (on behalf of Executive and Executive’s heirs, administrators, executors, administrators and assigns) hereby fully and forever unconditionally 

4

releases and discharges the Company and all of its past or present subsidiaries, affiliates, predecessors, successors and assigns, and, with respect to each and all of the foregoing entities (including the Company), all of their respective present and former officers, directors, employees, insurers, agents (hereinafter referred to collectively as the “Releasees”), individually and in their official capacities, from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, claims and demands whatsoever which Executive, Executive’s heirs, executors, administrators and assigns has against the Releasees arising out of or by reason of any cause, matter or thing whatsoever occurring on or before the date Executive executes this Agreement, whether known or unknown, suspected or claimed, specifically mentioned herein or not, including, but not limited to, any or all matters relating to Executive’s employment by the Company and the separation thereof, Executive’s benefits, and all matters arising under any international, federal, state, or local statute, rule or regulation or principle of contract law or common law, in law or in equity, including, but not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974 (“ERISA”), the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993 and the Age Discrimination in Employment Act of 1967, all as amended; all New York state labor and employment laws, including, but not limited to, New York Executive Law§ 296 et al. and New York Labor Law Section 201 D; all New York City labor and employment laws, including, but not limited to, the New York City Administrative Code § 8-107 et al.; and any other international, federal, state or local law; provided, however, that nothing in this Section shall be construed as a release or waiver of any claim or right to payment under this Agreement, or any claim the release of which is expressly barred by law or that may arise after the execution of this Agreement (“Excluded Claims”).   On the Termination Date, Executive will be provided with a Bring Down Release in the form attached as Annex A for execution as a condition to the severance payments provided in Section 3.   
6.    Covenant Not to Sue.  Executive represents and agrees that Executive has not filed any claim, charge, allegation, or complaint for monetary damages, whether formal, informal, or anonymous, with any governmental agency, department or division, whether federal, state or local, relating to any Releasee in any manner, including without limitation, any Releasee’s business or employment practices.  Except as provided in Section 13, Executive covenants and agrees never, individually or with any person or entity or in any way, to commence, aid in any way, prosecute or cause or permit to be commenced or prosecuted against any Releasee any action or other proceeding, including, without limitation, an arbitration or other alternative dispute resolution procedure, based upon any claim, demand, cause of action, obligation, damage, or liability that is the subject of the general release of claims contained in Section 5 of this Agreement or the Bring Down Release (collectively, the “Releases”) or is in connection with Executive’s employment or service with any Releasee or the termination thereof, excluding the Excluded Claims. If Executive takes any action to commence, aid in any way, prosecute or cause to permit to be commenced or prosecuted any action or proceeding against the Releasee that is the subject of the Releases or is in connection with Executive’s employment or service with any Releasee or the termination thereof, excluding the Excluded Claims, or if Executive breaches this Agreement in any way, the Company’s obligation to provide any payments pursuant to Section 3 shall immediately cease and, promptly after the date of such action by Executive, Executive must repay to the Company (other than $100.00) any portion of the payments made pursuant to Section 3 previously paid. Executive also agrees to pay the 

5

attorneys’ fees and costs, or the proportions thereof, incurred by the applicable Releasee in defending against those claims.  Notwithstanding the foregoing, nothing in this Agreement precludes Executive from challenging the validity of the Release under the requirements imposed by the Age Discrimination in Employment Act (“ADEA”), and Executive shall not be responsible for reimbursing the attorneys’ fees and costs of any Releasee in connection with a challenge under the ADEA to the validity of the Release.  However, Executive acknowledges that the Releases apply to all claims that he has under the ADEA, and that unless the Releases are held to be invalid, all such ADEA claims shall be extinguished.
7.    Company Property.  Executive shall return, on or prior to the Termination Date, all Company property in Executive’s possession, including, but not limited to, credit cards, security key cards, telephone cards, mobile phone, computer software, electronic equipment, Company identification cards, laptop computers, Company records and copies of records, correspondence and copies of correspondence, and other books and manuals issued by the Company.  After giving effect to such return, Executive represents and warrants that Executive has no Company records or copies of records or correspondence or copies of correspondence.  Notwithstanding the foregoing, the Company has agreed that Executive shall retain his Company-issued cell phone and port the number to his personal account and, following such transfer, assume all responsibility for the bills associated with such cell phone use.
8.    Protection of Confidential Information.  Executive hereby acknowledges that Executive remains subject to and agrees to abide by any and all existing duties and obligations respecting confidential and/or proprietary information of the Company.
9.    Confidentiality of the Agreement.  Executive agrees that the terms and conditions of this Agreement are confidential and that Executive will not disclose the existence of this Agreement or any of its terms to any third party, other than to Executive’s attorney, accountant or spouse or domestic partner, or as required by law or as may be necessary to enforce this Agreement or until the filing of this agreement with the U.S. Securities and Exchange Commission. 
10.    Restrictive Covenants.
(a)    Non-Compete. (i) For a period of not less than four (4) months and up to six (6) months, to run concurrently with the Advisory Period and through the Termination Date, Executive agrees that Executive shall not, directly or indirectly, and whether as principal or investor or as an Executive, officer, director, manager, partner, consultant, agent or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on a Competing Business (as hereinafter defined) in any geographic area in which the Company is engaged. Notwithstanding the foregoing, upon Executive’s written notice to the Company of Executive’s desire to terminate the Advisory Period at least 120 days after the commencement of the Advisory Period and the reason for such early termination, with the prior written consent of the Company such consent to not be unreasonably withheld, Executive may terminate the Advisory Period after 120 days from the commencement of the Advisory Period.
(ii)    For purposes of this agreement, a “Competing Business” is any enterprise which is engaged in any business competitive with that which the Company or any of its 

6

wholly owned subsidiaries is at the time conducting; provided, however, that nothing herein shall limit Executive’s right to own not more than 1% of any of the debt or equity securities of any business organization that is then filing reports with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.  For avoidance of doubt, “Competing Business” does not include the hotel industry, the car rental industry, vacation packaging entities (such as, for example, Expedia), cargo carriers or airlines based outside of the United States.
(b)    Non-Solicit. The Executive acknowledges and agrees that the Executive will not, at any time during the Advisory Period and for twelve (12) months following the Termination Date, attempt to directly or indirectly (i) induce any crewmember of JetBlue Airways or its subsidiaries to be employed or perform services elsewhere, or (ii) induce or attempt to induce any customer, supplier, licensee or other business relation of the Company or its affiliates to cease doing business with the Company or its affiliates, or in any way interfere with the relationship between the Company or its affiliates and any of their respective customers, suppliers, licensees or other business relations. As used herein, the term “indirectly” includes Executive using other individuals or entities to interfere with existing business relationships of the Company and Executive’s permitting the use of Executive’s name by any competitor of the Company to induce or interfere with any employee or business relationship of the Company.  Positive statements concerning a new employer shall not be considered to violate this section 10(b)(ii) so long as none of the Company nor its employees are referenced or indicated.
(c)    Remedies. Executive acknowledges that, in view of the nature of the Company’s business and his prior position with the Company, the restrictions contained in Sections 10(a) and 10(b) of this Agreement are reasonable and necessary to protect the Company’s legitimate business interests and that any violation of those provisions would result in irreparable injury to the Company.  In the event of a breach, the Company shall be entitled to all available legal and equitable remedies of law, including, but not limited to a temporary restraining order and injunctive relief restraining Executive from the commission of any breach (without proving actual damages or posting a bond or other security).
(d)    The courts shall be entitled to modify the duration and scope of any restriction contained in Section 10 of this Agreement to the extent such restriction would otherwise be unenforceable, and such restriction as modified shall be enforceable.
(e)    The Parties understand and agree that notwithstanding Executive’s duties hereunder, both during the Advisory Period and thereinafter, he may (i) consult as a subject matter expert or executive research resource on a compensated basis so long as the compensation is de minimus and the expertise provided is industry-related (not Company-specific); (ii) teach at universities and (iii) serve on corporate and non-profit boards (so long as the corporate boards are not in the airline industry).
11.    Non-Disparagement.  Executive agrees that Executive will not publish or communicate to any person or entity Disparaging (as defined herein) remarks, comments or statements concerning the Releasees.  The Company’s officers shall not publish or communicate to any person or entity Disparaging remarks concerning Executive.  “Disparaging” remarks, 

7

comments, or statements are those that impugn the character, honesty, integrity, morality, or business acumen or abilities in connection with any aspect of the operation of the Company’s business.   Public comments concerning an airline other than the Company or the industry landscape in general shall not be considered to violate this provision; public comments negatively referencing the parties to this agreement would violate this provision.  
12.    Violation of this Agreement.  Should Executive fail to provide prompt notice  of alternate employment, violate the restrictive covenants in Section 10(a), 10(b) or 11; or if Executive is terminated for Cause (as defined in the JetBlue Airways Severance Plan) during the Advisory Period, Executive’s employment shall terminate, the Company’s obligation to make or continue future payments and benefits under this Agreement or under the Plan shall terminate, and Executive shall be required to repay to the Company any payments and benefits previously paid to him (other than amounts required by law and $1.00) under this Agreement within three business days of him engaging in the Competing Business activity.  Executive must notify JetBlue Airways Corporation, 27-01 Queens Plaza North, Long Island City, New York 11101, Attention: General Counsel within 5 business days of his intent to resign his employment during the Advisory Period. Any rights to vested (non-severance plan) retirement benefits shall be controlled by the governing plan documents. 
13.    Non-Assignment of Rights.  Executive warrants that Executive has not assigned or transferred any right or claim described in the general release given in Section 5 above.
14.    Protected Rights.  Notwithstanding any other provision of this Agreement, nothing herein is intended to prevent Executive from disclosing information to any federal, state or local government agency under any whistleblower or similar statute.  Executive may do so without disclosure to the Company, and the Company may not retaliate against Executive for such activity.  For the sake of clarity and notwithstanding anything in this Separation Agreement to the contrary, no provision of this Separation Agreement shall be construed or enforced in a manner that would limit or restrict Executive from exercising any legally protected whistleblower rights (including, without limitation, pursuant to Rule 21F under the Securities Exchange Act of 1934).  Further, Executive shall not be held criminally or civilly liable under any federal, state or local law for any disclosure of a trade secret that:  (a) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, in each case where such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the Company’s trade secrets to Executive’s attorney and use the applicable trade secret information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.  No provision of this Agreement shall prevent Executive from filing a charge with, participating in any proceeding by or before the Equal Employment Opportunity Commission or comparable state or local agency to the extent permitted by law; provided, however, that Executive acknowledges and agrees that Executive hereby waives any and all right to any monetary or personal relief or recovery resulting from such proceeding or any other proceeding related to any cause or matter settled or waived pursuant to this Agreement.

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15.    Consideration Period.  Executive acknowledges that Executive may take up to 21 calendar days from the date hereof to review and to consider whether or not Executive will accept this Agreement (the “Consideration Period”).  To the extent that Executive has elected to enter into this Agreement prior to the end of the Consideration Period, Executive has done so voluntarily and has knowingly waived any remainder of the Consideration Period.
16.    Acknowledgements.  Executive acknowledges that Executive:  (a) has carefully read this Agreement in its entirety; (b) has had an opportunity to consider it fully for up to 21 days; (c) has been, and is hereby, advised by the Company in writing to consult with an attorney of Executive’s own choosing in connection with this Agreement; (d) fully understands the significance of all of the terms and conditions of this Agreement and has discussed them with an independent attorney of Executive’s own choosing or has had a reasonable opportunity to do so; (e) has had answered to Executive’s satisfaction any questions Executive has asked with regard to the meaning and significance of any of the terms or provisions of this Agreement; and (f) is signing this Agreement voluntarily and of Executive’s own free will and agrees to all the terms and conditions contained herein.
17.    Revocation Period and Effective Date.  Executive may accept this Agreement by signing it and returning it (by overnight or hand delivery) to JetBlue Airways Corporation, 27-01 Queens Plaza North, Long Island City, New York 11101 (attn: Mike Elliott, Chief People Officer, JetBlue Airways Corporation) prior to the end of the Consideration Period.  Executive may revoke this Agreement for a period of seven (7) calendar days after its execution (the “Revocation Period”) by delivering to the Company at the above address a notarized written notice of Executive’s desire to revoke the Agreement that is received by no later than 5:00 PM Eastern Time on the last day comprising the Revocation Period; provided, that if the last day of the Revocation Period would otherwise fall on a Saturday, Sunday or legal holiday, the last day of the Revocation Period shall instead be deemed to be the next business day.  This Agreement shall become effective and irrevocable automatically upon the expiration of the Revocation Period, if Executive does not revoke it in the aforesaid manner (the “Effective Date”).  In the event that Executive does not accept this Agreement within the Consideration Period as set forth above, or Executive revokes it during the Revocation Period, the terms of this Agreement shall immediately become null and void and Executive will not be eligible for the payments described herein.
18.    Duty to Cooperate.  In the event that any non-party to this Agreement, including, but not limited to, any current or former crewmember of, or applicant/candidate for employment with, the Company, or any governmental agency, issues a subpoena to, or requests information or documents from, Executive relating to Executive’s employment at the Company, Executive agrees that, within five (5) days of receiving any such subpoena or request, Executive will notify Brandon Nelson, General Counsel and Corporate Secretary, 27-01 Queens Plaza North, Long Island City, New York 11101 of such subpoena or Request and shall make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.  Executive further agrees to provide full and reasonable cooperation with the Company and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter in which Executive was involved during Executive’s employment with the Company or of which Executive has knowledge, including by meeting with the Company and its counsel and/or 

9

providing testimony after being provided with reasonable notice.  The Company shall work with Executive on reasonably scheduling any meetings and/or appearances.  Following Executive’s Termination Date, the Company will reimburse Executive for all reasonable business expenses incurred by Executive in connection with such cooperation or in assisting the Company under this provision for non-testimonial activities, including investigations, trial preparation and document reviews.
19.    No Admission of Liability.  It is understood and agreed that the execution of this Agreement by the Company is not to be construed as an admission of any liability on its part to Executive other than to comply with the terms of this Agreement.
20.    Tax Liability.  All amounts payable and benefits provided under this Agreement shall be subject to deductions for taxes and other withholdings as required by applicable law.  Executive acknowledges that Executive bears the responsibility to pay all taxes on the payments described in Section 3 above.
21.    Section 409A
(a)    General Compliance.  This Agreement will be interpreted and administered in a manner consistent with Section 409A of the Internal Revenue Code of 1986, as amended, and Department of the Treasury regulations and other interpretive guidance promulgated thereunder (together, “Section 409A”).  Notwithstanding any other provision of this Agreement, payments provided under this Agreement will be made only upon an event and in a manner that complies with Section 409A or an applicable exemption therefrom.  Each payment or separate installment made to Executive pursuant to this Agreement will be designated as a separate payment for purposes of Section 409A.  Any payments to be made upon termination of employment will be made only upon a “separation from service” within the meaning of Section 409A.  Notwithstanding this Section 20, the Company makes no representation that the payments and benefits provided under this Agreement will comply with Section 409A, and in no event will the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of noncompliance with Section 409A.  The Company may modify the payments and benefits provided under this Agreement at any time solely as necessary to avoid adverse tax consequences under Section 409A; provided, however, that this Section 21(a) shall not create any obligation on the part of the Company to do so.
(b)    Specified Employees.  If at any time the Company determines that Executive is a “specified employee” within the meaning of Section 409A, any amounts of nonqualified deferred compensation payable to Executive by reason of termination of employment, pursuant to this Agreement or otherwise, will not be paid until the earlier of the first payroll date to occur following the six-month anniversary of Executive’s separation from service or, if earlier, following Executive’s death.  The aggregate amount of any payments that would otherwise have been made before such date will be paid to Executive, without interest, in a lump sum on such payroll 

10

date, and thereafter, any remaining payments will be paid without delay in accordance with the original schedule of payment.  
(c)    Reimbursements and In-Kind Benefits.  The amount of any in-kind benefits provided or expenses for which Executive is eligible to receive reimbursement during any calendar year will not affect the amount of any in-kind benefits provided or expenses for which Executive is eligible to receive reimbursement during any other calendar year, and any rights to reimbursement or in-kind benefits will not be subject to liquidation or exchange for any other benefit.
22.    Governing Law; Jurisdiction.  This Agreement shall be governed by and construed in all respects in accordance with the laws of the State of New York applicable to contracts fully executed and performed entirely in such State.  Any legal action or proceeding with respect to this Agreement shall be brought in the state and federal courts encompassing Long Island City, New York.  By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts with respect to any legal action or proceeding with respect to this Agreement.  The parties also agree to waive any right to a jury trial in connection with alleged breach of this Agreement.
23.    Entire Agreement.  This Agreement constitutes the sole and entire agreement between the Company and Executive regarding the terms and conditions of Executive’s separation from the Company, and supersedes any and all prior or simultaneous representations, discussions, negotiations, plans, programs and agreements, whether written or oral, if any, regarding the terms and conditions of Executive’s separation from the Company.
24.    Modification.  No provision of this Agreement shall be amended, waived or modified except by an instrument in writing signed by the parties hereto that explicitly states the intent of the parties to supplement the terms of this Agreement.
25.    Counterparts.  This Agreement may be executed in separate counterparts (including by electronic signature or transmission), each of which shall be considered an original and all of which together shall constitute one and the same instrument.
* * * *

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Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set forth below.

JetBlue Airways Corporation

/s/ Mike Elliott                 
By: Mike Elliott     
Title: Chief People Officer    

July 15, 2019                     
Date

Accepted and Agreed:

/s/ Martin St. George                     
Martin St. George
July 15, 2019                         
Date

[Signature page to Separation Agreement and General Release]

Exhibit 10.1

ANNEX A 

Bring Down Release

This Bring Down Release forms a part of the Separation Agreement and General Release (the “Separation Agreement”) between Martin St. George (“Executive”) by JetBlue Airways Corporation (the “Company”), dated ____________ __, 2019.  
 
1.    In consideration of the obligations of the Company in the Separation Agreement, specifically the payments and benefits described in Section 3 of the Separation Agreement, of which Executive acknowledges that Executive is not otherwise entitled, Executive (on behalf of Executive and Executive’s heirs, administrators, executors, administrators and assigns) hereby fully and forever unconditionally releases and discharges the Company and all of its past or present subsidiaries, affiliates, predecessors, successors and assigns, and, with respect to each and all of the foregoing entities (including the Company), all of their respective present and former officers, directors, employees, insurers, agents (hereinafter referred to collectively as the “Releasees”), individually and in their official capacities, from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, claims and demands whatsoever which Executive, Executive’s heirs, executors, administrators and assigns has against the Releasees arising out of or by reason of any cause, matter or thing whatsoever occurring on or before the date Executive executes this Agreement, whether known or unknown, suspected or claimed, specifically mentioned herein or not, including, but not limited to, any or all matters relating to Executive’s employment by the Company and the separation thereof, Executive’s benefits, and all matters arising under any international, federal, state, or local statute, rule or regulation or principle of contract law or common law, in law or in equity, including, but not limited to, claims arising under Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974 (“ERISA”), the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993 and the Age Discrimination in Employment Act of 1967, all as amended; all New York state labor and employment laws, including, but not limited to, New York Executive Law§ 296 et al. and New York Labor Law Section 201 D; all New York City labor and employment laws, including, but not limited to, the New York City Administrative Code § 8-107 et al.; and any other international, federal, state or local law; provided, however, that nothing in this Section shall be construed as a release or waiver of any claim or right to payment under the Separation Agreement, or any claim the release of which is expressly barred by law or that may arise after the execution of this Bring Down Release (“Excluded Claims”).
2.    Executive acknowledges that Executive may take up to 21 calendar days from the date hereof to review and to consider whether or not Executive will accept this Bring Down Release (the “Consideration Period”).  To the extent that Executive has elected to enter into this Bring Down Release prior to the end of the Consideration Period, Executive has done so voluntarily and has knowingly waived any remainder of the Consideration Period.

A-1

Exhibit 10.1

3.    Executive acknowledges that Executive:  (a) has carefully read this Bring Down Release in its entirety; (b) has had an opportunity to consider it fully for up to 21 days; (c) has been, and is hereby, advised by the Company in writing to consult with an attorney of Executive’s own choosing in connection with this Bring Down Release; (d) fully understands the significance of all of the terms and conditions of this Bring Down Release and has discussed them with an independent attorney of Executive’s own choosing or has had a reasonable opportunity to do so; (e) has had answered to Executive’s satisfaction any questions Executive has asked with regard to the meaning and significance of any of the terms or provisions of this Bring Down Release; and (f) is signing this Bring Down Release voluntarily and of Executive’s own free will and agrees to all the terms and conditions contained herein.
4.    Executive may accept this Bring Down Release by signing it and returning it (by overnight or hand delivery) to JetBlue Airways Corporation, 27-01 Queens Plaza North, Long Island City, New York 11101 (attn: Mike Elliott, Chief People Officer, JetBlue Airways Corporation) prior to the end of the Consideration Period.  Executive may revoke this Agreement for a period of seven (7) calendar days after its execution (the “Revocation Period”) by delivering to the Company at the above address a notarized written notice of Executive’s desire to revoke the Agreement that is received by no later than 5:00 PM Eastern Time on the last day comprising the Revocation Period; provided, that if the last day of the Revocation Period would otherwise fall on a Saturday, Sunday or legal holiday, the last day of the Revocation Period shall instead be deemed to be the next business day.  This Bring Down Release shall become effective and irrevocable automatically upon the expiration of the Revocation Period, if Executive does not revoke it in the aforesaid manner (the “Effective Date”).  In the event that Executive does not accept this Bring Down Release within the Consideration Period as set forth above, or Executive revokes it during the Revocation Period, Executive will not be eligible for any further payments under the Separation Agreement.
5.    All other provisions of the Separation Agreement remain in full force and effect.

Accepted and Agreed:

 
Martin St. George
 
Date

A-2

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