Document:

Employment Agreement--Kunal Kamlani

 Exhibit 10.10 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is made and entered into effective as of the 17th day of June, 2011, by and between Oceania Cruises, Inc., a corporation organized under the laws of the Republic of Panama (the “Company”), Prestige Cruise Holdings, Inc., a corporation
organized under the laws of the Republic of Panama (the “Holdco”) and Kunal Kamlani (the “Executive”). 
 RECITALS 
 THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts,
understandings and intentions: 
 A.            The Company
and the Holdco desire to offer the Executive the benefits set forth in this Agreement and provide for the services of the Executive on the terms and conditions set forth in this Agreement. 

B.            The Executive desires to be employed by the Company on
the terms and conditions set forth in this Agreement. 

C.            This Agreement shall govern the employment relationship
between the Executive and the Company, the Holdco and all of their respective affiliates from and after the date hereof, and supersedes and negates any previous agreements with respect to such relationship. 

AGREEMENT 

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows: 
  

	1.	Retention and Duties. 

  

	 	1.1	Retention. The Company does hereby hire, engage and employ the Executive for the Period of Employment (as such term is defined in Section 2) on the
terms and conditions expressly set forth in this Agreement. The Executive does hereby accept and agree to such hiring, engagement and employment, on the terms and conditions expressly set forth in this Agreement. 

 

	 	1.2	 Duties. During the Period of Employment, the Executive shall serve as the President and Chief Operating Officer of the Company, the
Holdco and each Person (as such term is defined in Section 5.5) in which the Company or the Holdco directly or indirectly control a majority of the voting power (a “Subsidiary”), and shall have the powers, authorities, duties
and obligations of management usually vested in such office in companies of a similar size and similar nature, and such other powers, authorities, duties and obligations commensurate with such position as the Chief Executive Officer of the Holdco
may assign from time to time, all subject to the directives of the Board of Directors of the Holdco (the “Board”) and/or the Chief Executive Officer of the Holdco and the corporate policies of the Company and the Holdco as they are
in effect from time to time throughout the Period of Employment (including, without limitation, the Company’s business conduct and ethics policies, as 

	 	
they may change from time to time). During the Period of Employment, the Executive shall report directly to the Chief Executive Officer of the Holdco and shall also be expected to perform
services for the Holdco and such of its other Subsidiaries as the Board and/or the Chief Executive Officer of the Holdco may request. The Executive shall not be entitled to any additional compensation (other than the compensation expressly provided
for in this Agreement) for any such services to the Holdco or any of its Subsidiaries. During the Period of Employment, the Executive shall be entitled to attend, as an observer, all non-executive sessions of the Board. 

 

	 	1.3	No Other Employment; Minimum Time Commitment. During the Period of Employment, the Executive shall (A) devote substantially all of the
Executive’s business time, energy and skill to the performance of the Executive’s duties hereunder, (B) perform such duties in a faithful, effective and efficient manner to the best of his abilities, and (C) hold no other
employment. The Executive’s service on the boards of directors (or similar body) of other business entities is subject to the approval of the Board. The Company shall have the right to require the Executive to resign from any board or similar
body (including, without limitation, any association, corporate, civic or charitable board or similar body) on which he may then serve if the Board reasonably determines that the Executive’s service on such board or body interferes with the
effective discharge of the Executive’s duties and responsibilities hereunder or that any business related to such service is then in competition with any business of the Company or any of its Affiliates (as such term is defined in
Section 5.5), successors or assigns. 

  

	 	1.4	No Breach of Contract. The Executive hereby represents to the Company and the Holdco that: (i) the execution and delivery of this Agreement by
the Executive, the Company and the Holdco and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any
other agreement or policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) that the Executive has no information (including, without limitation, confidential
information and trade secrets) relating to any other Person (as such term is defined in Section 5.5) which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) the
Executive is not bound by any employment, consulting, non-compete, confidentiality, trade secret or similar agreement (other than this Agreement) with any other Person except for a ninety (90) day required notice of termination from his current
employer; and (iv) the Executive understands the Company and the Holdco will rely upon the accuracy and truth of the representations and warranties of the Executive set forth herein and the Executive consents to such reliance.

  

	 	1.5	Location. The Executive’s principal place of employment shall be the Company’s principal executive office in the greater Miami area as it
may be located from time to time. The Executive agrees that he will be regularly present at that office. The Executive acknowledges that he will be required to travel from time to time in the course of performing his duties for the Company.

  

	2.	Period of Employment. The “Period of Employment” shall be a period of approximately three years commencing on Executive’s first day
of employment, which the parties anticipate 

	 	
will be on or about September 1, 2011 (the “Effective Date”), and ending at the close of business on December 31,2014 (the “Termination Date”);
provided, however, that this Agreement shall be automatically renewed, and the Period of Employment shall be automatically extended for one (1) additional year on the Termination Date and each anniversary of the Termination Date thereafter,
unless either party gives written notice at least ninety (90) days prior to the expiration of the Period of Employment (including any renewal thereof) of such party’s desire to terminate the Period of Employment (such notice to be
delivered in accordance with Section 18). The term “Period of Employment” shall include any extension thereof pursuant to the preceding sentence. Provision of notice by the Company that the Period of Employment shall not be extended
or further extended, as the case may be, shall not constitute a breach of this Agreement and shall not constitute “Constructive Termination” for purposes of this Agreement, but provision of such notice shall constitute “Involuntary
Termination” for purposes of this Agreement. Notwithstanding the foregoing, the Period of Employment is subject to earlier termination as provided in Section 5 below. 

 

	3.	Compensation. 

  

	 	3.1	Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary (the “Base Salary”), which shall be paid
biweekly or in such other installments as shall be consistent with the Company’s regular payroll practices in effect from time to time. The Executive’s Base Salary shall be at an annualized rate of seven hundred and fifty thousand dollars
($750,000). The Board (or a committee thereof) will review the Executive’s rate of Base Salary on an annual basis and may, in its sole discretion, increase (but not decrease) the rate then in effect. 

 

	 	3.2	 Incentive Bonus. Beginning in calendar 2011, the Executive shall be eligible to receive an incentive bonus for each fiscal year of the
Company that occurs during the Period of Employment (“Incentive Bonus”); provided that, except as provided in Section 5.3, the Executive must be employed by the Company on the last day of any such fiscal year in order to be
eligible for an Incentive Bonus with respect to that fiscal year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have “earned” any Incentive Bonus with respect to the fiscal year in
question). The amount of the Executive’s Incentive Bonus for each fiscal year that the Company, Holdco and their Subsidiaries pay any form of cash incentive to their executives or other key employees generally shall equal a minimum of seven
hundred and fifty thousand dollars ($750,000) (the “Minimum Bonus Amount”); provided that (a) if the Executive commences his employment on or about September 1, 2011, the Minimum Bonus Amount for the 2011 calendar year
shall be five hundred thousand dollars ($500,000), and (b) except as provided in the preceding clause (a), the Minimum Bonus Amount shall be pro-rated (based on a percentage equal to the number of days the Executive is employed in such calendar
year divided by three hundred sixty five (365)) for any fiscal year in which the Executive is not employed for the entire fiscal year. The Board (or a committee thereof) may determine in its sole discretion to pay the Executive an Incentive
Bonus for a fiscal year in an amount that exceeds the Minimum Bonus Amount based upon its assessment of the Executive’s and Holdco’s performance. For any year as to which the Company, Holdco and their Subsidiaries do not pay any form of
cash incentive to their executives or other key employees generally, the payment of the Executive’s Incentive Bonus or Minimum Bonus Amount (whichever is greater) for such fiscal

	 	
year may in the Board’s reasonable discretion be deferred for up to one calendar year from the date that bonuses were originally scheduled to be paid (or, if no such date has been scheduled,
then no later than March 31 of the immediately following calendar year) if such deferral is permitted under Section 409A of the Code. Except as provided in the preceding sentence, the actual Incentive Bonus for each year shall be paid in
the immediately following calendar year. 

  

	 	3.3	 Stock Option Grant. Subject to the terms of this Section 3.3, promptly after the Effective Date, Prestige
Cruises International, Inc. (the “Parent”) will grant the Executive a stock option (the “Option”) under the Parent’s 2008 Stock Option Plan (the “Stock Plan”) to purchase six hundred thousand
(600,000) shares (the “Intended Option”) of the Parent’s common stock at a price per share equal to the Fair Market Value (as defined in the Stock Plan) of a share of Parent’s common stock on the grant date (the
“Grant Date FMV”). If the Grant Date FMV exceeds ten dollars ($10.00), then, in lieu of an equal number of shares of the Parent’s common stock that would otherwise be subject to the Intended Option, the Parent will grant the
Executive a number of restricted shares (the “Restricted Shares”) under the Stock Plan equal to (x) the excess of the Grant Date FMV over ten dollars ($10.00) multiplied by six hundred thousand (600,000), divided by
(y) the Grant Date FMV; provided that the Parent will in no events be required to grant the Executive more than six hundred thousand (600,000) Restricted Shares. (For example, if the Grant Date FMV is $15.00, the Parent will grant the
Executive 200,000 Restricted Shares (($15.00 Grant Date FMV - $10.00) * 600,000 = $3,000,000; $3,000,000 / $15.00 Grant Date FMV = 200,000 Restricted Shares) and the Parent will grant the Executive 400,000 Options instead of the 600,000 Intended
Options). Subject to the Executive’s continued employment on each vesting date, any Options or Restricted Shares granted pursuant to this Section 3.3 shall vest (and in the case of Options, become exercisable) (A) in three cumulative
and substantially equal annual installments on each of the first, second, and third anniversaries of the Effective Date or (B) upon the occurrence of a Sale of the Company (as defined in the Stock Plan) or the termination of the
Executive’s employment with the Company as a result of an Involuntary Termination (as such term is defined in Section 5.5). To the extent permitted by applicable law and any credit or similar financing agreements to which the Parent or its
Affiliates is a party, upon any vesting of Restricted Shares, the Executive shall be permitted to satisfy the minimum applicable federal, state and local statutory withholding obligations by having the Company reduce the number of shares otherwise
deliverable upon vesting (or by having the Company repurchase such number of shares) by that number of shares having a fair market value equal to the amount of such minimum applicable statutory withholding obligations that arise upon vesting. Any
Options or Restricted Shares granted pursuant to this Section 3.3 shall be granted under and shall be subject to the terms and conditions of the Stock Plan and the Parent’s form agreements approved for use under the Stock Plan (which,
among other terms, will provide in the Executive’s case that vested options will terminate twelve (12) months after the Executive’s termination of employment for any reason except a termination for cause, in which case the options
will terminate on the date of termination). The Parent agrees to make any necessary amendments to the Stock Plan that may be required in order to effect the grant of such Options and Restricted Shares. Prior to the end of the calendar year in which
the second anniversary of the Effective Date occurs, the Parent’s Board of Directors will evaluate the Executive’s performance, and, in its sole discretion, may grant the Executive up to an additional

	 	
one hundred thousand (100,000) Options on such terms and conditions as the Parent’s Board of Directors shall approve (the “Additional Options”). Not later than the end
of the first quarter of each new fiscal year that begins prior to the second anniversary of the Effective Date, the Board and/or the Chief Executive Officer of Holdco will establish performance objectives for the Executive, and at the conclusion of
each such fiscal year, the Board will evaluate the Executive’s achievement of the performance objectives in good faith and will use this evaluation when exercising its discretion to determine whether to grant the Executive any Additional
Options and the size of any such award. Copies of the Stock Plan and the Parent’s current form award agreements have been provided to the Executive prior to the date hereof. 

 

	4.	Benefits. 

  

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

  

	 	4.2	Company Automobile. During the Period of Employment, the Executive shall be entitled to an annual cash car allowance of $10,000, subject to the terms of
the Company’s policy as in effect from time to time. 

  

	 	4.3	Reimbursement of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties under this
Agreement and shall be entitled to reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in connection with carrying out such duties, subject to the Company’s expense reimbursement policies and
any pre-approval policies in effect from time to time. 

  

	 	4.4	Vacation and Other Leave. During the Period of Employment, the Executive’s annual rate of vacation accrual shall be equal to a minimum of twenty
(20) days per year; provided that such vacation shall accrue and be subject to the Company’s vacation policies (including any limits on accrued vacation balances) in effect from time to time. The Executive shall also be entitled to all
other holiday and leave pay generally available to other executives of the Company. 

  

	 	4.5	Legal Fees. The Company will reimburse the Executive a maximum of ten thousand dollars ($10,000) for the Executive’s legal fees incurred in
connection with the drafting, negotiation and preparation of this Agreement. Such reimbursement shall be made during calendar 2011 and promptly after such expenses are incurred. 

 

	 	4.6	 Indemnification. The Company and the Holdco agree to indemnify and hold the Executive harmless, including without limitation advancement
of attorneys’ fees and/or other fees and expenses, against all costs, attorneys’ fees, charges and expenses whatsoever incurred or sustained by the Executive in connection with any

	 	
action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company, the Holdco or their Subsidiaries to the fullest
extent permitted by applicable laws and the Company’s (or the Holdco’s or any Subsidiary’s, as applicable) governing documents, in each case as in effect at the time of the subject act or omission; provided, that in no event shall the
Executive’s indemnification rights and rights to advancement of attorneys’ fees and/or other fees and expenses at any time be less favorable than the indemnification rights and rights to advancement of attorneys’ fees and/or other
fees and expenses generally available to the officers or directors of the Company or the Holdco. In connection therewith, the Executive shall be entitled to the protection of any insurance policies which the Company, the Holdco or any applicable
Subsidiary elects to maintain generally for the benefit of the Company’s (or the Holdco’s or any Subsidiary’s, as applicable) directors and officers, against all costs, attorneys’ fees, charges and expenses whatsoever incurred or
sustained by the Executive in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company, the Holdco or any Subsidiary. This provision shall
survive any termination of the Executive’s employment hereunder. 

  

	5.	Termination. 

  

	 	5.1	Termination by the Company. The Executive’s employment by the Company, and the Period of Employment, may be terminated at any time by the Company:
(i) with Cause (as such term is defined in Section 5.5), or (ii) without Cause, or (iii) in the event of the Executive’s death, or (iv) in the event that the Executive has a Disability (as such term is defined in
Section 5.5), in each case subject to the satisfaction of the terms and conditions set forth below with respect to such termination. 

  

	 	5.2	Termination by the Executive. The Executive’s employment by the Company, and the Period of Employment, may be terminated by the Executive with no
less than thirty (30) days advance written notice to the Company (such notice to be delivered in accordance with Section 18); provided, however, that in the case of a Constructive Termination, the Executive may provide immediate written
notice of termination once the applicable cure period (as contemplated by the definition of Constructive Termination) has lapsed if the Company has not reasonably cured the circumstances that gave rise to the basis for the Constructive Termination.

  

	 	5.3	Benefits Upon Termination. If the Executive’s employment by the Company is terminated during the Period of Employment for any reason by the Company
or by the Executive, or upon or following the expiration of the Period of Employment (in any case, the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”), the Company shall
have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows: 

(a)      The Company shall pay the Executive (or, in the event of his death, the Executive’s estate)
any Accrued Obligations (as such term is defined in Section 5.5); 

 
(b)      If, during the Period of Employment, the Executive’s employment with the Company terminates as a result of an Involuntary Termination (as such term is
defined in Section 5.5), the Executive shall be entitled to the following benefits: 

(i)      The Company shall pay the Executive (in addition to the Accrued Obligations), subject to tax
withholding and other authorized deductions, an amount equal to one times the sum of (i) his Base Salary at the annualized rate in effect on the Severance Date and (ii) seven hundred and fifty thousand dollars ($750,000). Such amount is
referred to hereinafter as the “Severance Benefit.” Subject to Section 5.8(a), the Company shall pay the Severance Benefit to the Executive in substantially equal installments in accordance with the Company’s standard
payroll practices over a period of six (6) consecutive months, with the first installment payable in the month following the month in which the Executive’s Separation from Service (as such term is defined in Section 5.5) occurs. (For
purposes of clarity, each such installment shall equal the applicable fraction of the aggregate Severance Benefit. For example, if such installments were to be made on a monthly basis, each installment would equal one sixth (l/6th) of the Severance
Benefit.) 
 (ii)      The Company will pay or reimburse the Executive for his and his covered
dependents’ premiums charged to continue group health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent medical coverage for the Executive (and, if
applicable, the Executive’s eligible dependents) as in effect immediately prior to the Severance Date, to the extent that the Executive elects such continued coverage; provided that the Company’s obligation to make any payment or
reimbursement pursuant to this clause (ii) shall, subject to Section 5.8(a), commence with continuation coverage for the month following the month in which the Executive’s Separation from Service occurs and shall cease with
continuation coverage for the twelfth month following the month in which the Executive’s Separation from Service occurs (or, if earlier, shall cease upon the first to occur of the date the Executive becomes eligible for coverage under the
health plan of a future employer, or the date the Company ceases to offer group medical coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA continuation coverage to the Executive). To the extent
the Executive elects COBRA coverage, he shall notify the Company in writing of such election prior to such coverage taking effect and complete any other continuation coverage enrollment procedures the Company may then have in place. To the extent
required in order to avoid violating Section 105(h) of the Code, the benefits provided in this Section 5.3(b)(ii) shall be treated as an additional cash severance benefit. 

(iii)      The Company shall pay the Executive a pro-rata portion of any Incentive Bonus that is earned
for the fiscal year in which the Executive’s Involuntary Termination occurs, with the pro-rata portion based on a percentage equal to the number of days in such fiscal year through the date of the Executive’s Involuntary Termination
divided by three hundred sixty five (365)) (the “Pro-Rata Bonus”). The Pro-Rata Bonus shall also be paid if the Executive’s employment is terminated due to the Executive’s death or his

 
Disability. The Pro-Rata Bonus shall be paid in the calendar year immediately following the calendar year in which the Executive’s Involuntary Termination, death or Disability occurs (with
such payment expected to be made at the same time bonuses are paid to other employees, or by March 31 if bonuses are not paid to other employees), and the penultimate sentence of Section 3.2 of this Agreement shall not apply to such
payment. 
 (d)    Notwithstanding the foregoing provisions of this Section 5.3, if the Executive
breaches his obligations under Section 6 of this Agreement at any time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, the Executive will no longer be entitled
to, and the Company will no longer be obligated to pay, any remaining unpaid portion of the Severance Benefit or the Pro-Rata Bonus or to any continued Company-paid or reimbursed coverage pursuant to Section 5.3(b)(ii); provided that, if the
Executive provides the release contemplated by Section 5.4, in no event shall the Executive be entitled to a Severance Benefit payment of less than $5,000, which amount the parties agree is good and adequate consideration, in and of itself, for
the Executive’s release contemplated by Section 5.4. 
 (e)    The foregoing provisions of this
Section 5.3 shall not affect: (i) the Executive’s receipt of benefits otherwise due terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; (ii) the
Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance coverage; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the Company’s
40l(k) plan or the Stock Plan. 
  

	 	5.4	Release: Exclusive Remedy. 

 (a)    This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based award agreement to the contrary. As a
condition precedent to any Company obligation to the Executive pursuant to Section 5.3(b) or any other obligation to accelerate vesting of any equity-based award in connection with the termination of the Executive’s employment, the
Executive shall, upon or promptly following his last day of employment with the Company (and in any event within twenty-one (21) days following the Executive’s last day of employment, or such longer period of time as may be required under
applicable law), provide the Company with a valid, executed general release agreement in substantially the form attached hereto as Exhibit A (with such amendments that may be necessary to ensure the release is enforceable to the fullest extent
permissible under then applicable law), and such release agreement shall have not been revoked by the Executive pursuant to any revocation rights afforded by applicable law. 
 (b)    The Company and the Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under this Agreement. All amounts paid to the Executive pursuant
to Section 5.3 shall be paid without regard to whether the Executive has taken or takes actions to mitigate damages. The Executive agrees to resign, on the Severance Date, as an officer and director of the Company and any Affiliate of the
Company, and as a fiduciary of any benefit plan of the Company or 

 
any Affiliate of the Company, and to promptly execute and provide to the Company any further documentation, as reasonably requested by the Company, to confirm such resignation. 

 

	 	5.5	Certain Defined Terms. 

 (a)     As used herein, “Accrued Obligations” means: 
 (i)    any Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; and 

(ii)    any Incentive Bonus payable pursuant to Section 3.2 with respect to any fiscal year in the Period of
Employment preceding the fiscal year in which the Severance Date occurs, if the Company has, prior to the Severance Date, paid bonuses generally to other executives of the Company with respect to such fiscal year, but has not paid any Incentive
Bonus due to the Executive with respect to such fiscal year; and 
 (iii)    any vested benefits provided
under the Company’s employee benefit plans in which the Executive participates (other than any benefits in the nature of severance pay, as this Agreement sets forth the full and exclusive severance provisions applicable to the Executive) upon a
termination of employment, in accordance with the terms and conditions of such plans; provided that in no event shall this clause (iii) result in a duplication of any benefit otherwise referred to in this Agreement; and 

(iv)    any reimbursement due to the Executive pursuant to Section 4.3 for expenses reasonably incurred by the
Executive on or before the Severance Date and documented and pre-approved, to the extent applicable, in accordance with the Company’s expense reimbursement policies in effect for executives at the applicable time; and 

(v)    any rights to indemnification and advancement of fees and expenses by virtue of the Executive’s position
as an officer or director of the Company, Holdco or their Subsidiaries and the benefits under any directors’ and officers’ liability insurance policy maintained by the Company, Holdco or their Subsidiaries, in accordance with its terms
thereof and Section 4.6. 
 (b)    As used herein, “Affiliate” of a Person means
another Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the first Person. As used in this definition, the term “control,” including the correlative
terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or any partnership or other ownership interest, by contract or otherwise) of a Person. For purposes of clarity and without limiting the generality of the foregoing, the term “Affiliate” includes any Person that is, directly or
indirectly through any other Person, engaged in the Business (as such term is defined in Section 6.2) if that Person is controlled by Apollo (as that term is defined in the Stock Plan) or any investment fund or vehicle managed by Apollo Global
Management, LLC or 

 
any of its Affiliates. However, any Person that would not otherwise be an Affiliate of the Company or the Parent but for its ownership by Apollo (as defined in the Stock Plan) or any investment
fund or vehicle managed by Apollo Global Management, LLC or any of its Affiliates shall not be considered an Affiliate if such Person is not, directly or indirectly through any other Person, engaged in the Business (as such term is defined in
Section 6.2). 
 (c)    As used herein, “Cause” shall mean, as reasonably determined
by the Board (excluding the Executive, if he is then a member of the Board) based on the information then known to it, that one or more of the following has occurred: 
 (i)    the Executive is convicted of, or pleads guilty or no contest to, a felony (under the laws of the United States or any relevant state, or a similar crime or offense under the
applicable laws of any relevant foreign jurisdiction); 
 (ii)    the Executive has engaged in fraud, or
other acts of willful misconduct or dishonesty in the course of his duties hereunder; 
 (iii)    the
Executive willfully fails to perform or uphold his duties under this Agreement and/or willfully fails to comply with reasonable directives of the Board and/or Chief Executive Officer of the Holdco, in either case after there has been delivered to
the Executive a written demand for performance from the Company specifying in reasonable detail the failure(s) giving rise to the demand for performance, and such failure or failures, if capable of being cured, are not cured within ten
(10) days following the Executive’s receipt of such written demand; or 
 (iv)    any material
breach by the Executive of the provisions of Section 6, or any material breach by the Executive of any other contract he is a party to with the Company or any of its Affiliates, which, if capable of being cured, is not cured within ten
(10) days following Executive’s receipt of written notice of such material breach. 
 (d)    As
used herein, “Constructive Termination” shall mean a resignation by the Executive after the occurrence (without the Executive’s consent) of any one or more of the following conditions after the date hereof: 

(i)    any diminution in the Executive’s rate of Base Salary or Minimum Bonus Amount; 

(ii)    a diminution in the Executive’s authority, duties, or responsibilities as measured in the aggregate;

 (iii)    a change in the geographic location of the Executive’s principal place of employment from
the greater Miami, Florida area; or 
 (iv)    a material breach by the Company of this Agreement;

 provided, however, that any such condition or conditions, as applicable, shall not constitute grounds for a Constructive
Termination unless both (x) the Executive provides written notice to the Company of the condition claimed to constitute grounds 

 
for a Constructive Termination within sixty (60) days of the initial existence of such condition(s) (such notice to be delivered in accordance with Section 18), and (y) the Company
fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events the termination of the Executive’s employment with the Company shall not constitute a
Constructive Termination unless such termination occurs not more than one hundred and twenty (120) days following the initial existence of the condition claimed to constitute grounds for a Constructive Termination. 

(e)    As used herein, “Disability” shall mean a physical or mental impairment which renders the
Executive unable to perform the essential functions of his employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 120 days in any 180-day period, unless a longer period is
required by federal or state law, in which case that longer period would apply. Any question as to the existence, extent or potentiality of the Executive’s Disability upon which the Executive and the Company cannot agree shall be determined by
a qualified, independent physician mutually agreed upon by the Company and the Executive. If the Executive and the Company cannot agree on such physician, then the Executive and the Company shall each select one physician and those physicians shall
jointly select the physician to make such determination. The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
 (f)    As used herein, “Involuntary Termination” shall mean (i) a termination of the Executive by the Company without Cause (and other than due to
Executive’s death or in connection with a good faith determination by the Board that the Executive has a Disability), (ii) a Constructive Termination or (iii) provision of notice by the Company that the Period of Employment shall not
be extended or further extended, as the case may be. 
 (g)    As used herein, the term
“Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political subdivision thereof. 

(h)    As used herein, a “Separation from Service” occurs when the Executive dies, retires, or
otherwise has a termination of employment with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available
thereunder. 
  

	 	5.6.	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from
the terminating party to the other party. This notice of termination must be delivered in accordance with Section 18 and must indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

	 	5.7.	Shareholder Approval/Modified Cut-Back. 

 (a)    Shareholder Approval. If any payment, benefit or distribution of any type to or for the benefit of the Executive by the Company or any of its Affiliates, whether paid or
payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively, the
“Total Payments”) would subject the Executive to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Executive,
in his sole discretion, may elect prior to the applicable event to waive his right to receive that portion of the Total Payments that would be subject to the Excise Tax, the payment of which thereafter would be subject to and contingent upon the
approval of the stockholders of the Company pursuant to Section 280G(b)(5)(A)(ii) (or any successor section) of the Code to make such payment. If the Executive makes such an election, the Company shall use its reasonable best efforts to obtain
approval from the stockholders of the Company in accordance with Section 280G(b)(5)(B) (or any successor section) of the Code and the regulations thereunder, of the payment to, and the retention by, the Executive of the portion of the Total
Payments that would otherwise be subject to the Excise Tax. 
 (b)    Modified Cutback. In the event
that (i) the Total Payments would be subject to the Excise Tax, and (ii) the Executive elects not to waive his right to receive a portion of the Total Payments as provided subsection (a) above, except as provided below, the Total
Payments shall be reduced so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the
Code; provided that the Total Payments shall only be reduced to the extent the after-tax value of amounts received by the Executive after application of the above reduction would exceed the after-tax value of the amounts received without application
of such reduction. For this purpose, the after-tax value of an amount shall be determined taking into account all federal, state, and local income, employment and excise taxes applicable to such amount. If such a reduction is required, the Company
shall reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock
options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Total Payments. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Board hereunder, it is possible that Total Payments to the Executive which will not have been made by the Company pursuant to this Section 5.7(b) should have been
made (“Underpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

(c)    Determinations. An initial determination as to whether (i) any of the Total Payments received by
the Executive in connection with the occurrence of a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company shall be subject to the Excise Tax, and (ii) the amount
of any reduction, if any, that may be required pursuant to Section 

 
5.7(b) above, shall be made by an independent accounting firm selected by the Company and reasonably acceptable to the Executive (the “Accounting Firm”) prior to the consummation
of such change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company. The Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with
respect to his Total Payments, together with the related calculations of the Accounting Firm, promptly after such determinations and calculations have been received by the Company. 

 

	 	5.8	Section 409A. 

 (a)    If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-l(i) as of the date of the Executive’s Separation from
Service, the Executive shall not be entitled to any payment or benefit pursuant to Section 5.3(b) (other than any payment made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg.
Section 1.409A-1(b)(4) (Short-Term Deferrals)) until the earlier of (i) the date which is six (6) months after his Separation from Service for any reason other than death, or (ii) the date of the Executive’s death. The
provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code. Any amounts otherwise payable to the Executive upon or in the six
(6) month period following the Executive’s Separation from Service that are not so paid by reason of this Section 5.8(a) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after
the date that is six (6) months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Executive’s death). 

(b)    To the extent that any benefits pursuant to Section 5.3(b)(ii) or reimbursements pursuant to
Section 4 (other than Section 4.5) are taxable to the Executive, any reimbursement payment due to the Executive pursuant to any such provision shall be paid to the Executive on or before the last day of the Executive’s taxable year
following the taxable year in which the related expense was incurred. The benefits and reimbursements pursuant to Section 5.3(b)(ii) and Section 4 (other than Section 4.5) are not subject to liquidation or exchange for another benefit
and the amount of such benefits and reimbursements that the Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that the Executive receives in any other taxable year. 

 

	 	6.	Protective Covenants. 

  

	 	6.1	Confidential Information; Inventions. 

 (a)    The Executive shall not disclose or use at any time, either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which the Executive
is or becomes aware, whether or not such information is developed by him, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance in good faith of duties for the Company and its

 Affiliates. The Executive will take all appropriate steps to safeguard Confidential
Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft. The Executive shall deliver to the Company at the termination of the Period of Employment, or at any time the Company may request, all memoranda,
notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information or the Work Product (as hereinafter defined) of the business of the Company or any of its
Affiliates which the Executive may then possess or have under his control. Notwithstanding the foregoing, the Executive may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible
notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought, and shall assist the Company and such counsel in resisting or otherwise responding to
such process. 
 (b)    As used in this Agreement, the term “Confidential Information”
means information that is not generally known to the public and that is used, developed or obtained by the Company or its Affiliates in connection with their businesses, including, but not limited to, information, observations and data obtained by
the Executive while employed by the Company and/or its Affiliates (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company, the Parent and their predecessors and Affiliates, (ii) products
or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings,
(viii) flow charts, manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced
to practice, (xii) customers and clients and customer or client lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in
whatever form. Confidential Information will not include any information that has been published (other than a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to the date the Executive
proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such
information have been published in combination. 
 (c)    As used in this Agreement, the term “Work
Product” means all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related
information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to the Company’s or any of its Affiliates’ actual or anticipated business, research and
development or existing or future products or services and which are conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company or any of its Affiliates, and
whether or not alone or in conjunction with any other person) while employed by the Company (including those conceived, developed or made prior to the Effective Date) together with all patent applications, letters

 
patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the
Executive may have discovered, invented or originated during his employment by the Company or any of its Affiliates prior to the Effective Date or that he may discover, invent or originate during the Period of Employment or at any time prior to the
Severance Date, shall be the exclusive property of the Company and its Affiliates, as applicable, and Executive hereby assigns all of Executive’s right, title and interest in and to such Work Product to the Company or its applicable Affiliate,
including all intellectual property rights therein. Executive shall promptly disclose all Work Product to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem necessary to protect or
perfect its (or any of its Affiliates’, as applicable) rights therein, and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any of its Affiliates’, as applicable) rights
therein. The Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company and the Company’s (and any of its
Affiliates’, as applicable) rights to any Work Product. 
  

	 	6.2	Restriction on Competition. The Executive acknowledges that, in the course of his employment with the Company and/or its Affiliates, he has become
familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’ trade secrets and with other Confidential Information concerning the Company, its Affiliates and their respective predecessors and that
his services have been and will be of special, unique and extraordinary value to the Company and its Affiliates. The Executive agrees that if the Executive were to become employed by, or substantially involved in, the business of a competitor of the
Company or any of its Affiliates during the twelve (12) months following the Severance Date, it would be very difficult for the Executive not to rely on or use the Company’s and its Affiliates’ trade secrets and Confidential
Information. Thus, to avoid the inevitable disclosure of the Company’s and its Affiliates’ trade secrets and Confidential Information, and to protect such trade secrets and Confidential Information and the Company’s and its
Affiliates’ relationships and goodwill with customers, during the Period of Employment and for a period of twelve (12) months after the Severance Date, the Executive will not directly or indirectly through any other Person engage in, enter
the employ of, render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, any Competing Business. For purposes of this Agreement, the phrase “directly or indirectly through any
other Person engage in” shall include, without limitation, any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise, and shall include
any direct or indirect participation in such enterprise as an employee, consultant, director, officer, licensor of technology or otherwise. For purposes of this Agreement, “Competing Business” means a Person anywhere in the
continental United States and elsewhere in the world where the Company and its Affiliates engage in business, or reasonably anticipate engaging in business, on the Severance Date (the “Restricted Area”) that at any time during the
Period of Employment has competed, or at any time during the twelve (12) month period following the Severance Date competes, with the Company or any of its Affiliates in the passenger ship cruise ship industry (the “Business”).
Nothing herein shall prohibit the Executive from being a passive owner of not more than 2% of the 

	 	
outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation. 

 

	 	6.3	Non-Solicitation of Employees and Consultants. During the Period of Employment and for a period of twelve (12) months after the Severance Date, the
Executive will not directly or indirectly through any other Person induce or attempt to (i) induce any employee or independent contractor of the Company or any Affiliate of the Company to leave the employ or service, as applicable, of the
Company or such Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was an
employee of the Company or any Affiliate of the Company until twelve months after such individual’s employment relationship with the Company or such Affiliate has been terminated. 

 

	 	6.4	Non-Solicitation of Customers. During the Period of Employment and for a period of twelve (12) months after the Severance Date, the Executive will
not directly or indirectly through any other Person influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, associates, consultants, agents, or partners of the Company or any Affiliate of the Company to
divert their business away from the Company or such Affiliate, and the Executive will not otherwise interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any Affiliate of the
Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consultants, managers, partners, members or investors, on the other hand. Notwithstanding anything
in this Section 6.4 to the contrary, nothing herein shall prevent the Executive from soliciting business from travel agents on behalf of a non-Competing Business. 

 

	 	6.5	Understanding of Covenants. The Executive represents that he (i) is familiar with and has carefully considered the foregoing covenants set forth in
this Section 6 (together, the “Restrictive Covenants”), (ii) is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the
Restrictive Covenants, (iv) agrees that the Company and its Affiliates currently conduct business throughout the continental United States and the rest of the world, (v) agrees that the Restrictive Covenants are necessary to protect the
Company’s and its Affiliates’ confidential and proprietary information, good will, stable workforce, and customer relations, and (vi) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth
above in this Section 6 regardless of whether the Executive is then entitled to receive severance pay or benefits from the Company. The Executive understands that the Restrictive Covenants may limit his ability to earn a livelihood in a
business similar to the Business of the Company and any of its Affiliates, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided
hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. The Executive
agrees that the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of the Executive. 

	 	6.6	Enforcement. The Executive agrees that the Executive’s services are unique and that he has access to Confidential Information and Work Product.
Accordingly, without limiting the generality of Section 17, the Executive agrees that a breach by the Executive of any of the covenants in this Section 6 would cause immediate and irreparable harm to the Company that would be difficult or
impossible to measure, and that damages to the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore, the Executive agrees that in the event of any breach or threatened breach of any provision of this
Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate
relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 6. The Executive further agrees that the applicable period of time any Restrictive Covenant is in effect following the
Severance Date, as determined pursuant to the foregoing provisions of this Section 6, shall be extended by the same amount of time that Executive is in breach of any Restrictive Covenant, as determined in a final judgment by a court of
competent jurisdiction. 

  

	7.	Withholding Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from
any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

 

	8.	Successors and Assigns. 

 (a)    This Agreement is personal to the Executive and without the prior written consent of the Company and Holdco shall not be assignable by the Executive otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b)    This Agreement shall inure to the benefit of and be binding upon the Company, Holdco and their respective successors and assigns. Without limiting the generality of the
preceding sentence, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined
and any successor or assignee, as applicable, which assumes and agrees to perform this Agreement by operation of law or otherwise. 
  

	9.	Number and Gender; Examples. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender
shall include all other genders. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general
statement to which it relates. 

  

	10.	Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof. 

	11.	Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE
STATE OF FLORIDA WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

  

	12.	Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
under any present or future law, and if the rights and obligations of any party under this Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating the
remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or
unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such
provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating
the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

  

	13.	Entire Agreement; Legal Effect. This Agreement, together with the Stock Plan and that certain Shareholders’ Agreement (the “Integrated
Document”), embodies the entire agreement of the parties hereto respecting the matters within its scope. The Integrated Document supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bear upon
the subject matter hereof, including any agreements with Apollo (as defined in the Stock Incentive Plan) or any investment fund or vehicle managed by Apollo Global Management, LLC or any of its Affiliates. Any prior negotiations, correspondence,
agreements, proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into the Integrated Document, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or
understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein.

  

	14.	Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by the parties hereto. 

  

	15.	 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall 

	 	
any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 

  

	16.	Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT. 

  

	17.	Remedies. Each of the parties to this Agreement and any such person or entity granted rights hereunder whether or not such person or entity is a signatory
hereto shall be entitled to enforce its rights under this Agreement specifically to recover damages and costs for any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance,
injunctive relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Agreement. Each party shall be responsible for paying its own attorneys’
fees, costs and other expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding or any judgment or verdict thereon is entered against either party. 

 

	18.	Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier, mailed by first
class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via telecopier, five days after deposit in the U.S.
mail and one day after deposit with a reputable overnight courier service. 

  

					
		  	if to the Company:
			
		  		  	 Oceania Cruises, Inc.

		  		  	 8300 N.W.
33rd Street, Suite 308

		  		  	 Miami, FL 33122

		  		  	 Facsimile: (305) 514-2297

		  		  	 Attn:    Chief Executive Officer

		
		  	 if to the Holdco:

			
		  		  	 Prestige Cruise Holdings, Inc.

		  		  	 c/o Apollo Management, L.P.

		  		  	 9 West
57th Street, 43rd Floor

		  		  	 New York, NY 10019

		  		  	 Fax: (212)515-3288

		  		  	 Attention: Steven Martinez

  

					
		  	if to the Executive, to the address most recently on file in the payroll records of the Company, with a copy to:
			
		  		  	 Wechsler & Cohen, LLP

		  		  	 17 State Street, 15th Floor

		  		  	 New York, NY 10004

		  		  	 Fax: (212) 847-7955

		  		  	 Attention:    David B. Wechsler, Esq.

  

	19.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature
appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

  

	20.	Legal Counsel: Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the
opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior
to entering into this Agreement and has had ample opportunity to do so. 

  

	21.	Confidentiality of Agreement. The Company and the Holdco shall not make any public announcement of the execution or existence of this Agreement, and shall
keep this Agreement confidential, until August 15, 2011, or such earlier date as the Executive may agree to in writing. Notwithstanding the foregoing, the Company and the Holdco may (i) make any disclosures with respect to this Agreement
to the extent (and only to the extent) required by applicable law, rule or regulation and (ii) truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Executive the earliest possible notice thereof, and
shall assist the Executive and his counsel in resisting or otherwise responding to such process. The Company and the Holdco agree that a breach by either of them of this Section 21 would cause immediate and irreparable harm to the Executive
that would be difficult or impossible to measure, and that damages to the Executive for any such injury would therefore be an inadequate remedy for any such breach. Therefore, the Company and the Holdco agree that in the event of any breach or
threatened breach of any provision of this Section 21, the Executive shall be entitled, in addition to and without limitation upon all other remedies the Executive may have under this Agreement, at law or otherwise, to obtain specific
performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 21. 

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

 IN WITNESS WHEREOF, the Company, the Holdco and the Executive have executed this
Agreement as of the date first indicated above. 
  

			
	“COMPANY”
	
	 Oceania Cruises, Inc.
 a corporation organized under the laws of the Republic of

Panama

		
	By:	 	/s/ Frank Del Rio        
	Name:	 	Frank Del Rio
	Title:	 	CEO
	
	“HOLDCO”
	
	 Prestige Cruise Holdings, Inc.
 a corporation organized under the laws of the Republic of

Panama

		
	By:	 	/s/ Frank Del Rio        
	Name:	 	Frank Del Rio
	Title:	 	CEO
	
	“EXECUTIVE”
	
	/s/ Kunal Kamlani
	Kunal Kamlani2008 Stock Option Plan of Prestige Cruises International, Inc.

 Exhibit 10.11 
 2008 STOCK OPTION PLAN 
 OF 

PRESTIGE CRUISES INTERNATIONAL, INC. 
 Prestige Cruises International, Inc. (the “Company”), a corporation organized under the laws of the Republic of Panama, hereby adopts this 2008 Stock Option Plan of Prestige Cruises
International, Inc. The purposes of the Plan are as follows: 
 (a)    to further the growth, development
and financial success of the Company and its Subsidiaries (as defined herein), by providing additional incentives to employees, consultants and directors of the Company and its Subsidiaries who have been or will be given responsibility for the
management or administration of the Company’s or one of its Subsidiaries’ business affairs, by providing a means through which they can purchase Common Stock, thereby benefiting directly from the growth, development and financial success
of the Company and its Subsidiaries; and 
 (b)    to enable the Company and its Subsidiaries to obtain and
retain the services of the type of professional, technical and managerial employees, consultants and directors considered essential to the long-range success of the Company and its Subsidiaries by providing and offering them an opportunity to
purchase Common Stock upon exercise of Options, including, in the case of employees, Options that are intended to qualify as “incentive stock options” under Section 422 of the Code (as defined herein). 

ARTICLE I.  
 DEFINITIONS 
 Whenever the following terms are used in the Plan,
they shall have the meaning specified below unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 “Administrator” shall have the meaning set forth in Section 6.1. 
 “Apollo” shall mean PCI Investco I, Inc., a corporation organized under the laws of the Republic of Panama, PCI Investco II, Inc., a corporation organized under the laws of the Republic
of Panama, PCI Investco III, Inc., a corporation organized under the laws of the Republic of Panama, PCI Investco IV, Inc., a corporation organized under the laws of the Republic of Panama, AAA Guarantor-Co-Invest VI, L.P., a Guernsey limited
partnership, AIF VI Euro Holdings, L.P., a Cayman Islands exempted limited partnership, AAA Guarantor-Co-Invest VII, L.P., a Guernsey limited partnership, AIF VII Euro Holdings, L.P., a Cayman Islands exempted limited partnership, and all
transferees of such Persons that are Affiliates of such Persons. 
 “Affiliate” shall mean, with respect to any
Person, any other Person that, directly or indirectly, controls, is controlled by, or is under common control with, such Person, through one or more intermediaries or otherwise. For purposes of this definition, “control” shall mean, when
used with respect to any Person, the power to direct the management and policies of such Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise. 

  
 1 

 “Board” shall mean the Board of Directors of the Company. 

“Cause” shall have the meaning ascribed to it in any employment agreement in effect between the Company or any of its
Subsidiaries and the Optionee as of the Optionee’s Severance Date and, in the absence of any such employment agreement, “Cause” shall mean (i) the willful and continued failure of the Optionee substantially to perform the
Optionee’s duties (other than as a result of physical or mental illness or injury), after the Board delivers to the Optionee a written demand for substantial performance and such nonperformance has continued for more than thirty (30) days
following written notice of nonperformance from the Board that specifically identifies the manner in which the Board believes that the Optionee has not substantially performed the Optionee’s duties (provided that the Optionee shall not be
deemed to be in nonperformance if within such 30-day time period following receipt by the Optionee of such notice he or she has taken steps reasonably calculated to resolve such nonperformance); (ii) willful misconduct or gross misconduct by
the Optionee that has resulted in material injury to the financial interests of or reputation of the Company or its Subsidiaries; (iii) a violation of policies and procedures of the Company or its Subsidiaries which in the reasonable discretion
of the Board is grounds for termination of employment; (iv) a material breach by the Optionee of any restrictive covenants contained in any Stock Option Agreement or other agreement with the Company or its Subsidiaries; (v) any act or
omission by the Optionee which, if convicted by a court of law, would constitute a felony, or involves disloyalty, dishonesty, or insubordination in the Optionee’s relations with the Company or its Subsidiaries, the Board, other employees, or
any of the Company’s or its Subsidiaries’ customers; (vi) any act or omission which is an intentional violation of the written policies of the Company or its Subsidiaries; (vii) any act or omission which results in a breach of
any material term or condition of the Plan, the Stock Option Agreement or the Stockholders’ Agreement; or (viii) any act or omission which has a material adverse effect the Company’s or its Subsidiaries’ reputation, business
affairs or goodwill. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Common Stock” shall mean the Common Stock, par value $0.01 per share, of the Company. 

“Company” shall mean Prestige Cruises International, Inc., a corporation organized under the laws of the Republic of
Panama. In addition, “Company” shall mean any corporation assuming, or issuing new employee stock options in substitution for, Incentive Stock Options outstanding under the Plan in a transaction to which Section 424(a) of the
Code applies. 
 “Consultant” shall mean a member of the Board of Directors of one of the Company’s
Subsidiaries who is not also an Employee, or any Person who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Company or one of its Subsidiaries, as applicable, in a capital
raising transaction or as a market maker or promoter of that entity’s securities) to the Company or any of its Subsidiaries, provided that Person’s participation in the Plan would not adversely affect (1) the Company’s
eligibility to rely on the Rule 701 exemption from registration under the Securities Act for the offering of shares issuable under the Plan by the Company, or (2) the Company’s compliance with any other applicable laws. 

  
 2 

 “Director” shall mean a member of the Board. 

“EBITDA” shall mean the sum of (i) net income (loss), (ii) interest expense, net, (iii) income taxes and
(iv) depreciation and amortization, as each such item is presented in the annual audited financial statements of the Company adjusted to exclude the expenses attributable to (A) non-cash stock compensation, (B) one time nonrecurring
transaction expenses related to Apollo’s investment in Prestige Cruise Holdings, Inc. (formerly known as Oceania Cruise Holdings, Inc.) and the Company’s acquisition of the luxury cruise business carried on by Regent Seven Seas Cruises,
Inc., (C) Registration Expenses (as defined in the Stockholders Agreement) and (D) the annual management fee and any transaction fee payable to Apollo or its Affiliates under any management consulting agreement between Apollo and the
Company or its Subsidiaries. The annual audited financial statements shall be prepared in accordance with GAAP consistent with past accounting policies and practices. 
 “Eligible Person” shall have the meaning set forth in Section 3.1. 
 “Eligible Representative” for an Optionee shall mean such Optionee’s personal representative or such other Person as is empowered under the deceased Optionee’s will or the then
applicable laws of descent and distribution to represent the Optionee hereunder. 
 “Employee” shall mean any
employee (as defined in accordance with the regulations and revenue rulings then applicable under Section 3401(c) of the Code) of the Company or one of its Subsidiaries, whether such employee is so employed at the time the Plan is adopted or
becomes so employed subsequent to the adoption of the Plan. 
 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 “Fair Market Value” of a share of Common Stock as of a given date shall
mean the value of a share of Common Stock determined as follows: 
 (a)    If the Common Stock is listed on
one or more established national stock exchanges or national market systems, including without limitation, The New York Stock Exchange, The American Stock Exchange, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital
Market of The NASDAQ Stock Market LLC, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as
determined by the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The
Wall Street Journal or such other source as the Administrator deems reliable; 
 (b)    If the Common Stock
is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer
on the date of determination, but if selling prices are not reported, the Fair Market Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such
prices were reported on that date, on 

  
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the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(c)    In the absence of an established market for the Common Stock of the type described in (a) and (b), above,
the Fair Market Value thereof shall be based upon a multiple of eleven (11) times the Company’s trailing 12-month EBITDA calculated on a fully diluted per-share basis; provided, however, that the Administrator shall determine in good faith
whether based on the facts and circumstances at the time of determination that such formula results in a reasonable fair market value of a share of Common Stock and, if not, then the Administrator shall determine the Fair Market Value of a share of
Common Stock using a reasonable valuation method applied in good faith. 
 “Incentive Stock Option” shall mean
an Option which is intended to qualify under Section 422 of the Code and is designated as an Incentive Stock Option by the Administrator. 
 “Non-Employee Director” shall mean a Director who is not an Employee of the Company or any of its Subsidiaries. 
 “Non-Qualified Stock Option” shall mean an Option which is not an “incentive stock option” under Section 422 of the Code and shall include an Option which is designated as
a Non-Qualified Stock Option by the Administrator. 
 “Oceania Plan” shall mean the 2007 Stock Option Plan of
Oceania Cruise Holdings, Inc. 
 “Officer” shall mean an officer of the Company, as defined in Rule 16a-l(f)
under the Exchange Act, as such Rule may be amended in the future. 
 “Option” shall mean an option granted
under the Plan to purchase Common Stock. “Options” include both Incentive Stock Options and Non-Qualified Stock Options. 
 “Option Consideration” shall have the meaning set forth in Section 7.1(b). 
 “Optionee” shall mean an Employee, Consultant or Non-Employee Director to whom an Option is granted under the Plan. 

“Parent” shall have the meaning set forth in Section 7.1. 

“Person” shall have the same meaning as in the Stockholders’ Agreement. 

“Plan” shall mean this 2008 Stock Option Plan of Prestige Cruises International, Inc., as it may be amended from time to
time. 
 “Qualified Public Offering” shall have the same meaning as in the Stockholders’ Agreement.

 “Repurchase Date” shall have the meaning set forth in Section 5.6. 

“Repurchase Notice” shall have the meaning set forth in Section 5.6. 

  
 4 

 “Repurchase Right” shall have the meaning set forth in Section 5.6.

 “Sale of the Company” shall have the same meaning as in the Stockholders’ Agreement. 

“Secretary” shall mean the Secretary of the Company. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Severance Date” shall mean, with respect to a particular Optionee, unless otherwise provided in the applicable Stock
Option Agreement: 
 (a)    if the Optionee is an Eligible Person under clause (a) of Section 3.1
and the Optionee’s employment by the Company or any of its Subsidiaries terminates (regardless of the reason), the last day that the Optionee is actually employed by the Company or such Subsidiary (unless, immediately following such termination
of employment, the Optionee is a member of the Board or, by express written agreement with the Company or any of its Subsidiaries, continues to provide other services to the Company or any Subsidiary as an Eligible Person under clause (c) of
Section 3.1, in which case the Optionee’s Severance Date shall not be the date of such termination of employment but shall be determined in accordance with clause (b) or (c) below, as applicable, in connection with the
termination of the Optionee’s other services); 
 (b)    if the Optionee is not an Eligible Person
under clause (a) of Section 3.1 but is an Eligible Person under clause (b) thereof, and the Optionee ceases to be a Director (regardless of the reason), the last day that the Optionee is actually a Director (unless, immediately
following such termination, the Optionee is an Employee or, by express written agreement with the Company or any of its Subsidiaries, continues to provide other services to the Company or any Subsidiaries as an Eligible Person under clause
(c) of Section 3.1, in which case the Optionee’s Severance Date shall not be the date of such termination but shall be determined in accordance with clause (a) above or (c) below, as applicable, in connection with the
termination of the Optionee’s employment or other services); 
 (c)    if the Optionee is not an
Eligible Person under clause (a) or clause (b) of Section 3.1 but is an Eligible Person under clause (c) thereof, and the Optionee ceases to provide services to the Company or any of its Subsidiaries as determined in accordance
with Section 7.2 (regardless of the reason), the last day that the Optionee actually provides services to the Company or such Subsidiary as an Eligible Person under clause (c) of Section 3.1 (unless, immediately following such
termination, the Optionee is an Employee of the Company or any of its Subsidiaries or is a member of the Board, in which case the Optionee’s Severance Date shall not be the date of such termination of services but shall be determined in
accordance with clause (a) or (b) above, as applicable, in connection with the termination of the Optionee’s employment or membership on the Board). 
 “Share Limit” shall have the meaning set forth in Section 2.1. 
 “Stock Option Agreement” shall have the meaning set forth in Section 4.1. 
 “Stockholders’ Agreement” shall mean that certain Stockholders’ Agreement, dated as of January 31, 2008, by and among the Company, PCI Investco I, Inc., PCI Investco II,
Inc., PCI 

  
 5 

 
Investco III, Inc., PCI Investco IV, Inc., AAA Guarantor - Co-Invest VI, L.P., AIF VI Euro Holdings, L.P., AAA Guarantor - Co-Invest VII, L.P., AIF VII Euro Holdings, L.P. and the other
stockholders of the Company from time to time party thereto, which contains certain restrictions and limitations applicable to the shares of Common Stock acquired upon Option exercise (and to other shares of Common Stock, if any, held by the
Optionee during the term of such agreement). If an Optionee is not a party to the Stockholders’ Agreement at the time of exercise of the Option (or any portion thereof), the exercise of the Option shall be subject to the condition that the
Optionee execute a Joinder to the Stockholders’ Agreement with the Company. 
 “Subsidiary” means, with
respect to any Person, any other Person of which 50% or more Of the voting power of the equity securities or equity interests sufficient to elect at least a majority of its Board of Directors or other governing body (or, if there is no such voting
power, 50% or more of the equity securities or equity interests) is owned, directly or indirectly, by such Person. 
 ARTICLE
II. 
 SHARES SUBJECT TO PLAN 
 Section 2.1    Shares Subject To Plan 
 The shares of stock subject to Options shall be shares of Common Stock. Subject to Section 7.1, (i) 408,478 shares of Common Stock are initially available for issuance under the Plan (such
number of shares equal to the number of shares subject to the option grants previously awarded under the Oceania Plan and assumed under the Plan in connection with the reorganization of Prestige Cruise Holdings, Inc.), (ii) an additional
700,000 shares of Common Stock are available for Option grants under the Plan in calendar 2008, and (iii) an additional 650,000 shares of Common Stock will be available for Option grants under the Plan in each of calendar 2009 and 2010. The
following limits result in an aggregate of 2,408,478 shares of Common Stock which may be issued under the Plan upon exercise of Options (the “Share Limit”). As required under Treasury Regulation Section 1.422-2(b)(3)(i), in no
event shall the number of shares of Common Stock that may be issued pursuant to Incentive Stock Options granted under the Plan exceed the Share Limit. 
 Section 2.2    Unexercised Options 

If any Option (or portion thereof) expires or is canceled without having been fully exercised, the number of shares of Common Stock
subject to such Option (or portion thereof) but as to which such Option was not exercised prior to its expiration or cancellation may again be available for subsequent Option grants hereunder, subject to the limitations of Section 2.1. To the
extent that shares of Common Stock are delivered pursuant to the exercise of an Option, the number of underlying shares as to which the exercise related shall be counted against the applicable share limits under Section 2.1, as opposed to only
counting the shares of Common Stock actually issued. Shares of Common Stock that are exchanged or withheld as full or partial payment in connection with the exercise of any Option, as well as any shares exchanged or withheld to satisfy the tax
withholding obligations related to any Option, shall not be available for subsequent awards under this Plan. 

  
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 Section 2.3    Reservation of Shares

 The Company shall at all times reserve a number of shares of Common Stock sufficient to cover the Company’s obligations
and contingent obligations to deliver shares with respect to Options then outstanding under the Plan. 
 ARTICLE III.

 GRANTING OF OPTIONS 
 Section 3.1    Eligibility 
 Options
may be granted under the Plan only to those Persons that the Administrator determines to be Eligible Persons. An “Eligible Person” means any Person who qualifies as (a) an Employee, (b) a Non-Employee Director or
(c) a Consultant, at the time of grant of the respective Option, except as provided in Section 3.2. 

Section 3.2    Qualification Of Incentive Stock Options 

No Incentive Stock Option shall be granted to any Person who is not an Employee.  

Section 3.3    Granting Of Options 

(a)    The Administrator shall from time to time: 

(i)     Select from among the Eligible Persons (including those to whom Options have been previously
granted under the Plan) such of them as in its opinion should be granted Options, and for so long as Frank J. Del Rio remains the Company’s Chief Executive Officer, the Administrator shall consult with Mr. Del Rio when making its
selection; 
 (ii)     Determine the number of shares of Common Stock to be subject to such
Options granted to such Eligible Persons, and determine whether such Options are to be Incentive Stock Options or Non-Qualified Stock Options; and 
 (iii)     Determine the terms and conditions of such Options (provided such terms and conditions are consistent with the Plan). 

(b)    Upon the selection of an Eligible Person to be granted an Option pursuant to Section 3.3(a), the
Administrator shall instruct the Secretary or another authorized officer of the Company to issue such Option and may impose such conditions on the grant of such Option as it deems appropriate. 

  
 7 

 ARTICLE IV. 
 TERMS OF OPTIONS 

Section 4.1    Stock Option Agreement 

Each Option shall be evidenced by a written stock option agreement (a “Stock Option Agreement”), which shall be executed
by the Optionee and an authorized Officer of the Company and which shall contain such terms and conditions as the Administrator shall determine (provided such terms and conditions are consistent with the Plan). In the event of a conflict between the
terms of the Stock Option Agreement and the terms of the Plan, the terms of the Plan shall govern. Stock Option Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify such Options as
“incentive stock options” under Section 422 of the Code. 

Section 4.2    Vesting and Exercisability Of Options 

(a)    Each Option shall become vested and exercisable according to the terms of the applicable Stock Option
Agreement; provided, however, that the Administrator may, by a resolution adopted after an Option is granted, on such terms and conditions as it may determine to be appropriate, accelerate the time at which such Option or any portion
thereof may be exercised. 
 (b)    Except as otherwise provided in the applicable Stock Option Agreement,
no portion of an Option which is unexercisable as of the Optionee’s Severance Date shall thereafter become vested and exercisable. Unless otherwise provided in any employment agreement in effect between the Company or any of its Subsidiaries
and the Optionee as of the Optionee’s Severance Date, no Options (whether or not vested and exercisable) shall be exercised following any Severance Date that results from an Employee’s termination for Cause. 

(c)    To the extent that the aggregate Fair Market Value of stock with respect to which “incentive stock
options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by an Optionee during any calendar year (under the Plan and all other incentive stock option
plans of the Company or any Subsidiary thereof) exceeds $100,000, such options shall be treated and taxable as Non-Qualified Stock Options. The rule set forth in the preceding sentence shall be applied by taking Options into account in the order in
which they were granted. In reducing the number of Options treated as Incentive Stock Options to meet the $100,000 limit, the most recently granted Options will be reduced (re-characterized as Non-Qualified Stock Options) first. To the extent a
reduction of simultaneously granted Options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the
exercise of an Incentive Stock Option. For purposes of these rules, the Fair Market Value of stock shall be determined as of the date of grant of the Option granted with respect to such stock. 

Section 4.3    Option Price 

(a)    The price of the Common Stock subject to each Option shall be set by the Administrator; provided,
however, that the price per share of Common Stock shall be not less 

  
 8 

 
than 100% of the Fair Market Value of such shares on the date such Option is granted; and, that, with respect to an Incentive Stock Option, in the case of an individual then owning (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company, the price per share of Common Stock shall not be less than 110% of the Fair Market Value of such shares on the date
such Incentive Stock Option is granted. 
 Section 4.4    Expiration Of Options

 No Option may be exercised to any extent by anyone after the first to occur of the following events: 

(a)    The expiration of eight years from the date the Option was granted; or 

(b)    With respect to an Incentive Stock Option in the case of an Optionee owning (within the meaning of
Section 424(d) of the Code), at the time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any Subsidiary of the Company, the expiration of five years from the
date the Incentive Stock Option was granted. 
 ARTICLE V. 

EXERCISE OF OPTIONS 
 Section 5.1    Person Eligible To Exercise 
 During the lifetime of the Optionee, only the Optionee may exercise an Option (or any portion thereof) granted to the Optionee; provided, however, that the Optionee’s Eligible
Representative may exercise the Optionee’s Option during the period of the Optionee’s disability (as defined in Section 22(e)(3) of the Code) notwithstanding that an Option so exercised may not qualify as an Incentive Stock Option.
After the death of the Optionee, any vested and exercisable portion of an Option may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Stock Option Agreement, be exercised by the Optionee’s Eligible
Representative. 
 Section 5.2    Partial Exercise 

At any time and from time to time prior to the time when the Option becomes unexercisable under the Plan or the applicable Stock Option
Agreement, the vested and exercisable portion of an Option may be exercised in whole or in part; provided, however, that the Company shall not be required to issue fractional shares and the Administrator may, by the terms of the
Option, require any partial exercise to exceed a specified minimum number of shares of Common Stock. 

Section 5.3    Manner Of Exercise 

A vested and exercisable Option, or any vested and exercisable portion thereof, may be exercised solely by delivery to the Secretary of
all of the following prior to the time when such 

  
 9 

 
Option or such portion becomes unexercisable under the Plan or the applicable Stock Option Agreement: 
 (a)    Notice in writing signed by the Optionee or the Optionee’s Eligible Representative, stating that such Option or portion is exercised, and specifically stating the number of
shares of Common Stock with respect to which the Option is being exercised; 
 (b)    A copy of a Joinder to
the Stockholders’ Agreement (in the form attached to the Stockholders’ Agreement) signed by the Optionee or Eligible Representative, as applicable; 
 (c)    Full payment for the shares of Common Stock with respect to which such Option or portion is thereby exercised in a lawful form of consideration, which may include, without
limitation, one or a combination of the following methods selected by the Optionee: 

(i)    cash, check payable to the order of the Company, or electronic funds transfer; 

(ii)    notice and third party payment in such manner as may be authorized by the Administrator;

 (iii)    the delivery of previously owned shares of Common Stock which have been owned
for such period (if any) required to avoid triggering the application of “liability” accounting under applicable GAAP accounting rules; 
 (iv)    by a reduction in the number of shares of Common Stock otherwise deliverable pursuant to the Option, provided that such reduction does not trigger the application of
“liability” accounting under applicable GAAP accounting rules; or 

(v)    subject to such procedures as the Administrator may adopt, pursuant to a “cashless
exercise.” 
 (d)    The payment to the Company in cash, a check payable to the order of the Company,
or electronic funds transfer, or by any other means of payment set forth in Section 5.3(c) that is specifically approved by the Administrator in writing, of the minimum amount determined by the Administrator or its designee as necessary to
satisfy any and all federal, state, local and non-U.S. tax withholding requirements arising in connection with the exercise of the Option or otherwise; 
 (e)    Such representations and documents as the Administrator deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other
applicable federal, state or non-U.S. securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends
on share certificates and issuing stop-transfer orders to transfer agents and registrars; and 

  
 10 

 (f)    In the event that the Option or portion thereof shall be
exercised pursuant to Section 5.1 by any Person or Persons other than the Optionee, appropriate proof of the right of such Person or Persons to exercise the Option or portion thereof. 

Section 5.4    Conditions To Issuance Of Stock Certificates 

The shares of Common Stock issuable and deliverable upon the exercise of an Option, or any portion thereof, may be either previously
authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company. A certificate or other appropriate indicia of ownership for the shares of Common Stock will be delivered to the Optionee
at the Company’s principal place of business within ten business days of receipt by the Company of the items specified in Section 5.3. Notwithstanding the above, the Company shall not be required to issue or deliver any shares of Common
Stock purchased upon the exercise of any Option or portion thereof prior to fulfillment of all of the following conditions: 

(a)    The admission of such shares of Common Stock to listing on any and all stock exchanges on which such class of
stock is then listed; 
 (b)    The completion of any registration or other qualification of such shares of
Common Stock under any state, federal or non-U.S. law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its sole discretion, deem necessary or
advisable; 
 (c)    The obtaining of any approval or other clearance from any state, federal or non-U.S.
governmental agency which the Administrator shall, in its sole discretion, determine to be necessary or advisable; and 

(d)    The payment (in accordance with Section 5.3(d)) to the Company of the minimum amount which it is required
to withhold under federal, non-U.S., state or local law in connection with the exercise of the Option or otherwise. 

Section 5.5    Rights As Stockholders 

The holder of an Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares
of Common Stock purchasable upon the exercise of any part of an Option unless and until such holder has signed a Joinder to the Stockholders’ Agreement (in the form attached to the Stockholders’ Agreement) and certificates or other
appropriate indicia of ownership representing such shares of Common Stock have been issued by the Company to such holder. 

Section 5.6    Limited Call Right 

(a)    Prior to a Qualified Public Offering, in connection with any Optionee’s termination of employment or
services that results in a Severance Date, the Company and Apollo shall have the right, but not the obligation, to repurchase in one or a series of transactions all or any portion of the Optionee’s (i) shares of Common Stock acquired on
exercise of Options and (ii) outstanding Options, in each case in accordance with the terms of this Section 5.6 (the 

  
 11 

 “Repurchase Right”). Subject to any provisions to the contrary contained in the
Optionee’s employment agreement with the Company or its Subsidiaries in effect on the Severance Date (if any), any repurchase of shares of Common Stock pursuant to the Repurchase Right shall be for Fair Market Value of such shares of Common
Stock, and any repurchase of vested and exercisable Options shall be for a price equal to Fair Market Value of the shares of Common Stock underlying the Options less the applicable exercise price for such Options. The determination date for purposes
of determining the Fair Market Value shall be the date on which any such repurchase pursuant to the Repurchase Right is executed (the “Repurchase Date”). 
 (b)                The Company may exercise its Repurchase Right by written notice (a “Repurchase Notice”)
to the Optionee within six months after the Severance Date, provided that with respect to any shares of Common Stock acquired by the Optionee upon exercise of an Option after the Severance Date, the Company may exercise its Repurchase Right by
delivering a Repurchase Notice to the Optionee within six months after the acquisition of such Common Shares by the Optionee. The Repurchase Date for a purchase shall take place on the date specified by the Company, which shall in no event be later
than thirty (30) days following the date of the related Repurchase Notice. 

(c)                The Company shall give prompt written
notice to Apollo stating whether the Company will exercise its Repurchase Right, provided that the Company shall in any event deliver such notice to Apollo within five months after the later of the Severance Date or the date the Optionee acquired
the shares subject to the Repurchase Right. If such notice states that the Company will not exercise such Repurchase Right for all or any portion of the applicable Common Shares or Options subject thereto, Apollo (or its designee) shall have the
right to purchase any such Common Shares or Options not purchased by the Company. Apollo may exercise its Repurchase Right by delivery of written notice to the Optionee before the later of (i) the 30th day following Apollo’s receipt of
notice from the Company that the Company will not exercise its Repurchase Right or (ii) 6 months after the later of the Severance Date or the date the Optionee acquired the shares of Common Stock subject to the Repurchase Right. The Repurchase
Date shall take place on the date specified by Apollo, which shall in no event be later than thirty (30) days following the date of Apollo’s notice to the Optionee. Apollo is expressly made an intended third-party beneficiary of all of the
provisions of Section 5.6. 

(d)                The Repurchase Date shall take place
on a date designated by the Company or Apollo, as applicable, in accordance with Section 5.6(b) or Section 5.6(c), respectively, provided that the Company may, in its sole discretion, defer the closing until such time (i) as the
Optionee has held the Common Shares for a period of at least six months and one day or (ii) that the exercise of the Repurchase Right does not violate the covenants and other provisions of the Company’s or its Subsidiaries’ financing
documents. The purchase price shall be paid at the closing in the form of a check, wire transfer of immediately available funds, or by cancellation of money purchase indebtedness of the Optionee, as determined in the sole discretion of the Company
or Apollo, as applicable. The Company or Apollo, as applicable, may effect such repurchase of Common Shares or Options and the Company shall record such transfer on its books whether or not the Optionee attends such closing or delivers to the
Company any certificates or other indicia of ownership representing such Common Shares or Options. 

  
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 Section 5.7    Transfer Restrictions

 Shares of Common Stock acquired upon exercise of an Option shall be subject to the terms and conditions of the
Stockholders’ Agreement. In addition, the Administrator, in its sole discretion, may at the time of grant of the respective Option impose further restrictions on the transferability of the shares of Common Stock purchasable upon the exercise of
an Option as it deems appropriate. Any such restriction shall be set forth in the respective Stock Option Agreement and may be referred to on any certificates evidencing such shares of Common Stock. An Employee shall give the Company prompt written
notice of any disposition of shares of Common Stock, acquired by exercise of an Incentive Stock Option, within two years from the date of granting such Option or one year after the transfer of such shares of Common Stock to such Employee. The
Administrator may direct that any certificates evidencing shares of Common Stock acquired by exercise of an Incentive Stock Option refer to such requirement. 
 ARTICLE VI. 
 ADMINISTRATION 

Section 6.1    Administrator 

The Plan shall be administered by and all Options under the Plan shall be authorized by the Administrator. The
“Administrator” means the Board or one or more committees appointed by the Board or another committee (within its delegated authority) to administer all or certain aspects of the Plan. Any such committee shall be comprised solely of
one or more Directors or such number of Directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of Directors may also
delegate, to the extent permitted by applicable law, to one or more Officers of the Company, its powers under the Plan (a) to designate the Officers and Employees of the Company and its Subsidiaries who will receive grants of Options under the
Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of, such Options. The Board may delegate different levels of authority to different committees with administrative and grant authority under the
Plan. Unless otherwise provided in the Bylaws of the Company or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members
present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action by the acting Administrator. 
 Section 6.2    Duties And Powers Of Administrator 
 The Administrator shall conduct the general administration of the Plan in accordance with its provisions, and the Administrator shall have the power to interpret the Plan and the Options and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office,
shall constitute the Administrator, and shall conduct the general administration, of the Plan with respect to Options granted to Non-Employee Directors. Any such interpretations and rules in regard to Incentive Stock Options shall be consistent with
the terms and conditions applicable to “incentive stock options” within the meaning of Section 422 of the Code. All determinations and decisions made 

  
 13 

 
by the Administrator under any provision of the Plan or of any Option granted thereunder shall be final, conclusive and binding on all persons. The Administrator may delegate ministerial,
non-discretionary functions to individuals who are Officers or Employees of the Company or any of its Subsidiaries or to third parties. 
 Section 6.3    Compensation, Professional Assistance, Good Faith Actions 
 All expenses and liabilities incurred by the member(s) of the Administrator in connection with the administration of the Plan shall be borne by the Company. The Administrator may employ attorneys,
consultants, accountants, appraisers, brokers or other persons. The Administrator, the Company and its Officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all
interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Optionees, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Administrator shall be indemnified by the Company in respect to any such action, determination or interpretation. 

ARTICLE VII. 
 OTHER PROVISIONS 

Section 7.1    Changes In Common Stock; Disposition Of Assets And Corporate Events.

 (a)    Subject to the remaining provisions of this Section 7.1, upon (or, as may be necessary to
effect the adjustment, immediately prior to): any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, or other reorganization; any
split-up, spin-off, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in respect of the
Common Stock; then the Administrator shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of Options (including the specific share limits,
maximums and numbers of shares set forth elsewhere in the Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding Options, (3) the exercise price of any outstanding
Options, and/or (4) the securities, cash or other property deliverable upon exercise of any outstanding Options, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by the Plan and the
then-outstanding Options. 
 Unless otherwise expressly provided in the applicable Stock Option Agreement, upon (or, as may be
necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Company as an entirety, the Administrator shall equitably
and proportionately adjust the performance standards applicable to any then-outstanding performance-based Options to the extent necessary to preserve (but not increase) the level of incentives by the Plan and the then-outstanding performance-based
Options. 

  
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 It is intended that, if possible, any adjustments contemplated by the preceding two
paragraphs be made in a manner that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code and Section 409A of the Code) and accounting (so as to not trigger any
charge to earnings with respect to such adjustment) requirements. 
 Without limiting the generality of Section 6.2, any
good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

 Unless otherwise expressly provided by the Administrator, in no event shall a conversion of one or more outstanding shares of
the Company’s preferred stock (if any) or any new issuance of securities by the Company for consideration be deemed, in and of itself, to require an adjustment pursuant to this Section 7.1. 

(b)    In addition, subject to Sections 7.1(c) and (d), upon (or, as may be necessary to effectuate the purposes of
this acceleration, immediately prior to) the occurrence of a Sale of the Company, each Option will become immediately vested and exercisable; provided, however, that such acceleration provision shall not apply, unless otherwise
expressly provided by the Administrator, with respect to any Option to the extent that the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the Option, or the Option would otherwise
continue in accordance with its terms, in the circumstances. 
 The foregoing Sale of the Company provisions shall not in any
way limit the authority of the Administrator to accelerate the vesting of one or more Options (as to all or only a portion of any Option) in such circumstances (including, but not limited to, a Sale of the Company) as the Administrator may determine
to be appropriate, regardless of whether accelerated vesting of a portion of the Option(s) is otherwise required or contemplated by the foregoing in the circumstances. 
 In the event of a cash, securities or other property settlement, the Administrator may (i) accelerate the vesting of all outstanding Options and provide that each such outstanding Option shall be
settled in exchange for a cash payment equal to the difference between the per share exercise price and the per share consideration received in connection with the Sale of the Company (the “Option Consideration”), or
(ii) provide that each outstanding vested Option shall be settled for the Option Consideration payable promptly following the effective date of such Sale of the Company and that the Option Consideration in respect of each outstanding unvested
Option shall be paid subject to the vesting schedule that applied to such Option as in effect immediately prior to the Sale of the Company. 
 In any of the events referred to in this Section 7.1(b), the Administrator may take such action contemplated by this Section 7.1(b) prior to such event (as opposed to on the occurrence of such
event) to the extent that the Administrator deems the action necessary to permit the Optionee to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator
may deem an acceleration to 

  
 15 

 
occur immediately prior to the applicable event and/or reinstate the original terms of the Options if an event giving rise to an acceleration does not occur. 

(c)    Upon the occurrence of a Sale of the Company, each then-outstanding Option (whether or not vested and/or
exercisable, but after giving effect to any accelerated vesting required in the circumstances pursuant to Sections 7.1(b) and (d)) shall terminate, subject to any provision that has been expressly made by the Administrator, through a plan of
reorganization or otherwise, for the survival, substitution, assumption, exchange or other continuation or settlement of such Option and provided that the holder of such Option shall be given reasonable advance notice of the impending termination
and a reasonable opportunity to exercise his or her outstanding and vested Options (the vested portion of such Options determined after giving effect to any accelerated vesting required in the circumstances pursuant to Sections 7.1(b) and (d)) in
accordance with their terms before the termination of the Options (except that in no case shall more than ten days’ notice of accelerated vesting and the impending termination be required and any acceleration may be made contingent upon the
actual occurrence of the event). For purposes of this Section 7.1(c), an Option shall be deemed to have been “assumed” if (without limiting other circumstances in which an Option is assumed) the Option continues after the Sale of the
Company, and/or is assumed and continued by the surviving corporation following the Sale of the Company or any entity that owns the Company or all or substantially all of its assets directly or through one or more subsidiaries following the Sale of
the Company (a “Parent”), and confers the right to purchase or receive, as applicable and subject to vesting and the other terms and conditions of the Option, for each share of Common Stock subject to the Option immediately prior to
the Sale of the Company, the consideration (whether cash, shares, or other securities or property) received in the Sale of the Company by the stockholders of the Company for each share of Common Stock sold or exchanged in such transaction (or the
consideration received by a majority of the stockholders participating in such transaction if the stockholders were offered a choice of consideration); provided, however, that if the consideration offered for a share of Common Stock in the
transaction is not solely the ordinary common stock of a successor corporation or a Parent, the Board may provide for the consideration to be received upon exercise or payment of the Option, for each share subject to the Option, to be solely
ordinary common stock of the successor corporation or a Parent equal in Fair Market Value to the per share consideration received by the stockholders participating in the Sale of the Company. 

(d)    The Administrator may override the provisions of this Section 7.1 as to any Option by express provision
in the applicable Stock Option Agreement and may accord any Optionee a right to refuse any acceleration, whether pursuant to the Stock Option Agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any
Incentive Stock Option accelerated in connection with a Sale of the Company (or such other circumstances as may trigger accelerated vesting of the Incentive Stock Option) shall remain exercisable as an Incentive Stock Option only to the extent the
applicable $100,000 limitation on Incentive Stock Options is not exceeded. To the extent exceeded, the accelerated portion of the Option shall be exercisable as a Non-Qualified Stock Option. 

Section 7.2    Termination of Employment or Services 

  
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 (a)        Unless the Administrator otherwise
expressly provides with respect to a particular Option, if an Optionee’s employment by or service to the Company or one of its Subsidiaries terminates but immediately thereafter the Optionee continues in the employ of or service to another
Subsidiary of the Company or the Company, as applicable, the Optionee shall be deemed to have not had a termination of employment or service for purposes of the Plan and the Optionee’s Options. Unless the express policy of the Company or the
Administrator otherwise provides, an Optionee’s employment relationship with the Company or any of its Subsidiaries shall not be considered terminated solely due to any sick leave, military leave, or any other leave of absence authorized by the
Company or any Subsidiary of the Company or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law, such leave is for a period of not more than three months. In the case of any
Optionee on an approved leave of absence, continued vesting of the Option while on leave from the employ of or service with the Company or any of its Subsidiaries will be suspended until the Optionee returns to service, unless the Administrator
otherwise provides or applicable law otherwise requires. In no event shall an Option be exercised after the expiration of the term of the Option set forth in the Stock Option Agreement. 

(b)        For purposes of the Plan and any Option, if an entity ceases to be a Subsidiary of the
Company, a termination of employment or service will be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary of the Company who does not continue as an Eligible Person in respect of another Subsidiary of the
Company that continues as such after giving effect to the transaction or other event giving rise to the change in status. 

(c)        If the Optionee is an Eligible Person solely by reason of clause (c) of
Section 3.1, the Administrator shall be the sole judge of whether the Optionee continues to render services to the Company or any of its Subsidiaries, unless a written contract or the Stock Option Agreement otherwise provides. If, in these
circumstances, the Company or any Subsidiary of the Company notifies the Participant in writing that a termination of the Optionee’s services to the Company or any Subsidiary of the Company has occurred for purposes of the Plan, then (unless
the contract or the Stock Option Agreement otherwise expressly provides), the Optionee’s termination of services with the Company or Subsidiary for purposes of the Plan shall be the date which is 10 days after the mailing of the notice by the
Company or Subsidiary or, in the case of a termination for cause, the date of the mailing of the notice. 

Section 7.3    Options Not Transferable 

No Option or interest or right therein or part thereof shall be encumbered by any debts, contracts or engagements of the Optionee or the
Optionee’s successors in interest or shall be subject to disposition by transfer, alienation, anticipation, hypothecation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation
of law, by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect. Notwithstanding the foregoing, nothing in this
Section 7.3 shall prevent transfers of the Option to the Company or by will or by the applicable laws of descent and distribution. 

  
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 Section 7.4        Amendment.
Suspension Or Termination Of The Plan 
 The Plan may be wholly or partially amended or otherwise modified, suspended or
terminated at any time or from time to time by the Board pursuant to a written instrument. However, without requisite stockholder approval within 12 months before or after such action no action of the Board may, except as provided in
Section 7.1, increase any limit imposed in Section 2.1 on the maximum number of shares of Common Stock which may be issued on exercise of Options, reduce the minimum Option price requirements of Section 4.3(a), or extend the limit
imposed in this Section 7.4 on the period during which Options may be granted. Except as provided by Section 7.1, neither the amendment, suspension nor termination of the Plan shall, without the consent of the holder of the Option,
materially alter or impair any rights or obligations under any Option theretofore granted. No Option may be granted during any period of suspension nor after termination of the Plan, and in no event may any Option be granted under the Plan after the
expiration of ten years from the date the Plan is adopted by the Board. 

Section 7.5        Effect Of Plan Upon Other Option And Compensation
Plans 
 The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or
any Subsidiary of the Company. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary of the Company (a) to establish any other forms of incentives or compensation for directors, consultants or employees of
the Company or any Subsidiary of the Company; or (b) to grant or assume options other than under the Plan in connection with any proper purpose, including, but not by way of limitation, the grant or assumption of options in connection with the
acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any Person. 

Section 7.6        Approval Of Plan By Board and Stockholders

 The Plan is effective as of
[                ], 2008 pursuant to the approval of the Plan by the Board and the Company’s stockholders on such date.

 Section 7.7        Titles 

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Plan.

  
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 Section 7.8        Conformity
to Laws Generally 
 The Plan, the granting and vesting of Options under the Plan, and the offer, issuance and delivery of
shares of Common Stock are subject to compliance with all applicable federal, non-U.S. and state laws, rules and regulations (including but not limited to state and federal securities laws, federal margin requirements and, to the extent applicable
as the Company’s jurisdiction of incorporation, the laws of the Republic of Panama) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in
connection therewith. The person acquiring any securities under the Plan will, if requested by the Company, provide such assurances and representations to the Company as the Administrator may deem necessary or desirable to assure compliance with all
applicable legal and accounting requirements. 

Section 7.9        Conformity To Securities Laws 

The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all
regulations and rules promulgated by the Securities and Exchange Commission thereunder to the extent the Company or any Optionee is subject to the provisions thereof. Notwithstanding anything herein to the contrary, the Plan shall be administered,
and Options shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and Options granted hereunder shall be deemed amended to the extent
necessary to conform to such laws, rules and regulations. No Optionee shall sell, pledge or otherwise transfer shares of Common Stock acquired pursuant to an Option or any interest in such shares except in accordance with the express terms of the
Plan and the applicable Stock Option Agreement. Any attempted transfer in violation of this Section 7.9 shall be void and of no effect. Without in any way limiting the provisions set forth above, no Optionee shall make any disposition of all or
any portion of shares of Common Stock acquired or to be acquired pursuant to an Option, except in compliance with all applicable federal and state securities laws and unless and until: 

(a)        there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such registration statement; 

(b)        such disposition is made in accordance with Rule 144 under the Securities Act; or

 (c)        such Optionee notifies the Company of the proposed disposition and
furnishes the Company with a statement of the circumstances surrounding the proposed disposition, and, if requested by the Company, furnishes to the Company an opinion of counsel acceptable to the Company’s counsel, that such disposition will
not require registration under the Securities Act and will be in compliance with all applicable federal, non-U.S. and state securities laws. 
 Notwithstanding anything else herein to the contrary, neither the Company or any Subsidiary of the Company has any obligation to register the Common Stock or file any registration statement under either
federal or state securities laws, nor does the Company or any Subsidiary of the Company make any representation concerning the likelihood of a public 

  
 19 

 
offering of the Common Stock or any other securities of the Company or any Subsidiary of the Company except as provided in the Stockholders Agreement. 

Section 7.10    Share Legends 

Any certificates evidencing shares of Common Stock issued or delivered under the Plan shall bear the following legends and/or any other
appropriate or required legends under applicable laws (including any legends required by the Stockholders Agreement): 

“OWNERSHIP OF THIS CERTIFICATE, THE SHARES EVIDENCED BY THIS CERTIFICATE AND ANY INTEREST THEREIN ARE SUBJECT TO SUBSTANTIAL
RESTRICTIONS ON TRANSFER UNDER APPLICABLE LAW AND UNDER AGREEMENTS WITH THE COMPANY, INCLUDING RESTRICTIONS ON SALE, ASSIGNMENT, TRANSFER, PLEDGE OR OTHER DISPOSITION.” 
 “THE SHARES ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL AND CALL RIGHTS TO REPURCHASE THE SHARES UNDER THE COMPANY’S STOCK OPTION PLAN AND AGREEMENTS WITH THE COMPANY THEREUNDER,
COPIES OF WHICH ARE AVAILABLE FOR REVIEW AT THE OFFICE OF THE SECRETARY OF THE COMPANY.” 
 “THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER GOVERNMENT. NO TRANSFER OF SUCH
SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL TO THE COMPANY, REGISTRATION UNDER THE ACT IS
UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE SECURITIES LAWS AND IN ACCORDANCE WITH THE STOCKHOLDERS’ AGREEMENT. 
 Section 7.11    Governing Law 
 The
Plan shall be construed in accordance with and governed by the laws of the state of New York, without regard to conflicts of law provisions that would give effect to the laws of another jurisdiction. 

Section 7.12    Severability 

In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been included, and the illegal or invalid action shall be null and void. 

  
 20 

 Section 7.13    Amendment of Stock Option
Agreements 
 The Administrator, at any time and from time to time, may amend the terms of any one or more existing Stock
Option Agreements by agreement or resolution; provided, however, that the rights of an Optionee under a Stock Option Agreement shall not be materially and adversely impaired without the Optionee’s written consent. The Company
shall provide an Optionee with notice and a copy of any amendment made to such Optionee’s existing Stock Option Agreement. 

  
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 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of
Prestige Cruises International, Inc. on 7th day of
December, 2007. 
 Executed on this 1st th day of June, 2008. 

 

			
	PRESTIGE CRUISES INTERNATIONAL, INC.
		
		 	/s/ Frank J. Del Rio         
		 	Name:   Frank J. Del Rio
		 	Title:     Chairman

  
 22

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