Document:

EXHIBIT 10.3

             

            
            AMENDED AND RESTATED
             

            
            EXECUTIVE LONG-TERM COMPENSATION AGREEMENT

             

            
            THIS AMENDED AND RESTATED EXECUTIVE LONG-TERM COMPENSATION AGREEMENT
            (the “Agreement”) is entered into and effective this 15th day of January
            2008, by and between CARNIVAL CORPORATION (“Carnival”) with its principal
            place of business located at 3655 N.W. 87th Avenue, Miami, Florida 33178, and HOWARD S.
            FRANK (the “Individual”).

             

            
            R E C I T A L S

             

            
            WHEREAS, the Individual is currently employed as the Vice Chairman and
            Chief Operating Officer of Carnival;

             

            
            WHEREAS, Carnival wishes to provide long-term incentive and reward to
            the Individual for the continuation of his full-time employment with Carnival, in
            addition to the Individual’s annual compensation consisting of a base salary and
            annual bonus; and

             

            
            WHEREAS, the Individual desires to continue in the employ of Carnival
            until his retirement in consideration for Carnival’s payment of compensation for
            his services during the period prior to retirement;

             

            
            NOW, THEREFORE, in consideration of the premises and the mutual
            covenants herein contained, and other good and valuable consideration, the receipt and
            sufficiency of which is hereby acknowledged, the parties agree as follows:

             

            
            1.     
            Carnival shall continue to employ the Individual as Vice Chairman and
            Chief Operating Officer and the Individual shall continue to serve Carnival in such
            executive capacity until such employment is terminated by either party.

             

            
            2.            
            Subject to the provisions of this Agreement and pursuant to the terms of
            the Carnival Corporation 2002 Stock Plan or any successor plan adopted by Carnival,
            Carnival shall pay the Individual as long-term compensation, beginning in February 2008
            and continuing during the term of his employment with Carnival. Such payment shall
            occur in February of each year, or at such time when the Compensation Committee issues
            equity based awards to the Carnival’s other employees, (commencing effective
            February of 2008)(the “Grant Date”) 70,000 restricted shares of Carnival
            Corporation common stock (“Restricted Stock Benefit”). Except as otherwise
            provided in Section 3 hereof, the Restricted Stock Benefit shall vest on the third
            anniversary of the Grant Date.

            
             

            The
            full terms of such Restricted Stock Benefit shall be as more particularly set forth in
            one or more Restricted Stock Agreement(s) to be entered into annually substantially in
            the form attached hereto as Exhibit
            A.

             

            
            1

             

            
            

            

            

             

            
            3.            
            Notwithstanding anything herein to the contrary, no payment of any
            Restricted Stock Benefit shall be made, and all unvested Restricted Stock Benefit
            issued hereunder and all rights under the Agreement shall be forfeited, if any of the
            following events shall occur:

             

            
                	
                            
                             

                        	
                            
                            (A)

                        	
                            
                            The Individual’s employment with Carnival is
                            terminated for cause. For purposes of this Agreement, “for
                            cause” shall be defined as any action or inaction by the
                            Individual which constitutes fraud, embezzlement, misappropriation,
                            dishonesty, breach of trust, a felony or moral turpitude, as determined
                            by its Board of Directors;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (B)

                        	
                            
                            The Individual shall engage in competition, as more
                            particularly described in Section 6 hereof, either (i) during the term
                            of his employment with Carnival; (ii) following the Individual’s
                            voluntary termination of his employment with Carnival; or (iii)
                            following Carnival’s termination of the Individual’s
                            employment with Carnival either for cause, as defined in (A) above, or
                            other than for cause; or

                        

            

             

            
                	
                            
                             

                        	
                            
                            (C)

                        	
                            
                            The Individual violates the nondisclosure provisions set
                            forth in Section 7 hereof.

                        

            

             

            
            In the event the Individual voluntarily terminates his employment as a
            direct result of the Individual being diagnosed with a terminal medical condition, then
            all unvested Restricted Stock Benefit previously granted hereunder will not be
            forfeited by the Individual and will continue to vest as scheduled, unless and until
            the Individual engages in competition in violation of Section 6 hereof or violates the
            nondisclosure provisions set forth in Section 7 hereof.

             

            
            In the event Carnival terminates the Individual’s employment with
            Carnival for a reason other than for cause, as defined in Section 3(A) above, then,
            unless and until the Individual engages in competition in violation of Section 6 hereof
            or violates the nondisclosure provisions set forth in Section 7 hereof, each annual
            grant of the Restricted Stock Benefit shall vest and shall continue to vest in
            accordance with the alternative vesting schedule set forth on
            Exhibit B (“Alternative Vesting
            Schedule”).

             

            
                	
                            
                             

                        	
                            
                            4.

                        	
                            
                            Intentionally Deleted.

                        

            

             

            
            5.            
            Each annual grant of Restricted Stock Benefit is contingent on the
            Individual’s satisfactory performance of his duties as determined by
            Carnival’s Chairman, and ratified and approved by Carnival’s Board of
            Directors or appropriate committee of the Board.

             

            
            6.            
            The services of the Individual are unique, extraordinary and essential
            to the business of Carnival, particularly in view of the Individual’s access to
            Carnival’s confidential information and trade secrets. Accordingly, in
            consideration of the Restricted Stock Benefit payable hereunder, the Individual agrees
            that he will not, without the prior written approval of the Board of Directors, at
            anytime during the term of his employment with Carnival and (except as provided below)
            for five (5) years following the date on which the Individual’s employment with
            Carnival terminates, directly or indirectly, within the United States or its
            territories, engage in any business activity directly or indirectly competitive with
            the business of Carnival, or its subsidiaries or divisions, or serve as an

             

            
            2

             

            
            

            

            

            
            officer, director, owner, consultant, or employee of any organization
            then in competition with Carnival or any of its subsidiaries or divisions. In addition,
            the Individual agrees that during such five (5) year period following his employment
            with Carnival, he will not solicit, either directly or indirectly, any employee of
            Carnival, its subsidiaries or division, who was such at the time of the
            Individual’s separation from employment hereunder. In the event that the
            provisions of this Section 6 should ever be adjudicated to exceed the time, geographic
            or other limitations permitted by applicable law in any jurisdiction, then such
            provisions shall be deemed reformed in such jurisdiction to the maximum time,
            geographic or other limitations permitted by applicable law.

             

            
            7.            
            The Individual expressly agrees and understands that Carnival owns
            and/or controls information and material which is not generally available to third
            parties and which Carnival considers confidential, including, without limitation,
            methods, products, processes, customer lists, trade secrets and other information
            applicable to its business and that it may from time to time acquire, improve or
            produce additional methods, products, processes, customers lists, trade secrets and
            other information (collectively, the “Confidential Information”). The
            Individual hereby acknowledges that each element of the Confidential Information
            constitutes a unique and valuable asset of Carnival, and that certain items of the
            Confidential Information have been acquired from third parties upon the express
            condition that such items would not be disclosed to Carnival and its officers and
            agents other than in the ordinary course of business. The Individual hereby
            acknowledges that disclosure of Carnival’s Confidential Information to and/or use
            by anyone other than in Carnival’s ordinary course of business would result in
            irreparable and continuing damage to Carnival. Accordingly, the Individual agrees to
            hold the Confidential Information in the strictest secrecy, and covenants that, during
            the term of his employment with Carnival or at any time thereafter, he will not,
            without the prior written consent of the Board of Directors, directly or indirectly,
            allow any element of the Confidential Information to be disclosed, published or used,
            nor permit the Confidential Information to be discussed, published or used, either by
            himself or by any third parties, except in effecting Individual’s duties for
            Carnival in the ordinary course of business. The Individual agrees to keep all such
            records in connection with the Individual’s employment as Carnival may direct,
            and all such records shall be the sole and absolute property of Carnival. The
            Individual further agrees that, within five (5) days of Carnival’s request, he
            shall surrender to Carnival any and all documents, memoranda, books, papers, letters,
            price lists, notebooks, reports, logbooks, code books, salesmen records, customer
            lists, activity reports, video or audio recordings, computer programs and any and all
            other data and information and any and all copies thereof relating to Carnival’s
            business or any Confidential Information.

             

            
            8.            
            Except as otherwise provided in Section 6 hereof, the restrictive
            covenants contained in Sections 6 and 7 herein shall survive the termination or
            expiration of this Agreement and any termination of the Individual’s
            employment.

             

            
            9.            
            Nothing herein shall be construed as conferring upon the Individual the
            right to continue in the employ of Carnival as an executive or in any other
            capacity.

             

            
            10.          
            The Restricted Stock Benefit payable under this Agreement shall not be
            deemed salary or other compensation to the Individual for the purpose of computing
            benefits to which

             

            
            3

             

            
            

            

            

            such
            Individual may be entitled under any pension or profit sharing plan or other
            arrangement of Carnival for the benefit of its employees.

             

            
            11.          
            The Compensation Committee of Carnival’s Board of Directors shall
            have the full power and authority to interpret, construe and administer this Agreement.
            No officer or director of Carnival shall be liable to any person for any action taken
            or omitted in connection with the interpretation and administration of this Agreement
            unless such action or omission is attributable to his own willful misconduct or lack of
            good faith.

             

            
            12.          
            This Agreement shall not be, nor shall it be construed to constitute an
            employment agreement between the Individual and Carnival.

             

            
            13.          
            This Agreement shall be governed by, and shall be construed and
            interpreted in accordance with, the laws of the State of Florida and the parties agree
            to submit to the jurisdiction of the United States District Court for the Southern
            District of Florida for the resolution of any disputes arising under this
            Agreement.

             

            
            14.          
            In the event that any party to this Agreement institutes suit against
            the other party to this Agreement to enforce any of its rights hereunder, the
            “prevailing party” in such action shall be entitled to recover from the
            other party all reasonable costs incurred in pursuing such action, including reasonable
            attorneys’ fees. For purposes of this Agreement, “prevailing party”
            shall mean the party recovering judgment in the case and not being liable on any
            counterclaim brought in the case.

             

            
            15.          
            This Agreement constitutes the entire agreement between Carnival and the
            Individual with respect to the long-term compensation of the Individual as described
            herein and supersedes all prior negotiations, agreements, understandings and
            arrangements, both oral and written, between Carnival and the Individual with respect
            to such subject matter. In the event of a conflict between this Agreement and the
            Carnival Corporation 2002 Stock Plan or any successor plan adopted by Carnival, the
            terms of this Agreement shall control. This Agreement may not be modified in any way,
            except by a written instrument executed by each of Carnival and the
            Individual.

             

            
            16.          
            This Agreement shall be for the benefit of, and shall be binding upon,
            each of Carnival and the Individual and their respective heirs, personal
            representatives, legal representatives, successors and assigns.

             

            
            17.          
            The invalidity of any one or more of the words, phrases, sentences,
            clauses or sections contained in this Agreement shall not affect the enforceability of
            the remaining portions of this Agreement or any part hereof, all of which are inserted
            conditionally on their being valid in law. In the event that any one or more of the
            words, phrases, sentences, clauses or sections contained in this Agreement shall be
            declared invalid by a court of competent jurisdiction, then, in any such event, this
            Agreement shall be construed as if such invalid word or words, phrase or phrases,
            sentence or sentences, clause or clauses, or section or sections had not been
            inserted.

             

             

            
            4

             

            
            

            

            

            
            18.          
            The waiver by either party of a breach or violation of any term or
            provision of this Agreement by the other party shall not operate nor be construed as a
            waiver of any subsequent breach or violation of any provision of this Agreement nor of
            any other right or remedy.

             

            
            IN WITNESS WHEREOF, each of the parties has executed and delivered this
            Agreement as of the date first above written.

             

            
            CARNIVAL CORPORATION

             

            
                            /s/
            Micky Arison

            Micky Arison

            
            Chairman and Chief Executive Officer

             

            
                	
                            
                             

                        	
                            
                            EXECUTIVE

                        

            

             

             

            
            /s/ Howard S.
            Frank                                    

            
            Howard S. Frank

             

             

             

            
            5

             

            
            

            

            

            
            EXHIBIT A

             

            
            CARNIVAL CORPORATION

            
            EXECUTIVE RESTRICTED STOCK AGREEMENT

             

            
            THIS AGREEMENT (the
            “Agreement”), is made
            effective as of _______, 20__ (hereinafter the
            “Grant Date”) between
            Carnival Corporation, a corporation organized under the laws of the Republic of Panama
            (the “Company”), and
            ________________ (the
            “Executive”), pursuant
            to the amended and restated Carnival Corporation 2002 Stock Plan (the
            “Plan”) and that certain
            Executive Long-Term Compensation Agreement effective as of January 15, 2008
            between the Company and Executive (the
            “LTCA”).

            R
            E C I T A L S:

             

            
            WHEREAS, the Company has adopted the amended and restated Carnival
            Corporation 2002 Stock Plan pursuant to which awards of restricted Shares may be
            granted; and

            
            WHEREAS, the Company desires to grant Executive an award of restricted
            Shares pursuant to the terms of this Agreement, the LTCA and the Plan.

            
            NOW THEREFORE, in consideration of the mutual covenants hereinafter set
            forth, the parties hereto agree as follows:

            	
                        
                        1.

                    	
                        
                        Grant of Restricted
                        Stock.

                    

            
            Subject to the terms and conditions set forth in the Plan, the LTCA and
            in this Agreement, the Company hereby grants to Executive a Restricted Stock Award
            consisting of ____ Shares (the “Restricted
            Stock”). The Restricted Stock is subject to the
            restrictions described herein, including forfeiture under the circumstances described
            in Section 5 hereof (the
            “Restrictions”). The
            Restrictions shall lapse and the Restricted Stock shall become nonforfeitable in
            accordance with Section 3 and Section 5 hereof.

            	
                        
                        2.

                    	
                        
                        Incorporation by Reference, Etc.

                    

            
            The provisions of the Plan are hereby incorporated herein by reference.
            Except as otherwise expressly set forth herein, this Agreement shall be construed in
            accordance with the provisions of the LTCA and the Plan. Any capitalized terms not
            otherwise defined in this Agreement shall have the definitions set forth in the Plan.
            The terms of the LTCA shall control in the event of a conflict with the provisions of
            this Agreement or the Plan. The Committee shall have final authority to interpret and
            construe the Plan and this Agreement and to make any and all determinations under them,
            and its decision shall be binding and conclusive upon Executive and his legal
            representative in respect of any questions arising under the Plan or this
            Agreement.

            	
                        
                        3.

                    	
                        
                        Lapse of
                        Restriction.

                    

            
            Except as otherwise provided in Section 5 hereof, and contingent upon
            Executive’s continued employment with the Company, the Restrictions with respect
            to the Restricted Stock shall lapse on

             

            
            6

             

            

            

            

            

             

            the
            third anniversary of the Grant Date. Notwithstanding the foregoing, the Committee shall
            have the authority to remove the Restrictions on the Restricted Stock whenever it may
            determine that, by reason of changes in applicable laws or other changes in
            circumstances arising after the Grant Date, such action is appropriate.

            
            Any shares of Restricted Stock for which the Restrictions have lapsed or
            been removed shall be referred to hereunder as “released
            Restricted Stock.”

            	
                        
                        4.

                    	
                        
                        Certificates.

                    

            
            Certificates evidencing the Restricted Stock shall be issued by the
            Company and shall be registered in Executive 's name on the stock transfer books of the
            Company promptly after the date hereof. Subject to Section 6 hereof, the certificates
            evidencing the Restricted Stock shall remain in the physical custody of Executive or
            Executive’s legal representative at all times prior to the date such Restricted
            Stock becomes released Restricted Stock.

            	
                        
                        5.

                    	
                        
                        Effect of Termination of
                        Employment.

                    

            
            Notwithstanding anything herein to the contrary, all unreleased
            Restricted Stock issued hereunder shall be forfeited upon the occurrence of any event
            set forth in Section 3 of Executive’s LTCA. In addition, in the event the
            Executive terminates by reason of death or Disability, the Restrictions on the
            Restricted Stock shall lapse on the date of Executive’s death or Disability and
            the Restricted Stock shall become Released Restricted Stock.

             

            	
                        
                        6.

                    	
                        
                        Rights as a
                        Shareholder.

                    

            
            Executive shall be the record owner of the Restricted Stock unless and
            until such shares are forfeited pursuant to Section 3 or 5 hereof, and as record owner
            shall be entitled to all rights of a common shareholder of the Company;
            provided that the Restricted Stock shall be
            subject to the limitations on transfer and encumbrance set forth in this Agreement. As
            soon as practicable following the lapse or removal of Restrictions on any Restricted
            Stock, Executive shall return the certificate representing such released Restricted
            Stock to the company and the Company shall deliver to Executive or Executive’s
            legal representative a replacement certificate for such released Restricted Stock with
            the restrictive legend removed. In the event the Restricted Stock is forfeited pursuant
            to Section 5 hereof, Executive shall immediately return the certificate evidencing such
            forfeited unreleased Restricted Stock to the Company and Executive's name shall be
            removed from the stock transfer books of the Company.

            	
                        
                        7.

                    	
                        
                        Restrictive Legend.

                    

            
            All certificates representing Restricted Stock shall have affixed
            thereto a legend in substantially the following form, in addition to any other legends
            that may be required under federal or state securities laws:

            
            TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS
            RESTRICTED PURSUANT TO THE TERMS OF THE CARNIVAL CORPORATION 2002 STOCK PLAN, AS
            AMENDED FROM TIME TO TIME,

            
             

            
            7

             

            

            

            

            

             

            
            AND A RESTRICTED STOCK AGREEMENT, DATED AS OF _______, BETWEEN CARNIVAL
            CORPORATION AND ___________. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE
            OFFICES OF CARNIVAL CORPORATION.

            
             

            	
                        
                        8.

                    	
                        
                        Transferability.

                    

            
            The Restricted Stock may not, at any time prior to becoming released
            Restricted Stock, be assigned, alienated, pledged, attached, sold or otherwise
            transferred or encumbered by Executive, and any such purported assignment, alienation,
            pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
            against the Company;
            provided,
            that, the designation of a beneficiary
            shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
            encumbrance. Notwithstanding the foregoing, unreleased Restricted Stock may be
            transferred by the Executive, without consideration, to a Permitted Transferee in
            accordance with Section 9(h) of the Plan.

            	
                        
                        9.

                    	
                        
                        Withholding; Section 83(b)
                        Election.

                    

            
            Executive agrees to make appropriate arrangements with the Company for
            satisfaction of any applicable federal, state or local income tax withholding
            requirements or like requirements, including the payment to the Company upon the lapse
            or removal of Restrictions on any Restricted Stock (or such later or earlier date as
            may be applicable under Section 83 of the Code), or other settlement in respect
            of, the Restricted Stock of all such taxes and requirements and the Company shall be
            authorized to take such action as it deems necessary (including, without limitation,
            requiring the Executive to return the released Restricted Stock to the Company and/or
            withholding amounts from any compensation or other amount owing from the Company or its
            Affiliates to Executive) to satisfy all obligations for the payment of such taxes.
            Executive may make an election pursuant to Section 83(b) of the Code in respect of
            the Restricted Stock and, if he does so, he shall timely notify the Company of such
            election and send the Company a copy thereof. Executive shall be solely responsible for
            properly and timely completing and filing any such election.

            	
                        
                        10.

                    	
                        
                        Miscellaneous.

                    

            
            (a)        
            Notices. Any and all notices, designations,
            consents, offers, acceptances and any other communications provided for herein shall be
            given in writing and shall be delivered either personally or by registered or certified
            mail, postage prepaid, which shall be addressed as follows:

            
             

            	
                        
                        If to Executive:

                    	
                        
                        To the address specified in the Company’s
                        records.

                    
	
                        
                        If to the Company to:

                    	
                        
                        Carnival Corporation

                    	
                        
                         

                    

            
            3655 N.W. 87th Avenue

            
            Miami, Florida 33178-2428

            
            Attn.: General Counsel

            
            (b)        
            No Right to Continued Employment. Nothing
            in the Plan or in this Agreement shall confer upon Executive any right to continue in
            the employ of the Company or shall interfere with or restrict in any way the right of
            the Company, which are hereby expressly reserved, to remove, terminate or discharge
            Executive at any time for any reason whatsoever, with or without, Cause.

             

             

            
            8

             

            

            

            

            

             

             

            
            (c)        
            Bound by Plan. By signing this Agreement,
            Executive acknowledges that he has received a copy of the Plan and has had an
            opportunity to review the Plan and agrees to be bound by all the terms and provisions
            of the Plan.

            
            (d)        
            Successors. The terms of this Agreement
            shall be binding upon and inure to the benefit of the Company, its successors and
            assigns, and on Executive and the beneficiaries, executors, administrators, heirs and
            successors of Executive.

            
            (e)        
            Invalid Provision. The invalidity or
            unenforceability of any particular provision hereof shall not affect the other
            provisions hereof, and this Agreement shall be construed in all respects as if such
            invalid or unenforceable provision had been omitted.

            
            (f)         
            Modifications. No change, modification or
            waiver of any provision of this Agreement shall be valid unless the same be in writing
            and signed by the parties hereto.

            
            (g)        
            Entire Agreement. This Agreement and the
            Plan contain the entire agreement and understanding of the parties hereto with respect
            to the subject matter contained herein and therein and supersede all prior
            communications, representations and negotiations in respect thereto.

            
            (h)        
            Governing Law. This Agreement and the
            rights of Executive hereunder shall be construed and determined in accordance with the
            laws of the State of Florida.

            
            (i)         
            Headings. The headings of the Sections
            hereof are provided for convenience only and are not to serve as a basis for
            interpretation or construction, and shall not constitute a part, of this
            Agreement.

            
            (j)         
            Counterparts. This Agreement may be
            executed in counterparts, each of which shall be deemed an original, but all of which
            together shall constitute one and the same instrument.

            
            IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
            the date first written above.

            
            CARNIVAL CORPORATION

            
             

             

            	
                        
                        By:

                    	
                        
                        _______________________________

                    

            
             

            
             

             

            
            ACCEPTED AND AGREED THIS _____

            DAY
            OF _____________.

             

            
            _____________________________

             

            
            Executive

             

             

            
            9

             

             

             

             

            
            

            

            

            
            EXHIBIT B

             

            
            ALTERNATIVE VESTING SCHEDULE

             

             

            
                	
                            
                            1.

                        	
                            
                            Vest as to 33% of the Restricted Stock Benefit on the
                            first anniversary of the grant date thereof;

                        

            

            
             

            
                	
                            
                            2.

                        	
                            
                            Vest as to 66% of the Restricted Stock Benefit on the
                            second anniversary of the grant date thereof; and

                        

            

            
             

            
                	
                            
                            3.

                        	
                            
                            Vest as to 100% of the Restricted Stock Benefit on the
                            third anniversary of the grant date thereof.

                        

            

            
             

             

             

             

            
            10EXHIBIT 10.4

            
            AMENDMENT NO. 2

            OF
            EMPLOYMENT AGREEMENT

             

            
            THIS AMENDMENT NO. 2 OF EMPLOYMENT AGREEMENT (“Amendment No.
            2”) is entered into as of the 15th day of January 2008, between Peter
            Ratcliffe (“Executive”) and P&O Princess Cruises International, Ltd., a
            corporation organized under the laws of the United Kingdom (the
            “Company”).

             

            R E C
            I T A L S

             

            
            WHEREAS, Employee and the Company executed an Employment Agreement dated
            as of April 17, 2003, as amended by Amendment No. 1 of Employment Agreement dated as of
            July 19, 2004 (together, the “Agreement”);

             

            
            WHEREAS, the parties desire to memorialize a change to the change in the
            type of equity award granted to the Employee pursuant to Section 3.3 of the Agreement
            from stock options to restricted stock units; and

             

            
            NOW, THEREFORE, in consideration of the foregoing recitals and with the
            terms, covenants and conditions of this Amendment No. 2, Executive and the Company
            agree as follows:

             

            
                	
                            
                            1.

                        	
                            
                            Capitalized terms used but not otherwise defined herein
                            shall have the meanings ascribed to such terms in the
                            Agreement.

                        

            

            
             

            
                	
                            
                            2.

                        	
                            
                            The Agreement shall be amended as follows:

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            a)

                        	
                            
                            Section 3.3 shall be amended in its entirety to read as
                            follows:

                        

            

             

            
            “Subject to satisfactory performance, for each calendar year
            ending in the Employment Term, Executive shall receive 10,000 restricted stock units
            (“RSUs”) pursuant to the terms of the amended and restated Carnival
            Corporation 2002 Stock Plan (the “Stock Plan”). Executive shall be granted
            such RSUs at the same time that other senior executives of the Dual Listed Companies
            are granted equity awards under the Stock Plan. The RSUs granted pursuant to this
            Section 3.3 shall be subject to the terms and conditions set forth in a Restricted
            Stock Unit Award Agreement substantially in the form attached hereto as Exhibit
            C.”

            
             

            
                	
                            
                             

                        	
                            
                            b)

                        	
                            
                            Exhibit C to the Agreement shall be deleted in its
                            entirety and replaced with the document attached hereto as Exhibit
                            C.

                        

            

            
             

            
                	
                            
                            3.

                        	
                            
                            This Amendment No. 2, together with the Agreement, is
                            the sole agreement between the parties relating to the subject matter
                            hereof and supersedes all prior understandings, writings, proposals,
                            representations or communications, oral or written, of either
                            party.

                        

            

            
             

            
            

            

            

            
                	
                            
                            4.

                        	
                            
                            This Amendment No. 2 shall be binding upon and inure to
                            the benefit of the parties hereto and their respective successors and
                            permitted transferees and assigns.

                        

            

            
             

            
                	
                            
                            5.

                        	
                            
                            This Amendment No. 2 shall be governed by, and construed
                            in accordance with, the internal laws of the State of Florida, without
                            regard to principles of conflicts of law.

                        

            

             

            
            IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
            2 as of the date first above written.

             

            
                	
                            
                             

                        	
                            
                            P&O PRINCESS CRUISES INTERNATIONAL, LTD.

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            By: /s/ Howard S. Frank

                        

            

            
                	
                            
                             

                        	
                            
                            Howard S. Frank

                        

            

            
                	
                            
                             

                        	
                            
                            Director

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            EXECUTIVE

                        

            

             

             

            
                	
                            
                             

                        	
                            
                            By: /s/ Peter Ratcliffe

                        

            

            
                	
                            
                             

                        	
                            
                            Peter Ratcliffe

                        

            

             

             

            

             

            
            

            

            

            
            Exhibit C

             

            
            CARNIVAL CORPORATION

            
            RESTRICTED STOCK UNIT AGREEMENT

             

            
            Carnival Corporation (the
            “Company”), having
            heretofore adopted the Carnival Corporation 2002 Stock Plan (as amended through the
            date hereof) (the
            “Plan”), hereby
            irrevocably grants to Peter G. Ratcliffe (the
            “Executive”), effective
            _________, 2008 (the “Grant
            Date”), a Restricted Stock Unit Award (the
            “RSU
            Award”), consisting of 10,000
            restricted stock units
            (“RSUs”), which is in
            the form of a conditional allocation of shares in the Company, on terms and conditions
            set forth herein. Each capitalized term used in this Agreement and not otherwise
            defined herein shall have the meaning assigned to it in the Plan.

             

            
            1.          
            This Agreement shall be subject to all the terms and provisions of the
            Plan, which are incorporated by reference herein and are made a part hereof. In the
            event of any inconsistency between the provisions of this Agreement and the provisions
            of the Plan, the provisions of the Plan shall govern.

            
             

            
            2.          
            Each RSU comprised in your RSU Award is equivalent to a hypothetical
            investment in one share of the Company’s common stock, par value $0.01 (a
            “Share”). Your RSU Award
            is in the form of a conditional allocation of Shares that will be of no effect until
            expiry of the Restricted Period and attainment of certain vesting criteria. Subject to
            Section 3 of this Agreement, the Restricted Period applying to the RSUs shall expire
            with respect to 100% of the RSUs granted hereunder on the third anniversary of the
            Grant Date; provided however, that
            where the release of the RSU Award would be prohibited by law or the Company’s
            dealing rules the Restricted Period will be extended until the expiry of the
            prohibition.

            
             

            
            3.          
            Notwithstanding the provisions of paragraph 2, if (i) there is a Change
            of Control or (ii) the Executive’s employment with the Company or any Subsidiary
            shall terminate by reason of his death or Disability, the Restricted Period shall
            expire as to 100% of the RSUs. If the Executive’s employment with the Company or
            any Subsidiary shall terminate by reason of Retirement the Restricted Period applying
            to the RSUs shall continue to expire according to the time frames set forth in
            paragraph 2. Upon the termination of the Executive’s employment with the Company
            or any Subsidiary for any reason other than death, Retirement or Disability, all of the
            RSUs as to which the Restricted Period has not expired shall be forfeited and all
            rights of the Executive in respect of such RSUs shall terminate without further
            obligation on the part of the Company.

            
             

            
            The RSUs and the rights evidenced hereby are not transferable in any
            manner other than by will or by the laws of descent and distribution. Notwithstanding
            the above, the Company shall recognize the Executive’s duly executed Beneficiary
            Designation Form on file with the Company, in the event of the Executive’s death
            prior to the expiration of the Restricted Period.

             

            
            

            

            

            
            4.          
            No Shares shall be issued at the Grant Date in respect of the RSUs, and
            the Executive shall have no rights (whether legal or beneficial) as a holder of Shares
            in respect of the RSUs. The Company shall not be required to set aside any fund for the
            payment of the RSUs.

            
            5.          
            Pending the expiration of the Restricted Period, each RSU shall be
            credited with dividend equivalents equal to the value of cash and stock dividends paid
            with respect to one Share, and such cash and stock dividend equivalents shall be
            withheld by the Company for the Executive’s account. The cash dividend
            equivalents and stock dividend equivalents so withheld and attributable to any
            particular RSU shall be distributed to the Executive upon the settlement of the RSU in
            accordance with Section 6 of this Agreement and, if such RSU is forfeited, the
            Executive shall have no right to such cash dividend equivalents or stock dividend
            equivalents.

            
            6.          
            Upon the expiration of the Restricted Period with respect to RSUs which
            have not been forfeited in accordance with the second sentence of Section 3 of this
            Agreement, the Company shall deliver to the Executive, or his or her beneficiary,
            without charge one Share for each RSU with respect to which the Restricted Period has
            expired and the dividend equivalents associated therewith. The dividend equivalents
            shall be settled in Shares the number of which shall be equal to the accumulated value
            of the dividend equivalents divided by the Fair Market Value of one Share as of the
            date on which the Restricted Period lapsed up to the extent such accumulated value
            equates whole Shares.

            
            7.          
            Nothing in the Plan or this Agreement shall confer upon the Executive
            any right to continue in the employ of the Company or any Affiliate or shall interfere
            with or restrict in any way the right of the Company or any Subsidiary, which are
            hereby expressly reserved, to remove, terminate or discharge the Executive at any time
            for any reason whatsoever, with or without, Cause.

            
            8.          
            Upon the settlement of the RSUs in Shares, the Executive shall be
            required as a condition of such settlement to pay to the Company by check the amount of
            any tax withholding that the Company determines is required;
            provided that, the Executive may elect to
            satisfy such tax withholding obligation by having the Company withhold from the
            settlement that number of Shares having a Fair Market Value equal to the amount of such
            withholding; provided,
            further, that the number of Shares that may
            be so withheld by the Company shall be limited to that number of Shares having an
            aggregate Fair Market Value on the date of such withholding equal to the aggregate
            amount of the Executive’s federal, state, and local tax liabilities based upon
            the applicable minimum withholding rates. The Company’s obligation to deliver any
            Shares, to the Executive in connection with the RSU Award shall be subject to the
            Executive’s payment of all applicable federal, state and local withholding and
            employment taxes. The Company’s obligation to deliver Shares in respect of the
            RSU Award shall be subject to all applicable laws, rules and regulations and such
            approvals by any governmental agency as may be required.

             

            
            

            

            

            
            9.          
            The Committee shall have final authority to interpret and construe the
            Plan and this Agreement and to make any and all determinations under them, and its
            decision shall be binding and conclusive upon the Company, its Affiliates, the
            Executive and the Executive’s legal representatives and beneficiaries in respect
            of any questions arising under the Plan or this Agreement.

            
            10.        
            This Agreement and the Plan contain the entire agreement and
            understanding of the parties hereto with respect to the subject matter contained herein
            and supersede all prior communications, representations and negotiations in respect
            thereto.

            
            11.        
            This Agreement shall be governed by, and construed in accordance with,
            the laws of the State of Florida without regard to the principles of conflicts of law
            thereof, or principles of conflicts of laws of any other jurisdiction which could cause
            the application of the laws of any jurisdiction other than the State of
            Florida.

            
            12.        
            The terms and provisions of this Agreement may be modified or amended as
            provided in the Plan.

            
             

            
            IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
            the date first written above.

            
            CARNIVAL CORPORATION

            
             

            
            __________________________________

            
                	
                            
                             

                        	
                            
                            By:

                        	
                            
                            Howard S. Frank

                        

            

            
                	
                            
                             

                        	
                            
                            Title:

                        	
                            
                            Vice Chairman and

                        

            

            
                	
                            
                             

                        	
                            
                            Chief Operating Officer

                        

            

            
             

            
             

            
            __________________________________

            
            Peter G. Ratcliffe

             

             

            
            5

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