Document:

Exhibit 10.90

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into effective as of the Closing Date (as defined below) by and between Prestige Cruise Holdings, a company
organized under the laws of the Republic of Panama (the “Company”), and Kunal S. Kamlani (the “Executive”).

 

RECITALS

 

THE PARTIES ENTER THIS AGREEMENT on the
basis of the following facts, understandings and intentions:

 

A.        Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda (the “Parent”), Prestige Cruises International, Inc., a
company organized under the laws of the Republic of Panama (“Prestige”), and certain other Persons are parties
to an Agreement and Plan of Merger dated as of September 2, 2014 (the “Merger Agreement”) that provides for
the acquisition of Prestige by the Parent.

 

B.        Effective upon, and subject to the occurrence
of, the Closing (as defined in the Merger Agreement), the Company desires 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.

 

C.        The Executive desires to be employed
by the Company on the terms and conditions set forth in this Agreement beginning on the Closing Date (as defined in the Merger
Agreement, the “Closing Date”).

 

D.        This Agreement shall govern the
employment relationship between the Executive and the Company and all of its affiliates from and after the Closing Date, and, effective
upon the occurrence of the Closing, supersedes and negates any previous agreements with respect to such relationship, including,
without limitation, the Executive’s current employment agreement with Prestige Cruise Holdings, Inc., dated June 17, 2011
(the “Prior Employment Agreement”).

 

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 agree to 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 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 Prestige, and shall be appointed to such position on the first day of the Period of Employment. The Executive shall have duties
and obligations generally consistent with that position as the Chief Executive Officer or the Board may assign from time to time.
The Executive shall comply with the corporate policies of the Company as they are in effect from time to time throughout the Period
of Employment (including, without limitation, the Company’s Code of Ethical Business Conduct policy, as it may change from
time to time). During the Period of Employment, the Executive shall report directly to the Chief Executive Officer of the Parent.
During the Period of Employment, the Executive shall perform services for the Parent and the Parent’s other subsidiaries,
but shall not be entitled to any additional compensation with respect to such services.

 

		1.3	No Other Employment; Minimum Time Commitment.   During the Period of Employment, the Executive shall (i) devote
substantially all of the Executive’s business time, energy and skill to the performance of the Executive’s duties for
the Company, (ii) perform such duties in a faithful, effective and efficient manner to the best of Executive’s abilities,
and (iii) 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 of Directors of the Parent (the “Board”), provided that the
Executive shall be permitted to serve on one board of directors (or similar bodies) during the Period of Employment, subject to
the Company’s rights to require the Executive’s resignation pursuant to the following sentence. 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) which he may then serve if the Board reasonably determines that the Executive’s
service on such board or body materially interferes with the effective discharge of the Executive’s duties and responsibilities
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 that: (i) the execution and delivery of
this Agreement by the Executive and the Company 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

 

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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 Executive’s duties hereunder; (iii) the Executive is not bound by any employment, consulting, non-compete, confidentiality,
trade secret or similar agreement (other than this Agreement or the Prior Employment Agreement) with any other Person; and (iv)
the Executive understands the Company 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.   During the Period of Employment, the Executive’s principal place of employment shall be the Company’s
principal executive office as it may be located from time to time. The Executive agrees that he will be regularly present at the
Company’s principal executive office. The Executive acknowledges that he will be required to travel from time to time in
the course of performing Executive’s duties for the Company.

 

		2.	Period of Employment.   The “Period of Employment” shall be a period of one year commencing
on the Closing Date (the “Effective Date”) and ending at the close of business on the first anniversary of the
Effective Date (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 sixty (60) 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). Notwithstanding the foregoing, the Period of Employment is subject to earlier
termination as provided below in this Agreement.

 

		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 Fifty thousand dollars ($750,000.00). The Compensation Committee of the Board (the “Compensation Committee”)
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 with the 2015 fiscal year, 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, unless the Executive’s employment terminates by reason of the expiration of the Period of Employment, the Executive
must be employed by the Company at the time the Company pays the Incentive Bonus with respect to any such fiscal year in order
to be eligible for an Incentive Bonus with respect to that fiscal year (and, unless the Executive’s employment terminates
by reason of the expiration of the

 

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Period of Employment, 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 Executive’s target Incentive Bonus amount for a particular fiscal year of the
Company shall equal 75% of the Executive’s Base Salary paid by the Company to the Executive for that fiscal year (the “Target
Bonus”); provided that the Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined
by the Compensation Committee in its sole discretion, based on performance objectives (which may include corporate, business unit
or division, financial, strategic, individual or other objectives) established with respect to that particular fiscal year by the
Compensation Committee. Any Incentive Bonus becoming payable for a particular fiscal year shall be paid in the following fiscal
year, provided that the Executive must be employed by the Company at the time the Company pays the Incentive Bonus unless the Executive’s
employment terminates by reason of the expiration of the Period of Employment. Subject to the Executive’s remaining employed
by the Company at the time the Company pays the Incentive Bonus for the 2015 fiscal year, unless the Executive’s employment
terminates by reason of the expiration of the Period of Employment, the Executive shall be entitled to receive an Incentive Bonus
for the 2015 fiscal year of at least Five Hundred Sixty Two thousand Five hundred dollars ($562,500), which amount may be increased
(but not decreased) based on the achievement of the applicable performance objectives for the year. The Executive shall not be
eligible to earn an Incentive Bonus for any portion of the Company’s 2014 fiscal year that occurs following the Effective
Date pursuant to this Agreement, but the Executive has earned, and there has been accrued, an incentive bonus for the portion of
the 2014 calendar year prior to the Closing Date pursuant to the terms of the Prior Employment Agreement.

 

		3.3	Equity Award.   The Company shall recommend that the Parent grant the Executive an award of one hundred fifty thousand
(150,000) non-qualified stock options to acquire the Parent’s ordinary shares effective as of the Closing Date. All stock
options granted pursuant to this Section 3.3 shall (i) be granted under the Parent’s 2013 Performance Incentive Plan (together
with any successor equity incentive plan, the “Parent Equity Plan”), (ii) have an exercise price equal
to the closing market price of the Parent’s ordinary shares on the date of grant, (iii) have an ordinary term of ten (10)
years (which is subject to earlier termination in accordance with the terms of the Parent Equity Plan), (iv) subject to the Executive’s
continued employment through each vesting date, vest in four equal annual installments on each of the first four anniversaries
of the date of grant, (v) become immediately vested upon the occurrence of a Sale of the Company (as such term is defined in the
Amended and Restated Shareholders’ Agreement of the Parent dated as of January 24, 2013, as amended), subject to the Executive’s
continued employment through the time immediately prior to such Sale of the Company, and (vi) be subject to the terms of the Parent
Equity Plan and the option agreement in the Parent’s customary form evidencing the awards. The number of ordinary shares
subject to the stock options to be granted pursuant to this Section 3.3 is subject to equitable and proportional adjustments to
reflect

 

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stock splits, stock dividends, mergers,
combinations and similar extraordinary corporate transactions in a manner consistent with the terms of the Parent Equity Plan.
Beginning with the 2015 fiscal year, the Executive shall be eligible to receive additional equity awards under the Parent Equity
Plan on the same schedule as the Company’s other senior executives. Any future equity awards will have terms and will be
granted at award levels that are generally consistent with awards granted to the Company’s other senior executives (with
appropriate consideration given to the Executive’s position as President and Chief Operating Officer), and will also become
immediately vested upon the occurrence of a Sale of the Company, subject to the Executive’s continued employment through
immediately prior to such Sale of the Company.

 

		3.4	Transaction Success Payments.   At the same time paid to other eligible employees of Prestige Cruise Holdings,
after the Closing Date, the Executive shall be paid a transaction success payment equal to Five hundred thousand dollars ($500,000.00).
On the date that Incentive Bonuses are payable for each of fiscal 2015 and fiscal 2016, (or if no such bonuses become payable in
any such year, on May 1), subject to the Executive’s remaining employed by the Company on each such date (unless the Executive’s
employment terminates by reason of the expiration of the Period of Employment) , the Executive shall be paid a subsequent installment
of the transaction success payment, with each such installment equal to Two hundred and Fifty thousand dollars ($250,000.00). Each
of the transaction success payments payable pursuant to this Section 3.4 shall be referred to as a “Transaction Bonus,”
and shall be (1) payable in cash and (2) in addition to the payment of any Incentive Bonus becoming payable pursuant to Section
3.2. The Transaction Bonus may also become payable as provided in Section 5.3. Executive’s entitlement to Transaction Success
Payments in the amounts described above shall be contingent on and subject to the approval of the stockholders of Prestige International
Inc., in the manner described in Section 2800 of the Internal Revenue Code of 1986.

 

		4.	Benefits. 

 

		4.1	Retirement, Welfare and Fringe Benefits.   During the Period of Employment, the Executive shall be entitled to
participate, on a basis generally consistent with other senior executives, in all employee pension and welfare benefit plans and
programs, all fringe benefit plans and programs and all other benefit plans and programs (including those providing for perquisites
or similar benefits) that are made available by the Company to the Company’s other senior 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.
The Executive’s participation in the foregoing plans and programs is subject to the eligibility and participation provisions
of such plans, and the Company’s right to amend or terminate such plans from time to time in accordance with their terms.

 

		4.2	Medical Executive Reimbursement Plan.   During the Period of Employment, the Company will provide the Executive,
and the Executive’s spouse and

 

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dependent children, with a Medical Executive
Reimbursement Plan, subject to the terms and conditions of such plan. Reimbursement under said plan shall be limited to a maximum
of fifteen thousand dollars ($15,000) in any calendar year.

 

		4.3	Company Automobile.   During the Period of Employment, the Company shall provide the Executive with a monthly cash
car allowance of up to one thousand five hundred dollars ($1,500.00) per month, in accordance with the Company’s policy as
in effect from time to time.

 

		4.4	Reimbursement of Business Expenses.   The Executive is authorized to incur reasonable expenses in carrying out
the Executive’s duties for the Company 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 the Executive’s duties for
the Company, subject to the Company’s expense reimbursement policies and any pre-approval policies in effect from time to
time.

 

		4.5	Vacation and Other Leave.   During the Period of Employment, the Executive’s annual rate of vacation accrual
shall be four (4) weeks per year; provided that such vacation shall accrue on a bi-weekly basis in accordance with the Company’s
regular payroll cycle and be subject to the Company’s vacation policies in effect from time to time. The Executive shall
also be entitled to all other holiday and leave pay generally available to other senior executives of the Company.

 

		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 Board determines in good faith that the Executive has
a Disability (as such term is defined in Section 5.5).

 

		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 sixty (60) days advance written notice to the Company (such notice to be delivered
in accordance with Section 18); provided that in the case of Executive’s resignation for any reason pursuant to Section 5.2(a),
notice of such resignation shall be given no less than ten (10) days before the effective date of such resignation.

 

		(a)	During the four months following the Closing, (the “Any Reason Window”) the Executive shall be entitled to resign
for any reason. If the Executive exercises his option to do so, or if the Executive’s employment is terminated by the Company
without Cause during the Any Reason Window, he shall be entitled to a lump sum payment in the month

 

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following the month in which the Executive’s
Separation from Service occurs equal to One million One hundred Fifty thousand dollars ($1,150,000.00) plus the $500,000.00 transaction
success payment under Section 3.4 to the extent not previously paid (the “Any Reason Payment”), and the Executive
shall not be entitled to the benefits specified in Section 5.3(b)(other than the reimbursement or payment of certain premiums enumerated
in Section 5.3(b)(ii)) or any other benefits (other than the Accrued Obligations). For the avoidance of doubt, the Executive’s
exercise of his option to resign for any reason under this Section 5.2(a) or the Company’s termination of the Executive’s
employment without Cause shall not relieve the Company and its Affiliates from the obligation to pay Executive his incentive bonus
for 2014 earned under the Prior Employment Agreement.

 

		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 Executive’s death, the Executive’s estate) any Accrued
Obligations (as such term is defined in Section 5.5);

 

		(b)	If, during the Period of Employment after the expiration of the Any Reason Window, the Executive’s employment with the
Company is terminated by the Company without Cause (and other than due to the Executive’s death or in connection with a good
faith determination by the Board that the Executive has a Disability, in which event only the benefits set forth in clause (ii)
of this Section 5.3(b) shall be paid or provided), 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 Executive’s Base Salary at the annualized rate in effect on the Severance Date.
Such amount is referred to hereinafter as the “Severance Benefit.” Subject to Section 5.7(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 twelve (12) consecutive months, with the first installment payable in the month following the
month in which the Executive’s

 

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Separation from Service (as such term
is defined in Section 5.5) occurs, provided that if the Executive’s termination occurs during the Any Reason Window, the
Company shall pay the Severance Benefit and any other amounts payable pursuant to Section 5.2(a) to the Executive in a lump sum
payment in the month following the month in which the Executive’s Separation from Service 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-twelfth (1/12th) of the Severance Benefit.)

 

		(ii)	Subject to the Executive’s continued payment of the same percentage of the applicable premiums as he was paying on the
Severance Date, the Company will pay or reimburse the Executive for Executive’s premiums charged to continue medical 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 5.7(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 Executive’s death, 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.

 

		(iii)	The Company shall pay the Executive, subject to tax withholding and other authorized deductions, an amount equal to any unpaid
installment of the Transaction Bonus, with such payment to be made in the month following the month in which the Executive’s
Separation from Service occurs.

 

		(c)	Notwithstanding the foregoing provisions of this Section 5.3, if the Executive breaches Executive’s obligations under
Section 6 of this

 

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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, Any Reason Payment or 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
or Any Reason 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.

 

		(d)	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; or
(ii) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance
coverage.

 

		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 Section 5.3(c) 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), execute a general release agreement
in substantially the form of 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 Executive agrees that the payments and benefits contemplated by Section 5.3 (and any applicable acceleration of vesting
of an equity-based award in accordance with the terms of such award in connection with the termination of the Executive’s
employment) shall constitute the exclusive and sole remedy for any termination of Executive’s employment and the Executive
covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination of employment. 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.

 

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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
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 on or before the Severance Date (including accrued and unpaid vacation
time to the extent that the Executive is entitled to accrued vacation in accordance with the Company’s policy in effect at
the applicable time); and

 

		(ii)	Any reimbursement due to the Executive pursuant to Section 4.4 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 at the applicable time.

 

		(b)	As used herein, “Affiliate” of the Company means a Person that directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Company. 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 meets the definition of “Affiliate” and 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 Global Management, LLC or any of
its affiliated funds or Genting HK and its affiliates. However, any Person that would not otherwise be an Affiliate of the Company
but for its ownership by Apollo Global Management, LLC or its affiliated funds 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 a majority of 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:

 

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		(i)	the Executive has committed 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), other than through vicarious liability not related to the Company
or any of its Affiliates;

 

		(ii)	the Executive has engaged in acts of fraud or dishonesty, or other acts of willful misconduct in the course of Executive’s
duties hereunder;

 

		(iii)	the Executive willfully fails to perform or uphold Executive’s duties under this Agreement and/or willfully fails to
comply with reasonable directives of the Board and/or Chief Executive Officer, in either case after there has been delivered to
the Executive a written demand for performance from the Company and the Executive fails to remedy such condition(s) within ten
(10) days of receiving such written notice thereof; or

 

		(iv)	any 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.

 

		(d)	As used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined
by the Board, renders the Executive unable to perform the essential functions of Executive’s employment with the Company,
even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 90 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.

 

		(e)	As used herein, “Any Reason Payment” shall mean the payments referred to in section 5.2(a), to the extent
required thereby.

 

		(f)	As used herein, “Any Reason Window” shall mean the period commencing on the Effective Date and ending on
the four month anniversary of the Effective Date.

 

		(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

 

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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
and the basis of any termination by the Company for Cause.

 

		5.7	Section 409A. 

 

		(a)	If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(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) or Section 5.3(c) until the earlier of (i) the date which is six (6) months after Executive’s 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. For purposes of clarity, the six (6) month delay shall not apply in the case of any short-term deferral as contemplated
by Treasury Regulation Section 1.409A-1(b)(4) or severance pay contemplated by Treasury Regulation Section 1.409A-1(b)(9)(iii)
to the extent of the limits set forth therein. 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 5.7(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 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 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.

 

		(c)	Any installment payments provided for in this Agreement shall be treated as separate payments for purposes of Section 409A
of the Code. This

 

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Agreement is intended to comply with
the requirements of Section 409A of the Code and shall be interpreted consistent with this intent so as to avoid the imputation
of any tax, penalty or interest pursuant to Section 409A of the Code.

 

		5.8	Possible Limitation of Benefits in Connection with a Change in Control.   Following the Effective Date (and after
giving effect to the Closing), notwithstanding anything contained in this Agreement to the contrary, if following a change in ownership
or effective control or in the ownership of a substantial portion of assets (in each case, within the meaning of Section 280G of
the Code), the tax imposed by Section 4999 of the Code or any similar or successor tax (the “Excise Tax”) applies
to any payments, benefits and/or amounts received by the Executive pursuant to this Agreement or otherwise, including, without
limitation, any acceleration of the vesting of outstanding stock options or other equity awards (collectively, the “Total
Payments”), then the Total Payments shall be reduced (but not below zero) 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; provided that such reduction to the Total Payments shall be made only if the total after-tax benefit to the Executive is greater
after giving effect to such reduction than if no such reduction had been made. If such a reduction is required, the Company shall
reduce or eliminate the Total Payments by first reducing or eliminating any cash payments under this Agreement, then by reducing
or eliminating any accelerated vesting of stock options, then by reducing or eliminating any accelerated vesting of other equity
awards, then by reducing or eliminating any other remaining Total Payments, in each case in reverse order beginning with the payments
which are to be paid the farthest in time from the date of the transaction triggering the Excise Tax. The provisions of this Section
5.8 shall take precedence over the provisions of any other plan, arrangement or agreement governing the Executive’s rights
and entitlements to any benefits or compensation.

 

		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 Executive,
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. The Executive will take all appropriate steps to safeguard Confidential Information in Executive’s
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

 

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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 Executive’s 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 or any predecessors
thereof or entities that have become Affiliates of the Company (including those obtained prior to the Effective Date) concerning
(i) the business or affairs of the Company (or such predecessors or 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

 

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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 or any predecessors thereof or entities that have become Affiliates of 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 Executive’s
employment by the Company or any of its Affiliates (or entities that have become 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 Executive’s
attorney-in-fact to execute on Executive’s behalf any assignments or other documents deemed necessary by the Company to protect
or perfect 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 Executive’s 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 Executive’s 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 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 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

 

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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 month period following the Severance Date competes, with the Company
or any of its Affiliates in the passenger 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 months
after the Severance Date, the Executive will not directly or indirectly through any other Person (i) induce or attempt to 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 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.

 

		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 Executive’s obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage,
as applicable, of the Restrictive Covenants, (iv)

 

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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 Executive’s 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 Executive’s
education, skills and ability), the Executive does not believe would prevent Executive 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.

 

		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 shall not be assignable by
the Executive otherwise than by will or the laws of descent and distribution. This

 

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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 and its 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

 

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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 embodies the entire agreement of the parties hereto respecting
the matters within its scope. This Agreement supersedes all prior and contemporaneous agreements that directly or indirectly bear
upon the subject matter hereof, including, without limitation, the Prior Employment Agreement. Any prior negotiations, correspondence,
agreements, proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement,
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 both of 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

 

    	19

    	 

    

 

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:

 

Norwegian Cruise Line Holdings Ltd.

7665 Corporate Center Drive

Miami, FL 33126

Facsimile: (305) 436-4101

Attn: Senior Vice President of Human Resources

 

With a copy to:

 

Norwegian Cruise Line Holdings Ltd.

7665 Corporate Center Drive

Miami, FL 33126

Facsimile: (305) 436-4101

Attn: Board of Directors

 

If to the Executive, to the address most recently on file
in the payroll records of the Company.

 

		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 or other electronic 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

 

    	20

    	 

    

 

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.	Agreement Subject to Closing.   This Agreement and all of the Executive’s rights hereunder, is subject to
and shall only become effective if the Closing occurs. This Agreement shall be of no force and effect if the Closing fails to occur
for any reason.

 

IN WITNESS WHEREOF, the Company and the Executive have executed
this Agreement as of the date hereof.

 

	 	“PARENT COMPANY”
	 	 
	 	Norwegian Cruise Line Holdings Ltd.
	 	a company organized under the laws of

 Bermuda
	 	 
	 	By:	/s/ Kevin Sheehan
	 	Name: Kevin Sheehan
	 	Title: President & Chief Executive Officer
	 	 
	 	“EXECUTIVE”
	 	 
	 	/s/ Kunal S. Kamlani
	 	Kunal S. Kamlani

 

    	21

    	 

    

 

Exhibit A

 

FORM OF RELEASE AGREEMENT

 

This Release Agreement (this “Release
Agreement”) is entered into this        day of ___________ 20__, by and between [                 ],
an individual (“Executive”), and [Norwegian Cruise Line Holdings Prestige Cruise Holdings., a company organized
under the laws of the Republic of Panama] (the “Company”).

 

WHEREAS, Executive has been employed
by the Company or one of its subsidiaries; and

 

WHEREAS, Executive’s employment
by the Company or one of its subsidiaries has terminated and, in connection with the Executive’s Employment Agreement with
the Company, dated as of [______________] (the “Employment Agreement”), the Company and Executive desire to
enter into this Release Agreement upon the terms set forth herein;

 

NOW, THEREFORE, in consideration of the
covenants undertaken and the releases contained in this Release Agreement, and in consideration of the obligations of the Company
to pay severance and other benefits (conditioned upon this Release Agreement) under and pursuant to the Employment Agreement, Executive
and the Company agree as follows:

 

1.           Termination
of Employment. Executive’s employment with the Company terminated on [_________, __________] (the “Separation
Date”). Executive waives any right or claim to reinstatement as an employee of the Company and each of its affiliates.
Executive hereby confirms that Executive does not hold any position as an officer, director or employee with the Company and each
of its affiliates. Executive acknowledges and agrees that Executive has received all amounts owed for Executive’s regular
and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement
of expenses, sick pay and usual benefits.

 

2.           Release.
Executive, on behalf of Executive, Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors,
and each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its parents, subsidiaries
and affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents,
attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, hereinafter
together and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages,
demands, rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts,
costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or
otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”),
which he now owns or holds or he has at any time heretofore owned or held or may in the future hold as against any of said Releasees
(including, without limitation, any Claim arising out of or in any way connected with Executive’s service as an officer,
director, employee, member or manager of any Releasee, Executive’s separation from Executive’s position as an officer,
director, employee, manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or

 

    	 

    	 

    

 

omissions or any loss, damage or injury whatever),
whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Releasees, or
any of them, committed or omitted prior to the date of this Release Agreement including, without limiting the generality of the
foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans
with Disabilities Act, the Family and Medical Leave Act of 1993, or any other federal, state or local law, regulation, or ordinance,
or any Claim for severance pay, equity compensation, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical
insurance or any other fringe benefit, workers’ compensation or disability (the “Release”); provided,
however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant to any of the following:
(1) any equity-based awards previously granted by the Company or its affiliates to Executive, to the extent that such awards continue
after the termination of Executive’s employment with the Company in accordance with the applicable terms of such awards (and
subject to any limited period in which to exercise such awards following such termination of employment); (2) any right to indemnification
that Executive may have pursuant to the Bylaws of the Company, its Articles of Incorporation or under any written indemnification
agreement with the Company (or any corresponding provision of any subsidiary or affiliate of the Company) or applicable state law
with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the extent otherwise provided)
that Executive may in the future incur with respect to Executive’s service as an employee, officer or director of the Company
or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to insurance coverage for such
losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability insurance policy; (4)
any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); (5) any
rights to the severance and other benefits payable under Section 5.3 of the Employment Agreement in accordance with the terms of
the Employment Agreement; or (6) any rights to payment of benefits that Executive may have under a retirement plan sponsored or
maintained by the Company or its affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986,
as amended. In addition, this Release does not cover any Claim that cannot be so released as a matter of applicable law. Executive
acknowledges and agrees that he has received any and all leave and other benefits that she has been and is entitled to pursuant
to the Family and Medical Leave Act of 1993.

 

3.           ADEA
Waiver. Executive expressly acknowledges and agrees that by entering into this Release Agreement, Executive is waiving any
and all rights or Claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),
which have arisen on or before the date of execution of this Release Agreement. Executive further expressly acknowledges and agrees
that:

 

A.        In
return for this Release Agreement, the Executive will receive consideration beyond that which the Executive was already entitled
to receive before entering into this Release Agreement;

 

B.         Executive
is hereby advised in writing by this Release Agreement to consult with an attorney before signing this Release Agreement;

 

    	2

    	 

    

 

C.         Executive
has voluntarily chosen to enter into this Release Agreement and has not been forced or pressured in any way to sign it;

 

D.        Executive
was given a copy of this Release Agreement on [___________, 20__] and informed that he had twenty one (21) days within which to consider this Release
Agreement and that if he wished to execute this Release Agreement prior to expiration of such 21-day period, he should execute
the Endorsement attached hereto;

 

E.         Executive
was informed that he had seven (7) days following the date of execution of this Release Agreement in which to revoke this Release
Agreement, and this Release Agreement will become null and void if Executive elects revocation during that time. Any revocation
must be in writing and must be received by the Company during the seven-day revocation period. In the event that Executive exercises
Executive’s right of revocation, neither the Company nor Executive will have any obligations under this Release Agreement;

 

F.         Nothing
in this Release Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically
authorized by federal law.

 

4.           No
Transferred Claims. Executive warrants and represents that the Executive has not heretofore assigned or transferred to any
person not a party to this Release Agreement any released matter or any part or portion thereof and she shall defend, indemnify
and hold the Company and each of its affiliates harmless from and against any claim (including the payment of attorneys’
fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such
assignment or transfer made, purported or claimed.

 

5.           Severability.
It is the desire and intent of the parties hereto that the provisions of this Release 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 Release Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited
or unenforceable under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction;
furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release 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 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 Release Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

6.           Counterparts.
This Release Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement. This Release Agreement shall become binding when one or more counterparts

 

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hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. Photographic or other electronic copies of such
signed counterparts may be used in lieu of the originals for any purpose.

 

7.           Successors.
This Release Agreement is personal to Executive and shall not, without the prior written consent of the Company, be assignable
by Executive. This Release Agreement shall inure to the benefit of and be binding upon the Company and its respective successors
and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of this Release Agreement
for all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation
or other business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly
acquires the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the Company
assigns this Release Agreement by operation of law or otherwise.

 

8.           Governing
Law. THIS RELEASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT
NOT PREEMPTED BY UNITED STATES FEDERAL LAW, 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 UNITED STATES FEDERAL LAW AND THE LAW OF THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL
LAW AND, TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF FLORIDA WILL CONTROL THE INTERPRETATION
AND CONSTRUCTION OF THIS RELEASE 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.

 

9.           Amendment
and Waiver. The provisions of this Release Agreement may be amended and waived only with the prior written consent of the Company
and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Release Agreement shall be construed
as a waiver of such provisions or affect the validity, binding effect or enforceability of this Release Agreement or any provision
hereof.

 

10.         Descriptive
Headings. The descriptive headings of this Release Agreement are inserted for convenience only and do not constitute a part
of this Release Agreement.

 

11.         Construction.
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. The language used
in this Release Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule
of strict construction shall be applied against any party.

 

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12.         Nouns
and Pronouns. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.

 

13.         Legal
Counsel. 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. Executive acknowledges and agrees that he has read and understands this Release
Agreement completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this
Release Agreement and he has had ample opportunity to do so.

 

The undersigned have read and understand the
consequences of this Release Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws
of the State of Florida that the foregoing is true and correct.

 

EXECUTED this ____ day of _________ 20__, at
_________

 

	 	“Executive”
	 	 
	 	 

 

	 	Print Name:	 

 

	 	PRESTIGE CRUISE HOLDINGS  LTD.,
	 	a company organized under the laws of the Republic of Panama,]
	 	 
	 	By:	 

	 	Name:	 

	 	Title:	 

 

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ENDORSEMENT

 

I, ________________, hereby acknowledge that
I was given 21 days to consider the foregoing Release Agreement and voluntarily chose to sign the Release Agreement prior to the
expiration of the 21-day period.

 

I declare under penalty of perjury under the
laws of the United States and the State of Florida that the foregoing is true and correct.

 

EXECUTED this [____] day of [__________ 20__].

 

	 	 

	 	Print Name:Exhibit 10.104

 

SECOND AMENDED AND RESTATED UNITED STATES
TAX AGREEMENT

 

for

NCL CORPORATION LTD.

 

This SECOND AMENDED AND RESTATED
UNITED STATES TAX AGREEMENT (this “Agreement”) of NCL Corporation Ltd., a company organized under the laws of
Bermuda (the “Company”), is made effective as of November 12, 2014, by Norwegian Cruise Line Holdings Ltd.,
a company organized under the laws of Bermuda (the “Principal Member” or “NCLH”) and the members
of the Company as set forth on the Member Schedule (collectively the “Members” and each a “Member”).

 

1.          Organizational
Matters 

 

(a)         NCL
Investment II Ltd., a company organized under the laws of the Cayman Islands, NCL Investment Ltd., a company organized under the
laws of Bermuda and Star NCLC Holdings Ltd., a company organized under the laws of Bermuda (and, with their affiliates, collectively,
the “Original Members” and each an “Original Member”) originally entered into a United States
Tax Agreement on January 7, 2008.

 

(b)         On
January 24, 2013, the Original Members transferred all of their ordinary shares of the Company to the Principal Member in exchange
for ordinary shares of the Principal Member (the “Reorganization”) in connection with the initial public offering
of the Principal Member.

 

(c)         Immediately
prior to the Reorganization, each of the Members listed on the Member Schedule, other than the Principal Member, owned “profits
units” in the Company. Immediately before and in connection with the Reorganization, the Company revalued the property of
the Company to its fair market value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f) and adjusted the Capital
Accounts of the Members in accordance with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f) and (g).

 

(d)         Immediately
following the revaluation described above in Section 1(c), the Members each had a capital interest in the Company. Each
Member’s capital interest in the Company shall be reflected by the Capital Account, Units and membership percentages (“Membership
Percentage”) in the Company as set forth next to each such Member’s name on the Member Schedule.

 

(e)           The
Members and the Company entered into that certain Amended and Restated United States Tax Agreement, dated as of January 24, 2013,
as amended by the First Amendment to the Amended and Restated United States Tax Agreement, dated as of April 9, 2014, and as further
amended by the Second Amendment to the Amended and Restated United States Tax Agreement, dated as of September 29, 2014 (the “IPO
Agreement”).

 

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(f)          The
Members and the Company desire to enter into this Second Amended and Restated United States Tax Agreement for the purpose of further
amending the IPO Agreement and restating it in its entirety.

 

2.          Partnership
Treatment.

 

(a)          It
is the intent of the Members for the Company to be treated as a partnership for U.S. federal, state and local income tax purposes
and for each of the Members to be treated as partners in such partnership.

 

(b)          No
party to this Agreement shall make any election or otherwise cause the Company to cease being treated as a partnership for U.S.
federal, state or local income tax purposes.

 

(c)         This
Agreement together with the Exchange Agreement and each Award Notice shall constitute the partnership agreement of the Company
within the meaning of Section 761(c) of the Internal Revenue Code of 1986, as amended (the “Code”) and Treasury
Regulation Section 1.704-1(b)(2)(ii)(h).

 

3.          Distributions

 

(a)          Generally.
The Principal Member may cause, in its sole and absolute discretion, the Company to distribute cash to the Members. Any distributions
to the Members pursuant to this Section 3(a) generally shall be made to the Members pro rata in accordance with their Membership
Percentages, provided, however, that the Principal Member may cause the Company to pay a dividend or make a distribution
solely to the Principal Member, as otherwise permitted by applicable law, for such corporate or business purposes as the Principal
Member shall deem necessary or appropriate in its sole and absolute discretion. In the event that the Company pays any dividend
or makes any distribution to the Principal Member that is not paid or made pro rata to the other Members in accordance with their
Membership Percentages, the Company shall make appropriate adjustments to the Principal Member’s Units, Membership Percentage
and Capital Account, all as reflected on the Member Schedule maintained by the Company, in accordance with Section 3(e)
to appropriately reflect the relative economic interests of the Members.

 

(b)         Tax
Distributions.

 

(i)          To
the extent funds are legally available therefor, the Company shall make distributions of cash to the Members at such times as may
be required so as to enable the Members to pay their quarterly estimated United States federal income taxes related solely to their
allocable share of the net taxable income and gain allocated to them for the prior quarterly period. The tax distributions to each
Member shall be equal to the sum of (A) the amount of income taxable in the U.S. allocated to such Member for the prior quarterly
period, multiplied by (B) (1) in the case of an individual, the highest applicable Federal and state income tax rate applicable
to a resident of Florida, and (2) in the case of the Principal Member, the highest income tax rate applicable to the Principal
Member, in each case, as determined in the sole discretion of the Company (the “Tax Distributions”). The

 

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Tax Distribution shall be increased by
any Taxes payable by a Member in any state other than Florida solely with respect to income allocated to such Member by the Company,
as determined in the sole discretion of the Company. Notwithstanding the foregoing, the Company shall not be required to make a
Tax Distribution pursuant to this Section 3(b) to any Member who is not a current director, officer or employee of the Company
or any of its affiliates at the time such distribution is to be made, as determined in the sole discretion of the Company. In no
event shall any Member, other than the Principal Member, receive, or be entitled to receive, Tax Distributions related to any period
of time after December 31, 2014 (or such later date as determined by the Board of Directors of NCLH).

 

(ii)         Any
Non Pro Rata Tax Distributions made to a Member, other than the Principal Member, pursuant to Section 3(b)(i) shall reduce
the amount otherwise distributable to such Member pursuant to Section 3(a). A “Non Pro Rata Tax Distribution”
shall mean, with respect to each Member other than the Principal Member, the excess of the amount of Tax Distributions received
by such other Member, on a per Unit basis, over the corresponding Tax Distributions received, if any, by the Principal Member,
on a per Unit basis.

 

(iii)        If,
at the time a Member elects to exchange any Units pursuant to the Exchange Agreement, such Member has received a Non Pro Rata Tax
Distribution with respect to such Units that has not previously reduced an amount otherwise distributable to such Member pursuant
to Section 3(a) with respect to such Units, then (A) the amount of cash or NCLH Shares delivered to such Member shall be
reduced by an amount equal to the unrecovered Non Pro Rata Tax Distribution with respect to such Units (in the case of NCLH Shares
based on the fair market value of the NCLH Shares on the date of the exchange), or (B) if such Member is delivered solely NCLH
Shares, then such Member shall pay to the Company an amount equal to any unrecovered Non Pro Rata Tax Distribution with respect
to such Units within twenty (20) days of the receipt of such NCLH Shares. Notwithstanding the foregoing, if any Member who is a
current director, officer or employee of the Company or any of its affiliates shall have executed a Management Exchange Agreement
prior to November 14, 2014 (or such later date as determined by the Board of Directors of NCLH) and complied with all of the requirements
set forth in the Management Exchange Agreement, then, upon exchange of such Member’s Units pursuant to this Section 3(b)(iii)
and in accordance with such Member’s Management Exchange Agreement, (A) the amount of cash or NCLH Shares delivered to such
Member shall not be reduced by an amount equal to the then outstanding unrecovered Non Pro Rata Tax Distribution with respect to
such Units, and (B) such Member shall not be required to pay the Company an amount equal to any then outstanding unrecovered Non
Pro Rata Tax Distribution with respect to such Units within twenty (20) days of the receipt of such NCLH Shares.

 

(iv)        It
is the intent of the Parties that the amount of offset or obligation for repayment by a Member other than the Principal Member
pursuant to Sections 

 

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3(b)(ii) and (iii) shall
be limited to the amount of Non Pro Rata Tax Distributions received by such other Member, determined on a Unit by Unit basis, and
such provisions shall be interpreted in a manner consistent therewith.

 

(v)         Notwithstanding
the foregoing, the Company shall not make any Tax Distributions if such Tax Distributions would be prohibited by applicable law
or would cause a breach of any material debt agreement of the Company.

 

(c)         Withholding.
Each Member acknowledges and agrees that to the extent required under applicable law, the Company may withhold a portion of any
distribution made hereunder in order to comply with such applicable law, and each Member agrees to execute and deliver such additional
documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and comply
with any applicable law. Any amount distributed under Section 3(a) shall be net of any withholding tax required to be withheld
with respect to such distribution. Any amounts withheld or paid shall be deemed actually distributed to such Member for all purposes
of this Agreement.

 

(d)         Unvested
Units. If at the time any distribution (other than a Tax Distribution) is to be made in respect of any Unit pursuant to Section
3(a) while such Unit is an Unvested Unit, then the amount of such distribution shall be withheld from the holder of such Unvested
Unit until the earlier to occur of (i) the time at which such Unvested Unit becomes a Vested Unit whereupon the amount so withheld
(less any unrecovered Non Pro Rata Tax Distributions previously distributed to such Member with respect to such Vested Unit that
reduce amounts otherwise payable pursuant to Sections 3(b)(ii) and (iii)) shall be promptly paid by the Company to
such holder without interest and (ii) the time at which such Unvested Unit is no longer eligible for vesting, whereupon the amount
so withheld shall, at the sole discretion of the Principal Member, be distributed to the other Members pursuant to Section 3(a)
or retained by the Company and held or used for any purpose, as the Principal Member may direct. Distributions withheld from a
holder pursuant to this Section 3(d) will nonetheless be deemed to have been received by such holder for purposes of Section
3(a).

 

(e)          Unit
Adjustments, etc. To the extent the Company pays any dividend or makes any distribution to the Principal Member that is not
made pro rata to the other Members in accordance with their Membership Percentages as provided in Section 3(a), the Company
shall reduce the number of Units held by the Principal Member, with corresponding changes to its Membership Percentage and Capital
Account, based on the amount of such dividend or distribution and the then fair market value per Unit, to appropriately reflect
the relative economic interests of the Members. To the extent the Principal Member contributes cash or assets to the Company, the
Company shall increase the number of Units held by the Principal Member, with corresponding changes to its Membership Percentage
and Capital Account, based on the amount of cash or the fair market value of the assets so contributed and the then fair market
value per Unit, to appropriately reflect the relative economic interests of the Members. In each case, the Company shall make the
appropriate updates to the Member Schedule.

 

4.        Capital
Accounts. Solely for United States federal, state and local income tax purposes, each Member shall have a capital account (a
“Capital Account”) determined and maintained in accordance with Section 704 of the Code and the Treasury Regulations

 

    	4

    	 

    

 

promulgated thereunder. The
Capital Accounts of each Member as of the date of this Agreement shall be as set forth on the Member Schedule.

 

5.          Allocation

 

(a)         Allocation
of Profits and Losses. Except as otherwise provided in this Section 5, the Company’s income, gain, profits, losses,
deductions and credits shall be allocated to the Members pro rata in accordance with their Membership Percentages.

 

(b)         Adjustment
of Loss Allocations. If the amount of loss for any fiscal year that otherwise would be allocated to a Member under Section
5(a) or this Section 5(b) would cause or increase a deficit balance in the Capital Account of such Member as of the
last day of the fiscal year (after all other allocations have been made pursuant to this Section 5), then such member shall
be allocated the amount of losses that does not cause or increase such deficit in the Member’s Capital Account, and the remainder
of such losses that would have been allocated to such Member shall be allocated to the other Members in proportion to their Membership
Percentages. To the extent any loss is allocated on a non pro rata basis with respect to all of the Members, then, prior to any
allocations of income or gain pursuant to Section 5(a), an amount of income or gain shall be allocated on a pro rata basis
based on the amount of loss previously allocated to the Members who have been allocated a loss pursuant to this Section 5(b)
until the amount of such income or gain allocated to such Members equals the amount of loss previously allocated.

 

(c)         Regulatory
Allocations. Notwithstanding any other provision of this Agreement to the contrary, in order to comply with tax rules set forth
in the Code and the Treasury Regulations, any special allocations required to be made pursuant to the Treasury Regulations under
Section 704(b) of the Code, including those related to “minimum gain chargebacks” and “qualified income offsets”
(the “Regulatory Allocations”) shall be made prior to the allocations set forth herein in accordance with the
provisions set forth in such Treasury Regulations. The Regulatory Allocations are intended to comply with certain requirements
of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be
offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction
pursuant to this Section 5(c). Therefore, notwithstanding any other provision of this Section 5 (other than the Regulatory
Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever
manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance
is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were
not part of the Agreement.

 

(d)         Tax
Allocations.

 

(i)          Except
as set forth in Section 5(d)(ii), allocations for tax purposes of items of income, gain, loss and deduction, and credits
shall be made in the same manner as allocations as set forth in Sections 5(a) through (c). Allocations pursuant to
this Section 5(d)(i) are solely for purposes of U.S. federal and state income taxes and shall not affect, or in any way
be taken into account in

 

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computing, any Member’s Capital
Account or distributions pursuant to any provision of this Agreement.

 

(ii)         In
the event that the book value, as determined in the sole discretion of the Principal Member, of an item of Company property differs
from its tax basis, allocations of depreciation, depletion, amortization, gain and loss with respect to such property will be made
for federal income tax purposes in a manner that takes account of the variation between the tax basis and such book value of such
property in accordance with Section 704(c)(1)(A) of the Code and Treasury Regulations Section 1.704-1(b)(4)(i). The Tax Matters
Partner, in its sole discretion, may elect any permissible method for making such allocations.

 

(e)          Adjustments.
If the Tax Matters Partner determines that the Code or any Treasury Regulations require allocations of items of income, gain, profits,
loss, deduction or credit different from those set forth in this Section 5, the Tax Matters Partner is hereby authorized
to make new allocations in reliance on the Code and such Treasury Regulations, and no such new allocations will give rise to any
claim or cause of action by any Member.

 

6.          Administrative
Matters.

 

(a)          The
fiscal year of the Company for accounting and tax purposes shall begin on January 1 and end on December 31 of each year, except
for the short taxable years in the years of the Company’s formation and termination as a partnership and as otherwise required
by the Code.

 

(b)          
The Company shall cause to be prepared and timely filed all U.S. federal, state and local tax returns for the Company that are
required to be filed and shall cause the timely provision to each Member of a Form K-1 or other similar form reasonably required
for the Member to effect United States federal, state or local income tax return filings pursuant to the Code and any other document
required for purposes of effecting a United States federal, state or local income tax return filing. The Members will provide such
forms, information or certifications as are reasonably requested by the Company in order for the Company to comply with any tax
or regulatory filing or withholding requirements. All of the Members shall file all tax returns and related documents consistent
with the Form K-1 and information provided by the Company.

 

(c)          The
Principal Member shall act as the “Tax Matters Partner” as defined in Section 6231 of the Code and shall make
such elections, in its sole discretion, under the Code and other relevant tax laws as to the treatment of items of the Company
income, gain, loss, deduction and credit, and as to all other relevant matters, as the Tax Matters Partner deems necessary or appropriate.

 

7.          Additional
Members. The Company shall not permit any new Members after the date of this Agreement without the prior written consent of
the Principal Member (which consent shall be within the sole discretion of the Principal Member); provided, however, the Principal
Member may receive additional Units in connection with the transfer of NCLH Shares to the Company pursuant to the Exchange Agreement
or as provided in Section 3(e).

 

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8.          Restrictions
on Transfers. No Member may transfer any interest in the Company without the prior written consent by the Principal Member,
which consent shall be in the sole discretion of the Principal Member.

 

9.          Severability.
If any provision of this Agreement shall be determined to be illegal or unenforceable by any court of law, the remaining provisions
shall be severable and enforceable in accordance with their terms.

 

10.         Amendments.
Except as otherwise provided in this Agreement, this Agreement may be amended only by the Principal Member in its sole and absolute
discretion.

 

11.         Governing
Law. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Delaware.

 

12.         Counterparts.
This Agreement may be executed in any number of counterparts, including by facsimile transmission, with the effect as if all parties
had signed the same document. All counterparts shall be construed together and shall constitute one instrument.

 

13.         Definitions

 

(a)          “Award
Notices” means the Award Notices entered into by the Members and the Company pursuant to which such Units were acquired
by the initial holders thereof or any other document governing the vesting of such Units.

 

(b)          “Exchange
Agreement” shall mean that First Amended and Restated Exchange Agreement for NCL Corporation Ltd. dated as of November
12, 2014, which shall be a part of this Agreement and attached hereto as Annex A.

 

(c)          “Management
Exchange Agreement” means the form of agreement to be entered into prior to November 14, 2014 (or such later date as
is determined by the Board of Directors of NCLH) by each Member who is a current director, officer, employee or consultant of the
Company or any of its affiliates pursuant to which such Member will agree to exchange all of such Member’s Vested Units and
Unvested Units for NCLH Shares.

 

(d)          “Member
Schedule” shall mean a schedule held and maintained by the Company at the offices of the Company reflecting all of the
Members and each Member’s Membership Percentage, Units and Capital Account.

 

(e)          “NCLH
Shares” means the ordinary shares of NCLH and any equity securities issued or issuable in exchange for or with respect
to such NCLH Shares (i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization,
merger, consolidation or other reorganization.

 

(f)          “Unit”
means a unit in the Company.

 

(g)          “Unvested
Unit” means any Unit that is not a Vested Unit.

 

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(h)          “Vested
Unit” means any Unit that has vested pursuant to the terms and conditions of the Award Notice or other document pursuant
to which such Units were acquired by the initial holder thereof or any other document governing the vesting of such Units.

 

*****

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed this Agreement as of the date first written above.

 

	 	NORWEGIAN CRUISE LINE HOLDINGS LTD. 
	 	 	 
	 	By:	/s/ Kevin M. Sheehan
	 	 	Name: Kevin M. Sheehan
	 	 	Title: President and Chief Executive Officer

 

    	 

    	 

    

 

ANNEX A

 

FIRST AMENDED AND RESTATED EXCHANGE AGREEMENT

 

for

 

NCL CORPORATION LTD. 

 

This FIRST AMENDED AND
RESTATED EXCHANGE AGREEMENT (the “Agreement”) of NCL Corporation Ltd, a company organized under the laws of
Bermuda (the “Company”) is made effective as of November 12, 2014, by the Company, Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda (“NCLH”) and the NCLC Unit Holders that are party to the
NCLC Partnership Agreement (as defined herein).

 

WHEREAS, the parties hereto
entered into that certain Exchange Agreement for NCL Corporation Ltd., on January 24, 2013 (the “Original Agreement”)
to provide for the exchange of certain NCLC Units for NCLH Shares, on the terms and subject to the conditions set forth therein;

 

WHEREAS, the Company and
NCLH desire to enter into this Agreement for the purpose of amending the Original Agreement and restating it in its entirety;

 

WHEREAS, the right to exchange
NCLC Units set forth in Section 2.1(a) below, once exercised, represents a several, and not a joint and several, obligation
of the Company (on a pro rata basis);

 

NOW, THEREFORE, in consideration
of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.1        Definitions.

 

The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Award Notice”
means the an Award Notice entered into by a NCLC Unit Holder and the Company pursuant to which such NCLC Unit was acquired by the
initial holder thereof or any other document governing the vesting of such NCLC Units.

 

“Business Day”
means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are authorized or
required by law to close or other day on which NCLH’s headquarters are closed.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

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“Exchange”
has the meaning set forth in Section 2.1(a) of this Agreement.

 

“Exchange Date”
means the date upon which an NCLC Unit Holder exchanges its NCLC Units for NCLH Shares in accordance with the terms of this Agreement;
provided that an Exchange Date must be a Business Day.

 

“Exchange Rate”
means the number of NCLH Shares for which an NCLC Unit is entitled to be exchanged. On the date of this Agreement, the Exchange
Rate shall be 1 NCLC Unit for 1 NCLH Share subject to adjustments as provided in Section 2.4.

 

“Insider Trading
Policy” means the Insider Trading Policy of NCLH applicable to the directors and executive officers of NCLH or its manager,
as such Insider Trading Policy may be amended from time to time.

 

“Management Exchange
Agreement” means the form of agreement to be entered into prior to November 14, 2014 (or such later date as is determined
by the Board of Directors of NCLH) by each NCLC Unit Holder who is a current director, officer, employee or consultant of the Company
or any of its affiliates pursuant to which such NCLC Unit Holder will agree to exchange all of such NCLC Unit Holder’s NCLC
Vested Units and Unvested Units for NCLH Shares.

 

“NCLC Partnership
Agreement” means the Second Amended and Restated United States Tax Agreement of the Company dated as of the date hereof,
as it may be amended, supplemented or restated from time to time.

 

“NCLC Units”
means units of the Company.

 

“NCLC Vested Unit”
means any NCLC Unit that has vested pursuant to the terms and conditions of the Award Notice or other document pursuant to which
such NCLC Unit was acquired by the initial holder thereof or any other document governing the vesting of such NCLC Units.

 

“NCLC Unit Holder”
means each Person that is as of the date of this Agreement a holder of NCLC Units, other than NCLH.

 

“NCLH Shareholders’
Agreement” means the Amended and Restated Shareholders’ Agreement of NCLH dated as January 24, 2013, as it may
be amended, supplemented or restated from time to time.

 

“NCLH Shares”
means the ordinary shares of NCLH and any equity securities issued or issuable in exchange for or with respect to such NCLH Shares
(i) by way of a dividend, split or combination of shares or (ii) in connection with a reclassification, recapitalization, merger,
consolidation or other reorganization.

 

“Person”
shall be construed broadly and includes any individual, corporation, partnership, firm, joint venture, limited liability company,
estate, trust, business association, organization, governmental entity or other entity.

 

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“Transfer Agent”
means such bank, trust company or other Person as shall be appointed from time to time by the NCLH to act as registrar and transfer
agent for the NCLH Shares.

 

“Unvested Unit”
means any NCLC Unit that is not a NCLC Vested Unit.

 

ARTICLE
II

EXCHANGE OF NCLC VESTED UNITS

 

SECTION
2.1        Exchange of NCLC Vested Units.

 

(a)          Subject
to adjustment as provided in this Article II and in Section 3 of the NCLC Partnership Agreement, each NCLC Unit Holder shall
be entitled, on any Exchange Date that is prior to December 31, 2014 (or such later date as is determined by the Board of Directors
of NCLH), to surrender NCLC Vested Units to the Company in exchange for the delivery by the Company of, at the election of the
Company, either (i) a number of NCLH Shares equal to the product of such number of NCLC Vested Units surrendered multiplied
by the Exchange Rate, or (ii) an amount in cash equal to the fair market value of the NCLH Shares such NCLH Unit Holder would have
received if such NCLH Unit Holder received NCLH Shares pursuant to Section 2.1(a)(i) (such exchange, an “Exchange”).

 

(b)          On
the Exchange Date that NCLC Vested Units are surrendered for exchange, all rights of the exchanging NCLC Unit Holder as holder
of such NCLC Vested Units shall cease, and such exchanging NCLC Unit Holder shall be treated for all purposes as having become
the record holder of such NCLH Shares.

 

(c)          For
the avoidance of doubt, any exchange of NCLC Vested Units shall be subject to the provisions of Section 3 of the NCLC Partnership
Agreement.

 

(d)          For
the avoidance of doubt, no NCLC Unit Holder who is a current director, officer, employee or consultant of the Company or any of
its affiliates shall have the right to exchange any Unvested Units unless such NCLC Unit Holder shall have executed a Management
Exchange Agreement prior to November 14, 2014 (or such later date as is determined by the Board of Directors of NCLH) and complied
with all of the requirements set forth in the Management Exchange Agreement, in which case, such NCLC Unit Holder shall be entitled
to exchange Unvested Units in the same manner as NCLC Vested Units as set forth herein and in accordance with such NCLC Unit Holder’s
Management Exchange Agreement; provided, however, that any NCLH Shares received pursuant to any exchange of
Unvested Units pursuant to this Section 2.1(d) shall be restricted NCLH Shares subject to the terms and conditions of the
Management Exchange Agreement.

 

SECTION
2.2        Exchange Procedures.

 

(a)          An
NCLC Unit Holder may exercise the right to exchange NCLC Vested Units as set forth in Section 2.1(a) above by providing
a written notice of exchange to NCLH, the Demand Parties (as defined in the NCLH Shareholders’ Agreement) and the Company,
substantially in the form of Exhibit A hereto, executed by such holder or such holder's duly

 

    	3

    	 

    

 

authorized attorney in respect of the NCLC Vested
Units to be exchanged, and delivered during normal business hours at the principal executive offices of NCLH, or as provided for
in such NCLC Unit Holder’s Management Exchange Agreement; provided, however, that:

 

(i)          in
the event that either Demand Party submits a Demand Notice (as defined in the NCLH Shareholders’ Agreement) in accordance
with Section 9(a) of the NCLH Shareholders’ Agreement prior to 5:00 P.M. Eastern Standard Time on the second full
calendar day after receipt of such written notice of exchange, such NCLC Unit Holder, as well as any other NCLC Unit Holder, shall
not have the right to exchange his, her or its NCLC Vested Units as set forth in Section 2.1(a) above until the consummation
of the applicable Demand Registration and the termination, expiration or waiver of any related lock-up agreements or hold-back
arrangements entered into in connection therewith; and

 

(ii)         the
limitation set forth in Section 2.2(a)(i) above shall not apply to, or otherwise limit or restrict, (a) any exchange made
pursuant to the Management Exchange Agreement or (b) any NCLC Unit Holder’s right to exchange his, her or its NCLC Vested
Units unless the market value of the NCLH Shares issuable upon exchange of the number of NCLC Vested Units set forth in the written
notice of exchange would exceed $1,000,000 in value, based on the last reported sale price of NCLH Shares at the time such notice
is delivered to the Demand Parties. The “last reported sale price” of NCLH Shares means the closing sale price per
share on the last trading date immediately prior to the date upon which a written notice of exchange is received from an NCLC Unit
Holder, as such closing sale price is reported on the principal U.S. securities exchange on which NCLH Shares are traded (or, if
such closing sale price is not so reported, the last reported sale price will be as otherwise reasonably determined by NCLH). The
last reported sale price will be determined without reference to after-hours or extended market trading.

 

(b)          As
promptly as practicable following the surrender for exchange of NCLC Vested Units in the manner provided in this Article II, NCLH
shall deliver or cause to be delivered at the principal executive offices of the Transfer Agent the number of NCLH Shares issuable
upon such exchange, issued in the name of such exchanging NCLC Unit Holder.

 

(c)          NCLH
and the Company may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II,
including, without limitation, procedures for the giving of notice of an election for exchange. Further, the Company will coordinate
with NCLH so that there will be sufficient NCLH Shares to deliver in exchange of NCLC Vested Units on each Exchange Date. This
will be accomplished by, at the Company's option, either (a) NCLH contributing such NCLH Shares to the Company in exchange for
a number of NCLC Units equal to the number of NCLC Vested Units being exchanged therefor or (b) having the Company direct NCLH
to accept the relevant NCLC Vested Units directly from the applicable NCLC Unit Holder and transfer the relevant NCLH Shares directly
to the applicable NCLC Unit Holder.

 

SECTION
2.3        Blackout Periods and Ownership Restrictions. 

 

Notwithstanding
anything to the contrary, an NCLC Unit Holder shall not be entitled to exchange NCLC Vested Units, and NCLH and the Company shall
have the right to refuse to honor any request for exchange of NCLC Vested Units, (i) at any time that upon such request, NCLH

 

    	4

    	 

    

 

does not have an effective
registration statement under the Securities Act of 1933, as amended, with respect to the NCLH Shares to be delivered to the exercising
NCLC Unit Holder, which registration statement (as supplemented by post-effective amendments, prospectus supplements, free writing
prospectus and/or, to the extent permitted, documents incorporated therein by reference) contains all information, in the determination
of NCLH, which may be based on the advice of counsel (which may be inside counsel), required to effect a registered sale of such
NCLH Shares to NCLC and / or any NCLC Unit Holder, as the case may be, (ii) at any time upon such request, if NCLH or the Company
shall determine, which may be based on the advice of counsel (which may be inside counsel), that there may be material non-public
information that may affect the trading price per NCLH Share at such time or the sale of NCLH Shares may be otherwise prohibited
under the Insider Trading Policy, (iii) if such exchange would be prohibited under applicable law or regulation, (iv) at any time
as determined either (a) by the Board of Directors of NCLH or (b) jointly by the Chief Executive Officer and Chief Financial Officer
of NCLH or (v) at any time that such an exchange would be prohibited by Section 2.2(a)(i) hereof.

 

SECTION
2.4        Splits, Distributions and Reclassifications. 

 

If there is: (1) any
subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of the NCLC Units it shall be accompanied by an identical subdivision or combination of the NCLH
Shares; or (2) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by
reverse split, reclassification, recapitalization or otherwise) of the NCLH Shares it shall be accompanied by an identical subdivision
or combination of the NCLC Units; provided that in lieu of either (1) or (2), the Exchange Rate may be appropriately adjusted by
NCLH. In the event of a reclassification or other similar transaction as a result of which the NCLH Shares are converted into another
security, then an NCLC Unit Holder shall be entitled to receive upon exchange the amount of such security that such NCLC Unit Holder
would have received if such exchange had occurred immediately prior to the effective date of such reclassification or other similar
transaction.

 

    	5

    	 

    

 

SECTION
2.5        NCLH Shares to be Issued. 

 

Nothing contained herein
shall be construed to preclude NCLH from satisfying its obligations in respect of the exchange of the NCLC Units by delivery of
NCLH Shares which are held in the treasury of NCLH.

 

SECTION
2.6        Taxes. 

 

The delivery of NCLH Shares
upon exchange of NCLC Vested Units shall be made without charge to the NCLC Unit Holder for any stamp or other similar tax in respect
of such issuance.

 

ARTICLE
III

GENERAL PROVISIONS

 

SECTION
3.1        Amendment. 

 

(a)          The
provisions of this Agreement may be amended by the affirmative vote or written consent of each of the Company and NCLH.

 

SECTION
3.2        Addresses and Notices. 

 

All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly
given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such
other address for a party as shall be as specified in a notice given in accordance with this Section 3.2):

 

(a)        If
to NCLH, to:

 

Norwegian Cruise Line Holdings Ltd.

7665 Corporate Center Drive

Miami, Florida 33126

Attention: Daniel S. Farkas, Esq.

Electronic Mail: dfarkas@ncl.com

with a copy to:

 

O’Melveny & Myers LLP

610 Newport Center Drive

17th Floor

Newport Beach, California 92660

Attention: Jeff Walbridge and Chris Del Rosso

Electronic Mail: jwalbridge@omm.com; cdelrosso@omm.com

 

(b)        If
to the Company:

 

NCL Corporation Ltd.

 

    	6

    	 

    

 

7665 Corporate Center Drive

Miami, Florida 33126

Attention: Daniel S. Farkas, Esq.

Electronic Mail: dfarkas@ncl.com

 

with a copy to:

 

O’Melveny & Myers LLP

610 Newport Center Drive

17th Floor

Newport Beach, California 92660

Attention: Jeff Walbridge and Chris Del Rosso

Electronic Mail: jwalbridge@omm.com; cdelrosso@omm.com

 

(c)        If
to any NCLC Unit Holder, to the address for such NCLC Unit Holder as set forth on a Schedule maintained by the Company with respect
to all of the NCLC Unit Holders.

 

SECTION
3.3 Further Action. 

 

The parties shall execute
and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement.

 

SECTION
3.4        Binding Effect. 

 

(a)          This
Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement,
their successors, executors, administrators, heirs, legal representatives and assigns.

 

(b)          No
NCLC Unit Holder shall transfer NCLC Units to any Person without the prior written consent of NCLH, which consent shall be in the
sole discretion of NCLH, provided that the foregoing condition shall not apply to transfers of NCLC Vested Units to the Company
or NCLH.

 

SECTION
3.5        Severability. 

 

If any term or other provision
of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

SECTION
3.6        Interaction. 

 

    	7

    	 

    

  

This Agreement constitutes
the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.

 

SECTION
3.7        Waiver. 

 

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right
or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or
condition.

 

SECTION
3.8        Submission to Jurisdiction: Waiver of Jury Trial.

 

(a)          Any
and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or
in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including
the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single
arbitrator in Miami, Florida in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce.
If the parties to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of the request
for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct
the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration
proceedings.

 

(b)          Notwithstanding
the provisions of paragraph (a) in the case of matters relating to an Exchange, the Company may bring an action or special proceeding
in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief
in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each NCLC
Unit Holder (i) expressly consents to the application of paragraph (c) of this Section 3.8 to any such action or proceeding,
(ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult
to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Company as such NCLC Unit Holder’s
agents for service of process in connection with any such action or proceeding and agrees that service of process upon such agent,
who shall promptly advise such NCLC Unit Holders of any such service of process, shall be deemed in every respect effective service
of process upon the NCLC Unit Holders in any such action or proceeding.

 

(c)          (i)
EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE
OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 3.8, OR ANY JUDICIAL PROCEEDING ANCILLARY
TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial
proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in
aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forum designated by this paragraph (c)
have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

 

    	8

    	 

    

 

                           (ii)
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have
to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in the preceding paragraph of this Section 3.8 and such parties agree not to plead or claim the same.

 

(d)          Notwithstanding
any provision of this Agreement to the contrary, this Section 3.8 shall be construed to the maximum extent possible to comply
with the laws of the State of New York. If, nevertheless, it shall be determined by a court of competent jurisdiction that any
provision or wording of this Section 3.8, including any rules of the International Chamber of Commerce, shall be invalid
or unenforceable under applicable law such invalidity shall not invalidate all of this Section 3.8. In that case, this Section
3.8 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of
applicable law, and, in the event such term or provision cannot be so limited, this Section 3.8 shall be construed to omit
such invalid or unenforceable provision.

 

SECTION
3.9        Counterparts. 

 

This Agreement may be executed
and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission
service shall be considered original executed counterparts for purposes of this Section 3.9.

 

SECTION
3.10        Tax Treatment. 

 

To the extent this Agreement
imposes obligations upon the Company, this Agreement shall be treated as part of NCLC Partnership Agreement as described in Section
761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. As required by the Code and the
Treasury Regulations, the parties shall report any Exchange consummated hereunder, as a taxable sale to NCLH or the Company, as
the case may be, of NCLC Units by an NCLC Unit Holder. No party shall take a contrary position on any income tax return, amendment
thereof or communication with a taxing authority unless otherwise required by applicable law.

 

SECTION
3.11        Applicable Law. 

 

THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES
THEREOF WHICH WOULD REQUIRE THE APPLICATION OF THE LAWS OF A DIFFERENT JURISDICTION).

 

[Remainder of Page Intentionally Left Blank]

 

    	9

    	 

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	NORWEGIAN CRUISE LINE HOLDINGS LTD.
	 	 	 
	 	By:	/s/ Kevin M. Sheehan
	 	 	Name: Kevin M. Sheehan
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	NCL CORPORATION LTD.
	 	 	 
	 	By:	/s/ Kevin M. Sheehan
	 	 	Name: Kevin M. Sheehan
	 	 	Title: President and Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF

NOTICE OF EXCHANGE

 

Norwegian Cruise Line Holdings Ltd.

[Address]

Attention:

Fax:

Electronic Mail:

 

NCL Corporation Ltd.

[Address]

Attention:

Fax:

Electronic Mail:

 

[Apollo]

[Address]

Attention:

Fax:

Electronic Mail:

 

[GHK]

[Address]

Attention:

Fax:

Electronic Mail:

 

Reference is hereby made to the First Amended
and Restated Exchange Agreement, dated as of       November __, 2014 (the “Exchange
Agreement”), among NCL Corporation Ltd, a company organized under the laws of Bermuda, Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda and the NCLC Unit Holders that are party to the Second Amended and Restated
United States Tax Agreement for NCL Corporation Ltd., dated as of November ____, 2014, from time to time party thereto, as amended
from time to time. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 

The undersigned NCLC Unit Holders desires to exchange
the number of NCLC Vested Units (or, in the case of NCLC Unit Holders who have executed the Management Exchange Agreement, Unvested
Units) set forth below to be issued in its name as set forth below.

 

Legal Name of NCLC Unit Holder:                                                               

 

    	 

    	 

    

 

Address:                                                                                                          

Number of NCLC Vested Units to be exchanged:                                         

Number of Unvested Units to be exchanged (applicable only to NCLC
Unit Holders who have executed the Management Exchange Agreement):                                                       

 

The undersigned (1) hereby represents that the NCLC Vested Units
(or Unvested Units, as applicable) set forth above are owned by the undersigned, (2) hereby exchanges such NCLC Vested Units (or
Unvested Units, as applicable) for NCLH Shares as set forth in the Exchange Agreement, and (3) hereby irrevocably constitutes and
appoints any officer of the Company or NCLH as its attorney, with full power of substitution, to exchange said NCLC Vested Units
(or Unvested Units, as applicable) on the books of the Company for NCLH Shares on the books of NCLH, with full power of substitution
in the premises.

 

    	 

    	 

    

 

IN WITNESS WHEREOF the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	Name:	 	 
	 	 	 
	Dated:

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