Document:

Amended and Restated Carnival Corporation 2001 Outside Director Stock Plan

 EXHIBIT 10.2 
 CARNIVAL CORPORATION 
 AMENDED AND RESTATED 
 2001 OUTSIDE DIRECTOR STOCK PLAN 
 (Adopted by the
Board of Directors on February 16, 2001 and approved by the shareholders on April 17, 2001, effective as of January 1, 2001, amended by the Board of Directors on October 8, 2001, further amended by the Board of Directors on
July 19, 2004, January 18, 2005, October 16, 2007, January 15, 2008 and further amended by the Board of Directors December 17, 2008) 
 1. Purpose. 
 The purpose of the Plan
is to promote the interests of the Combined Group by strengthening the Combined Group’s ability to attract and retain the services of experienced and knowledgeable non-executive directors and by encouraging such directors to acquire an
increased proprietary interest in the Combined Group and more closely align the interests of such directors with those of the Combined Group’s shareholders. 
 The Plan provides for granting of Restricted Stock Awards and Restricted Stock Unit Awards. 
 2.
Definitions. 
 The following definitions shall be applicable throughout the Plan. 
 (a) “Affiliate” means (i) any entity that directly or indirectly is controlled by, controls or is under common control with the Company or
Carnival plc, and (ii) to the extent provided by the Committee, any entity in which the Company or Carnival plc has a significant equity interest. 
 (b) “Award” means, individually or collectively, any Restricted Stock Award or Restricted Stock Unit Award. 
 (c) “Award Agreement” means a Restricted Stock agreement or Restricted Stock Unit agreement. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Carnival plc” means the entity previously known as P&O
Princess Cruises plc, a public limited company incorporated under the laws of England and Wales, and any successor thereto. 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section.

 (g) “Committee” means the Compensation Committee of the Board. 
 (h) “Common Stock” means the common stock, par value $0.01 per share, of the Company and any stock into which such common stock may be
converted or into which it may be exchanged. 
 (i) “Combined Group” means the Company and Carnival plc and any successor thereto.

 (j) “Company” means Carnival Corporation, a corporation organized under the laws of the
Republic of Panama, and any successor thereto. 
 (k) “Date of Grant” means the date on which the granting of an Award is
authorized, or such other date as may be specified in such authorization or, if there is no such date, the date indicated on the applicable Award Agreement. 
 (l) “Disability mean a Participant’s total disability as defined below and determined in a manner consistent with Code Section 409A and the regulations thereunder: 
 The Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 A Participant will be
deemed to have suffered a Disability if determined to be totally disabled by the Social Security Administration. In addition, the Participant will be deemed to have suffered a Disability if determined to be disabled in accordance with a disability
insurance program maintained by the Company, provided that the definition of disability applied under such disability insurance program complies with the requirements of Code Section 409A and the regulations thereunder. 
 (m) “Effective Date” means January 1, 2001. 
 (n) “Eligible Director” shall have the meaning assigned to it in Section 6. 
 (o)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (p) “Fair Market Value”, on a given date, means
(i) if the Shares are listed on a national securities exchange, the average of the highest and lowest sale prices reported as having occurred on the primary exchange with which the Shares are listed and traded on such date, or, if there is no
such sale on that date, then on the last preceding date on which such a sale was reported; (ii) if the Shares are not listed on any national securities exchange but is quoted in the Nasdaq National Market (“Nasdaq”) on a last sale
basis, the average between the high bid price and low ask price reported on the date prior to such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Shares are not
listed on a national securities exchange nor quoted in the Nasdaq on a last sale basis, the amount determined by the Committee to be the fair market value based upon a good faith attempt to value the Shares accurately and computed in accordance with
applicable regulations of the Internal Revenue Service. 
 (q) “Mature Shares” means Shares owned by a Participant which are not
subject to any pledge or security interest and have either been held by the Participant for six months, previously acquired by the Participant on the open market or meet such other requirements as the Committee may determine are necessary in order
to avoid an accounting earnings charge on account of the use of such Shares to pay the Option Price or satisfy any applicable withholding obligation in respect of an Option. 
 (r) “Option” means an Award granted under Section 8 prior to January 15, 2008. 
 (s) “Option Price” means the exercise price for an Option. 
 (t) “Pairing Agreement” means the Pairing Agreement, dated April 17, 2003, among the Company, The Law Debenture Trust Corporation (Cayman) Limited, as trustee of the Carnival plc Special Voting Trust,
and Sun Trust Bank, as transfer agent, as it may be amended from time to time. 

 (u) “Participant” means each Eligible Director receiving an Award pursuant to the Plan.

 (v) “Plan” means this Carnival Corporation Amended and Restated 2001 Outside Director Stock Plan. 
 (w) “Restricted Period” means, with respect to any Share of Restricted Stock or any Restricted Stock Unit, the period of time during which such
Award is subject to restrictions set forth in Section 9 and the applicable Award Agreement. 
 (x) “Restricted Stock” means
Shares issued or transferred to a Participant subject to forfeiture and the other restrictions set forth in Section 9 and the applicable Award Agreement. 
 (y) “Restricted Stock Award” means an Award of Restricted Stock granted under Section 9. 
 (z) “Restricted Stock Unit” means a hypothetical investment equivalent to one Share granted in connection with an Award made under Section 9. 
 (aa) “Restricted Stock Unit Award” means an Award of Restricted Stock Units granted under Section 9. 
 (bb) “Securities Act” means the Securities Act of 1933, as amended. 
 (cc) “Share” means the aggregate of one
share of Common Stock and one Trust Share. 
 (dd) “Stock Option Agreement” means any agreement between the Company and a
Participant who has been granted an Option pursuant to Section 8 which defines the rights and obligations of the parties thereto. 
 (ee) “Subsidiary” means any subsidiary of the Company as defined in Section 424(f) of the Code. 
 (ff) “Trust
Share” has the meaning assigned to it in the Pairing Agreement. 
 (gg) “Vested Unit” has the meaning assigned to it in
Section 9(d). 
 3. Effective Date, Duration and Shareholder Approval. 
 (a) The Plan is effective as of the Effective Date, and the Plan was approved by shareholders at a meeting held on April 17, 2001 in a manner
intended to comply with the shareholder approval requirements of the New York Stock Exchange. This amendment and restatement shall be effective as of January 18, 2005, subject to approval by the Company’s shareholders in a manner intended
to comply with the shareholder approval requirements of the New York Stock Exchange. The validity of any and all Awards granted after January 18, 2005 to Participants are contingent upon approval of the January 18, 2005 amendment and
restatement of the Plan by the shareholders of the Company in a manner intended to comply with the shareholder approval requirements of the New York Stock Exchange. 

 (b) The expiration date of the Plan, on and after which no Awards may be granted hereunder, shall be
January 1, 2011; provided, however, that the administration of the Plan shall continue in effect until all matters relating to Awards previously granted have been settled. 
 4. Administration. 
 (a) The Plan
shall be administered by the Committee. A majority of the Committee will constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by all members of the Committee
without a meeting, will be acts of the Committee. 
 (b) Subject to the express provisions of the Plan, the Committee shall have plenary
authority to interpret the Plan, to prescribe, amend and rescind the rules and regulations relating to it and to make all other determinations deemed necessary and advisable for the administration of the Plan. No member of the Committee shall be
liable for anything done or omitted to be done by him or by any other member of the Committee in connection with the Plan, except for his own willful misconduct or gross negligence. All decisions which are made by the Committee with respect to
interpretation of the terms of the Plan and with respect to any questions or disputes arising under the Plan shall be final and binding on the Company and the participants, their heirs or beneficiaries. The Committee shall not be empowered to take
any action, whether or not otherwise authorized under the Plan, which would result in any Eligible Director failing to qualify as a “disinterested person.” 
 5. Shares Subject to Awards. 
 (a) Subject to the adjustment provisions of Section 10(e), the
aggregate number of Shares in respect of which Awards may be granted under the Plan shall not exceed 1,000,000. 
 (b) Shares shall be deemed
to have been used in settlement of Awards whether or not they are actually delivered. In the event any Award shall be surrendered, terminate, expire, be forfeited or be cancelled for any reason whatsoever without the Participant having benefited
therefrom, the number of Shares no longer subject thereto shall thereupon be released and shall thereafter be available for new Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any
“benefit” in the case of forfeited Restricted Stock Awards by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture. 
 (c) Shares delivered by the Company in settlement of Awards may be authorized and unissued Shares or Shares held in the treasury of the Company or purchased on the open market or by private purchase. 
 (d) There shall be reserved at all times for sale under the Plan a number of Shares, of either authorized and unissued Shares, Shares held in the
Company’s treasury, or both, equal to the maximum number of shares in respect of which Awards may be granted under the Plan. 
 6.
Participation in Plan. Each member of the Company’s Board of Directors who is not otherwise an employee of the Company or any Affiliate or subsidiary of the Company within the meaning of the Employee Retirement Income Security Act of
1974 (an “Eligible Director”) shall be eligible to participate in the Plan. A director who is an employee and who retires or resigns from employment with the Company and/or its Affiliates, but remains an Eligible Director of the Company,
shall become eligible to participate in the Plan in accordance with Section 7, effective as of the first annual meeting of shareholders held after his termination of employment. 

 7. Annual Award Grants. Each Eligible Director shall receive upon initial election to office by
the shareholders and thereafter annually on the date of the Company’s annual meeting of shareholders at which such Eligible Director is re-elected to office, or on any other date properly approved pursuant to this Section 7, an Award of a
total of 2,500 Shares of Restricted Stock or Restricted Stock Units. An Award may be composed of Restricted Stock, Restricted Stock Units or a combination thereof, at the discretion of the Committee which discretion shall be exercised not later than
the Date of Grant of such Award. The Board may authorize a Date of Grant other than the date of the Company’s annual meeting of shareholders, provided, that Awards granted to each Participant do not exceed 2,500 Shares in any given
calendar year. 
 8. Terms of Options. The terms of this Section 8 shall apply to Options granted prior to
January 15, 2008. 
 (a) Manner of Exercise and Form of Payment. 
 (i) An Option granted under the Plan shall be deemed exercised when the person entitled to exercise the Option (a) delivers written notice to the
Company at its principal business office, directed to the attention of its Secretary, of the decision to exercise, specifying the number of shares with respect to which the option is exercised and the price per share designated in the Stock Option
Agreement, (b) concurrently tenders to the Company full payment for the Shares to be purchased pursuant to such exercise, and (c) complies with such other reasonable requirements as the Committee establishes pursuant to Section 8 of
the Plan. 
 (ii) Full payment for Shares purchased by the Participant shall be made at the time of any exercise, in whole or in part, of an
Option, and certificates for such Shares shall be delivered to the Participant as soon thereafter as is reasonably possible. No Shares shall be transferred to the Participant until full payment therefor has been made and the Participant shall have
none of the rights of a shareholder with respect to any Shares subject to an Option until a certificate for such shares shall have been issued and delivered to the Participant. Such payment shall be made in cash or by check or by money order payable
to the Company, in each case payable in U.S. currency. In the Committee’s discretion, such payment may be made by delivery of Mature Shares having a Fair Market Value (determined as of the date of the Option is so exercised in whole or in
part), that, when added to the value of any cash, check or money order satisfying the foregoing requirements, will equal the aggregate purchase price. 
 (b) Termination of Board Membership. 
 (i) Death or Disability. Upon a Participant’s
ceasing to be a member of the Board due to death or Disability, all unvested Options shall immediately vest and become exercisable and all vested Options shall continue to be exercisable by the Participant or his estate, as applicable, until the
earlier to occur of (i) the original expiration date of such Option, and (ii) one year from such cessation. 
 (ii) Other
Termination. Except as provided in the proviso to this Section, upon a Participant’s ceasing to be a member of the Board for any reason other than death or Disability, all unvested Options shall continue to vest in accordance with their
initial terms, and all vested Options shall continue to be exercisable until the original expiration date of such Option; provided, however, that if the Participant ceases to be a member of the Board prior to serving in such capacity
for one year, all of such Participant’s Options shall immediately expire upon such termination. 

 9. Restricted Stock and Restricted Stock Units. 
 (a) Awards of Restricted Stock and Restricted Stock Units. 
 (i) Each Participant granted a Restricted Stock Award shall execute and deliver to the Company a Restricted Stock agreement with respect to the Restricted Stock setting forth the restrictions and other terms and
conditions applicable to such Restricted Stock including the Restricted Period set forth in Section 9(c). If the Committee determines that the Restricted Stock shall be held in escrow rather than delivered to the Participant pending the release
of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee and (B) the appropriate blank stock powers with respect to
the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock powers, the Award shall be null and void. Subject to the
restrictions set forth in Section 9(b) and Section 9(c), the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the discretion of
the Committee, cash dividends and stock dividends with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash
dividends withheld at a rate and subject to such terms as determined by the Committee. To the extent applicable, the cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and
earnings thereon, if applicable) shall be distributed to the Participant upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such cash dividends, stock dividends or earnings.

 (ii) Upon the grant of an Award of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the
Participant to be issued and, if it so determines, deposited together with the stock powers with an escrow agent designated by the Committee. If an escrow arrangement is used, the Committee may cause the escrow agent to issue to the Participant a
receipt evidencing any stock certificate held by it registered in the name of the Participant. 
 (iii) The terms and conditions of a grant
of Restricted Stock Units shall be reflected in a written Restricted Stock Unit agreement. No Shares shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be required to set aside a fund for the payment of
any such Award. At the discretion of the Committee, each Restricted Stock Unit (representing one Share) awarded to a Participant may be credited with cash and stock dividends paid by the Company in respect of one Share (“Dividend
Equivalents”). As provided in each Award, Dividend Equivalents may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash Dividend
Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable)
shall be distributed to the Participant upon settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents. 
 (b) Restrictions; Forfeiture. 
 (i)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Restricted Stock agreement:
(A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; and (B) the Shares shall be subject to the restrictions on transferability set forth in the applicable Restricted Stock
agreement. Restricted Stock awarded to a Participant who has not been a member of the Board for at least one year at the time of such award shall be forfeited, and the applicable stock certificates returned to the Company, if the Participant ceases
to be a member of the Board for any reason other than death or Disability prior to the one-year anniversary of his or her initial election to the Board. In the event of such a forfeiture, all rights of the Participant to such Restricted Stock, and
as a shareholder in respect thereof, shall terminate without further obligation on the part of the Company. 

 (ii) Restricted Stock Units awarded to any Participant who has not been a member of the Board for at
least one year at the time of such award shall be forfeited, and all rights of the Participant to in respect thereof, shall terminate without further obligation on the part of the Company if the Participant ceases to be a member of the Board for any
reason other than death or Disability prior to the one-year anniversary of his or her initial election to the Board. Restricted Stock Units shall be subject to such other terms and conditions as may be set forth in the applicable Restricted Stock
Unit agreement. 
 (iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and
Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Stock Award or Restricted Stock Unit Award, such action is appropriate.

 (c) Restricted Period. The Restricted Period of Restricted Stock Awards and Restricted Stock Unit Awards granted to any Participant
shall commence on the Date of Grant and shall expire as to one-hundred percent (100%) of the Restricted Stock or Restricted Stock Units, as applicable, subject thereto on each of third anniversary of the Date of Grant whether or not such
Participant continues to be a member of the Board; provided, however, that upon a Participant’s ceasing to be a member of the Board due to death or Disability, the Restricted Period shall expire as to one hundred percent
(100%) of the Shares subject thereto. 
 (d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any Shares covered by an Award of Restricted Stock which has not been forfeited in
accordance with the second sentence of Section 9(b)(i), the restrictions set forth in this Section 9 and the Restricted Stock agreement shall be of no further force or effect with respect to shares of Restricted Stock which have not then
been forfeited. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the stock certificate evidencing the shares of Restricted Stock with respect to which the
Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. 
 (ii) Upon the expiration of the Restricted Period with respect to any Restricted Stock Units covered by a Restricted Stock Unit Award which has not been
forfeited in accordance with Section 9(b)(ii), the Company shall deliver to the Participant, or his beneficiary, without charge, one Share for each Restricted Stock Unit with respect to which the Restricted Period has expired (“Vested
Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 9(a)(iii) hereof and the interest thereon, if any; provided, however, that, if explicitly provided in
the applicable Restricted Stock Unit agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Shares in lieu of delivering only Shares for Vested Units. If a cash payment is made in lieu of delivering Shares, the
amount of such payment shall be equal to the Fair Market Value of the Shares as of the date on which the Restricted Period lapsed with respect to such Vested Unit. 
 (e) Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend substantially in the form of the following until the lapse of all restrictions with respect to
the Shares subject to the Award as well as any other information the Company deems appropriate: 

 Transfer of this certificate and the shares represented hereby is restricted pursuant to the terms of the
Carnival Corporation Amended and Restated 2001 Outside Director Stock Plan and a Restricted Stock Agreement, dated as of                     ,
between Carnival Corporation and                     . Copies of such Plan and Agreement are on file at the offices of Carnival Corporation.

 Stop transfer orders shall be entered with the Company’s transfer agent and registrar against the transfer of legended securities. 
 10. General. 
 (a)
Nontransferability of Awards. No Award or any right evidenced thereby shall be transferable in any manner other than by will or the laws of descent and distribution, and, during the lifetime of a Participant, only the Participant (or the
Participant’s court-appointed legal representative) may exercise an Option. In the Committee’s discretion, an Award may be transferred pursuant to a “qualified domestic relations order,” as defined in section 414(p) of the Code
or any similar domestic relations order enforceable in the jurisdiction in which such Participant resides. 
 (b) Rights of
Participant. Neither the Participant nor the Participant’s executor or administrator shall have any of the rights of a shareholder of the Company with respect to the Shares subject to an Option until certificates for such Shares shall
actually have been issued upon the due exercise of such Option. No adjustment shall be made for any regular cash dividend for which the record date is prior to the date of such due exercise and full payment for such Shares has been made therefor.

 (c) Right To Terminate Relationship. Nothing in the Plan or in any Award shall confer upon any Participant the right to continue to
serve as a director of the Company. 
 (d) Nonalienation of Benefits. No right or benefit under the Plan shall be subject to
anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void.
To the extent permitted by applicable law, no right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such benefits. 
 (e) Adjustment Upon Changes in Capitalization, etc. 
 (i) Awards granted under the Plan, any Award Agreements, and the maximum number of Shares subject to all Awards stated in Section 5(a) shall be subject to adjustment or substitution, as determined by the
Committee in its sole discretion, as to the number, price or kind of a share of stock or other consideration subject to such Awards or as otherwise determined by the Committee to be equitable in the event of any stock split, stock dividend, stock
change, reclassification, an unpairing of the shares of Common Stock from the Trust Shares, recapitalization or combination of shares which changes the character or amount of Shares (x) in the case of Options, prior to exercise of any portion
of an Option theretofore granted under the Plan, such that such option, to the extent that it shall not have been exercised, shall entitle the Participant (or the Participant’s executor or administrator) upon its exercise to receive in
substitution therefor such number and kind of shares as the Participant would have been entitled to receive if the Participant had actually owned the Shares subject to such Option at the time of the occurrence of such change; provided,
however, that if the change is of such a nature that the Participant, upon exercise of the Option, would receive property other than shares of stock the Committee shall make an appropriate adjustment in the Option to provide that the
Participant (or the Participant’s executor or administrator) shall acquire upon exercise only shares of stock of such number and kind as the Committee, in its sole judgment, shall deem equitable; and, provided further, that any
such adjustment shall be made so as to conform to the requirements of section 424(a) of the Code; and (y) in the case of Restricted Stock and Restricted Stock Units, occurring after the Date of Grant of any such Awards. 

 (ii) In the event that any transaction (other than a change specified in the preceding paragraph)
described in section 424(a) of the Code affects the Shares subject to any unexercised Option or subject to any Award with respect to which the Restricted Period has not expired, the Board of Directors of the surviving or acquiring corporation shall
make such similar adjustment as is permissible and appropriate. If any such change or transaction shall occur, the number and kind of Shares for which Awards may thereafter be granted under the Plan shall be adjusted to give effect thereto.

 (f) Purchase for Investment. Whether or not the Options and Shares covered by the Plan have been registered under the Securities
Act of 1933, each person exercising an Option under the Plan may be required by the Company to give a representation in writing that such person is acquiring such Shares for investment and not with a view to, or for sale in connection with, the
distribution of any part thereof. The Company will endorse any necessary legend referring to the foregoing restriction upon the certificate or certificates representing any Shares issued or transferred to the Participant upon the exercise of any
Option granted under the Plan. 
 (g) Form of Agreements with Participants. Each Award granted pursuant to the Plan shall be in
writing and shall have such form, terms and provisions, not inconsistent with the provisions of the Plan, as the Committee shall provide for such Award. Each Participant shall be notified promptly of such grant, and an Award shall be promptly
executed and delivered by the Company and the Participant. 
 (h) Termination and Amendment of Plan and Awards. 
 (i) Unless the Plan shall theretofore have been terminated as hereinafter provided, Awards may be granted under the Plan at any time, and from time to
time, prior to the tenth anniversary of the Effective Date, on which date the Plan will expire, except as to Awards then outstanding under the Plan. Such Awards shall remain in effect until they have been exercised, have expired or have been
canceled. 
 (ii) The Board, without further approval of the Company’s shareholders, may terminate, modify or amend this Plan at any
time and from time to time in such respects as the Board may deem advisable, subject to any shareholder or regulatory approval required by law or the New York Stock Exchange; provided, that any such amendment shall comply with the applicable
requirements for exemption (to the extent necessary) under Rule 16b-3 under the Exchange Act. 
 (iii) No termination, modification or
amendment of the Plan, without the consent of the Participant, may adversely affect the rights of such person with respect to such Award. With the consent of the Participant and subject to the terms and conditions of the Plan, the Committee may
amend outstanding Award agreements with any Participant. 
 (iv) Notwithstanding the above, without shareholder approval, the Committee may
not take any action that results in the “repricing” of any Option granted under the Plan. For purposes of this Section 10(h)(iv), a “repricing” means any of the following (or any other action that has the same effect of any
of the following): (a) amending or modifying the terms of an Option after the Date of Grant in a manner that reduces the Option Price of such Option; (b) any other action that would either (A) be reportable on the Company’s proxy
statement as Options which have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act) or (B) results in an Option being considered repriced under generally accepted accounting
principles; or (c) canceling an Option at time when its Option Price is equal to or less than the Fair Market Value of the Shares subject to the Option, in exchange for another Option, Restricted Stock Award, Restricted Stock Unit Award, or any
other equity-based award. A cancellation and exchange described in clause (c) of the preceding sentence will be considered a “repricing” regardless of whether (A) the Option, Restricted Stock Award, Restricted Stock Unit Award,
or other equity-based award is delivered simultaneously with the cancellation of the Option, (B) it is reportable as a repricing in the Company’s proxy statement or under generally accepted accounting principles, or (C) the
cancellation of the Option was voluntary on the part of the Participant. 

 (i) Government and Other Regulations. The obligation of the Company with respect to Awards granted
under the Plan shall be subject to all applicable laws, rules and regulations and such approvals by any governmental agency as may be required, including, without limitation, the effectiveness of any registration statement required under the
Securities Act, the rules and regulations of any securities exchange on which the Shares may be listed. 
 (j) Withholding. A
Participant may be required to pay to a member of the Combined Group or any Affiliate, and each member of the Combined Group or any Affiliate shall have the right and is hereby authorized to withhold from any Shares or other property deliverable
under any Award or from any compensation or other amounts owing to a Participant the amount (in cash, Shares or other property) of any required tax withholding in respect of an Award, its exercise, or any payment or transfer under an Award or under
the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. 
 (k) Separability. If any of the terms or provision of the Plan conflict with the requirements of Rule 16b-3 under the Exchange Act, then such terms or provisions shall be deemed inoperative to the extent they so conflict with the
requirements of Rule 16b-3. 
 (i) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of
the State of Florida without regard to the principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Florida.Amended and Restated Carnival Corporation 2002 Stock Plan

 Exhibit 10.3 
 CARNIVAL CORPORATION 
 2002 STOCK PLAN 
 (Effective as of January 14, 2002, 
 as
amended as of September 25, 2002, April 17, 2003, 
 April 21, 2004, and as amended and restated as of December 16,
2008; applicable to awards 
 outstanding on such date and granted following such date) 
 1. Purpose 
 The purpose of the Plan is to provide a
means through which each member of the Combined Group and their respective Affiliates may attract able persons to enter and remain in the employ of members of the Combined Group and their Affiliates and to provide a means whereby employees,
directors and consultants of each member the Combined Group and their Affiliates can acquire and maintain Share ownership, or be paid incentive compensation measured by reference to the value of Shares, thereby strengthening their commitment to the
welfare of the members of the Combined Group and their Affiliates and promoting an identity of interest between shareholders and these persons. 
 The Plan provides for granting of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock and Restricted Stock Units. 
 2.
Definitions 
 The following definitions shall be applicable throughout the Plan. 
 (a) “Affiliate” means (i) any entity that directly or indirectly is controlled by, controls or is under common control with the Company
or Carnival plc, and (ii) to the extent provided by the Committee, any entity in which the Company or Carnival plc has a significant equity interest. 
 (b) “Award” means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Restricted Stock Award or Restricted Stock Unit Award. 
 (c) “Award Agreement” means a Stock Option Agreement, Restricted Stock agreement or Restricted Stock Unit agreement. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Carnival plc” means the entity previously known as P&O Princess Cruises plc, a public limited company incorporated under the laws of England and Wales, and any successor thereto. 
 (f) “Cause” means a member of the Combined Group or an Affiliate having “cause” to terminate a Participant’s employment or
service, as defined in any existing employment, consulting or any other agreement between the Participant and a member of the Combined Group or an Affiliate or, in the absence of such an employment, consulting or other agreement, upon (i) the
determination by the Committee that the Participant has ceased to perform his duties to a member of the Combined Group or an Affiliate (other than as a result of his incapacity due to physical or mental illness or injury), which failure amounts to
an intentional and extended neglect of his duties to such party, (ii) the Committee’s determination that the Participant has engaged or is about to engage in willful misconduct or conduct which causes or may reasonably be expected to cause
substantial damage to a member of the Combined Group or an Affiliate, (iii) the Participant having been convicted of, or plead guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty, (iv) the
failure of the Participant to follow the lawful instructions of the Board or any of his superiors or (v) in the case of a Participant who is a non-employee director, the Participant ceasing to be a member of the Board in connection with the
Participant engaging in any of the activities described in clauses (i) through (iv) above. 

 (g) “Change of Control” means, unless in the case of a particular Award the applicable
Award Agreement states otherwise or contains a different definition of “Change of Control,” the occurrence of any of the following: 
 (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more (on a fully diluted basis) of either (A) the then outstanding shares of common stock of the Company, taking into account as outstanding for this purpose such
common stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such common stock (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of
this Plan, the following acquisitions shall not constitute a Change of Control: (I) any acquisition by the Company or any Affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate,
(III) any acquisition by Marilyn B. Arison, Micky Arison, Shari Arison, Michael Arison or their spouses or lineal descendents, any trust established for the benefit of any of the aforementioned Arison family members, or any Person directly or
indirectly controlling, controlled by or under common control with any of the aforementioned Arison family members or any trust established for the benefit of any of the aforementioned Arison family members or any charitable trust or non-profit
entity established by any person or entity described in this clause (III), (IV) any acquisition by any Person which complies with clauses (A), (B) and (C) of subsection (v) of this Section 2(g), or (V) in respect of an Award
held by a particular Participant, any acquisition by the Participant or any “affiliate” (within the meaning of 17 C.F.R. §230.405) of the Participant (persons described in clauses (I), (II), (III) (IV) and (V) being referred to
hereafter as “Excluded Persons”); 
 (ii) individuals who, on the date hereof, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-11 of Regulation A promulgated
under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 

 (iii) the dissolution or liquidation of the Company; 
 (iv) the sale, transfer or other disposition of all or substantially all of the business or assets of the Company; or 
 (v) the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business
Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Company”), or (y) if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the directors of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the
holders thereof is in substantially the same proportion as the voting power of the Company’s Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no Person (other than any Excluded Person), is or
becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Company (or, if there is no Parent Company, the Surviving Company) and
(C) at least a majority of the members of the board of directors of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the
Board’s approval of the execution of the initial agreement providing for such Business Combination. 
 Notwithstanding the foregoing,
any Awards that are otherwise subject to Code Section 409A shall not be distributed or payable upon a Change of Control unless the Change of Control otherwise meets the requirements for a change in the ownership or effective control of the
Company or in the ownership of a substantial portion of the assets of the company within the meaning of Code Section 409A and the regulations and other guidance promulgated thereunder; instead such Awards shall be distributed or payable in
accordance with the Awards’ otherwise applicable terms. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended.
Reference in the Plan to any section of the Code shall be deemed to include any amendments or successor provisions to such section and any regulations under such section. 

 (i) “Committee” means the Compensation Committee of the Board. Unless the Board determines
otherwise, each member of the Committee shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the mere fact that a Committee member shall fail to qualify as an Eligible Director shall not
invalidate any Award granted by the Committee which Award is otherwise validly granted under the Plan. 
 (j) “Common Stock” means
the common stock, par value $0.01 per share, of the Company and any stock into which such common stock may be converted or into which it may be exchanged. 
 (k) “Combined Group” means the Company and Carnival plc and any successor thereto. 
 (l)
“Company” means Carnival Corporation, a corporation organized under the laws of the Republic of Panama, and any successor thereto. 
 (m) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such authorization or, if there is no such date, the date indicated on the applicable Award Agreement.

 (n) “Disability” shall mean a Participant’s total disability as defined below and determined in a manner consistent with
Code Section 409A and the regulations thereunder: 
 The Participant is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 A Participant will be deemed to have suffered a Disability if determined to be totally disabled by the Social Security Administration. In addition, the
Participant will be deemed to have suffered a Disability if determined to be disabled in accordance with a disability insurance program maintained by the Company, provided that the definition of disability applied under such disability insurance
program complies with the requirements of Code Section 409A and the regulations thereunder. 
 (o) “Effective Date” means
January 14, 2002. 
 (p) “Eligible Director” means a person who is (i) a “non-employee director” within the
meaning of Rule 16b-3 under the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation and (ii) an “outside director” within the meaning of Section 162(m) of the Code, and the Treasury
Regulations promulgated thereunder; provided, however, that clause (ii) shall apply only with respect to grants of Awards with respect to which the Company’s tax deduction could be limited by Section 162(m) of the Code
if such clause did not apply. 
 (q) “Eligible Person” means any (i) individual regularly employed by a member of the
Combined Group or an Affiliate who satisfies all of the requirements of Section 6; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that
such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of a member of the Combined Group or an Affiliate or (iii) consultant or advisor to a member of the
Combined Group or an Affiliate who may be offered securities pursuant to Form S-8 (which, as of the Effective Date, includes only those who (A) are natural persons and (B) provide bona fide services to a member of the
Combined Group other than in connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s securities). 

 (r) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (s) “Fair Market Value”, on a given date means (i) if the Shares are listed on a national securities exchange, the average of the highest
and lowest sale prices reported as having occurred on the primary exchange with which the Shares are listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported;
(ii) if the Shares are not listed on any national securities exchange but is quoted in the Nasdaq National Market (“Nasdaq”) on a last sale basis, the average between the high bid price and low ask price reported on the date prior to
such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Shares are not listed on a national securities exchange nor quoted in the Nasdaq on a last sale basis, the
amount determined by the Committee to be the fair market value based upon a good faith attempt to value the Shares accurately and computed in accordance with applicable regulations of the Internal Revenue Service. 
 (t) “Incentive Stock Option” means an Option granted by the Committee to a Participant under the Plan which is designated by the Committee as
an incentive stock option as described in Section 422 of the Code and which otherwise meets the requirements set forth herein. 
 (u)
“Mature Shares” means Shares owned by a Participant which are not subject to any pledge or other security interest and have either been held by the Participant for six months, previously acquired by the Participant on the open market or
meet such other requirements as the Committee may determine are necessary in order to avoid an accounting earnings charge on account of the use of such Shares to pay the Option Price or satisfy a withholding obligation in respect of an Option.

 (v) “Nonqualified Stock Option” means an Option granted by the Committee to a Participant under the Plan, which is not
designated by the Committee as an Incentive Stock Option. 
 (w) “Option” means an Award granted under Section 7. 

(x) “Option Period” means the period described in Section 7(c). 
 (y) “Option Price” means the exercise price for an Option as described in Section 7(a). 

 (z) “Pairing Agreement” means the Pairing Agreement, dated April 17, 2003, among Carnival
Corporation, The Law Debenture Trust Corporation (Cayman) Limited, as trustee of the Carnival plc Special Voting Trust, and Sun Trust Bank, as transfer agent, as it may be amended from time to time. 
 (aa) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award.

 (bb) “Performance Goals” means the performance objectives which may be established by the Committee for the purpose of
determining whether, and to what extent, Awards will be earned for a Restricted Period. To the extent an Award is intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Performance Goals shall be
established with reference to one or more of the following, either on a Combined Group-wide basis or, as relevant, in respect of the Company, Carnival plc or one or more Affiliates, divisions or operations of a member of the Combined Group:

 (i) earnings (gross, net or per share) 
 (ii) stock price (absolute or relative to other companies) 
 (iii) market share 
 (iv) gross or net profit margin 
 (v)
costs or expenses 
 (vi) productivity improvements 
 (vii) total shareholder return (absolute or relative to other companies). 
 (cc) “Plan” means
this Carnival Company 2002 Stock Plan, as amended. 
 (dd) “Restricted Period” means, with respect to any share of Restricted
Stock or any Restricted Stock Unit, the period of time determined by the Committee during which such Award is subject to the restrictions set forth in Section 8. 
 (ee) “Restricted Stock” means Shares issued or transferred to a Participant subject to forfeiture and the other restrictions set forth in Section 8. 
 (ff) “Restricted Stock Award” means an Award of Restricted Stock granted under Section 8. 
 (gg) “Restricted Stock Unit” means a hypothetical investment equivalent to one Share granted in connection with an Award made under
Section 8. 
 (hh) “Restricted Stock Unit Award” means an Award of Restricted Stock Units granted under Section 8.

 (ii) Effective for all Awards granted before December 1, 2008, “Retirement” means a termination of employment with a
member of the Combined Group and all Affiliates by a Participant on or after the earlier of (i) age 65 with at least five years of employment with a member of the Combined Group and/or its Affiliates or (ii) age 55 with at least 15 years
of employment with a member of the Combined Group and/or its Affiliates. 

 Effective for all Awards granted on or after December 1, 2008, “Retirement” means a termination of
employment with a member of the Combined Group and all Affiliates by a Participant on or after the earlier of (i) age 65 with at least five years of employment with a member of the Combined Group and/or its Affiliates or (ii) age 60 with
at least 15 years of employment with a member of the Combined Group and/or its Affiliates. 
 (jj) Effective for all Awards granted before
December 1, 2008 “Retirement Age” means attainment of the earlier of (i) age 65 with at least five years of employment with a member of the Combined Group and/or its Affiliates or (ii) age 55 with at least 15 years of
employment with a member of the Combined Group and/or its Affiliates. 
 Effective for all Awards granted on or after December 1, 2008, “Retirement
Age” means attainment of the earlier of (i) age 65 with at least five years of employment with a member of the Combined Group and/or its Affiliates or (ii) age 60 with at least 15 years of employment with a member of the Combined
Group and/or its Affiliates. 
 (kk) “Securities Act” means the Securities Act of 1933, as amended. 
 (ll) “Share” means the aggregate of one share of Common Stock and one Trust Share. 
 (mm) “Stock Option Agreement” means any agreement between the Company and a Participant who has been granted an Option pursuant to
Section 7 which defines the rights and obligations of the parties thereto. 
 (nn) “Subsidiary” means any subsidiary of the
Company as defined in Section 424(f) of the Code. 
 (oo) “Trust Share” shall have the meaning assigned to it in the Pairing
Agreement. 
 (pp) “Vested Unit” shall have the meaning assigned to it in Section 8(d). 
 3. Effective Date, Duration and Shareholder Approval 
 The Plan is effective as of the Effective Date, and the Plan was approved by shareholders at a meeting held on April 15, 2002 in a manner intended to comply with the shareholder approval requirements of Sections 422(b)(1) and 162(m) of
the Code and the New York Stock Exchange. 
 The expiration date of the Plan, on and after which no Awards may be granted hereunder, shall be
the tenth anniversary of the Effective Date; provided, however, that the administration of the Plan shall continue in effect until all matters relating to Awards previously granted have been settled. 

 4. Administration 
 The Committee shall administer the Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts
approved in writing by a majority of the Committee shall be deemed the acts of the Committee. 
 Subject to the provisions of the Plan and
applicable law, the Committee shall have the power, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to
a Participant; (iii) determine the number of Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Awards;
(v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited or suspended and the method or methods by which
Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Shares, other securities, other Awards, other property and other amounts payable with
respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan and any
instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(ix) make any other determination and take any other action specified under the Plan or that the Committee deems necessary or desirable for the administration of the Plan. 
 (b) The Committee shall have the authority to amend the Plan (including by the adaptation of appendices or subplans) and/or the terms and conditions
relating to an Award to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on terms and conditions comparable to those afforded to Eligible Persons located within the United
States; provided, however, that no such action shall be taken without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including as necessary to prevent the Company from
being denied a tax deduction on account of Section 162(m) of the Code). 
 (c) Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards shall be within the sole discretion of the Committee, may be made at any time and shall be final,
conclusive and binding upon all parties, including, without limitation, each member of the Combined Group, their respective Affiliates, any Participant, any holder or beneficiary of any Award, and any shareholder. 
 5. Grant of Awards; Shares Subject to the Plan 
 The
Committee may, from time to time, grant Awards of Options, Restricted Stock, Restricted Stock Units, or other stock-based Awards pursuant to Section 9, to one or more Eligible Persons; provided, however, that: 

 (a) Subject to Section 11, the aggregate number of Shares in respect of which Awards may be granted
under the Plan shall not exceed 40,000,000; 
 (b) Shares shall be deemed to have been used in settlement of Awards whether they are
actually delivered. In the event any Award shall be surrendered, terminate, expire, forfeited or cancelled for any reason whatsoever without the Participant having benefited from therefrom, the number of Shares no longer subject thereto shall
thereupon be released and shall thereafter be available for new Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any “benefit” in the case of forfeited Restricted Stock
Awards by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture; 
 (c) Shares delivered by the Company
in settlement of Awards may be authorized and unissued Shares or Shares held in the treasury of the Company or purchased on the open market or by private purchase; and 
 (d) Subject to Section 11, no person may be granted an Award under the Plan during any calendar year with respect to more than 2,000,000 Shares; provided that such number shall be adjusted pursuant to
Section 11, and Shares otherwise counted against such number, only in a manner which will not cause the Awards granted under the Plan to fail to qualify as “performance-based compensation” under Section 162(m) of the Code.

 6. Eligibility 
 Participation shall
be limited to Eligible Persons who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 
 7. Terms of Options 
 The Committee is authorized to
grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; provided, however, that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the Company or a
Subsidiary. Each Option so granted shall be subject to the conditions set forth in this Section 7, or to such other conditions as may be reflected in the applicable Stock Option Agreement. 
 (a) Option Price. The Option Price per Share for each Option shall be set by the Committee at the time of grant but shall not be less than
(i) in the case of an Incentive Stock Option, and subject to Section 7(f), the Fair Market Value of a Share on the Date of Grant, and (ii) in the case of a Non-Qualified Stock Option, Fair Market Value of a Share on the Date of Grant;
provided, however, that all Options intended to qualify as “performance-based compensation” under Section 162(m) of the Code shall have an Option Price per Share no less than the Fair Market Value of a Share on the Date
of Grant. 
 (b) Manner of Exercise and Form of Payment. No Shares shall be delivered pursuant to any exercise of an Option until
payment in full of the Option Price therefor is received by the Company. Options which have become exercisable may be exercised by delivery of written notice of exercise to the Company accompanied by payment of the aggregate Option Price. The Option
Price shall be payable in cash and/or Shares valued at the Fair Market Value at the time the Option is exercised (including by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery of such Shares to the
Company), provided that such Shares are Mature Shares, or, in the discretion of the Committee, either (i) in other property having a fair market value on the date of exercise equal to the Option Price, (ii) by delivering to the Committee a
copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount of loan proceeds, or proceeds of the sale of the Shares subject to the Option, sufficient to pay the Option Price or (iii) by such other method as
the Committee may allow. 

 (c) Vesting, Option Period and Expiration. Options shall vest and become exercisable in such
manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”); provided, however, that notwithstanding any vesting
dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. If an Option
is exercisable in installments, such installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 
 Unless otherwise stated in the applicable Stock Option Agreement, an Option shall expire earlier than the end of the Option Period in the following circumstances: 
 (i) If prior to the end of the Option Period, the Participant’s employment or service with each member of the Combined Group and all Affiliates is
terminated by a member of the Combined Group without Cause or by the Participant for any reason other than Retirement, the Option shall expire on the earlier of the last day of the Option Period or the date that is three months after the date of
such termination; provided, however, that any Participant whose employment or service with a member of the Combined Group or any Affiliate is terminated and who is subsequently rehired or reengaged by a member of the Combined Group or
any Affiliate prior to the expiration of the Option shall not be considered to have undergone a termination. In the event of a termination described in this clause (i), the Option shall remain exercisable by the Participant until its expiration only
to the extent the Option was exercisable at the time of such termination. 
 (ii) If the Participant dies or is terminated on account of
Disability prior to the end of the Option Period and while still in the employ or service of a member of the Combined Group or an Affiliate, or dies following a termination described in clause (i) above but prior to the expiration of an Option,
the Option shall expire on the earlier of the last day of the Option Period or the date that is one year after the date of death or termination on account of Disability of the Participant, as applicable. In such event, the Option shall remain
exercisable by the Participant or his or her beneficiary determined in accordance with Section 10(p), as applicable, until its expiration only to the extent the Option was exercisable by the Participant at the time of such event. 
 (iii) If the Participant ceases employment or service with a member of the Combined Group and Affiliates due to a termination by a member of the
Combined Group or an Affiliate for Cause, the Option shall expire immediately upon such cessation of employment or service. 

 Unless stated otherwise in an applicable Stock Option Agreement, if the Participant terminates by reason
of Retirement prior to the end of the Option Period, the Option shall (i) expire at the end of the Option Period and (ii) continue vesting in accordance with the vesting schedule set forth in the Stock Option Agreement, without regard to
any requirement in such vesting schedule that the Participant remain employed with a member of the Combined Group or an Affiliate as a condition to vesting. 
 (d) Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a Stock Option Agreement. Except as specifically provided otherwise in a Stock Option Agreement, each Option granted
under the Plan shall be subject to the following terms and conditions: 
 (i) Each Option or portion thereof that is
exercisable shall be exercisable for the full amount or for any part thereof. 
 (ii) Each Share purchased through the
exercise of an Option shall be paid for in full at the time of the exercise. Each Option shall cease to be exercisable, as to any Share, when the Participant purchases the share or when the Option expires. 
 (iii) Subject to Section 8(h), Options shall not be transferable by the Participant except by will or the laws of descent and
distribution and shall be exercisable during the Participant’s lifetime only by him. 
 (iv) Each Option shall vest and
become exercisable by the Participant in accordance with the vesting schedule established by the Committee and set forth in the Stock Option Agreement. 
 (v) At the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee a written representation that the Shares to be acquired upon such exercise are
to be acquired for investment and not for resale or with a view to the distribution thereof. Upon such a request by the Committee, delivery of such representation prior to the delivery of any Shares issued upon exercise of an Option shall be a
condition precedent to the right of the Participant or such other person to purchase any Shares. In the event certificates for Shares are delivered under the Plan with respect to which such investment representation has been obtained, the Committee
may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the absence of compliance with applicable federal or state securities laws. 
 (vi) Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he
makes a disqualifying disposition of any Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including any sale) of such Shares before the later of (a) two years after the
Date of Grant of the Incentive Stock Option or (b) one year after the date the Participant acquired the Shares by exercising the Incentive Stock Option. 

 (vii) Except as specifically provided otherwise in a Stock Option Agreement, any
Participant who is classified as a “shipboard employee,” and who has not otherwise evidenced a specific intent to permanently terminate his employment with each member of the Combined Group and all Affiliates (as reasonably determined by
the Committee) shall not be considered to have terminated employment with each member of the Combined Group and all Affiliates until a six-month period has expired from his signing off of a ship without physically signing on to another ship.

 (e) Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to the contrary in this Section 7, if an
Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a Subsidiary or a parent of the Company, the Option Period shall not exceed five
years from the Date of Grant of such Option and the Option Price shall be at least 110 percent of the Fair Market Value (on the Date of Grant) of the Shares subject to the Option. 
 (f) $100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of the Date of
Grant) of Shares for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified
Stock Options.  
 8. Restricted Stock Awards and Restricted Stock Units 
 (a) Awards of Restricted Stock and Restricted Stock Unit Awards. 
 (i) The Committee shall have the authority (A) to grant Restricted Stock Awards and Restricted Stock Unit Awards to Eligible
Persons, (B) to issue or transfer Restricted Stock to Participants, and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock and Restricted Stock Units, including the Restricted Period, which may differ
with respect to each Participant, the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested and the number of Shares or units to be covered by each grant. 
 (ii) Each Participant granted a Restricted Stock Award shall execute and deliver to the Company a Restricted Stock agreement with respect
to the Restricted Stock setting forth the restrictions applicable to such Restricted Stock. If the Committee determines that the Restricted Stock shall be held in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee and (B) the appropriate blank stock powers with respect to the Restricted
Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock powers, the Award shall be null and void. Subject to the restrictions set
forth in Section 8(b), the Participant generally shall have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the discretion of the Committee, cash dividends and stock
dividends with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash dividends withheld at a rate and subject
to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the
Participant upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such cash dividends stock dividends. 

 (iii) Upon the grant of an Award of Restricted Stock, the Committee shall cause a stock
certificate registered in the name of the Participant to be issued and, if it so determines, deposited together with the stock powers with an escrow agent designated by the Committee. If an escrow arrangement is used, the Committee may cause the
escrow agent to issue to the Participant a receipt evidencing any stock certificate held by it registered in the name of the Participant. 
 (iv) The terms and conditions of a grant of Restricted Stock Units shall be reflected in a written Restricted Stock Unit agreement. No Shares shall be issued at the time an Award of Restricted Stock Units is made, and
the Company will not be required to set aside a fund for the payment of any such Award. At the discretion of the Committee, each Restricted Stock Unit (representing one Share) awarded to a Participant may be credited with cash and stock dividends
paid in respect of one Share (“Dividend Equivalents”). As provided in each Award, Dividend Equivalents may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be
credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit
(and earnings thereon, if applicable) shall be distributed to the Participant upon settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents.

 (b) Restrictions. 
 (i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee,
and to such other terms and conditions as may be set forth in the applicable Restricted Stock Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate; (B) the Shares shall
be subject to the restrictions on transferability set forth in the Restricted Stock Agreement; (C) the Shares shall be subject to forfeiture to the extent provided in the applicable Restricted Stock Agreement and, to the extent such Shares are
forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant to such Shares and as a shareholder shall terminate without further obligation on the part of the Company. 

 (ii) Restricted Stock Units awarded to any Participant shall be subject to
(1) forfeiture until the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, to the extent provided in the applicable Restricted Stock Unit agreement, and to the extent such
Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company and (2) such other terms and conditions as may be set forth in the
applicable Restricted Stock Unit agreement. 
 (iii) The Committee shall have the authority to remove any or all of the
restrictions on the Restricted Stock and Restricted Stock Units whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Stock Award or Restricted Stock Unit
Award, such action is appropriate. 
 (c) Restricted Period. The Restricted Period of Restricted Stock and Restricted Stock Units
shall commence on the Date of Grant and shall expire from time to time as to that part of the Restricted Stock and Restricted Stock Units indicated in a schedule established by the Committee in the applicable Restricted Stock agreement or Restricted
Stock Unit agreement. 
 (d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the
Restricted Period with respect to any Shares covered by an Award of Restricted Stock and the attainment of any other vesting criteria established by the Committee, the restrictions set forth in Section 8(b) and the Restricted Stock Agreement
shall be of no further force or effect with respect to shares of Restricted Stock which have not then been forfeited. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without
charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired and any other vesting criteria established by the Committee has been attained (to
the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon, if any. 
 Upon the expiration of the Restricted Period and the attainment of any other vesting criteria established by the Committee, with respect to any
Restricted Stock Units covered by a Restricted Stock Unit Award, the Company shall deliver to the Participant, or his beneficiary, without charge, one Share for each Restricted Stock Unit which has not then been forfeited and with respect to which
the Restricted Period has expired and any other such vesting criteria are attained (“Vested Unit”); provided, however, that, if so noted in the applicable Restricted Stock Unit agreement, the Committee may, in its sole
discretion, elect to pay cash or part cash and part Shares in lieu of delivering only Shares for Vested Units. If cash payment is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market Value of the Shares as
of the date on which the Restricted Period lapsed with respect to such Vested Unit. 

 (e) Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan
shall bear a legend until the lapse of all restrictions with respect to the Shares subject to the Award substantially in the form set forth below, as well as containing any other information the Company deems appropriate: 
 Transfer of this certificate and the shares represented hereby is restricted pursuant to the terms of the Carnival Corporation 2002 Stock Plan, as
amended from time to time, and a Restricted Stock agreement, dated as of                     , between Carnival Corporation and
                    . Copies of such Plan and agreement are on file at the offices of Carnival Corporation. 
 Stop transfer orders shall be entered with the Company’s transfer agent and registrar against the transfer of legended securities. 
 (f) Applicability of Section 162(m). With respect to Awards of Restricted Stock and Restricted Stock Units intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, this Section 8 (including the substance of the Performance Goals, the timing of establishment of the Performance Goals, the adjustment of the Performance Goals
and determination of the Award) shall be implemented by the Committee in a manner designed to preserve such Awards as such “performance-based compensation.” 
 9. Other Stock Based Awards 
 The Committee shall have the right to grant Awards determined in
Shares, or valued with reference to Shares, having such terms and conditions as the Committee may determine, including the grants of Shares based upon the attainment of certain conditions, including, without limitation, the payment by the
Participant of the Fair Market Value of such Shares on the Date of Grant, the grant of securities convertible into Shares and the grant of stock appreciation rights. 
 10. General 
 (a) Additional Provisions of an Award. Awards granted to a Participant under
the Plan also may be subject to such other provisions (whether or not applicable to Awards granted to any other Participant) as the Committee determines appropriate including, without limitation, provisions to assist the Participant in financing the
purchase of Shares upon the exercise of Options (provided that the Committee determines that providing such financing does not violate the Sarbanes-Oxley Act of 2002), provisions for the forfeiture of or restrictions on resale or other disposition
of Shares acquired under any Award, provisions giving the Company the right to repurchase Shares acquired under any Award in the event the Participant elects to dispose of such Shares, provisions allowing the Participant to elect to defer the
receipt of Shares upon the exercise of Awards for a specified period or until a specified event, and provisions to comply with Federal and state securities laws and Federal and state tax withholding requirements. Any such provisions shall be
reflected in the applicable Award Agreement. 

 (b) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no
person shall be entitled to the privileges of ownership in respect of Shares which are subject to Awards hereunder until such Shares have been issued to that person. 
 (c) Government and Other Regulations. The obligation of the Company to issue Shares upon the exercise of Options or otherwise settle Awards in Shares shall be subject to all applicable laws, rules, and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell and shall be prohibited from
offering to sell or selling any Shares pursuant to an Award unless such Shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of
counsel, satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be
under no obligation to register for sale under the Securities Act any of the Shares to be offered or sold under the Plan. If the Shares offered for sale or sold under the Plan are offered or sold pursuant to an exemption from registration under the
Securities Act, the Company may restrict the transfer of such Shares and may legend the stock certificates representing such Shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 (d) Tax Withholding. 
 (i) A
Participant may be required to pay to a member of the Combined Group or any Affiliate, and each member of the Combined Group or any Affiliate shall have the right and is hereby authorized to withhold from any Shares or other property deliverable
under any Award or from any compensation or other amounts owing to a Participant the amount (in cash, Shares or other property) of any required tax withholding and payroll taxes in respect of an Award, its exercise, or any payment or transfer under
an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. 
 (ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the
minimum required withholding liability if using method (B) or (C) of this subsection) by (A) payment in cash; (B) delivery of Shares owned by the Participant (which Shares must be Mature Shares) with a Fair Market Value equal to
such withholding liability or (C) having the Company withhold from the number of Shares otherwise issuable pursuant to the exercise of the Award a number of Shares with a Fair Market Value equal to such withholding liability. 
 (e) Claim to Awards and Employment Rights. No employee of a member of the Combined Group, an Affiliate, or other person, shall have any claim or
right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to
be retained in the employ or service of a member of the Combined Group or an Affiliate. 

 (f) No Liability of Committee Members. No member of the Committee shall be personally liable by
reason of any contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the
Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or
liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board
shall be required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Articles of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 (g) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Florida without regard to the principles of conflicts of law thereof, or principles of
conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Florida. 
 (h) Funding. No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or
otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no
rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees
under general law. 
 (i) Nontransferability. 
 (i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be
assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against each member of the Combined Group or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance. 
 (ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards other than Incentive Stock
Options to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to: 

	 	(A)	any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively, the “Immediate Family Members”);

  

	 	(B)	a trust solely for the benefit of the Participant and his or her Immediate Family Members; 

  

	 	(C)	a partnership or limited liability company whose only partners or shareholders are the Participant and his Immediate Family Members; or 

  

	 	(D)	any other transferee as may be approved either (a) by the Board or the Committee in its sole discretion, or (b) as provided in the applicable Award Agreement;

 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred to as a “Permitted
Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply
with the requirements of the Plan. 
 (iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall
apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to
transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise a transferred Nonqualified Stock Option unless there shall be in effect a registration statement on an
appropriate form covering the Shares to be acquired pursuant to the exercise of such Nonqualified Stock Option if the Committee determines, consistent with any applicable Stock Option Agreement, that such a registration statement is necessary or
appropriate, (C) the Committee or any member of the Combined Group shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under
the Plan or otherwise, and (D) the consequences of a Participant no longer being employed by, or in the services of, the a member of the Combined Group or an Affiliate under the terms of the Plan and the applicable Award Agreement shall
continue to be applied with respect to the Participant, including, without limitation, that a Nonqualified Stock Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the
applicable Stock Option Agreement. 
 (j) Reliance on Reports. Each member of the Committee and each member of the Board shall be
fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith reliance upon any report made by the independent public accountant of the Combined Group and its Affiliates
and upon any other information furnished in connection with the Plan by any person or persons other than himself. 

 (k) Relationship to Other Benefits. No payment under the Plan shall be taken into account in
determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of a member of the Combined Group or any Affiliate except as otherwise specifically provided in such other plan. 
 (l) Expenses. The expenses of administering the Plan shall be borne by the Company and Affiliates. 
 (m) Gender and Number. Where the context admits, masculine pronouns and other words of masculine gender shall refer to both men and women, words
in the singular shall include the plural and words in the plural shall include the singular. 
 (n) Titles and Headings. The titles
and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. 
 (o) Termination of Employment. For all purposes herein, a person who transfers from employment or service with a member of the Combined Group to
employment or service with an Affiliate or vice versa shall not be deemed to have terminated employment or service with a member of the Combined Group or such Affiliate. 
 (p) Severability. If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (q) Beneficiary Designation. Each Participant may designate one or more beneficiaries by delivering a signed written designation thereof to the
Committee. Upon the death of a Participant, his beneficiaries shall be entitled to the Awards granted to such Participant under the terms of this Plan. A Participant may change his beneficiary designation at any time by delivering a new designation
in accordance with the first sentence of this paragraph. Any designation shall become effective only upon its receipt by the Committee. In the absence of an effective beneficiary designation in accordance with this Section 10(p), a
Participant’s beneficiary shall be his estate. After the receipt of Options in accordance with this paragraph, beneficiaries will only be able to exercise such Options in accordance with Section 7(c)(ii) of this Plan. 
 11. Changes in Capital Structure 
 Awards granted
under the Plan and any Award Agreements, the maximum number of Shares subject to all Awards stated in Section 5(a) and the maximum number of Shares with respect to which any one person may be granted Awards during any period stated in
Section 5(d) shall be subject to adjustment or substitution, as determined by the Committee in its sole discretion, as to the number, price or kind of a share of stock or other consideration subject to such Awards or as otherwise determined by
the Committee to be equitable (i) in the event of changes in the outstanding Shares or in the capital structure of the Company by reason of stock or extraordinary cash dividends, stock splits, reverse stock splits, recapitalization,
reorganizations, mergers, consolidations, combinations, exchanges, an unpairing of the shares of Common Stock from the Trust Shares, or other relevant changes in capitalization occurring after the Date of Grant of any such Awards or (ii) in the
event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of the rights granted to, or available for, Participants, or which otherwise warrants equitable
adjustment because it interferes with the intended operation of the Plan. Any adjustment in Incentive Stock Options under this Section 11 shall be made only to the extent not constituting a “modification” within the meaning of
Section 424(h)(3) of the Code, and any adjustments under this Section 11 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Further, with respect to Awards
intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions may be made
without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for
all purposes. 

 Notwithstanding the above, in the event of any of the following: 
 A. The Company is merged or consolidated with another corporation or entity and, in connection therewith, consideration is received by shareholders of
the Company in a form other than stock or other equity interests of the surviving entity; 
 B. All or substantially all of the assets of the
Company are acquired by another person; 
 C. The reorganization or liquidation of the Company; or 
 D. The Company shall enter into a written agreement to undergo an event described in clauses A, B or C above, 
 then the Committee may, in its discretion and upon at least 10 days advance notice to the affected persons, cancel any outstanding Awards and cause the holders thereof
to be paid, in cash or stock, or any combination thereof, the value of such Awards based upon the price per share of the shares of stock or other consideration received or to be received by other shareholders of the Company in the event. The terms
of this Section 11 may be varied by the Committee in any particular Award Agreement. 

 12. Effect of Change of Control 
 Except to the extent a particular Award Agreement otherwise provides: 
 (a) In the event of a Change of
Control, notwithstanding any provision of the Plan to the contrary, all Options shall become immediately exercisable with respect to 100 percent of the Shares subject to such Option, and the Restricted Period shall expire immediately with respect to
100 percent of the shares of Restricted Stock and Restricted Stock Units (including a waiver of any applicable Performance Goals) and, to the extent practicable, such acceleration of exercisability and expiration of the Restricted Period (as
applicable) shall occur in a manner and at a time which allows affected Participants the ability to participate in the Change in Control transaction with respect to the Shares subject to their Awards. 
 (b) In addition, in the event of a Change of Control, the Committee may in its discretion and upon at least 10 days’ advance notice to the affected
persons, cancel any outstanding Award and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Awards based upon the price per Share received or to be received by other shareholders of the Company in the event.
Notwithstanding the above, the Committee shall exercise such discretion over any Award subject to Code Section 409A at the time such Award is granted. 
 (c) The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participants’ rights under the Plan in any agreement or
plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets. 
 13. Nonexclusivity of the Plan

 Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall
be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such
arrangements may be either applicable generally or only in specific cases. 
 14. Amendments and Termination 
 (a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan
(including as necessary to prevent the Company from being denied a tax deduction on account of Section 162(m) of the Code); and provided further that any such amendment, alteration, suspension, discontinuance or termination that
would impair the rights of any Participant or any holder or beneficiary of any Option theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary. 

 (b) Amendment of Award Agreements. The Committee may waive any conditions or rights under, amend
any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension,
discontinuance, cancellation or termination that would impair the rights of any Participant, holder or beneficiary in respect of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; and
provided further that, without stockholder approval, the Committee may not take any action that results in the “repricing” of any Option granted under the Plan. For purposes of this Section 13(b) a “repricing”
means any of the following (or any other action that has the same effect of any of the following): (i) amending or modifying the terms of an Option after the Date of Grant in a manner that reduces the Option Price of such Option; (ii) any
other action that would either (A) be reportable on the Company’s proxy statement as Options which have been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act) or
(B) results in an Option being considered repriced under generally accepted accounting principles; or (iii) canceling an Option at time when its Option Price is equal to or less than the Fair Market Value of the Shares subject to the
Option, in exchange for another Option, Restricted Stock Award or any other equity-based award. A cancellation and exchange described in clause (iii) of the preceding sentence will be considered a “repricing” regardless of whether
(x) the Option, Restricted Stock Award or other equity-based award is delivered simultaneously with the cancellation of the Option, (y) it is reportable as a repricing in the Company’s proxy statement or under generally accepted
accounting principles, and (z) the cancellation of the Option was voluntary on the part of the Participant. 
 *    *    * 
 As adopted by the Board of Directors of Carnival Corporation as of January 14, 2002 and
amended as of September 25, 2002 and April 17, 2003, April 21, 2004 and further amended and restated as of December 16, 2008.

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