Document:

NCL (Bahamas) Ltd. Senior Management Retirement Savings Plan

 Exhibit 10.67 
 NCL (BAHAMAS) LTD. 
 SENIOR MANAGEMENT RETIREMENT SAVINGS PLAN

 (Amended and Restated as of January 1, 2008) 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Section 1:	 	Definitions	  	 	2	  
			
	Section 2:	 	Purpose	  	 	5	  
			
	Section 3:	 	Eligibility	  	 	5	  
			
	Section 4:	 	Administration	  	 	6	  
			
	Section 5:	 	Level of Benefit	  	 	6	  
			
	Section 6:	 	Growth in Account	  	 	7	  
			
	Section 7:	 	Vesting	  	 	7	  
			
	Section 8:	 	Benefit Payment	  	 	8	  
			
	Section 9:	 	Statement of the Plan Account	  	 	9	  
			
	Section 10:	 	General Creditor Status	  	 	9	  
			
	Section 11:	 	No Assignment or Alienation	  	 	10	  
			
	Section 12:	 	Amendment or Termination	  	 	11	  
			
	Section 13:	 	Binding Agreement	  	 	12	  
			
	Section 14:	 	Withholding	  	 	13	  
			
	Section 15:	 	Other Programs	  	 	13	  
			
	Section 16:	 	Claims Submission	  	 	13	  
			
	Section 17:	 	Miscellaneous	  	 	14	  

  
 i 

 NCL (BAHAMAS) LTD. 

SENIOR MANAGEMENT RETIREMENT SAVINGS PLAN 
 WHEREAS, effective January 1, 2002, Norwegian Cruise Line Limited, a Bermuda company (“NCLL”) established the Norwegian Cruise Line Limited Senior Management Retirement Savings Plan (the
“Plan”), a nonqualified deferred compensation plan, to provide additional retirement benefits for a select group of management and highly compensated employees; 
 WHEREAS, pursuant to that certain General Conveyance and Transfer Agreement, both dated April 21, 2004, NCLL transferred to, and NCL (Bahamas) Ltd., a Bermuda company (“NCLB”) assumed
sponsorship of the Plan; 
 WHEREAS, Code § 409A imposes new rules regarding nonqualified deferred compensation plans;

 WHEREAS, NCLB desires to amend the Plan to reflect the change in the Plan’s sponsorship and to bring the Plan into
compliance with the new rules under Code § 409A. 
 NOW, THEREFORE, with respect to all benefits accrued before, on and
after January 1, 2008, NCLB amends and restates the Plan, which shall hereinafter be known as the NCL (Bahamas) Ltd. Senior Management Retirement Savings Plan, to read as follows: 
 Section 1: Definitions. 
 (a) “Account” shall mean the
individual account maintained on the books of the Employer reflecting all amounts accrued on behalf of each Employee pursuant to Sections 5, 6 and 7 of the Plan. 
  

	 	(b)	 “Administrator” shall mean the committee comprising at least three individuals appointed by the Company’s Board of Directors to
administer the Plan. The Board may, by written notice to the committee, withdraw all or any part of the committee’s authority at any time, in which case such withdrawn authority shall immediately vest in the Board. Any member of the Board or
the committee may be a Participant in the 

  
 2 

	 	 
Plan, provided, however, that any action to be taken by the Board or the committee solely with respect to the particular interest in this Plan of a Board or committee member who is also a
Participant in the Plan shall be taken by the remaining members of the Board or committee. 

 (c)
“Beneficiary” shall mean the Employee’s surviving spouse or, if none, his surviving children per stirpes or, if none, his surviving parents per capita or, if none, his estate. 

(d) “Cause” shall mean, with respect to any Employee, “Cause” as defined in any employment agreement between the
Employee and the Employer. If no such employment agreement exists, “Cause” shall mean (i) the Employee’s conviction of a felony under any law or regulation, (ii) the Employee being found guilty of neglect of assigned duties
after prior written notice in accordance with the Employer’s policies and practices, (iii) the Employee’s conduct tending to bring the Employer or any of its affiliates into substantial public disgrace or disrepute, (iv) the
Employee engaging in acts which constitute theft, kickbacks, embezzlement, dishonesty or fraud, or (v) the Employee’s willful disregard of duties or of the Employer’s policies or any other act or omission which, in the Employer’s
discretion, substantially impairs the Employee’s ability to perform the functions required of the Employee. 
 (e)
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 (f) “Company” shall
mean NCL (Bahamas) Ltd., a Bermuda company. 
 (g) “Compensation” shall mean base pay, bonuses, overtime pay, and
commissions paid by the Employer in a given Plan Year. Compensation shall include amounts that are contributed by the Employer to an employee plan pursuant to a salary reduction agreement and that are not includible in the Employee’s gross
income under Code § 125, 402(e)(3) or 402(h)(1)(B), and Employee contributions described in Code § 414(h) that are treated as Employer contributions. Compensation shall not include any non-cash compensation or imputed income. An
Employee’s Compensation for purposes of this Plan shall be calculated with regard to the limitations on compensation under § 401(a)(17) of the Code. 
 (h) “Confidential Information” shall mean, with respect to any Employee, “Confidential Information,” as defined in any employment agreement between the Employee and the Employer. If no
such employment agreement exists, “Confidential Information” shall mean any trade secret, as defined by the Florida Uniform Trade Secrets Act, or any valuable confidential business or

  
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professional information, including but not limited to the following belonging to the Employer and/or its customers: Employer’s databases, lists and/or databases of former and current
customers, lists and/or databases of current or former casino players, price lists, pricing system, sales figures, projections, estimates, tax records, accounts, lists and/or databases of potential customers and/or casino players, lists and/or
databases of current and potential investors, business methods and procedures, business forms, systems, software or information related to software, products, inventions, designs, product development plans, product performance, business leads,
equipment, patents, copyrights, proprietary information, procedures, manuals, training materials, confidential reports, and other confidential information. Said Confidential Information may be in either human or computer readable form, including but
not limited to software, source code, hex code or any other form. 
 (i) “Conflict of Interest” shall mean with
respect to any Employee, “Conflict of Interest” as defined in any employment agreement between the Employee and the Employer. If no such employment agreement exists, “Conflict of Interest” shall mean directly or indirectly owning
or holding any legal or equitable interest in, or being employed by, engaging in or receiving remuneration from, any person, business or enterprise doing business with or competing with or doing business similar in nature to the business of the
Employer, its subsidiaries or affiliates except for passive investments in publicly traded companies, being engaged or concerned with any commercial duties or pursuits whatsoever other than employment with the Employer, except upon written
permission of the Employer and then only on the terms and conditions therein stated. 
 (j) “Disability” shall mean
that the Employee has been determined by the Social Security Administration to be totally and permanently disabled by reason of any medically determinable physical or mental impairment. 

(k) “Effective Date” of the Plan shall mean January 1, 2002. Effective date of this restatement shall mean January 1,
2008. 
 (l) “Employee” shall mean an employee of the Employer who is eligible to participate in the Plan pursuant to
Section 3. 
 (m) “Employer” shall mean NCL (Bahamas) Ltd., a Bermuda company, and NCL America Inc., a Delaware
corporation, each of which shall be considered as maintaining the Plan for purposes of Code § 409A. 

  
 4 

 (n) “Key Employee” shall mean an individual described in Code § 416(i),
determined without regard to § 416(i)(5) thereof. For purposes of determining Key Employee status, the Employer hereby designates each September 30 as the “identification date” under § 409A of the Code. Anyone determined to
be a Key Employee will remain a Key Employee for the calendar year following the determination of Key Employee status. The determination of whether an Employee is a Key Employee shall be made by the Administrator in accordance with the provisions of
Code § 409A. 
 (o) “Plan Year” shall mean the calendar year. 

(p) “Solicitation” shall mean with respect to any Employee, “Solicitation” as defined in any employment agreement
between the Employee and the Employer. If no such employment agreement exists, “Solicitation” shall mean directly, or indirectly through another entity, (i) inducing or attempting to induce any employee of the Employer or any
affiliate of the Employer to leave the employ of the Employer or such affiliate, or in any way willfully interfering with the relationship between the Employer or any affiliate and any employee thereof, or (ii) inducing or attempting to induce
any customer, supplier, licensee or other business relation of the Employer or any affiliate of the Employer to cease doing business with the Employer or such affiliate, or in any way interfering with the relationship between any such customer,
supplier, licensee or business relation and the Employer or any affiliate of the Employer. 
 (q) “Year of Vesting
Service” shall mean a Year of Vesting Service as defined in the Norwegian Cruise Line Limited Pension Plan, as it existed on December 31, 2001. 
 Section 2: Purpose. 
 The purpose of the Plan is to provide
supplementary retirement benefits to Employees whose annual retirement plan allocations were reduced as a result of the change in the Employer’s retirement benefit program that was effective December 31, 2001. 

Section 3: Eligibility. 
 Each individual who on December 31, 2001 (a) was an employee of Norwegian Cruise Line Limited, (b) was a participant in the Norwegian Cruise Line Limited Pension Plan, (c) had annual
Compensation greater than the Social Security wage base in effect for 2001, and (d) did not waive 

  
 5 

 
participation in this Plan became eligible to participate in this Plan on January 1, 2002. No other employee shall be admitted as to participation in the Plan. 

Section 4: Administration. 
 The Administrator shall have complete control and discretion to manage the operation and administration of the Plan. Not in limitation, but in amplification of the foregoing, the Administrator shall have
the power to: 
 (a) Interpret all provisions of the Plan including eligibility of an Employee to participate or continue to
participate in the Plan, eligibility for payment of benefits, the amount of benefits and the date as of which benefits are to be paid; 
 (b) Prescribe any forms required to administer the Plan; 
 (c) Maintain all
records and books of account necessary for the administration of the Plan; 
 (d) Interpret the provisions of the Plan and to
make and to publish such interpretive or procedural rules as are not inconsistent with the Plan and applicable law; 
 (e)
Compute, certify and arrange for the payment of benefits to which any Participant or beneficiary is entitled; 
 (f) Process
claims for benefits under the Plan by Participants or beneficiaries; 
 (g) Engage consultants and professionals to assist the
Administrator in carrying out its duties under this Plan; and 
 (h) Develop and maintain such instruments as may be deemed
necessary from time to time by the Administrator to facilitate payment of benefits under the Plan. 
 The Administrator may
delegate authority for the daily administration of the Plan to an individual or individuals who shall carry out the duties of the Administrator on behalf of the Administrator. Neither the Administrator nor any delegate shall be liable to any person
for any action taken thereunder except those actions undertaken with lack of good faith. 
 Section 5: Level of Benefit. 

The Administrator shall establish an Account for each Employee. As of the last day of each Plan Year beginning on and after
January 1, 2002, the Administrator shall credit the Account of each Employee who is employed by the Employer on the last day of the Plan Year with an amount equal 

  
 6 

 
to five percent (5%) of the amount of the Employee’s Compensation for the Plan Year over the Social Security wage base in effect for the Plan Year. 

Section 6: Growth in Account. 
 As of the last day of each Plan Year in which an Employee has a balance in his or her Account, the Administrator shall credit the Employee’s Plan Account with an amount equal to the product of:

 (a) The balance in the Account as of the first day of the Plan Year, and 

(b) The rate of return for the Plan Year earned by the JPMorgan Stable Asset Income Fund - Institutional. 

Section 7: Vesting. 

(a) Except as provided below, the Employee shall become vested in the Employee’s Account as follows: 

 

			
	 Years of Vesting Service
	  	 Vested Percentage

	Less than 2	  	0%
	2 but less than 3	  	25%
	3 but less than 4	  	50%
	4 but less than 5	  	75%
	5 or more	  	100%

 (b) If the Employee
terminates employment due to Disability or death, the Employee’s Account shall become fully vested as of the date the Disability or death occurred. 
 (c) Notwithstanding any other provision of the Plan, an Employee’s Account will be forfeited, and the Employer will have no further obligation under the Plan to the Employee or any Beneficiary of the
Employee if the Employer determines that any of the following circumstances have occurred: 
 (i) The Employee is discharged
from employment with the Employer for Cause. 
 (ii) The Employee violates any material term of an employment agreement with the
Employer including terms that survive the Employee’s termination of employment and such acts are discovered at any time prior to the date that the Account has been paid in full. 

  
 7 

 (iii) The Employee discloses Confidential Information or engages in acts that constitute a
Conflict of Interest, Competition or Solicitation, and such acts are discovered at any time prior to the date that the Account has been paid in full. 
 If the Employer determines that an Employee’s Account is forfeited pursuant to this section, the determination shall be conclusive and binding upon the Employee, his Beneficiary and all other
persons. 
 Section 8: Benefit Payment. 
 (a) Except as provided in paragraphs (b) or (c) below, the Employee or Beneficiary, as the case may be, shall receive a lump sum payment one month after the Employee’s termination of
employment or death. The amount of the payment shall be equal to the Employee’s vested interest in his or her Account as of the first day of the Plan Year in which the termination or death occurred, adjusted for earnings from the first day of
such Plan Year to the date the payment is made, based on the rate of return earned by the JPMorgan Stable Asset Income Fund for the Plan Year immediately preceding termination or death, but not to exceed five percent (5%). The payment shall be
subject to the provisions of Section 14. 
 (b) In the case of a Key Employee who terminates employment for any reason
other than death, the Employee shall receive a lump sum payment equal to the amount described in paragraph (a) above six months after the Employee’s termination of employment. The payment shall be subject to the provisions of
Section 14. 
 (c) A payment will be delayed to a date after the payment date otherwise designated in this Section 8
under any of the following circumstances provided that once such a provision applies to an amount of deferred compensation, any failure to apply such a provision or modification of the Plan to remove such a provision will constitute an acceleration
of any payment to which such provision applied: 
 (i) The Plan may delay a payment to the extent that the Employer reasonably
anticipates that if the payment were made as scheduled, the Employer’s deduction with respect to such payment would not be permitted due to the application of Code § 162(m), provided that the payment is made either during the
Employee’s first taxable year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of Code § 162(m) or
during the period 

  
 8 

 
beginning with the date of the Employee’s separation from service and ending on the later of the last day of the Employer’s taxable year in which the Employee separates from service or
the 15th day of the third month following the Employee’s separation from service, and provided further that where any scheduled payment to a specific Employee in an Employer’s taxable year is delayed in accordance with this paragraph, the
delay in payment will be treated as a subsequent deferral election unless all scheduled payments to that Employee that could be delayed in accordance with this paragraph also are delayed. Where the payment is delayed to a date on or after the
Employee’s separation from service, the payment will be considered a payment upon a separation from service for purposes of the rules under §1.409A- 3(i)(2) (payments to Key Employees upon a separation from service) and, in the case of a
Key Employee, the date that is six months after Employee’s separation from service is substituted for any reference to an Employee’s separation from service in the first sentence of this paragraph. No election may be provided to the
Employee with respect to the timing of the payment under this paragraph. 
 (ii) The Plan will delay a payment where the
Employer reasonably anticipates that making the payment will violate Federal securities laws or other applicable law. If payment is delayed due to this paragraph, payment will be made on the earliest date on which the Employer reasonably anticipates
that making the payment will not cause such violation. For purposes of this paragraph, making a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Internal Revenue Code is not
treated as a violation of applicable law. 
 (iii) A service recipient may delay a payment upon such other events and conditions
as the Commissioner may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 Section 9: Statement
of the Plan Account. 
 The Administrator shall notify the Employee in writing about the balance in the Employee’s
Account as of the last day of each Plan Year within three months thereafter. 
 Section 10: General Creditor Status. 

  
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 (a) The Employee shall be regarded as a general creditor of the Employer with respect to any
rights derived by the Employee from the existence of this Plan or the existence of amounts in the Account. Notwithstanding the immediately preceding sentence, the Company shall make any payments required under the Plan as agent of the Employer. In
the event that the Company does not or cannot make such payments, such payments shall be made by NCL Corp., a [STATE] corporation. 
 (b) Nothing contained in this Plan and no action taken pursuant to the provisions of the Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company or
Employer, and the Employee, his Beneficiary or any other person. Title to and beneficial ownership of any assets, whether cash, investments, life insurance policies or other assets that the Company may earmark or set aside to pay the contingent
deferred compensation hereunder, shall at all times remain in the Company. The Employee and Beneficiary shall have no property interest whatsoever in any specific assets of the Company under the terms of this Plan. 

(c) The Company may but is not required to establish one or more trusts substantially in conformance with the terms of the model trust
described in Revenue Procedure 92-64 (or its successor) to assist in meeting obligations to Employees under this Plan. Except as provided in the terms of the trust, any such trust or trusts shall be established in such manner as to permit the use of
assets transferred to the Trust and the earnings thereon to be used by the trustee solely to satisfy the liability of the Employer in accordance with the Plan. The Company, in its sole discretion, from time to time may make contributions to the
trust. Unless otherwise paid by the Company, all benefits under the Plan and expenses chargeable to the Plan shall be paid from the trust. The powers, duties and responsibilities of the trustee shall be as set forth in the trust and nothing
contained in the Plan, either expressly or by implication, shall impose any additional powers, duties or responsibilities upon the trustee. 

Section 11: No Assignment or Alienation. 
 Except as provided in Section 14, the right of any Employee or Beneficiary in any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the
debts of such Employee or Beneficiary, except as required by law, and no rights or entitlement under this Plan may be assigned, transferred pledged or otherwise encumbered by the Employee or the Beneficiary. 

  
 10 

 Section 12: Amendment or Termination. 

(a) The Employer may amend the Plan at any time, or from time to time, except that a Plan amendment to accelerate the timing of
distributions to Employees will be effective only upon the occurrence of such events as are permitted under Code § 409A or its regulations. No amendment or termination of the Plan shall affect the rights of any Employee with respect to any
vested benefit credited to the Employee’s Account prior to the amendment or termination. The Plan shall be considered terminated when the Plan has been amended to cease the accrual of all further benefits under the Plan but, except as provided
in paragraph (b) below, such termination shall not accelerate the payment of benefits from the Plan. 
 (b) Following a
termination, the Employees shall receive their Plan interests in their Accounts in the form and time designated in Section 8. Notwithstanding the above, the Employer may force lump sum payment liquidating all Plan benefits in any of the
following events: 
 (i) The declaration of a Plan termination by the Employer within 12 months of a dissolution of the Employer
taxed under Code § 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. 530(b)(1)(A), provided the Plan benefits for each Employee are distributed and reported by the Employer as included in the Employee’s gross income by the
latest of (or, if earlier, the taxable year in which the amount is actually or constructively received): 
 (A) The end of the
calendar year in which the Plan termination occurs, 
 (B) The end of the calendar year in which the amount is no longer
subject to a substantial risk of forfeiture, or 
 (C) The end of the first calendar year in which the payment is
administratively practicable. 
 (ii) The Employer’s irrevocable termination and liquidation of the Plan within the 30 days
preceding or the 12 months following a change in control event (as defined in Regulations § 1.401A-3(i)(5)), provided that this paragraph will only apply if all agreements, methods, programs, and other arrangements sponsored by the Employer
immediately after the time of the change in control event with respect to which deferrals of compensation are treated as having been deferred under a single plan under Regulations §1.409A-1(c)(2) are terminated and liquidated with respect to
each Employee that experienced the change in control event, so that under the terms of the termination and liquidation all such Employees are required to receive all amounts of compensation 

  
 11 

 
deferred under the terminated agreements, methods, programs, and other arrangements within 12 months of the date the Employer irrevocably takes all necessary action to terminate and liquidate the
agreements, methods, programs, and other arrangements. Solely for purposes of this paragraph, where the change in control event results from an asset purchase transaction, the applicable Employer with the discretion to liquidate and terminate the
agreements, methods, programs, and other arrangements is the Employer that is primarily liable immediately after the transaction for the payment of the deferred compensation. 
 (iii) The declaration of a termination by the Employer that satisfies all of the following requirements: 
 (A) The termination and liquidation does not occur proximate to a downturn in the financial health of the Employer; 
 (B) The Employer terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Employer that would be aggregated with any terminated and liquidated agreements,
methods, programs, and other arrangements under Regulations § 1.409A-1(c) if the same Employee had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; 

(C) No payments in liquidation of the Plan are made within 12 months of the date the Employer takes all necessary action to irrevocably
terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; 
 (D) All payments are made within 24 months of the date the Employer takes all necessary action to irrevocably terminate and liquidate the Plan; and 

(E) The Employer does not adopt a new Plan that would be aggregated with any terminated and liquidated Plan under Regulations
§1.409A-1(c) if the same Employee participated in both plans, at any time within three years following the date the Employer takes all necessary action to irrevocably terminate and liquidate the Plan. 

(iv) Such other events and conditions as the Commissioner may prescribe in generally applicable guidance published in the Internal
Revenue Bulletin. 
 Section 13: Binding Agreement. 

  
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 This Plan shall be binding upon and inure to the benefit of the Employer, its successors and
assigns, and the Employee and his or her heirs, personal representatives, executors, administrators and legatees. Upon assumption by a successor or assignee of the Employer, the term “Employer” as used in this Plan shall be deemed to refer
to such successor company or assignee. 
 Section 14: Withholding. 

The Company, as agent for any Employer, shall withhold the appropriate payroll and income taxes from any payments made under this Plan as
required by law, and any amounts owed by the Employee to the Employer at the time any payment is made. 
 Section 15: Other
Programs. 
 No deferred compensation payable under this Plan shall be deemed salary or other compensation to the Employee
for purposes of any other compensation or benefit programs maintained by the Employer or for purposes of any other fringe benefit obligations of the Employer. 
 Section 16: Claims Procedures. 
 Benefits under the Plan are paid to
the Employee or Beneficiary without the necessity of a formal claim. However, if an Employee or Beneficiary disagrees with the Administrator’s determination of the amount of benefits under the Plan or with respect to any other decision the
Administrator may make regarding the Employee’s or Beneficiary’s interest in the Plan, the Employee or Beneficiary may file a claim with the Administrator. All claims for benefits under the Plan must be made in writing. If the
Administrator believes that a claim should be denied, the Administrator will notify the Employee or Beneficiary in writing within 90 days after receipt of the claim. This 90-day period may be extended for an additional 90 days, provided the
Administrator notifies the Employee or Beneficiary before the expiration of the original 90-days. Such notice shall set forth the specific reasons for the denial, the Plan provisions on which the denial is based, a description of any additional
material or information necessary for the Employee or Beneficiary to perfect his claim and an explanation of why such material or information is necessary, and information as to the steps to be taken if the Employee or Beneficiary wishes to submit
his claim for review, including a statement of the Employee’s or Beneficiary’s right to bring a civil action under ERISA § 502(a) following an adverse benefit determination on review. If the Employee or Beneficiary wishes to appeal
the Administrator’s decision, the appeal must be filed in writing with 

  
 13 

 
the Administrator no later than 60 days after the Employee or Beneficiary receives notice of the denial. Upon appeal: 
 (a) The Employee or Beneficiary may submit written comments, documents, records, and other information relating to the claim for benefits. 

(b) The Employee or Beneficiary will be provided, upon request and free of charge, reasonable access to and copies of all documents,
records and other information relevant to the claim for benefits. 
 (c) All comments, documents, records and other information
that are submitted relating to the claim will be taken into account, regardless of whether the information was submitted or considered in the initial benefit determination. 
 The Administrator shall notify the Employee or Beneficiary of the Plan’s determination not later than 60 days after receipt of the request for review, unless the Administrator determines that special
circumstances require an extension of time for processing the claim. The extension may not be for a period longer than 60 days from the end of the initial review period. The Administrator will provide the Employee or Beneficiary with a written or
electronic notice of the Plan’s decision on review. 
 If the claim for benefits is denied or ignored, in whole or in part,
and the Employee or Beneficiary still believes that he or she is entitled to the benefit, the Employee or Beneficiary may file a lawsuit. However, the Employee or Beneficiary may not file a lawsuit until he or she has completed the claim and appeal
procedure described above. 
 Section 17: Miscellaneous. 
 (a) All expenses and costs in connection with operation of this Plan shall be borne by the Company. 
 (b) Nothing contained in this Plan shall be construed as conferring upon the Employee the right to continue in the employ of the Employer as an executive or in any other capacity. 

(c) The Plan shall be construed in accordance with and governed by the laws of the State of Florida, without reference to the principles
of conflict of laws, except as such laws may be preempted by any federal law. The sole and exclusive venue for any legal action arising out of this Plan shall be in the Circuit Court in and for Miami-Dade County, Florida, or the Federal District
Court for the Southern District of Florida. 

  
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 (d) All controversies, claims, disputes, and matters in question arising out of, or related
to, this Plan shall be decided by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall take place exclusively in Miami-Dade County, Florida, and shall be governed by the
law of the state of Florida. Any award rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof, including a federal district court, pursuant to
the Federal Arbitration Act. The arbitrator may grant the Employer injunctive relief, including mandatory injunctive relief, to protect the rights of the Employer, but shall not be limited to such relief. This arbitration
provision shall not preclude the Employer from seeking temporary or preliminary injunctive relief in a court of law to protect its rights, nor shall the filing of such an action constitute any waiver by the Employer of its right to
arbitrate. In connection with the arbitration of any dispute between the signatories to this Agreement, each signatory may utilize all methods of discovery authorized by the Federal and Florida Rules of Civil Procedure. 

IN WITNESS WHEREOF, each Employer and NCL Corp. has caused this Plan to be executed by a duly authorized officer on the date written
below, effective as of January 1, 2008. 
  

			
	NCL (BAHAMAS) LTD, A BERMUDA COMPANY
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

	
	NCL AMERICA INC.
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

	
	NCL CORP.
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

  
 15NCL (Bahamas) Ltd. Supplemental Executive Retirement Plan

 Exhibit 10.68 
 NCL (BAHAMAS) LTD. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 (Amended and Restated as of January 1, 2008) 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	Section 1:	  	Definitions	  	 	2	  
			
	Section 2:	  	Purpose	  	 	5	  
			
	Section 3:	  	Eligibility	  	 	5	  
			
	Section 4:	  	Administration	  	 	5	  
			
	Section 5:	  	Level of Benefit	  	 	6	  
			
	Section 6:	  	Growth in Account	  	 	7	  
			
	Section 7:	  	Vesting	  	 	7	  
			
	Section 8:	  	Benefit Payment	  	 	8	  
			
	Section 9:	  	Statement of the Plan Account	  	 	9	  
			
	Section 10:	  	General Creditor Status	  	 	9	  
			
	Section 11:	  	No Assignment or Alienation	  	 	10	  
			
	Section 12:	  	Amendment or Termination	  	 	11	  
			
	Section 13:	  	Binding Agreement	  	 	12	  
			
	Section 14:	  	Withholding	  	 	13	  
			
	Section 15:	  	Other Programs	  	 	13	  
			
	Section 16:	  	Claims Submission	  	 	13	  
			
	Section 17:	  	Miscellaneous	  	 	14	  

  
 i 

 NCL (BAHAMAS) LTD. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 WHEREAS, effective April 1, 1991, Kloster Cruise Limited, a Bermuda Corporation (“Kloster”) established the Supplemental Executive Retirement Plan of Kloster Cruise Limited
(“Plan”), a nonqualified deferred compensation plan, to provide additional retirement benefits for a select group of management and highly compensated employees affected by the limitations imposed by §§ 401(a)(17), 401(k)(3),
401(m)(2), and/or 415 of the Internal Revenue Code in the Kloster Cruise Limited Pension Plan and/or the Kloster Cruise Limited 401(k) Plan; 
 WHEREAS, effective April 8, 1996, Kloster changed its name to Norwegian Cruise Line Limited, a Bermuda company (“NCLL”) and later changed the names of the Pension and 401(k) Plans to
correspond to the new name of the company; 
 WHEREAS, effective December 31, 2001, NCLL amended the Pension Plan to cease
benefit accruals and later merged the Pension Plan with and into the 401(k) Plan; 
 WHEREAS, pursuant to that certain General
Conveyance and Transfer Agreement, both dated April 21, 2004, NCLL transferred to, and NCL (Bahamas) Ltd., a Bermuda company (“NCLB”) assumed, sponsorship of the 401(k) Plan and this Plan; 

WHEREAS, Code § 409A imposes new rules regarding nonqualified deferred compensation plans; 

WHEREAS, NCLB desires to amend the Plan to reflect the change in the Plan’s sponsorship and to bring the Plan into compliance with
the new rules under Code § 409A. 
 NOW, THEREFORE, with respect to all benefits accrued before, on and after
January 1, 2008, NCLB amends and restates the Plan, which shall hereinafter be known as the NCL (Bahamas) Ltd. Supplemental Executive Retirement Plan, to read as follows: 

  
 1 

 Section 1: Definitions. 
 (a) “Account” shall mean the individual account maintained on the books of the Employer reflecting all amounts accrued on behalf of each Employee pursuant to Sections 5, 6 and 7 of the Plan.

 (b) “Administrator” shall mean the committee comprising at least three individuals appointed by the Company’s
Board of Directors to administer the Plan. The Board may, by written notice to the committee, withdraw all or any part of the committee’s authority at any time, in which case such withdrawn authority shall immediately vest in the Board. Any
member of the Board or the committee may be a Participant in the Plan, provided, however, that any action to be taken by the Board or the committee solely with respect to the particular interest in this Plan of a Board or committee member who is
also a Participant in the Plan shall be taken by the remaining members of the Board or committee. 
 (c) “Beneficiary”
shall mean the Employee’s surviving spouse or, if none, his surviving children per stirpes or, if none, his surviving parents per capita or, if none, his estate. 

(d) “Cause” shall mean, with respect to any Employee, “Cause” as defined in any employment agreement between the
Employee and the Employer. If no such employment agreement exists, “Cause” shall mean (i) the Employee’s conviction of a felony under any law or regulation, (ii) the Employee being found guilty of neglect of assigned duties
after prior written notice in accordance with the Employer’s policies and practices, (iii) the Employee’s conduct tending to bring the Employer or any of its affiliates into substantial public disgrace or disrepute, (iv) the
Employee engaging in acts which constitute theft, kickbacks, embezzlement, dishonesty or fraud, or (v) the Employee’s willful disregard of duties or of the Employer’s policies or any other act or omission which, in the Employer’s
discretion, substantially impairs the Employee’s ability to perform the functions required of the Employee. 
 (e)
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 (f) “Code Limitations”
shall mean the limitations on the amount of contributions that could have made by or on behalf of an Employee to the Qualified Plans by operation of Code §§ 401(a)(17), 401(k)(3), 401(m)(2), and/or 415. 

(g) “Company” shall mean NCL (Bahamas) Ltd., a Bermuda company. 

  
 2 

 (h) “Compensation” shall mean base pay, bonuses, overtime pay, and commissions
paid by the Employer in a given Plan Year. Compensation shall include amounts that are contributed by the Employer to an employee plan pursuant to a salary reduction agreement and that are not includible in the Employee’s gross income under
Code § 125, 402(e)(3) or 402(h)(1)(B), and Employee contributions described in Code § 414(h) that are treated as Employer contributions. Compensation shall not include any non-cash compensation or imputed income. An Employee’s
Compensation for purposes of this Plan shall be calculated without regard to the limitations on compensation under § 401(a)(17) of the Code. Notwithstanding anything to the contrary in this paragraph, for Compensation that is earned based upon
a specified performance period (for example, an annual bonus), where deferral is made in the first year of eligibility but after the beginning of the performance period, the deferral must apply only to the Compensation paid for services performed
after the Employee becomes a participant in the Plan. For this purpose a deferral is deemed to apply to Compensation paid for services performed after the Employee becomes a participant if the deferral applies to no more than an amount equal to the
total amount of the Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after the Employee become eligible to participate, over the total number or days in the performance period.

 (i) “Confidential Information” shall mean, with respect to any Employee, “Confidential Information,” as
defined in any employment agreement between the Employee and the Employer. If no such employment agreement exists, “Confidential Information” shall mean any trade secret, as defined by the Florida Uniform Trade Secrets Act, or any valuable
confidential business or professional information, including but not limited to the following belonging to the Employer and/or its customers: Employer’s databases, lists and/or databases of former and current customers, lists and/or databases
of current or former casino players, price lists, pricing system, sales figures, projections, estimates, tax records, accounts, lists and/or databases of potential customers and/or casino players, lists and/or databases of current and potential
investors, business methods and procedures, business forms, systems, software or information related to software, products, inventions, designs, product development plans, product performance, business leads, equipment, patents, copyrights,
proprietary information, procedures, manuals, training materials, confidential reports, and other confidential information. Said Confidential Information may be in either human or 

  
 3 

 
computer readable form, including but not limited to software, source code, hex code or any other form. 
 (j) “Conflict of Interest” shall mean with respect to any Employee, “Conflict of Interest” as defined in any employment agreement between the Employee and the Employer. If no such
employment agreement exists, “Conflict of Interest” shall mean directly or indirectly owning or holding any legal or equitable interest in, or being employed by, engaging in or receiving remuneration from, any person, business or
enterprise doing business with or competing with or doing business similar in nature to the business of the Employer, its subsidiaries or affiliates except for passive investments in publicly traded companies, being engaged or concerned with any
commercial duties or pursuits whatsoever other than employment with the Employer, except upon written permission of the Employer and then only on the terms and conditions therein stated. 

(k) “Disability” shall mean that the Employee has been determined by the Social Security Administration to be totally and
permanently disabled by reason of any medically determinable physical or mental impairment. 
 (l) “Effective Date” of
the Plan shall mean April 1, 1991. Effective date of this restatement shall mean January 1, 2008. 
 (m)
“Employee” shall mean an employee of the Employer who is eligible to participate in the Plan pursuant to Section 3. 
 (n) “Employer” shall mean NCL (Bahamas) Ltd., a Bermuda company, and NCL America Inc., a Delaware corporation, each of which shall be considered as maintaining the Plan for purposes of Code
§ 409A. 
 (o) “Key Employee” shall mean an individual described in Code § 416(i), determined without regard
to § 416(i)(5) thereof. For purposes of determining Key Employee status, the Employer hereby designates each September 30 as the “identification date” under § 409A of the Code. Anyone determined to be a Key Employee will
remain a Key Employee for the calendar year following the determination of Key Employee status. The determination of whether an Employee is a Key Employee shall be made by the Administrator in accordance with the provisions of Code § 409A.

 (p) “Plan Year” shall mean the calendar year. 

  
 4 

 (q) “Qualified Plan” shall mean the Norwegian Cruise Line Limited Pension Plan and
Norwegian Cruise Line Limited 401(k) Plan, as they existed on December 31, 2001. 
 (r) “Solicitation” shall mean
with respect to any Employee, “Solicitation” as defined in any employment agreement between the Employee and the Employer. If no such employment agreement exists, “Solicitation” shall mean directly, or indirectly through another
entity, (i) inducing or attempting to induce any employee of the Employer or any affiliate of the Employer to leave the employ of the Employer or such affiliate, or in any way willfully interfering with the relationship between the Employer or
any affiliate and any employee thereof, or (ii) inducing or attempting to induce any customer, supplier, licensee or other business relation of the Employer or any affiliate of the Employer to cease doing business with the Employer or such
affiliate, or in any way interfering with the relationship between any such customer, supplier, licensee or business relation and the Employer or any affiliate of the Employer. 

(s) “Year of Vesting Service” shall mean a Year of Vesting Service as defined in the Qualified Plans. 

Section 2: Purpose. 

The purpose of the Plan is to provide supplementary retirement benefits to those Employees selected by the Employer. 

Section 3: Eligibility. 
 Participation shall be limited to a select group of management or highly compensated employees of the Employer. Each Employer shall specify the name of each of the Employer’s employees who shall be
entitled to participate in the Plan. Once the Employer has specified that an Employee is eligible to participate in the Plan, the Employee shall remain eligible until the Employer discontinues the Employee’s participation. 

Section 4: Administration. 
 The Administrator shall have complete control and discretion to manage the operation and administration of the Plan. Not in limitation, but in amplification of the foregoing, the Administrator shall have
the power to: 
 (a) Interpret all provisions of the Plan including eligibility of an Employee to participate

  
 5 

 
or continue to participate in the Plan, eligibility for payment of benefits, the amount of benefits and the date as of which benefits are to be paid; 

(b) Prescribe any forms required to administer the Plan; 
 (c) Maintain all records and books of account necessary for the administration of the Plan; 
 (d) Interpret the provisions of the Plan and to make and to publish such interpretive or procedural rules as are not inconsistent with the Plan and applicable law; 

(e) Compute, certify and arrange for the payment of benefits to which any Participant or beneficiary is entitled; 

(f) Process claims for benefits under the Plan by Participants or beneficiaries; 

(g) Engage consultants and professionals to assist the Administrator in carrying out its duties under this Plan; and 

(h) Develop and maintain such instruments as may be deemed necessary from time to time by the Administrator to facilitate payment of
benefits under the Plan. 
 The Administrator may delegate authority for the daily administration of the Plan to an individual
or individuals who shall carry out the duties of the Administrator on behalf of the Administrator. Neither the Administrator nor any delegate shall be liable to any person for any action taken thereunder except those actions undertaken with lack of
good faith. 
 Section 5: Level of Benefit. 
 The Administrator shall establish an Account for each Employee. As of the last day of each Plan Year the Administration shall credit the Account of each Employee who is employed by the Employer on the
last day of the Plan Year with an amount equal the difference, if any, between (a) and (b), where: 
 (a) Equals the amount
that would have been credited to the Employee’s accounts in the Qualified Plans, without regard to any of the Code Limitations with respect to that Plan Year, calculated under the terms of the Qualified Plans as of December 31, 2001,
regardless of whether the Employee was eligible for the Qualified Plans on December 31, 2001; and 
 (b) Equals the amount
that was actually credited to the Employee’s account in the NCL 401(k) Plan with respect to that Plan Year. 

  
 6 

 Section 6: Growth in Account. 

As of the last day of each Plan Year in which an Employee has a balance in his or her Account, the Administrator shall credit the
Employee’s Plan Account with an amount equal to the product of: 
 (a) The balance in the Account as of the first day of
the Plan Year, and 
 (b) The rate of return for the Plan Year earned by the JPMorgan Stable Asset Income Fund - Institutional.

 Section 7: Vesting. 
 (a) Except as provided below, the Employee shall become vested in the Employee’s 
 Account as
follows: 
  

			
	 Years of Vesting Service
	  	 Vested Percentage

	Less than 2	  	0%
	2 but less than 3	  	25%
	3 but less than 4	  	50%
	4 but less than 5	  	75%
	5 or more	  	100%

 (b) If the Employee
terminates employment due to Disability or death, the Employee’s Account shall become fully vested as of the date the Disability or death occurred. 
 (c) Notwithstanding any other provision of the Plan, an Employee’s Account will be forfeited, and the Employer will have no further obligation under the Plan to the Employee or any Beneficiary of the
Employee if the Employer determines that any of the following circumstances have occurred: 
 (i) The Employee is discharged
from employment with the Employer for Cause. 
 (ii) The Employee violates any material term of an employment agreement with the
Employer including terms that survive the Employee’s termination of employment and such acts are discovered at any time prior to the date that the Account has been paid in full. 

  
 7 

 (iii) The Employee discloses Confidential Information or engages in acts that constitute a
Conflict of Interest, Competition or Solicitation, and such acts are discovered at any time prior to the date that the Account has been paid in full. 
 If the Employer determines that an Employee’s Account is forfeited pursuant to this section, the determination shall be conclusive and binding upon the Employee, his Beneficiary and all other
persons. 
 Section 8: Benefit Payment. 
 (a) Except as provided in paragraphs (b) or (c) below, the Employee or Beneficiary, as the case may be, shall receive a lump sum payment one month after the Employee’s termination of
employment or death. The amount of the payment shall be equal to the Employee’s vested interest in his or her Account as of the first day of the Plan Year in which the termination or death occurred, adjusted for earnings from the first day of
such Plan Year to the date the payment is made, based on the rate of return earned by the JPMorgan Stable Asset Income Fund Fund for the Plan Year immediately preceding termination or death. The payment shall be subject to the provisions of
Section 14. 
 (b) In the case of a Key Employee who terminates employment for any reason other than death, the Employee
shall receive a lump sum payment equal to the amount described in paragraph (a) above six months after the Employee’s termination of employment. The payment shall be subject to the provisions of Section 14. 

(c) A payment will be delayed to a date after the payment date otherwise designated in this Section 8 under any of the following
circumstances provided that once such a provision applies to an amount of deferred compensation, any failure to apply such a provision, or modification of the Plan to remove such a provision will constitute an acceleration of any payment to which
such provision applied: 
 (i) The Plan may delay a payment to the extent that the Employer reasonably anticipates that if the
payment were made as scheduled, the Employer’s deduction with respect to such payment would not be permitted due to the application of Code § 162(m), provided that the payment is made either during the Employee’s first taxable year in
which the Employer reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, 

  
 8 

 
the deduction of such payment will not be barred by application of Code § 162(m) or during the period beginning with the date of the Employee’s separation from service and ending on the
later of the last day of the Employer’s taxable year in which the Employee separates from service or the 15th day of the third month following the Employee’s separation from service, and provided further that where any scheduled payment to
a specific Employee in an Employer’s taxable year is delayed in accordance with this paragraph, the delay in payment will be treated as a subsequent deferral election unless all scheduled payments to that Employee that could be delayed in
accordance with this paragraph also are delayed. Where the payment is delayed to a date on or after the Employee’s separation from service, the payment will be considered a payment upon a separation from service for purposes of the rules under
§1.409A- 3(i)(2) (payments to Key Employees upon a separation from service) and, in the case of a Key Employee, the date that is six months after Employee’s separation from service is substituted for any reference to an Employee’s
separation from service in the first sentence of this paragraph. No election may be provided to the Employee with respect to the timing of the payment under this paragraph. 
 (ii) The Plan will delay a payment where the Employer reasonably anticipates that making the payment will violate Federal securities laws or other applicable law. If payment is delayed due to this
paragraph, payment will be made on the earliest date on which the Employer reasonably anticipates that making the payment will not cause such violation. For purposes of this paragraph, making a payment that would cause inclusion in gross income or
the application of any penalty provision or other provision of the Internal Revenue Code is not treated as a violation of applicable law. 
 (iii) A service recipient may delay a payment upon such other events and conditions as the Commissioner may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

 Section 9: Statement of the Plan Account. 
 The Administrator shall notify the Employee in writing about the balance in the Employee’s Account as of the last day of each Plan Year within three months thereafter. 

Section 10: General Creditor Status. 

  
 9 

 (a) The Employee shall be regarded as a general creditor of the Employer with respect to any
rights derived by the Employee from the existence of this Plan or the existence of amounts in the Account. Notwithstanding the immediately preceding sentence, the Company shall make any payments required under the Plan as agent of the Employer. In
the event that the Company does not or cannot make such payments, such payments shall be made by NCL Corp., a [STATE] corporation. 
 (b) Nothing contained in this Plan and no action taken pursuant to the provisions of the Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company or
Employer, and the Employee, his Beneficiary or any other person. Title to and beneficial ownership of any assets, whether cash, investments, life insurance policies or other assets that the Company may earmark or set aside to pay the contingent
deferred compensation hereunder, shall at all times remain in the Company. The Employee and Beneficiary shall have no property interest whatsoever in any specific assets of the Company under the terms of this Plan. 

(c) The Company may but is not required to establish one or more trusts substantially in conformance with the terms of the model trust
described in Revenue Procedure 92-64 (or its successor) to assist in meeting obligations to Employees under this Plan. Except as provided in the terms of the trust, any such trust or trusts shall be established in such manner as to permit the use of
assets transferred to the Trust and the earnings thereon to be used by the trustee solely to satisfy the liability of the Employer in accordance with the Plan. The Company, in its sole discretion, from time to time may make contributions to the
trust. Unless otherwise paid by the Company, all benefits under the Plan and expenses chargeable to the Plan shall be paid from the trust. The powers, duties and responsibilities of the trustee shall be as set forth in the trust and nothing
contained in the Plan, either expressly or by implication, shall impose any additional powers, duties or responsibilities upon the trustee. 

Section 11: No Assignment or Alienation. 
 Except as provided in Section 14, the right of any Employee or Beneficiary in any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the
debts of such Employee or Beneficiary, except as required by law, and no rights or entitlement 

  
 10 

 
under this Plan may be assigned, transferred pledged or otherwise encumbered by the Employee or the Beneficiary. 
 Section 12: Amendment or Termination. 
 (a) The Employer may amend the
Plan at any time, or from time to time, except that a Plan amendment to accelerate the timing of distributions to Employees will be effective only upon the occurrence of such events as are permitted under Code § 409A or its regulations. No
amendment or termination of the Plan shall affect the rights of any Employee with respect to any vested benefit credited to the Employee’s Account prior to the amendment or termination. The Plan shall be considered terminated when the Plan has
been amended to cease the accrual of all further benefits under the Plan but, except as provided in paragraph (b) below, such termination shall not accelerate the payment of benefits from the Plan. 

(b) Following a termination, the Employees shall receive their Plan interests in their Accounts in the form and time designated in
Section 8. Notwithstanding the above, the Employer may force lump sum payment liquidating all Plan benefits in any of the following events: 
 (i) The declaration of a Plan termination by the Employer within 12 months of a dissolution of the Employer taxed under Code § 331, or with approval of a bankruptcy court pursuant to 11 U.S.C.
530(b)(1)(A), provided the Plan benefits for each Employee are distributed and reported by the Employer as included in the Employee’s gross income by the latest of (or, if earlier, the taxable year in which the amount is actually or
constructively received): 
 (A) The end of the calendar year in which the Plan termination occurs, 

(B) The end of the calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or 

(C) The end of the first calendar year in which the payment is administratively practicable. 

(ii) The Employer’s irrevocable termination and liquidation of the Plan within the 30 days preceding or the 12 months following a
change in control event (as defined in Regulations § 1.401A-3(i)(5)), provided that this paragraph will only apply if all agreements, methods, programs, and other arrangements sponsored by the Employer immediately after the time of the change
in 

  
 11 

 
control event with respect to which deferrals of compensation are treated as having been deferred under a single plan under Regulations §1.409A-1(c)(2) are terminated and liquidated with
respect to each Employee that experienced the change in control event, so that under the terms of the termination and liquidation all such Employees are required to receive all amounts of compensation deferred under the terminated agreements,
methods, programs, and other arrangements within 12 months of the date the Employer irrevocably takes all necessary action to terminate and liquidate the agreements, methods, programs, and other arrangements. Solely for purposes of this paragraph,
where the change in control event results from an asset purchase transaction, the applicable Employer with the discretion to liquidate and terminate the agreements, methods, programs, and other arrangements is the Employer that is primarily liable
immediately after the transaction for the payment of the deferred compensation. 
 (iii) The declaration of a termination by the
Employer that satisfies all of the following requirements: 
 (A) The termination and liquidation does not occur proximate to a
downturn in the financial health of the Employer; 
 (B) The Employer terminates and liquidates all agreements, methods,
programs, and other arrangements sponsored by the Employer that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under Regulations § 1.409A-1(c) if the same Employee had deferrals of
compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; 
 (C)
No payments in liquidation of the Plan are made within 12 months of the date the Employer takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action
to terminate and liquidate the Plan had not occurred; 
 (D) All payments are made within 24 months of the date the Employer
takes all necessary action to irrevocably terminate and liquidate the Plan; and 
 (E) The Employer does not adopt a new Plan
that would be aggregated with any terminated and liquidated Plan under Regulations §1.409A-1(c) if the same Employee participated in both plans, at any time within three years following the date the Employer takes all necessary action to
irrevocably terminate and liquidate the Plan. 

  
 12 

 (iv) Such other events and conditions as the Commissioner may prescribe in generally
applicable guidance published in the Internal Revenue Bulletin. 
 Section 13: Binding Agreement. 

This Plan shall be binding upon and inure to the benefit of the Employer, its successors and assigns, and the Employee and his or her
heirs, personal representatives, executors, administrators and legatees. Upon assumption by a successor or assignee of the Employer, the term “Employer” as used in this Plan shall be deemed to refer to such successor company or assignee.

 Section 14: Withholding. 
 The Company, as agent for any Employer, shall withhold the appropriate payroll and income taxes from any payments made under this Plan as required by law, and any amounts owed by the Employee to the
Employer at the time any payment is made. 
 Section 15: Other Programs. 

No deferred compensation payable under this Plan shall be deemed salary or other compensation to the Employee for purposes of any other
compensation or benefit programs maintained by the Employer or for purposes of any other fringe benefit obligations of the Employer. 

Section 16: Claims Procedures. 
 Benefits under the Plan are paid to the Employee or Beneficiary without the necessity of a formal claim. However, if an Employee or Beneficiary disagrees with the Administrator’s determination of the
amount of benefits under the Plan or with respect to any other decision the Administrator may make regarding the Employee’s or Beneficiary’s interest in the Plan, the Employee or Beneficiary may file a claim with the Administrator. All
claims for benefits under the Plan must be made in writing. If the Administrator believes that a claim should be denied, the Administrator will notify the Employee or Beneficiary in writing within 90 days after receipt of the claim. This 90-day
period may be extended for an additional 90 days, provided the Administrator notifies the Employee or Beneficiary before the expiration of the original 90-days. Such notice shall set forth the specific reasons for the denial, the Plan provisions on
which the denial is based, a description of any additional material or information necessary for the Employee or Beneficiary to 

  
 13 

 
perfect his claim and an explanation of why such material or information is necessary, and information as to the steps to be taken if the Employee or Beneficiary wishes to submit his claim for
review, including a statement of the Employee’s or Beneficiary’s right to bring a civil action under ERISA § 502(a) following an adverse benefit determination on review. If the Employee or Beneficiary wishes to appeal the
Administrator’s decision, the appeal must be filed in writing with the Administrator no later than 60 days after the Employee or Beneficiary receives notice of the denial. Upon appeal: 

(a) The Employee or Beneficiary may submit written comments, documents, records, and other information relating to the claim for
benefits. 
 (b) The Employee or Beneficiary will be provided, upon request and free of charge, reasonable access to and copies
of all documents, records and other information relevant to the claim for benefits. 
 (c) All comments, documents, records and
other information that are submitted relating to the claim will be taken into account, regardless of whether the information was submitted or considered in the initial benefit determination. 

The Administrator shall notify the Employee or Beneficiary of the Plan’s determination not later than 60 days after receipt of the
request for review, unless the Administrator determines that special circumstances require an extension of time for processing the claim. The extension may not be for a period longer than 60 days from the end of the initial review period. The
Administrator will provide the Employee or Beneficiary with a written or electronic notice of the Plan’s decision on review. 
 If the claim for benefits is denied or ignored, in whole or in part, and the Employee or Beneficiary still believes that he or she is entitled to the benefit, the Employee or Beneficiary may file a
lawsuit. However, the Employee or Beneficiary may not file a lawsuit until he or she has completed the claim and appeal procedure described above. 
 Section 17: Miscellaneous. 
 (a) All expenses and costs in connection
with operation of this Plan shall be borne by the Company. 

  
 14 

 (b) Nothing contained in this Plan shall be construed as conferring upon the Employee the
right to continue in the employ of the Employer as an executive or in any other capacity. 
 (c) The Plan shall be construed in
accordance with and governed by the laws of the State of Florida, without reference to the principles of conflict of laws, except as such laws may be preempted by any federal law. The sole and exclusive venue for any legal action arising out of this
Plan shall be in the Circuit Court in and for Miami-Dade County, Florida, or the Federal District Court for the Southern District of Florida. 
 (d) All controversies, claims, disputes, and matters in question arising out of, or related to, this Plan shall be decided by arbitration in accordance with the Commercial Arbitration Rules of the
American Arbitration Association. The arbitration shall take place exclusively in Miami-Dade County, Florida, and shall be governed by the law of the state of Florida. Any award rendered by the arbitrator shall be final, and judgment may
be entered upon it in accordance with applicable law in any court having jurisdiction thereof, including a federal district court, pursuant to the Federal Arbitration Act. The arbitrator may grant the Employer injunctive relief, including
mandatory injunctive relief, to protect the rights of the Employer, but shall not be limited to such relief. This arbitration provision shall not preclude the Employer from seeking temporary or preliminary injunctive relief in a court
of law to protect its rights, nor shall the filing of such an action constitute any waiver by the Employer of its right to arbitrate. In connection with the arbitration of any dispute between the signatories to this Agreement, each
signatory may utilize all methods of discovery authorized by the Federal and Florida Rules of Civil Procedure. 
 IN WITNESS
WHEREOF, each Employer and NCL Corp. has caused this Plan to be executed by a duly authorized officer on the date written below, effective as of January 1, 2008. 

 

			
	NCL (BAHAMAS) LTD, A BERMUDA COMPANY
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

  
 15 

 
			
	NCL AMERICA INC.
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

	
	NCLCORP.
		
	By:	 	     /s/ Authorized Signatory

		
	Its:	 	  

		
	Date:	 	  

  
 16

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