Document:

Exhibit 10.5

                    CARNIVAL CORPORATION AMENDED AND RESTATED
                        2001 OUTSIDE DIRECTOR STOCK PLAN

                                  NONQUALIFIED
                             STOCK OPTION AGREEMENT

      THIS AGREEMENT (the  "Agreement")  made between  Carnival  Corporation,  a
corporation  organized  under the laws of the Republic of Panama (the "Company")
and _____________  (the "Director").  The Company hereby  irrevocably  grants to
Director,  on  _____________  (the  "Grant  Date"),  the right and option  (this
"Option") to purchase _____________ (______) shares of Common Stock, pursuant to
the Amended and Restated  Carnival  Corporation 2001 Outside Director Stock Plan
(the "Plan"), on the following terms and conditions:

      1. Each defined term used in this Option and not otherwise  defined herein
shall have the meaning assigned to it in the Plan.

      2. This  Option  shall vest and become  exercisable  in five equal  annual
installments beginning one year from the Grant Date.

      3. Upon the Director's termination of service as a member of the Board due
to death or  Disability,  all  unvested  portions of this Option  shall vest and
become exercisable  immediately.  In the event of the Director's  termination of
service  as a  Director  for any reason  other  than  death or  Disability,  all
unvested  portions of this Option shall continue to vest and become  exercisable
in accordance with the provisions of Section 2 hereof. Once vested, all portions
continue to be exercisable in accordance with Section 4 hereof.

      4. The unexercised  portion of this Option shall automatically and without
notice  terminate  and become  null and void at the time of the  earliest of the
following to occur:

            (a)   The expiration of ten years from the Grant Date;

            (b)   The  expiration  of one year  from  the  date  the  Director's
                  service as a Director shall terminate by reason of Disability;
                  provided,  however, that if the Director shall die during such
                  one year period,  the  provisions  of  subparagraph  (c) below
                  shall apply;

            (c)   The  expiration  of one year  from the date of the  Director's
                  death,  if such death occurs  either during his or her service
                  as a  Director  or during  the one year  period  described  in
                  subparagraph (b) above;

            (d)   The date of an Director's termination of service as a Director
                  for  any  reason  other  than  death  or  Disability  if  such
                  termination  occurs  prior  to  such  Director  serving  as  a
                  Director for at least one (1) year.

      5. The purchase  price for each of the Shares  purchased  pursuant to this
Option shall be ________________ Dollars ($_______). This Option is not intended
to be an "incentive  stock

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option"  within the meaning of Section  422(b) of the  Internal  Revenue Code of
1986, as amended.

      6. This Option  shall be deemed  exercised  when the Director (a) delivers
written notice to the Company at its principal business office,  directed to the
attention of its Secretary,  of the decision to exercise,  specifying the number
of Shares with respect to which this Option is exercised and the price per Share
designated  in this  Option and (b)  concurrently  tenders to the  Company  full
payment for the Shares to be purchased  pursuant to such exercise.  Full payment
for Shares  purchased by the Director shall be made at the time of any exercise,
in whole or in part, of this Option,  and  certificates for such Shares shall be
delivered to the  Director as soon  thereafter  as is  reasonably  possible.  No
Shares shall be transferred to the Director until full payment therefor has been
made and the  Director  shall  have  none of the  rights of a  shareholder  with
respect to any Shares subject to this Option until a certificate for such shares
shall have been issued and delivered to the Director. Such payment shall be made
in cash or by check or money order payable to the Company,  in each case payable
in U.S.  currency.  In the Committee's  discretion,  such payment may be made by
delivery  of  shares of  Common  Stock  that have been held for at least six (6)
months  or were  purchased  on the  open  market,  having  a fair  market  value
(determined  as of the date this  Option is so  exercised  in whole or in part),
that, when added to the value of any cash, check, promissory note or money order
satisfying the foregoing requirements, will equal the aggregate purchase price.

      7. This Option and the rights evidenced hereby are not transferable in any
manner other than by will or by the laws of descent and distribution, and during
the  Director's  lifetime,  shall be  exercisable  only by the  Director (or the
Director's court appointed legal representative). In the Committee's discretion,
an Option may be transferred  pursuant to a "qualified domestic relations order"
as defined in Section 414(p) of the Code.

      8. The Company's  obligation  to deliver  Shares upon the exercise of this
Option shall be subject to all applicable  federal,  state and local withholding
requirements,  including the payment by the Director of any applicable  federal,
state and local withholding tax.

      9. The Company's  obligation  to deliver  Shares in respect of this Option
shall  be  subject  to all  applicable  laws,  rules  and  regulations  and such
approvals by any governmental agency as may be required.

      10. The Director by his or her acceptance  hereof  represents and warrants
to the Company  that his or her  purchase  of Shares  upon the  exercise of this
Option shall be for investment and not with a view to, or for sale on connection
with,  the  distribution  of any part  thereof;  provided,  however,  that  this
representation  and warranty shall be inoperative  if, in the opinion of counsel
to the Company, a proposed sale or distribution of such Shares is pursuant to an
applicable effective registration statement under the Securities Act of 1933, as
amended,  and any  applicable  state "blue sky" or other  securities  laws or is
exempt from  registration  thereunder.  The Company will endorse an  appropriate
legend   referring  to  the  foregoing   restriction  upon  the  certificate  or
certificates  representing any Shares issued or transferred to the Director upon
the exercise of this Option.

<PAGE>

      11. 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,
including,  without  limitation,  the  provisions  of  Paragraph  15 of the Plan
generally relating to adjustments to the number of Shares subject to this Option
and to the Option  purchase price on certain changes in  capitalization  and the
effects of certain reorganizations and other transactions. In the event there is
any  inconsistency  between the  provisions of this  Agreement and the Plan, the
provisions of the Plan shall govern.

      12. 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.

      IN WITNESS THEREOF,  the Company has caused these presents to be signed by
its duly authorized officer as of the ___ day of _____, 20__.

                                      CARNIVAL CORPORATION

                                      By:_________________________

                                             _____________________

                                      Title: _____________________

ACCEPTED AND AGREED TO THIS

__________ DAY OF __________, 20__.

___________________________________

____________, DirectorExhibit 10.6

                              CARNIVAL CORPORATION
                              AMENDED AND RESTATED
                        2001 OUTSIDE DIRECTOR STOCK PLAN

                                RESTRICTED STOCK
                                 AWARD AGREEMENT

      THIS AGREEMENT (the  "Agreement")  made between  Carnival  Corporation,  a
corporation  organized  under the laws of the Republic of Panama (the "Company")
and ______________ (the "Director").  The Company hereby grants to Director,  on
____________  (the  "Grant  Date"),  a  Restricted  Stock  Award  consisting  of
___________ (______) Shares (hereinafter called the "Restricted Shares"), on the
following  terms and conditions and subject to the Director's  execution of this
Agreement and the terms and conditions of the Carnival  Corporation  Amended and
Restated 2001 Outside Director Stock Plan (the "Plan"):

      1. The  Company  has adopted  the Plan,  which is  incorporated  herein by
reference and made a part of this Agreement.  Each capitalized term used in this
Agreement and not otherwise defined herein shall have the meaning assigned to it
in the Plan.

      2.  Subject to Sections 3 and 4, below,  the  Restricted  Period as to the
Restricted Shares shall expire in five equal annual  installments  beginning one
year from the Grant Date.

      3. Upon the Director's termination of service as a member of the Board due
to death or  Disability,  the  Restricted  Period shall expire as to 100% of the
Restricted  Shares.  Upon the Director's ceasing to be a member of the Board for
any reason other than death or Disability prior to the first  anniversary of the
Director's  initial election to the Board, all of the Restricted Shares shall be
forfeited[,  the applicable stock  certificates for such Restricted Shares shall
be returned to the  Company]  and all rights of the  Director to the  Restricted
Shares,  and as a  shareholder  in  respect  of  the  Restricted  Shares,  shall
terminate  without  further  obligation  on the  part of the  Company.  Upon the
Director's  termination of service as a member of the Board for any reason other
than death or Disability  on or after the first  anniversary  of the  Director's
initial election to the Board, the Restricted Period shall continue to expire in
accordance  with Section 2 above.  Upon the expiration of the Restricted  Period
with  respect  to any  Restricted  Shares,  the  restrictions  set forth in this
Agreement  (particularly the restrictions described in Section 7 below) shall be
of no further force or effect with respect to such Restricted Shares.

      4. [The  Restricted  Shares will be delivered to the Director  pending the
expiration of the Restricted Period or the forfeiture of the Restricted Shares.]
OR [The Restricted  Shares shall be held in escrow pending the expiration of the
Restricted Period or the forfeiture of the Restricted Shares. The Director shall
execute and deliver to the Company (A) an escrow  agreement  satisfactory to the
Committee  and (B) the  appropriate  blank  stock  powers  with  respect  to the
Restricted  Shares.  If the  Director  shall  fail to  execute  such  an  escrow
agreement and blank stock powers,  this award of Restricted Shares shall be null
and void.]

      5. The Director shall be the record owner of the  Restricted  Shares until
or unless such  Restricted  Shares are  forfeited  pursuant to Section 3 of this
Agreement or otherwise transferred in a manner not prohibited by this Agreement,
and, as record  owner,  shall be entitled to all rights as a  stockholder  as to
such  Restricted  Shares,  including,  without  limitation,  voting  rights with
respect to the Restricted Shares.

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                                                                               2

      6. [Pending the  expiration of the Restricted  Period,  cash dividends and
stock  dividends  paid  with  respect  to the  Restricted  Shares  shall be paid
directly to the Director.] OR [Pending the expiration of the Restricted  Period,
cash dividends and stock  dividends  paid with respect to the Restricted  Shares
shall be withheld by the Company and not paid to the  Director.] OR [Pending the
expiration of the Restricted  Period,  cash  dividends and stock  dividends paid
with respect to the  Restricted  Shares shall be withheld by the Company for the
Director's  account,  [without  interest] [and interest shall be credited on the
amount of cash  dividends  withheld at a rate of ___% per annum,  in  accordance
with such terms as are  established  by the  Committee.]  The cash dividends and
stock dividends so withheld and attributable to any particular  Restricted Share
[,  and  earnings  thereon,]  shall  be  distributed  to the  Director  upon the
expiration of the Restricted  Period in respect of such Restricted Share and, if
such  Restricted  Share is forfeited,  the Director  shall have no right to such
cash dividends, stock dividends [or earnings]].

      7. Upon the grant of the Restricted  Shares, the Committee shall cause one
or more stock certificates  registered in the name of the Director to be issued.
Each   certificate   representing   Restricted   Shares   shall  bear  a  legend
substantially  in the form set forth below  until the lapse of all  restrictions
with respect to the  Restricted  Shares,  as well as any other  information  the
Company deems appropriate:

            Transfer of this  certificate  and the shares  represented
            hereby is restricted pursuant to the terms of the Carnival
            Corporation  Amended and Restated  2001  Outside  Director
            Stock Plan and a Restricted Stock Award Agreement, between
            Carnival  Corporation  and the  registered  owner  of this
            certificate. Copies of such Plan and Agreement are on file
            at the offices of Carnival Corporation.

Stop  transfer  orders shall be entered with the  Company's  transfer  agent and
registrar against the transfer of legended securities.

[The Committee shall cause the stock  certificates  representing  the Restricted
Shares to be deposited,  together  with the stock powers,  with the escrow agent
designated by the Committee. The Committee shall cause the escrow agent to issue
to the Director a receipt evidencing such stock certificate.]

      8. None of the Restricted Shares, nor any right evidenced thereby, may, at
any time before the expiration of the Restricted Period with respect thereto, be
transferable  in any  manner  other  than by will or by the  applicable  laws of
inheritance,  descent  and  distribution.  In the  Committee's  discretion,  the
Restricted Shares may be transferred pursuant to a "qualified domestic relations
order"  as  defined  in  Section  414(p)  of the  Code or any  similar  domestic
relations order enforceable in the jurisdiction in which the Director resides.

      9. Nothing in the Plan or this Agreement confers on the Director the right
to continue to serve as a member of the Board.

      10. The  Company's  obligation to deliver the  Restricted  Shares or other
property  to the  Director  pursuant to this  Agreement  shall be subject to all
applicable federal, state, local and other applicable withholding  requirements,
including the payment by the Director of any applicable  federal,  state,  local
and other applicable withholding tax or social security  contributions,  and the
Company,  Carnival  plc or any  Affiliate of the Company or Carnival plc has the
right,  but not the obligation,  to withhold or retain any Restricted  Shares or
other  property  deliverable  to the  Director in  connection  with the Award of
Restricted  Shares  or from  any  compensation  or  other  amounts  owing to the
Director  the amount (in cash,  Shares or other  property)  of any  required tax
withholding in respect of the Award of

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                                                                               3

Restricted  Shares  and to take such  other  action as may be  necessary  in the
opinion of the Company to satisfy all obligations for the payment of such taxes.

      11.  The  Company's  obligations  under this  Agreement  and the Plan with
respect to the Restricted  Shares shall be subject to all applicable laws, rules
and  regulations  and  such  approvals  by  any  governmental  agency  as may be
required.

      12. (a) If the  Director  is a resident  of the UK, the  Director  and the
Company  agree  that if either of them so  elects,  they will each enter into an
irrevocable election either jointly or separately pursuant to section 431 of the
UK Income Tax  (Earnings  and Pensions) Act 2003 (in such form as is approved by
the  Commissioners for Her Majesty's Revenue and Customs) not later than 14 days
after the Grant Date of this award of Restricted Shares.

          (b) Upon the  expiration of the  Restricted  Period of any  Restricted
Shares,  the  Director  agrees  to  enter  into  such  written  representations,
warranties and  agreements as the Committee may  reasonably  request in order to
comply with applicable securities laws or with the Plan or this Agreement.

      13. This Agreement,  together with the Plan, embodies the entire agreement
and understanding  between the parties hereto with respect to the subject matter
hereof and  supersedes all prior oral or written  agreements and  understandings
relating to the subject matter hereof. No statement,  representation,  warranty,
covenant or agreement not expressly set forth in this Agreement  shall affect or
be used to interpret,  change or restrict,  the express terms and  provisions of
this  Agreement;  provided  that,  this  Agreement  is subject  to the Plan,  as
provided  above,  and,  in the  event  there is any  inconsistency  between  the
provisions  of this  Agreement  and the Plan,  the  provisions of the Plan shall
govern.

      14. 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.

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

      IN WITNESS THEREOF,  the Company has caused these presents to be signed by
its duly authorized officer as of the __th day of _________, 20__.

                                      CARNIVAL CORPORATION

                                      By:___________________________

                                              [                     ]
                                      Title:  [                     ]

ACCEPTED AND AGREED TO THIS

____________DAY OF ____________, 20__.

______________________________________

___________, Director

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