Document:

RCL-2014.12.31-EX10.33

Exhibit 10.33

FIRST AMENDMENT 
TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT effective as of the 6th day of February, 2015 (this “First Amendment”) TO THE EMPLOYMENT AGREEMENT (the “Employment Agreement”) by and between ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation, with offices at 1050 Caribbean Way, Miami, Florida 33132 (the “Company ”), and ________________ (“Executive”).

RECITALS

WHEREAS, the parties previously executed the Employment Agreement governing the terms and conditions of Executive’s employment with the Company; 

WHEREAS, because of the Company’s operation of an up-market cruise brand with smaller ships and the growing global competitive nature of smaller lines within the cruise industry and the entry of new participants in the cruise market, the parties now desire to amend the Non-Competition provisions of the Employment Agreement to adequately protect the interests of the Company, its officers, directors, shareholders and other employees of the Company.

NOW, THEREFORE, as a material inducement to the Company continuing to pay and make available to Executive the compensation and benefits referred to in the Employment Agreement, and specifically in consideration of the Executive’s receipt of the February 2015 equity grant, the parties agree as follows:

		
	1.
	NON-COMPETITION.    Section 11 (a) and (b) of the Employment Agreement shall be each be amended to state as follows:

		
	(a)
	while employed under this Agreement (i) work for (in any capacity, including without limitation as a director, officer or employee) any other entity engaged in cruises, with a minimum fleet size of 1,000 berths (including ships under construction or publicly announced to be built), or cruise related businesses of any such entity or (ii) recruit, or otherwise influence or attempt to induce employees of Company to leave the employment of Company; and

		
	(b)
	for the two (2) year period immediately following the termination of Executive's employment pursuant to this Agreement (the "Non-competition Period"), for any reason, serve as or be a consultant to or employee, officer, agent, director or owner of another entity engaged in cruises, with a minimum fleet size of 1,000 berths (including ships under construction or publicly announced to be built), or cruise related businesses of any such entity.  Executive further agrees that during the Non-competition Period, he or she shall not:  (i) employ or seek to employ any person who is then employed or retained by Company or its affiliates (or who was so employed or retained at any time within the six (6) month period prior to the last day of Executive’s employment with Company); or (ii) solicit, induce, or influence any proprietor, partner, stockholder, lender, director, officer, employee, joint venturer, investor, consultant, agent, lessor, supplier, customer or any other person or entity which has a business relationship with Company or its affiliates at any time during the Non-competition Period, to discontinue or reduce or modify the extent of such relationship with Company or any of its subsidiaries.

Exhibit 10.33

		
	2.
	MISCELLANEOUS.

		
	a.
	Except as amended by this First Amendment, the Employment Agreement shall remain in full force and effect in accordance with its stated terms.

		
	b.
	This First Amendment shall be subject to and governed by the laws of the State of Florida, without regard to the conflicts of laws principles thereof.

		
	c.
	This First Amendment may be executed in any number of counterparts, each of which shall constitute and original and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed and delivered this First Amendment as of the date set forth above.

Royal Caribbean Cruises Ltd.,
a Liberian corporation

By: ____________________________________
Name: Bradley H. Stein        
Title: Senior Vice President, General Counsel & Secretary

_____________________

Signature: ______________________________________RCL-2014.12.31-EX10.37

Exhibit 10.37

ROYAL CARIBBEAN CRUISES LTD.
BOARD OF DIRECTOR COMPENSATION SCHEDULE
EFFECTIVE FOR 2015 FISCAL YEAR

Cash Compensation

Non-employee members of the Board of Directors are entitled to receive cash fees as follows:
    	
			
	Cash Compensation
	 
	Amount 

	Annual Board Retainer
	 
	$80,000

	Annual Lead Director Retainer
	 
	50,000

	Annual Audit Committee Chairman Retainer
	 
	30,000

	Annual Audit Committee Member Retainer
	 
	20,000

	Annual Compensation Committee Chairman Retainer
	 
	20,000

	Annual Compensation Committee Member Retainer
	 
	10,000

	Annual Committee Chairman Retainer (All Other Committees)
	 
	10,000

	Annual Committee Member Retainer (All Other Committees)
	 
	7,500

Equity Compensation
At the discretion of the Board, each non-employee director is eligible to receive an annual grant of equity awards with an aggregate value on the date of grant equal to $120,000.  The entire amount of the award is payable in restricted stock units which fully vest on the date of grant.  Shares of our common stock underlying the restricted stock units are deliverable one year after the grant date independent of whether the director holding the restricted stock units continues to serve as a Board member as of the share delivery date.  
Cruise Benefits
The Company provides Board members with certain cruise benefits in accordance with the Company’s Board Member Cruise Policy.2015STIBP - 01

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

Eagle Rock Energy G&P, LLC
2015 Short Term Incentive Bonus Plan

Objective 

The objective of the 2015 Short Term Incentive Bonus Plan (the “Plan”) is to encourage the employees of Eagle Rock Energy G&P, LLC (the “Company”) to conduct activities that result in the achievement of the Company’s financial and operational objectives. The Company serves as the general partner of the general partner of Eagle Rock Energy Partners, L.P. (the “Partnership”) and receives reimbursement from the Partnership for its expenses, including payments under this Plan.  References in the Plan to “Enterprise” mean the Company, the Partnership and all of its subsidiaries. 

Participants 

Regular full-time employees who were 1) employed during 2015; 2) hired prior to October 1, 2015; and 3) who are active full-time employees at the time of bonus payment are “Participants” in the Plan; provided, however, that the Company may cause an employee who began employment after September 30, 2015 to be included as a Participant, but only if such treatment is expressly set forth in a written offer letter from the Company at the time of employment.  If a bonus payout is approved by the Board of Directors, payments will be made under the Plan, in March or April 2016. 

Plan Provisions

		
	•
	The Plan will be administered by the Compensation Committee of the Board of Directors of the Company (the “Committee”), based on funding approval by the Board of Directors of the Company (the “BOD”), and subject to performance recommendations made by the Chief Executive Officer (“CEO”) and members of senior management (“Senior Management) as described in further detail in this Plan, as follows:

		
	◦
	The BOD must first determine the Partnership’s 2015 achievement of Enterprise Goals and approve a Funding Percentage, and the BOD has full discretion to fully or partially fund the Plan, or to deny funding; the Board may over-fund the Plan (i.e., by setting a Funding Percentage in excess of 100%) in extraordinary circumstances;

		
	◦
	The Committee has complete discretion in administering the Plan and approving individual bonus payments under the Plan after the BOD has approved a Funding Percentage.

		
	•
	Each Participant will remain eligible for their current Bonus Target Percentage (as defined below), or will be notified of their Bonus Target Percentage in a written offer letter at the time of initial employment, or will be notified of their Bonus Target Percentage in a written promotion or job reclassification letter at the time a promotion or job reclassification occurs.    If a Bonus Target Percentage change occurs, the new Bonus Target Percentage change will be factored into the bonus formula for the entire Plan year, unless otherwise specified.  The Bonus Target Percentage is a percentage of the Participant’s Annual Gross Base Wage Earnings (as defined below), and represents the bonus target opportunity based on 100% achievement of the Enterprise Goals and a 100% Individual Performance Factor as a result of the individual performance review appraisals performed at the end of 2015 and/or early 2016.   Any Participant who has performed at an 

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

exceptional level and whose accomplishments are recognized by the Committee or Senior Management could receive an Individual Performance Factor up to 125%.    The Committee may increase the Individual Performance Factor in excess of 125% in extraordinary circumstances.

		
	•
	Participants are not guaranteed to receive a bonus payment.

Bonus Payments

Each Participant’s bonus payment will be calculated according to the following formula:

Bonus =  Annual Gross Base Wage Earnings
 * Bonus Target Percentage
 * Funding Percentage
 * Individual Performance Factor

where,

Annual Gross Base Wage Earnings = gross base cash wages earned from January 1, 2015 (or employment commencement for new hires hired before October 1, 2015) through December 31, 2015 (which, for the avoidance of doubt, and by way of example, shall not include overtime, call out pay, shift differential, bonuses, commissions, transportation subsidies, or distributions on restricted common units).  

		
	Bonus Target Percentage = 
	% assigned by the Committee for Senior Management and by Senior Management for all other Participants, based on Participant’s position level in relation to other positions in the Company (e.g., requirements relative to the skills and knowledge required to perform the essential job functions, overall level of responsibility, decision making authority, and impact to the Company’s overall operations and financial performance).

		
	Funding Percentage = 
	value from 0 to in excess of 100% determined by, and at the complete discretion of, the BOD; expressly dependent on achievement of Enterprise financial, operational and environmental, health and safety goals (see “Enterprise Goals” below).

		
	Individual Performance Factor = 
	value from 0 to 125% (or in excess of 125% at the discretion of the Committee) depending on individual performance relative to Participant’s Performance Appraisal Rating (see Table 1).

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

2015 Enterprise Goals 

	
				
	2015 EROC Goals, as of February 17, 2015

	Base Case
	Full Year 2015

	($ in MM, except per unit amounts)
	Base Case
	Acquisition
Addition(1)
	Pro Forma

	Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization ("EBITDA")
	$[***]
	$[***]
 
	$[***]

	Distributable Cash Flow per Unit(2)
	$[***]
	$[***]
	$[***]

	Capital Expenditures
	$72.4 
	$[***]
	$[***]

	Maintenance
	54.3 
	[***]
	[***]

	Growth
	18.1 
	 
	18.1

	Production
	 
	 
	 

	Crude Oil (MMbbl)
	1.3 
	[***]
	[***]

	Natural Gas (Bcf)
	12.7 
	[***]
	[***]

	Natural Gas Liquids (MMbbl)
	1.2 
	[***]
	[***]

	Total Production (Bcfe)
	27.5 
	[***]
	[***]

	Production Rate (Mmcfe/d)
	75.3 
	[***]
	[***]

	Revenue (Pre-Hedge)
	$[***]
	 
	 

	Ad Valorem, Severance, & Post-Production Costs ("PPC")
	14.5 
	 
	 

	Operating Expenses (excluding Ad Valorem, Severance, & PPC)
	39.0 
	 
	 

	Operating Expenses per Mcfe
	$1.42 
	 
	 

	Operating Income (Pre-Hedge, Pre-General & Administrative Expenses ("G&A"))
	$[***]
	 
	 

	Cash G&A (excluding grants under Long Term Incentive Plan)
	$29.5 
	 
	 

	Unit Development Cost ($/Mcfe)
	< $1.80 
	 
	 

	Leverage Ratio (Debt to 2015 Adjusted EBITDA)
	< 3.0x 
	 
	 

	Safety and Environmental
	 
	 
	 

	Employee recordable incident rate
	≤ 0.75
	 
	 

	Contractor recordable incident rate
	≤ 1.75
	 
	 

	Preventable motor vehicle incident rate ("PMVR")
	≤ 1.95
	 
	 

	Reduction in reportable spills as compared to 3 year average
	≤ 6 spills
	 
	 

	(1) Acquisition size to achieve run-rate DCF/unit of $[***]/unit per quarter in 2H 15.  Closing date [***]; $[***]MM acquisition at [***]x Adjusted EBITDA.  $[***]MM NTM Adjusted EBITDA, $[***]MM/yr maintenance capex, no additional G&A or growth capex.

	(2) 2H 2015 Annualized DCF/Unit of $[***]/unit with acquisition

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

Individual Goals and Performance Appraisal Rating

		
	•
	Each Participant will document a set of specific and measurable 2015 goals by the later of March 13, 2015 or within one month of their employment start date.  These goals should support the achievement of the 2015 Enterprise Goals and must be both submitted through the online performance management system and approved by the Participant’s immediate supervisor in order to be valid and eligible for inclusion in the Plan.   Senior Management’s goals must also be approved by the Committee.  

		
	•
	The achievement of these goals will be a key factor in determining a Participant’s Performance Appraisal Rating.

		
	•
	The Committee will determine the Performance Appraisal Rating for the Chief Executive Officer and approve the Performance Appraisal Ratings of Senior Management, with recommendations of the Chief Executive Officer, and Senior Management will determine the Performance Appraisal Ratings for all other Participants, with recommendations made by the immediate supervisor and all other supervisors in between such supervisor and Senior Management.  

Individual Performance Factor

		
	•
	The Committee, with respect to Senior Management, and Senior Management, with respect to all other Participants, will consider the Performance Appraisal Rating and, in their discretion, further evaluate the Participant’s performance by assigning an Individual Performance Factor within the appropriate range (Table 1). 

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

Table 1
Individual Performance Factors

	
			
	Performance Appraisal Rating
	Individual Performance Factor Range
	Rating Definitions

	1 - Exceptional
	110%-125%           (or in excess of 125% at the discretion of the Committee)
	Performance and competency demonstration were at an extraordinary level, resulting in significant contributions to the company, department, or team on a continual basis throughout the year.

	2 - Strong
	95%-109%
	Performance and competency demonstration were above expectations, resulting in contributions to the company, department, or team on a consistent basis throughout the year.

	3 - Met Expectations
	75%-94 %
	Performance and competency demonstration met expectations, resulting in observable contributions to the company, department, or team during the year.

	4 - Not Acceptable, Improvement Needed
	25%-50%
	Performance and competency demonstration met some expectations, but development or improvement is necessary in one or more key areas.

	5 - Not Acceptable, Improvement Required
	—%
	Performance and competency demonstration were below expectations in several key areas.

Example Bonus Calculation

Assume the Company achieves most, but not all, of its 2015 Enterprise Goals.  The BOD reviews the performance of the company and determines that a Funding Percentage of 90% is appropriate.  Participant A is an operator who was rated “3 - Met Expectations” by his supervisor, based on his achievement of his individual goals.  Management determines that Participant A should receive an Individual Performance Factor of 91% based on the Performance Appraisal Rating.  Participant A was hired on April 1, 2015 and earned gross base wages in the amount of $38,999.99 from April 1, 2015 through December 31, 2015.

In this example,  

Annual Gross Base Wage Earnings =         = $38,999.99

Bonus Target Percentage =                 7% 

		
	Funding Percentage =    
	90% (determined by the BOD’s assessment of achievement of 2015 Enterprise Goals)

		
	Individual Performance Factor = 
	91% (based on Performance Appraisal Rating and Senior Management discretion)

So,

Bonus payment = $38,999.99* 0.07 * 0.90 * 0.91 = $2,235.87

Specific Terms in this Exhibit have been redacted because confidential treatment for those terms has been requested. The redacted material has been separately filed with the Securities and Exchange Commission, and the terms have been marked at the appropriate place with three asterisks [***].

APPROVED AND ADOPTED FEBRUARY 17, 2015
BY THE BOARD OF DIRECTORS

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