Document:

[*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO
A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

 

Exhibit 10.1

 

FIFTEENTH AMENDMENT TO LEASE

 

(Norwegian Cruise Line – The Landing
at MIA)

 

THIS FIFTEENTH AMENDMENT
TO LEASE (“Amendment”) is dated effective and for identification purposes as of March 1, 2018 (“Effective Date”),
and is made by and between SPUS7 MIAMI ACC, LP, a Delaware limited partnership (“Landlord”), and NCL (BAHAMAS) LTD.,
a Bermuda company, d/b/a Norwegian Cruise Line (“Tenant”).

 

RECITALS:

 

WHEREAS, Landlord’s
predecessor-in-interest (Hines REIT Airport Corporate Center LLC) and Tenant entered into that certain Airport Corporate Center
Office Lease Agreement dated December 1, 2006 ("Original Lease"), as amended by that certain First Amendment to Airport
Corporate Center Office Lease dated November 27, 2006, Second Amendment to Airport Corporate Center Office Lease dated March 22,
2007, Third Amendment to Airport Corporate Center Office Lease dated July 31, 2007, Letter Agreement dated August 1, 2007, Fourth
Amendment to Airport Corporate Center Office Lease dated December 10, 2007, Fifth Amendment to Airport Corporate Center Office
Lease dated February 2, 2010, Sixth Amendment to Airport Corporate Center Office Lease dated April 1, 2012, Seventh Amendment
to Airport Corporate Center Office Lease dated June 29, 2012, Eighth Amendment to Lease dated January 28, 2015, Ninth Amendment
to Lease dated June 30, 2015, Tenth Amendment to Lease dated March 31, 2016, Eleventh Amendment to Lease dated February 8, 2017
(“Eleventh Amendment”), Twelfth Amendment to Lease dated August 24, 2017, Thirteenth Amendment to Lease dated November
30, 2017 (“Thirteenth Amendment”), and Fourteenth Amendment to Lease dated January 16, 2018 (“Fourteenth Amendment”)
(collectively, the "Lease"), pertaining to the premises currently comprised of a total of approximately 322,781 rentable
square feet of space located at 7665 Corporate Center Drive (“Building 11”), 7650 Corporate Center Drive
(“Building 10”), 7245 Corporate Center Drive (“Building 3”), and 7300 Corporate Center Drive (“Building
8”) (collectively, the “Total Premises”), Miami, Florida;

 

WHEREAS, Landlord and
Tenant desire to enter into this Amendment to expand the premises located at Building 3 and Building 8, and provide for certain
other matters as more fully set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants contained herein, the parties agree that the Lease shall be amended in
accordance with the terms and conditions set forth below.

 

1.       Definitions.
The capitalized terms used herein shall have the same definitions as set forth in the Lease, unless otherwise defined herein.

 

2.       Expansion.

 

		(a)	Building 8.

 

(i)       Building
8 Expansion Premises. The term “Building 8 Expansion Premises” is hereby defined to be and to mean that certain
space located on the sixth (6th) floor of Building 8 commonly known as Suite 602, consisting of approximately 4,021
rentable square feet of space, and the hallway to be converted by Landlord to 490 rentable square feet of space (which is the final
agreement of the parties and not subject to adjustment), as outlined on Exhibit A, attached hereto and incorporated
herein by this reference. Accordingly, effective as of the Thirteenth Amendment Commencement Date (as defined in Section 2(b) of
the Thirteenth Amendment), the Total Premises, as expanded, shall be deemed to consist of a collective total of approximately 327,292
rentable square feet of space.

 

     

     

    

 

(ii)       Delivery
of Building 8 Expansion Premises. Landlord shall deliver the Building 8 Expansion Premises to Tenant on the Thirteenth Amendment
Commencement Date (anticipated to be April 1, 2018) in its present, as-is condition as of the Effective Date of this Amendment.
If Landlord is unable to deliver the Building 8 Expansion Premises on the Thirteenth Amendment Commencement Date solely as a result
of any existing tenant failing to vacate the applicable space by March 31, 2018, Landlord shall use reasonable efforts at its sole
cost to obtain exclusive possession of the Building 8 Expansion Premises and if Landlord fails to deliver both the Expansion Premises
(as defined in Section 2(a) of the Thirteenth Amendment) and the Building 8 Expansion Premises on April 1, 2018, then the Thirteenth
Amendment Commencement Date shall be extended until such time as Landlord delivers both the Expansion Premises (as defined in Section
2(a) of the Thirteenth Amendment) and the Building 8 Expansion Premises (and Tenant shall have six (6) months from that date, as
extended, to construct the Tenant Improvements). If Tenant is allowed to occupy, use, work in or otherwise enter the Building 8
Expansion Premises prior to the Thirteenth Amendment Commencement Date, the terms and conditions of the Lease as hereby amended
shall apply, except that Tenant shall not be required to pay Rental for any period(s) prior to the Thirteenth Amendment Rent Commencement
Date (as defined in Section 2(b) of the Thirteenth Amendment) for the Building 8 Expansion Premises. Subject to the terms and conditions
of the Work Letter attached hereto as Exhibit B, Tenant shall be permitted entry onto the Building 8 Expansion Premises
commencing on the Thirteenth Amendment Commencement Date for the purpose of conducting and performing (or causing to be performed)
the Tenant Improvements (as defined in the Work Letter), installing Tenant’s furniture, fixtures, and equipment, and upon
substantial completion of the Tenant Improvements, for all uses permitted by the Lease. Tenant’s obligation to pay Rental
for the Building 8 Expansion Premises shall commence on the Thirteenth Amendment Rent Commencement Date (even if Tenant obtains
its certificate of occupancy on an earlier date), subject to six (6) months of conditional abatement of Base Rental as further
set forth in Section 3(a) below.

 

(iii)       Building
8 Expansion Term. The “Building 8 Expansion Term” shall be coterminous with the Expansion Term, as defined in Section
2(c) of the Thirteenth Amendment.

 

(iv)       Acceptance.
Effective on the Thirteenth Amendment Commencement Date, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord,
on the terms and conditions set forth in the Lease and herein, the Building 8 Expansion Premises. Tenant shall accept the Building
8 Expansion Premises in its present “as is” condition as of the Effective Date of this Amendment. Tenant shall install
the work set forth in the Work Letter, attached hereto as Exhibit B and incorporated herein by this reference.

 

(v)       Compliance
with Laws. Notwithstanding anything herein to the contrary, if, in order for Tenant to receive a building permit for Tenant
Improvements (as defined in Exhibit B) or a certificate of occupancy or completion for the Tenant Improvements, any
portion of the existing building systems located outside of and serving any portion of the Building 8 Expansion Premises or any
portion of the existing common areas containing any portion of the Building 8 Expansion Premises are required by applicable governmental
authority, to be made compliant with the currently applicable building code or fire code or applicable requirements of the Americans
with Disabilities Act (“ADA”), then Landlord agrees that it is Landlord’s responsibility, at its cost, to perform
the necessary work to make said portion of the existing building systems and/or existing common areas compliant; however, Tenant
acknowledges and agrees that Landlord is only responsible for the building systems up to the point of common connection where the
applicable portion of the Building 8 Expansion Premises are located.

 

    2 

     

    

 

(b)       Building
3.

 

(i)       Building
3 Expansion Premises. The term “Building 3 Expansion Premises” is hereby defined to be and to mean that certain
space commonly known as Bay F located at Building 3, consisting of approximately 8,563 rentable square feet of space (which is
the final agreement of the parties and not subject to adjustment), as outlined on Exhibit A, attached hereto and
incorporated herein by this reference. Accordingly, effective as of the Fifteenth Amendment Commencement Date (defined below),
the Total Premises, as expanded, shall be deemed to consist of a collective total of approximately 335,855 rentable square feet
of space.

 

(ii)       Fifteenth
Amendment Commencement Date. Landlord shall deliver the Building 3 Expansion Premises to Tenant on April 1, 2018 (the “Fifteenth
Amendment Commencement Date”) in its present, as-is condition as of the Effective Date of this Amendment. If Tenant is allowed
to occupy, use, work in or otherwise enter the Building 3 Expansion Premises prior to the Fifteenth Amendment Commencement Date,
the terms and conditions of the Lease as hereby amended shall apply, except that Tenant shall not be required to pay Rental for
any period(s) prior to the Fifteenth Amendment Rent Commencement Date (as defined below) for the Building 3 Expansion Premises.
Subject to the terms and conditions of the Work Letter attached hereto as Exhibit B, Tenant shall be permitted entry
onto the Building 3 Expansion Premises commencing on the Fifteenth Amendment Commencement Date for the purpose of conducting and
performing (or causing to be performed) the Tenant Improvements (as defined in the Work Letter), installing Tenant’s furniture,
fixtures, and equipment, and upon substantial completion of the Tenant Improvements, for all uses permitted by the Lease. The “Fifteenth
Amendment Rent Commencement Date” shall be and shall mean June 1, 2018, and accordingly, Tenant’s obligation to pay
Rental for the Building 3 Expansion Premises commences on that date (even if Tenant obtains its certificate of occupancy on an
earlier date), subject to four (4) months of conditional abatement of Base Rental as further set forth in Section 3 below.

 

(iii)       Building
3 Expansion Term. The term “Building 3 Expansion Term” is hereby defined to be and to mean seventy-eight (78) full
calendar months and any partial calendar month, commencing on the Fifteenth Amendment Commencement Date and expiring on September
30, 2024 (“Fifteenth Amendment Expansion Expiration Date”).

 

(iv)       Acceptance.
Effective on the Fifteenth Amendment Commencement Date, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord,
on the terms and conditions set forth in the Lease and herein, the Building 3 Expansion Premises. Tenant shall accept the Building
3 Expansion Premises in its present “as is” condition as of the Effective Date of this Amendment. Tenant shall install
the work set forth in the Work Letter, attached hereto as Exhibit B and incorporated herein by this reference.

 

(v)        Compliance
with Laws. Notwithstanding anything herein to the contrary, if, in order for Tenant to receive a building permit for Tenant
Improvements (as defined in Exhibit B) or a certificate of occupancy or completion for the Tenant Improvements, any
portion of the existing building systems located outside of and serving any portion of the Building 3 Expansion Premises or any
portion of the existing common areas containing any portion of the Building 3 Expansion Premises are required by applicable governmental
authority, to be made compliant with the currently applicable building code or fire code or applicable requirements of the ADA,
then Landlord agrees that it is Landlord’s responsibility, at its cost, to perform the necessary work to make said portion
of the existing building systems and/or existing common areas compliant; however, Tenant acknowledges and agrees that Landlord
is only responsible for the building systems up to the point of common connection where the applicable portion of the Building
3 Expansion Premises are located.

 

    3 

     

    

 

3.       Base Rental.

 

(a)       Building
8. Section 3 of the Thirteenth Amendment and Section 2 of the Fourteenth Amendment are hereby deleted in their entirety. Commencing
on the Thirteenth Amendment Rent Commencement Date, Tenant shall pay to Landlord Base Rental for the Expansion Premises (as defined
in Section 2(a) of the Thirteenth Amendment) and the Building 8 Expansion Premises (in addition to its Base Rental obligations
for the original Premises), which shall be payable in monthly installments as set forth below. As used in this Section 3, “Expansion
Year” means the 12 month period commencing on the Thirteenth Amendment Rent Commencement Date, and each consecutive 12 month
period thereafter through the Expansion Expiration Date (and, therefore, the final Expansion Year will contain less than 12 months).

 

EXPANSION PREMISES AND BUILDING 8 EXPANSION
PREMISES

 

	 	 	 	Building 8	 
	 	 	Expansion Premises	Expansion Premises	TOTAL
	Expansion Year	Annual Rate/RSF 	Monthly Installment	Monthly Installment	PER MONTH
	1 (1st 6 months	[*]	[*]*	[*]*	[*]*
	after the Thirteenth 	 	 	 	 
	Amendment Rent 	 	 	 	 
	Commencement Date)	 	 	 	 
	1 (2nd 6 months)	[*]	[*]	[*]	[*]
	2	[*]	[*]	[*]	[*]
	3	[*]	[*]	[*]	[*]
	4	[*]	[*]	[*]	[*]
	5	[*]	[*]	[*]	[*]
	6	[*]	[*]	[*]	[*]
	7	[*]	[*]	[*]	[*]
	8	[*]	[*]	[*]	[*]
	9	[*]	[*]	[*]	[*]
	10	[*]	[*]	[*]	[*]

 

* Such abatement shall apply solely to
payment of the monthly installments of Base Rental and Tenant’s Percentage Share of Operating Expenses, and shall not be
applicable to any other charges, expenses or costs payable by Tenant under the Lease. Landlord and Tenant agree that the abatement
of Base Rental and Tenant’s Percentage Share of Operating Expenses in this Section is conditional and is made by Landlord
in reliance upon Tenant's faithful and continued performance of the terms, conditions and covenants of this Amendment and the Lease
and the payment of all monies due Landlord hereunder. In the event that Tenant defaults under the terms and conditions of the Lease
or this Amendment beyond any applicable notice and cure period, all conditionally abated Base Rental and Tenant’s Percentage
Share of Operating Expenses shall become fully liquidated and immediately due and payable (without limitation and in addition to
any and all other rights and remedies available to Landlord provided herein or at law and in equity).

 

Except as otherwise expressly set forth
herein, Base Rental shall be payable pursuant to the terms and conditions of Article 2 of the Original Lease.

 

    4 

     

    

 

(b)       Building
3. Commencing on the Fifteenth Amendment Rent Commencement Date, Tenant shall pay to Landlord Base Rental for the Building
3 Expansion Premises (in addition to its Base Rental obligations for the original Premises), which shall be payable in monthly
installments as set forth below:

 

BUILDING 3 EXPANSION PREMISES

 

	Dates	Annual Rate/RSF	Monthly Installment
	06/01/18 – 09/30/18	[*]	[*]*
	10/01/18 – 05/31/19	[*]	[*]
	06/01/19 – 05/31/20	[*]	[*]
	06/01/20 – 05/31/21	[*]	[*]
	06/01/21 – 05/31/22	[*]	[*]
	06/01/22 – 05/31/23	[*]	[*]
	06/01/23 – 05/31/24	[*]	[*]
	06/01/24 – 09/30/24	[*]	[*]

 

* Such abatement shall apply solely to
payment of the monthly installments of Base Rental and Tenant’s Percentage Share of Operating Expenses, and shall not be
applicable to any other charges, expenses or costs payable by Tenant under the Lease. Landlord and Tenant agree that the abatement
of Base Rental and Tenant’s Percentage Share of Operating Expenses in this Section is conditional and is made by Landlord
in reliance upon Tenant's faithful and continued performance of the terms, conditions and covenants of this Amendment and the Lease
and the payment of all monies due Landlord hereunder. In the event that Tenant defaults under the terms and conditions of the Lease
or this Amendment beyond any applicable notice and cure period resulting in the loss of Tenant’s right to possess the Total
Premises, Landlord shall have a claim for the unamortized portion of all conditionally abated rental (without limitation and in
addition to any and all other rights and remedies available to Landlord provided herein or at law and in equity).

 

Except as otherwise expressly set forth
herein, Base Rental shall be payable pursuant to the terms and conditions of Article 2 of the Original Lease.

 

4.       Tenant's
Percentage Share and Operating Expenses. 

 

(a)       Building
8. Beginning on the Thirteenth Amendment Rent Commencement Date, Tenant’s Percentage Share, as defined in Section 2.3(c)
of the Original Lease, applicable to Building 8 shall equal the fraction, the numerator of which is the total number of Rentable
Square Feet then leased by Tenant in Building 8, and the denominator of which is the greater of (i) ninety-five percent (95%) of
the total Rentable Square Feet in Building 8, or (ii) the total Rentable Square Feet in Building 8 actually leased or occupied
by tenants. Operating Expenses applicable to Building 8 for calendar year 2018 are currently estimated to be $[*] per rentable
square foot of space.

 

(b)       Building
3. Beginning on the Fifteenth Amendment Rent Commencement Date, Tenant’s Percentage Share, as defined in Section 2.3(c)
of the Original Lease, applicable to Building 3 shall equal the fraction, the numerator of which is the total number of Rentable
Square Feet then leased by Tenant in Building 3, and the denominator of which is the greater of (i) ninety-five percent (95%) of
the total Rentable Square Feet in Building 3, or (ii) the total Rentable Square Feet in Building 3 actually leased or occupied
by tenants. Operating Expenses applicable to Building 3 for calendar year 2018 are currently estimated to be $[*] per rentable
square foot of space. In addition to the foregoing and notwithstanding anything to the contrary contained in the Lease, effective
on the Fifteenth Amendment Commencement Date, Tenant shall be responsible for the cost of electricity, water and sewer, trash removal,
janitorial service, and the monthly repair and maintenance of the HVAC system(s) servicing the Expansion Premises or any other
portion of Building 3 leased by Tenant for storage and/or warehouse use (the “HVAC System”); provided, however, if
all or any portion of the major components of the HVAC System serving the Building 3 Expansion Premises only needs to be replaced,
Landlord shall be responsible for such replacement and the actual cost thereof shall be amortized over the useful life of such
item according to generally accepted accounting principles and Tenant agrees to pay annually during the Building 3 Expansion Term
hereof an amount equal to the annual amortized amount of such replacement with interest thereon at an annual rate of [*] percent
([*]%). Such payment will be made by Tenant once annually after receipt of written notice thereof from Landlord. The Building 3
Expansion Premises are separately metered and Tenant shall contract directly with Florida Power and Light and Miami-Dade Water
& Sewer for its use of electricity and water, respectively. Additionally, Tenant shall maintain all areas of the interior of
the Building 3 Expansion Premises and all systems exclusively serving the Building 3 Expansion Premises in good condition throughout
the Building 3 Expansion Term.

 

    5 

     

    

 

5.       Tenant's
Parking Spaces.

 

(a)       Building
8. Beginning on the Thirteenth Amendment Commencement Date and throughout the Building 8 Expansion Term, Tenant shall have
the right to use an additional eighteen (18) parking spaces (i.e., 4 parking spaces per 1,000 RSF of space in the Building
8 Expansion Premises), to be allocated as follows:

 

		(i)	Eight (8) uncovered unreserved parking spaces in the parking area around Building 8 at no charge;

 

		(ii)	Three (3) covered parking spaces in the Building 8 Garage at no charge; and

 

		(iii)	Seven (7) parking spaces, which shall at Tenant’s election be either: (i) covered parking
spaces in the Building 8 Garage (“Paid Garage Spaces”) at the rate of [*] per parking space per month (“Monthly
Parking Rent”); or (ii) uncovered unreserved parking spaces in the parking area around Building 8 at no charge. If Tenant
elects to use the Paid Garage Spaces, Tenant’s obligation to pay Monthly Parking Rent for the Paid Garage Spaces shall be
abated through March 31, 2019, pursuant to the same conditions set forth in Section 3(a) of this Amendment with respect to the
abatement of Base Rental, and, accordingly, Tenant’s first payment of Monthly Parking Rent for the Paid Garage Spaces shall
be due on April 1, 2019. Tenant shall provide written notice to Landlord of its election hereunder on or before the Thirteenth
Amendment Commencement Date.

 

(b)       Building
3. Beginning on the Fifteenth Amendment Commencement Date and throughout the Building 3 Expansion Term, Tenant shall have the
right to use an additional eight (8) uncovered unreserved parking spaces in the parking area around Building 3 at no charge.

 

(c)       Building
9. Landlord and Tenant acknowledge and agree that, pursuant to Section 5 of the Eleventh Amendment, Tenant desires to terminate
its right to use the twenty-five (25) Unreserved Spaces (as defined in Section 4 of the Eleventh Amendment) at the garage adjacent
to the building located at 7600 Corporate Center Drive, Miami, Florida, as set forth in Section 4 of the Eleventh Amendment. Accordingly,
beginning on the Effective Date of this Amendment, Landlord and Tenant acknowledge and agree that the twenty-five (25) Unreserved
Spaces are hereby surrendered to Landlord, and accordingly, Tenant shall have no further rights to use the Unreserved Spaces and
shall no longer be obligated to pay Unreserved Monthly Parking Rent for such spaces.

 

    6 

     

    

 

6.       Deletion
of Right of Offer. Landlord and Tenant hereby acknowledge and agree that by entering into this Amendment, Tenant is exercising
its Right of Offer set forth in Section 9 of the Thirteenth Amendment, and accordingly, the Right of Offer set forth in Section
9 of the Thirteenth Amendment is hereby deleted in its entirety and of no further force or effect.

 

7.       Brokers.
Tenant hereby represents and warrants to Landlord that Tenant has not dealt with any real estate brokers or leasing agents, and
Landlord hereby represents and warrants to Tenant that CBRE, Inc. is the sole real estate broker or leasing agent representing
Landlord (“Broker”). No commissions are payable to any party claiming through Landlord or Tenant as a result of the
consummation of the transaction contemplated by this Amendment, except to Broker, as applicable. Landlord and Tenant hereby agree
to indemnify and to hold each other harmless against any loss, expense, or liability with respect to any claims for commissions
or brokerage fees arising from or out of any breach of the foregoing representation and warranty. Landlord shall pay all brokerage
commissions due to the Broker pursuant to a separate agreement.

 

8.       Counterparts;
Electronic Signatures.  This Amendment may be executed in counterparts, including both counterparts that are executed
on paper and counterparts that are in the form of electronic records and are executed electronically.  An electronic signature
means any electronic sound, symbol or process attached to or logically associated with a record and executed and adopted by a party
with the intent to sign such record, including facsimile or e-mail electronic signatures.  All executed counterparts shall
constitute one agreement, and each counterpart shall be deemed an original.  The parties hereby acknowledge and agree that
electronic records and electronic signatures, as well as facsimile signatures, may be used in connection with the execution of
this Amendment and electronic signatures, facsimile signatures or signatures transmitted by electronic mail in so-called pdf format
shall be legal and binding and shall have the same full force and effect as if a paper original of this Amendment had been delivered
and had been signed using a handwritten signature.  Landlord and Tenant (i) agree that an electronic signature, whether digital
or encrypted, of a party to this Amendment is intended to authenticate this writing and to have the same force and effect as a
manual signature, (ii) intend to be bound by the signatures (whether original, faxed or electronic) on any document sent or delivered
by facsimile or, electronic mail, or other electronic means, (iii) are aware that the other party will rely on such signatures,
and (iv) hereby waive any defenses to the enforcement of the terms of this Amendment based on the foregoing forms of signature. 
If this Amendment has been executed by electronic signature, all parties executing this document are expressly consenting under
the Electronic Signatures in Global and National Commerce Act ("E-SIGN"), and Uniform Electronic Transactions Act ("UETA"),
that a signature by fax, email or other electronic means shall constitute an Electronic Signature to an Electronic Record under
both E-SIGN and UETA with respect to this specific transaction.

 

9.       Miscellaneous.
With the exception of those matters set forth in this Amendment, Tenant's leasing of the Leased Premises (including the Building
8 Expansion Premises and the Building 3 Expansion Premises set forth herein) shall be subject to all terms, covenants and conditions
of the Lease. In the event of any express conflict or inconsistency between the terms of this Amendment and the terms of the Lease,
the terms of this Amendment shall control and govern. Except as expressly modified by this Amendment, all other terms and conditions
of the Lease are hereby ratified and affirmed. The parties acknowledge that the Lease is a valid and enforceable agreement and
that, as of the date hereof to the best of Tenant’s actual knowledge, Tenant holds no claims against Landlord or its agents
which might serve as the basis of any other set-off against accruing rent and other charges or any other remedy at law or in equity.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    7 

     

    

 

IN WITNESS WHEREOF, the foregoing Fifteenth
Amendment to Lease is dated effective as of the date and year first written above.

 

	WITNESS:	 	LANDLORD:
	 	 	 	 	 
	 	 	 	SPUS7 MIAMI ACC, LP,
	 	 	 	a Delaware limited partnership
	 	 	 	 	 
	By: 	/s/David Witham	 	By:	/s/Mark Zikakis
	Name:	David Witham	 	Name:	Mark Zikakis
	 	 	 	Title:	Vice President
	By: 	/s/Desiree Ammons	 	Date:	3/5/2018
	Name:	Desiree Ammons	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/David Witham	 	By:	/s/Ming Lee
	Name:	David Witham	 	Name:	Ming Lee
	 	 	 	Title:	Vice President
	By: 	/s/Desiree Ammons	 	Date:	3/5/2018
	Name:	Desiree Ammons	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	TENANT:
	 	 	 	 	 
	 	 	 	NCL (BAHAMAS) LTD., 
	 	 	 	a Bermuda company, d/b/a Norwegian Cruise Line
	 	 	 	 	 
	 	 	 	By:	/s/Wendy Beck
	 	 	 	Name:	Wendy Beck
	 	 	 	Title:	Executive Vice President and
	 	 	 	 	Chief Financial Officer
	 	 	 	Date:	3/5/2018

 

    8 

     

    

 

CONSENT OF GUARANTOR

 

The undersigned Guarantor under the original
Guaranty of Lease dated November 27, 2006 (the "Guaranty"), does hereby consent to the foregoing Amendment. Guarantor
acknowledges and agrees that the Guaranty is in full force and effect and shall continue to apply to the Lease, as amended by this
Amendment.

 

NCL CORPORATION LTD.,

a Bermuda company

 

	By:	/s/Wendy Beck	 
	Name:	Wendy Beck	 
	Title:	Executive Vice President and 	 
	 	Chief Financial Officer	 

 

    9 

     

    

 

EXHIBIT A

 

Floor Plan of Building 8 Expansion
Premises

 

[Indicated as Suite 602 and Converted
Hallway on the below Plan.]

 

    10 

     

    

 

Floor Plan of Building 3 Expansion
Premises

 

 

    11 

     

    

 

EXHIBIT B

 

WORK LETTER

 

This is the Work Letter
referred to in and specifically made a part of the Fifteenth Amendment to Lease (hereinafter, the “Amendment”) to which
this Exhibit B is annexed, covering the Building 8 Expansion Premises and the Building 3 Expansion Premises
(hereinafter referred to collectively as the “Expansion Premises”), as more particularly described in the Amendment.
Landlord and Tenant agree as follows:

 

1.       Defined
Terms. The following defined terms shall have the meaning set forth below and, unless provided to the contrary herein, the
remaining defined terms shall have the meaning set forth in the Amendment:

 

	Landlord's Representative:	 	Suzanne Russo and/or Kim Gorrin.   Landlord has designated Landlord's Representative as its sole representative with respect to the matters set forth in this Work Letter, who shall have full authority and responsibility to act on behalf of Landlord as required in this Work Letter.  Landlord shall not change Landlord's Representative except upon prior written notice to Tenant’s Representative.  Tenant acknowledges that neither Tenant's architect nor any contractor engaged by Tenant is Landlord's agent and neither entity has authority to enter into agreements on Landlord's behalf or otherwise bind Landlord.
	 	 	 
	Tenant's Representative:	 	Carl Robie. Tenant has designated Tenant's Representative as its representative with respect to the matters set forth in this Work Letter, who shall have full authority and responsibility to act on behalf of Tenant as required in this Work Letter.  Tenant shall not change Tenant's Representative except upon prior written notice to Landlord’s Representative.
	 	 	 
	Allowance: 	 	 
	 	 	 
	Building 8:	 	[*] (i.e., $[*] per RSF in the Building 8 Expansion Premises).  Tenant may use the Allowance towards design, architectural and engineering plans, specialty consultants, demolition, and permitting and expeditor fees.  Tenant may use an amount up to [*] (i.e., [*] percent ([*]%) of the Allowance) towards Tenant’s soft costs, including Tenant’s furniture, fixtures, and equipment, data cabling and wiring, telecommunications systems, and relocation expenses.  Additionally, Tenant shall be permitted to apply up to a maximum of [*] (i.e., $[*] per RSF in the Building 8 Expansion Premises) of the Allowance against the next payment(s) of Base Rental and Tenant’s Percentage Share of Operating Expenses due, until such sum is exhausted.  If Tenant elects to apply any amount of the Allowance towards the payment of Base Rental and Operating Expenses, the amount of the Allowance available for the Tenant Improvements shall be reduced by such amount.  Any portion of the Allowance not used and a request therefor submitted in writing to Landlord’s Representative on or before March 31, 2019 shall be deemed to be forfeited by Tenant.
	 	 	 

 

    12 

     

    

 

	Building 3:	 	[*] (i.e., $[*] per RSF in the Building 3 Expansion Premises).  Tenant may use the Allowance towards design, architectural and engineering plans, specialty consultants, demolition, and permitting and expeditor fees.  Tenant may use an amount up to [*] (i.e., [*] percent ([*]%) of the Allowance) towards Tenant’s soft costs, including Tenant’s furniture, fixtures, and equipment, data cabling and wiring, telecommunications systems, and relocation expenses.  Additionally, Tenant shall be permitted to apply up to a maximum of [*] (i.e., $[*] per RSF in the Building 3 Expansion Premises) of the Allowance against the next payment(s) of Base Rental and Tenant’s Percentage Share of Operating Expenses due, until such sum is exhausted.  If Tenant elects to apply any amount of the Allowance towards the payment of Base Rental and Operating Expenses, the amount of the Allowance available for the Tenant Improvements shall be reduced by such amount.  Any portion of the Allowance not used and a request therefor submitted in writing to Landlord’s Representative on or before March 31, 2019 shall be deemed to be forfeited by Tenant.
	 	 	 
	Construction Management Fee:	 	None.
	 	 	 
	General Contractor:	 	A general contractor approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.

 

2.       Landlord’s
Work. Subject to Section 2(d) of the Amendment, Tenant accepts the Expansion Premises in its current “AS IS” condition
and acknowledges that Landlord shall have no obligation to do any work in or on the Expansion Premises to render it ready for Tenant's
use or occupancy.

 

3.       Tenant
Improvements. The “Tenant Improvements” shall mean the interior walls, partitions, doors, door hardware, wall coverings,
wall base, counters, lighting fixtures, electrical and telephone wiring, cabling for computers, electrical outlets, ceilings, floor
and window coverings, that portion of the HVAC system located within any portion of the Expansion Premises, that portion of the
fire sprinklers system located within any portion of the Total Premises (including the Expansion Premises), and other items of
general applicability that Tenant desires to be installed in the interior of the Expansion Premises. Tenant shall promptly commence
and diligently prosecute to full completion Tenant Improvements in accordance with the Drawings. The parties agree that no demolition
work or other Tenant Improvements shall be commenced within the Expansion Premises until such time as Tenant’s Representative
has provided to Landlord’s Representative copies of the building permits required to be obtained from all applicable governmental
authorities. All materials, work, installations, equipment and decorations of any nature whatsoever brought on or installed in
the Expansion Premises before the commencement of the Building 8 Expansion Term or Building 3 Expansion Term, as applicable (hereinafter
referred to as the “Expansion Term”) or during the applicable Expansion Term shall be at Tenant's risk, and neither
Landlord nor any party acting on Landlord's behalf shall be responsible for any damage thereto or loss or destruction thereof due
to any reason or cause whatsoever, excluding by reason of Landlord's negligence or willful or criminal misconduct.

 

    13 

     

    

 

4.       Drawings.
Tenant shall engage and pay for the services of a licensed architect to prepare a space layout, drawings and specifications for
all Tenant Improvements (“Drawings”), which architect shall be subject to Landlord’s Representative's reasonable
approval, not to be unreasonably withheld, conditioned or delayed (“Architect”). Tenant’s Representative shall
devote such time in consultation with the Architect as shall be necessary to enable the Architect to develop complete and detailed
architectural, mechanical and engineering drawings and specifications, as necessary, for the construction of Tenant Improvements,
showing thereon all Tenant Improvements. Tenant hereby acknowledges and agrees that it is Tenant's sole and exclusive responsibility
to cause the Expansion Premises and the Drawings to comply with all applicable laws, including the Americans with Disabilities
Act and other ordinances, orders, rules, regulations and requirements of all governmental authorities having jurisdiction thereof.

 

5.       Landlord's
Approval.  On or before the applicable Time Limit set forth below, Tenant’s Representative shall submit to
Landlord’s Representative an electronic PDF copy, electronic CAD copy and hard copy of the complete and final Drawings for
Tenant Improvements. The Drawings shall be subject to the approval of Landlord’s Representative, which approval shall not
be unreasonably withheld, conditioned or delayed. If Landlord’s Representative should disapprove such Drawings, Landlord’s
Representative shall specify to Tenant’s Representative in writing, the reasons for its disapproval and Tenant’s Representative
shall cause the same to be revised to meet the mutual reasonable satisfaction of Landlord’s Representative and Tenant’s
Representative and shall resubmit the same to Landlord’s Representative, as so revised, on or before the applicable Time
Limit set forth below.

 

6.       Changes.
Tenant’s Representative may request reasonable changes in the Drawings; provided, however, that (a) no change shall be made
to the Drawings without Landlord's Representative's prior written approval, which approval shall not be unreasonably withheld,
conditioned or delayed, (b) no such request shall effect any structural change in the Building or otherwise render any portion
of the Expansion Premises or the Building within which such portion is situated in violation of applicable laws, (c) Tenant
shall pay any additional costs required to implement such change, including, without limitation, architecture and other consultant
fees, and increases in construction costs, and (d) such requests shall constitute an agreement by Tenant to any delay in completion
caused by Landlord's reviewing and processing such change. If Tenant’s Representative requests or causes any change, addition
or deletion to the Expansion Premises to be necessary after approval of the Drawings, a request for the change shall be submitted
to Landlord's Representative, accompanied by revised plans prepared by the Architect, all at Tenant's sole expense.

 

7.       Tenant's
Contractor’s Work.  It is understood and agreed by the parties that, as hereinafter set forth, Tenant has elected
to retain a General Contractor and arrange for the construction and installation of Tenant Improvements itself in a good and workmanlike
manner by contractors and subcontractors. On or before the applicable Time Limit set forth below, Tenant’s Representative
shall submit to Landlord’s Representative the names of the General Contractor, electrical, ventilation, plumbing and heating
subcontractors (hereinafter “Major Subcontractors”), as applicable, for Landlord’s Representative's approval,
which approval shall not be unreasonably withheld, conditioned or delayed. If Landlord’s Representative shall reject any
Major Subcontractor, Landlord’s Representative shall advise Tenant’s Representative in writing of the reason(s) and
Tenant’s Representative shall choose another Major Subcontractor. Along with Tenant’s Representative's notice of its
Major Subcontractors, Tenant’s Representative shall notify Landlord’s Representative of its estimate of the total costs
for Tenant Improvements.

 

    14 

     

    

 

8.       Tenant's
Construction of Tenant Improvements.

 

(a)       Payment;
Liens. Tenant shall promptly pay any and all costs and expenses in connection with or arising out of the performance of Tenant
Improvements and shall furnish to Landlord’s Representative evidence of such payment upon request. In the event any lien
is filed against the Building within which any Tenant Improvements are performed by Tenant as set forth herein, or any portion
thereof or against Tenant's leasehold interest therein, the provisions of Article 5.1(g) of the Original Lease shall apply.

 

(b)       Indemnity.
Tenant shall indemnify, defend (with counsel reasonably satisfactory to Landlord and Tenant) and hold Landlord harmless from and
against any and all suits, claims, actions, loss, cost or expense (including claims for workers' compensation, attorneys' fees
and costs) based on personal injury, property damage or contract claims (including, but not limited to claims for breach of warranty)
arising from Tenant Improvements. Tenant shall repair or replace (or, at Landlord's election, reimburse Landlord for the commercially
reasonable cost of repairing or replacing) any portion of the Building within which any Tenant Improvements are performed by Tenant
as set forth herein, or item of Landlord's equipment or any of Landlord's real or personal property damaged, lost or destroyed
by Tenant’s contractors during the construction of Tenant Improvements.

 

(c)       Contractors.
The Major Subcontractors employed by Tenant and any subcontractors thereof shall be (i) duly licensed in the state in which
the Expansion Premises are located, and (ii) except as otherwise approved herein, subject to Landlord’s Representative's
prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed. On or before ten (10) business
days prior to the commencement of any construction activity in the applicable portion of the Expansion Premises, Tenant and Tenant's
contractors shall obtain and provide Landlord’s Representative with certificates evidencing Workers' Compensation, public
liability and property damage insurance in amounts and forms and with companies reasonably satisfactory to Landlord’s Representative.
If Landlord’s Representative should disapprove such insurance, Landlord’s Representative shall specify to Tenant’s
Representative the reasons for its disapproval within five (5) business days after delivery of such certificates. Tenant's agreement
with its contractors shall require such contractors to provide daily clean up of the construction area to the extent such clean
up is necessitated by the construction of Tenant Improvements, and to take reasonable steps to minimize interference with other
tenants' use and occupancy of the Building. Nothing contained herein shall make or constitute Tenant as the agent of Landlord.
Tenant and Tenant's contractors shall comply with any other reasonable rules, regulations or requirements that Landlord’s
Representative may impose. Notwithstanding anything to the contrary, Tenant’s contractors shall not be charged for the use
of parking, utilities, elevators use or security costs. To the extent reasonably required by Tenant during construction of Tenant
Improvements, Landlord shall use commercially reasonable efforts to provide Tenant with space for a storage container, the exact
location and size of which shall be subject to Landlord’s reasonable approval and discretion. Tenant shall be responsible
to ensure that the storage container satisfies all applicable laws. The storage container may only be used for temporarily storing
building materials or equipment which will be incorporated into the Expansion Premises. All of the foregoing shall be maintained
by Tenant in a neat and orderly manner and shall not affect other tenants in the Project. Tenant shall be solely responsible for
all costs in connection with the foregoing and the same shall only be in place for a reasonable period of time as necessary to
facilitate the Tenant Improvements.

 

(d)       Use
of Common Areas. During the construction period and installation of fixtures period, Tenant shall be allowed to use, at no
cost to Tenant, a freight elevator for the purpose of hoisting materials, equipment and personnel to the Expansion Premises. Also
during the construction period, Tenant shall ensure that the Building and all common areas and the Expansion Premises are kept
in a clean and safe condition at all times. Further, all construction activities shall be conducted so as to use reasonable efforts
to minimize interference with the use and occupancy of the Building by the tenants thereof. Such entry shall be deemed to be under
all the terms, covenants, provisions and conditions of the Lease, as amended.

 

    15 

     

    

 

(e)       Coordination.
All work performed by Tenant shall be coordinated with Landlord’s Representative. Tenant’s Representative shall use
commercially reasonable efforts to timely notify and invite Landlord’s Representative to construction meetings (with contractors,
engineers, architects and others), and supply all documentation reasonably requested by Landlord’s Representative.

 

(f)       Assumption
of Risk. All materials, work, installations, equipment and decorations of any nature whatsoever brought on or installed in
the Expansion Premises pursuant to the provisions of this Work Letter before the commencement of the applicable Expansion Term
or throughout the applicable Expansion Term shall be at Tenant's risk, and neither Landlord nor any party acting on Landlord's
behalf shall be responsible for any damage thereto or loss or destruction thereof due to any reason or cause whatsoever, excluding
by reason of Landlord or such other party's negligence or willful or criminal misconduct.

 

9.       Time
Limits. The following maximum time limits and periods shall be allowed for the indicated matters:

 

	Action 	 	Time Limit
	 	 	 
	Tenant’s Representative submits Drawings to Landlord’s Representative for review and approval.	 	On or before 60 days after the date of mutual execution of the Amendment.
	 	 	 
	Landlord’s Representative notifies Tenant’s Representative and the Architect of its approval of the Drawings with any required changes in detail.	 	On or before 10 business days after the date of Landlord’s Representative's receipt of the Drawings.
	 	 	 
	Tenant’s Representative notifies Landlord’s Representative of its selection of major subcontractors.	 	On or before 60 days after the date of mutual execution of the Amendment.
	 	 	 
	Landlord’s Representative approves/disapproves Tenant's major subcontractors.	 	On or before 7 business days after the date of Landlord’s Representative's receipt of the list of major subcontractors.
	 	 	 
	If applicable, Landlord’s Representative and Tenant’s Representative mutually approve the final revised list of major subcontractors.	 	On or before 3 business days after the date of Landlord’s Representative's receipt of a revised list of major subcontractors.
	 	 	 
	If applicable, Landlord’s Representative and Tenant’s Representative mutually approve the final revised Drawings.	 	On or before 5 business days after the date of Landlord’s Representative's receipt of revised Drawings.
	 	 	 
	Tenant’s Representative submits Drawings for building permit, if applicable.	 	On or after the date Tenant’s Representative and Landlord’s Representative mutually approve the final, revised Drawings.
	 	 	 
	Tenant allowed access to the applicable portion of the Expansion Premises to commence construction of Tenant Improvements  	 	After providing copies of the building permit(s) and the contractors meeting all of Landlord’s Representative’s insurance requirements. 
	 	 	 
	Allowance Expiration Deadline.	 	March 31, 2019.

 

    16 

     

    

 

Except as may be otherwise specifically
provided for herein, in all instances where either Tenant’s Representative's or Landlord’s Representative's approval
is required, if no written notice of disapproval is given within the applicable Time Limit, at the end of such period the applicable
party shall be deemed to have given its approval and the next succeeding time period shall commence. Any delay in any of the foregoing
dates (including any “re-do”, continuation or abatement of any item due to Tenant’s Representative's or Landlord’s
Representative's disapproval thereof) shall automatically delay all subsequent deadlines by a like amount of time.

 

10.       Allowance.  
Landlord shall contribute to the costs and expenses of all costs for the planning and design of Tenant Improvements, including
all permits, licenses and construction fees and constructing Tenant Improvements in an amount not to exceed the Allowance. If the
final costs for Tenant Improvements exceed the Allowance, Tenant shall be responsible for such excess costs. If the total cost
of performing Tenant Improvements is less than the Allowance, portions of the Allowance may be used towards Tenant's soft costs
and existing Lease or Amendment obligations in accordance with Section 1 of this Work Letter. Landlord shall pay the Allowance
to Tenant consistent with the terms and conditions of this Section. After Tenant Improvements are complete (as provided under Section 11
hereof), Tenant’s Representative may submit to Landlord’s Representative a request in writing (“Draw Request”)
for the Allowance which request shall include: (a) “as-built” drawings showing all of Tenant Improvements; (b)
a detailed breakdown of Tenant's final and total construction costs, together with receipted invoices showing payment thereof;
(c) a certified, written statement from the Architect that all of Tenant Improvements has been completed in accordance with the
Drawings; (d) all required AIA forms, supporting final lien waivers, and releases executed by the Architect, General Contractor,
the Major Subcontractors and all subcontractors and suppliers in connection with Tenant Improvements; (e) a copy of a certificate
of occupancy or amended certificate of occupancy required with respect to the Expansion Premises, if applicable, together with
all licenses, certificates, permits and other government authorizations necessary in connection with Tenant Improvements and the
operation of Tenant's business from the Expansion Premises; and (f) proof reasonably satisfactory to Landlord’s Representative
that Tenant has complied with all of the conditions set forth in this Work Letter and has satisfactorily completed Tenant Improvements.
Upon Landlord's Representatives receipt and approval of the Draw Request, Landlord shall pay the balance of the Allowance. Payment
by Landlord shall be made within thirty (30) days, unless Landlord’s Representative notifies Tenant’s Representative,
in writing, of its rejection (and the reasons therefor) of any or all of the Draw Request. To the extent Landlord does not so reject
any portion of said Draw Request, Landlord shall timely pay the Draw Request. Notwithstanding the foregoing to the contrary, but
subject to Section 1 of this Work Letter, Landlord will pay the amount of the Allowance to Tenant in progress payments (not more
often than monthly). Such progress payments will be made not later than thirty (30) days after receipt by Landlord’s Representative
from Tenant’s Representative of copies of Tenant’s invoices from its Architect or General Contractor together with
a certificate from Tenant’s Representative indicating that the work to which such invoices relate has been substantially
completed and/or the materials to which such invoices relate have been installed in, or delivered to, the applicable portion of
the Expansion Premises. Such progress payments will be made payable to Tenant and will be for the undisputed amount of the submitted
invoices, less a ten percent (10%) retainage (which shall not be released until such time as Landlord’s Representative has
received the Draw Request). As a condition precedent to Landlord’s issuing any such progress payment subsequent to the first
such progress payment, Tenant’s Representative will deliver to Landlord’s Representative an original lien waiver from
its General Contractor waiving any claim for a mechanic’s or materialman’s lien with respect to the labor and materials
reflected in the invoices submitted for the immediately preceding progress payment.

 

11.       Substantial
Completion. Tenant Improvements shall be deemed substantially complete when all work called for by the Drawings has been finished
and the Expansion Premises is ready to be used and occupied by Tenant, even though minor items may remain to be installed, finished
or corrected (“Substantial Completion Date” or the “Date of Substantial Completion”). Tenant shall cause
the contractors to diligently complete any items of work not completed when the Expansion Premises are substantially complete.
Substantial completion shall have occurred notwithstanding punch list items. Promptly after the Substantial Completion Date, the
parties will execute an instrument in the form attached hereto as Exhibit C, setting forth the Substantial Completion
Date for the Building 8 Expansion Premises and the Substantial Completion Date for the Building 3 Expansion Premises, so that said
dates are certain and such instrument, when executed, is hereby made a part of this Amendment and incorporated herein by reference.

 

12.       No
Representations or Warranties. Notwithstanding anything to the contrary contained in the Lease, as amended, or herein, Landlord's
participation in the preparation of the Drawings, the cost estimates for Tenant and the construction of Tenant Improvements shall
not constitute any representation or warranty, express or implied, that (i) the Drawings are in conformity with applicable
governmental codes, regulations or rules or (ii) Tenant Improvements, if built in accordance with the Drawings, will be suitable
for Tenant's intended purpose. Landlord's obligations shall be to review the Drawings; and any additional cost or expense required
for the modification thereof to more adequately meet Tenant's use, whether during or after construction thereof, shall be borne
entirely by Tenant.

 

    17 

     

    

 

EXHIBIT C

 

CONFIRMATION OF LEASE TERMS AND DATES

 

		Re:	Fifteenth Amendment to Lease dated March 1, 2018 (“Amendment”), between SPUS7 MIAMI
ACC, LP, a Delaware limited partnership (“Landlord”), and NCL (BAHAMAS) LTD., a Bermuda company, d/b/a Norwegian Cruise
Line (“Tenant”) for the premises located at 7300 Corporate Center Drive, Miami, Florida 33126 (“Building 8 Expansion
Premises”), and 7245 Corporate Center Drive, Miami, Florida 33126 (“Building 3 Expansion Premises”)

 

The undersigned, as Tenant, hereby confirms
as of this _____ day of _________, 20___, the following:

 

1.       The
Substantial Completion Date of the Building 8 Expansion Premises is hereby deemed to be _______________________.

 

2.       The Substantial Completion Date of
the Building 3 Expansion Premises is hereby deemed to be _______________________.

 

3.       The
Fifteenth Amendment Commencement Date is hereby deemed to be April 1, 2018.

 

4.       The Fifteenth Amendment Rent Commencement
Date is hereby deemed to be June 1, 2018.

 

5.       The
Fifteenth Amendment Expansion Expiration Date is hereby deemed to be September 30, 2024.

 

6.       The
schedule of Base Rental for the Building 8 Expansion Term is:

 

EXPANSION PREMISES AND BUILDING 8 EXPANSION
PREMISES

 

	 	 	 	 	 	Building 8 	 
	 	 	 	Expansion Premises	Expansion Premises	TOTAL
	Dates	Annual Rate/RSF	Monthly Installment 	Monthly Installment	PER MONTH
	________ - ________	[*]	[*]*	 	 	[*]*	 	 	[*]*
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]
	________ - ________	[*]	[*]	 	 	[*]	 	 	[*]

 

* Abatement subject to conditions set forth
in the Amendment.

 

7.       The
schedule of Base Rental for the Building 3 Expansion Term is:

 

BUILDING 3 EXPANSION PREMISES

 

	Dates	Annual Rate/RSF	Monthly Installment
	04/01/18 – 05/31/18	[*]	[*]
	06/01/18 – 09/30/18	[*]	[*]*
	10/01/18 – 05/31/19	[*]	[*]
	06/01/19 – 05/31/20	[*]	[*]
	06/01/20 – 05/31/21	[*]	[*]
	06/01/21 – 05/31/22	[*]	[*]
	06/01/22 – 05/31/23	[*]	[*]
	06/01/23 – 05/31/24	[*]	[*]
	06/01/24 – 09/30/24	[*]	[*]

 

* Abatement subject to conditions set forth
in the Amendment.

 

8.       Tenant
has the right to use ____ parking spaces associated with the Building 8 Expansion Premises. Of which, _____ are located in the
covered portion of the parking garage adjacent to Building 8, _____ are uncovered parking spaces in the parking lot associated
with Building 8 and ____ are located at ____________________________________.

 

9.       Tenant
has the right to use eight (8) uncovered parking spaces in the parking lot associated with Building 3.

 

10.     All
alterations and improvements required to be performed by Landlord pursuant to the terms of the Amendment to prepare the Building
8 Expansion Premises and the Building 3 Expansion Premises for Tenant’s initial occupancy have been satisfactorily completed.
There are no offsets or credits against Rent or other amounts owed by Tenant to Landlord, except: ____________________________________________________.
As of the date hereof, Landlord has fulfilled all of its obligations under the Lease, as amended. The Lease, as amended, is in
full force and effect and has not been modified, altered, or amended. There are no defaults by Landlord.

 

TENANT:

 

NCL (BAHAMAS) LTD.,

a Bermuda company, d/b/a Norwegian Cruise
Line

 

	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	Date:	 	 	 

 

    18Exhibit 10.2

 

TRANSITION, RELEASE AND CONSULTING AGREEMENT

 

This Transition, Release and Consulting
Agreement (this “Agreement”) is entered into this 2nd day of February 2018, by and between Wendy
A. Beck, an individual (“Executive”), and NCL (Bahamas) Ltd., a company organized under the laws of Bermuda
(the “Company”).

 

WHEREAS, Executive is employed by
the Company or one of its subsidiaries pursuant to the terms of Executive’s Employment Agreement with the Company, dated
as of September 2, 2015 (the “Employment Agreement”);

 

WHEREAS, Executive and the Company
desire for Executive’s employment by the Company to continue for a transitional period on the terms set forth in this Agreement,
and at the end of the transitional period, for Executive to continue providing consulting services to the Company pursuant to the
terms set forth in this Agreement; and

 

WHEREAS, the Company and Executive
desire to enter into this Agreement upon the terms set forth herein.

 

NOW, THEREFORE, in consideration
of the covenants undertaken, benefits provided and the releases contained in this Agreement, Executive and the Company hereby agree
as follows. Capitalized terms used in this Agreement without definition shall have the same meanings as in the Employment Agreement.

 

1.       Transition
Period. The Company and Executive hereby agree that Executive shall remain employed as the Company’s Executive Vice President
and Chief Financial Officer for the period (the “Transition Period”) beginning on the date hereof and continuing
until September 30, 2018 or any earlier date as may be determined by the Company (the “Separation Date”). During
the Transition Period, Executive shall continue to have the same duties set forth in Section 1.2 of the Employment Agreement or
as such duties may be modified by the Chief Executive Officer and shall continue to comply with Executive’s duties and obligations
under the Employment Agreement. During the Transition Period, Executive shall continue to receive her current Base Salary of $700,000,
the same Incentive Bonus opportunity set forth in Section 3.2 of the Employment Agreement and shall be entitled to receive the
same benefits set forth in Section 4 of the Employment Agreement. However, Executive shall not be entitled to receive any new grants
of equity awards under the Parent Equity Plan during the Transition Period or at any time after the date hereof.

 

2.       Termination
of Employment. Executive’s employment with the Company will terminate on the Separation Date. Effective as of the Separation
Date, Executive hereby waives any right or claim to reinstatement as an employee of the Company and each of its affiliates. Effective
as of the Separation Date, Executive hereby confirms that Executive will not hold any position as an officer, director or employee
with the Company and each of its affiliates, and Executive hereby agrees to resign as an officer and director of the Company and
each of its affiliates, and as a fiduciary of any benefit plan of the Company and each of its affiliates, effective as of the Separation
Date. Upon or promptly following the Separation Date (and in any event within twenty-one (21) days following the Separation Date),
Executive hereby agrees to execute an additional release in the same form as included in this Agreement (the “Bring-Down
Release”) in order to cover the Transition Period. Executive hereby agrees that the Bring-Down Release will require Executive
to acknowledge and agree that (subject to the payment of such amounts) Executive has received all amounts owed for Executive’s
regular and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement
of expenses, sick pay and usual benefits.

 

     

     

    

 

3.       Termination
Benefits. Subject to (1) Executive’s execution of the Bring-Down Release and Executive not revoking the Bring Down-Release
pursuant to any revocation rights afforded by applicable law and (2) Executive not voluntarily resigning and terminating her employment
from the Company prior to the Separation Date, Executive (or her heirs or estate if she dies during or after the Transition Period)
shall be entitled to the following benefits set forth in Sections 3(a)-(h) below in connection with her termination of employment
(the “Termination Benefits”). The Termination Benefits shall be paid to Executive in lieu of the benefits set
forth in Section 5.3 of the Employment Agreement, and upon and following the Separation Date, the Company and each of its affiliates
shall have no further obligation to make or provide to Executive, and Executive shall have no further right to receive or obtain
from the Company and each of its affiliates, and payments or benefits other than the following Termination Benefits.

 

a.       Accrued
Obligations. The Company shall pay Executive any Accrued Obligations on the next regularly scheduled payroll date of the Company
following the Separation Date, but in no event later than fifteen (15) days following the Separation Date.

 

b.       Severance
Benefit. The Company shall pay Executive the Severance Benefit at two times her current Base Salary in substantially equal
installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months,
with the first installment payable in the month following the month in which the Separation Date occurs. (For purposes of clarity,
each such installment shall equal the applicable fraction of the aggregate Severance Benefit.)

 

c.       COBRA
Benefit. Subject to Executive completing the applicable continuation enrollment procedures the Company has in place on the
Separation Date, the Company shall provide Executive with the COBRA Benefit (including MERP benefits) (which, for the avoidance
of doubt, requires Executive to continue paying the same percentage of the applicable premiums as she was paying on the Separation
Date) for the period beginning with the month following the month in which the Separation Date occurs and ending with coverage
for the thirty-sixth (36th) month following the month in which the Separation Date occurs (or, if earlier, ending upon
the first to occur of Executive’s death or the date Executive becomes eligible for coverage under the health plan of a future
employer). In the event the Company is unable to provide Executive with continuation coverage under COBRA or with continued participation
in the MERP for any month(s) during the 36-month period in which Executive is entitled to receive the COBRA Benefit under this
Section 3(c), the Company shall pay Executive a cash payment each month in such amount as may be necessary for Executive to procure
health insurance coverage which is reasonably comparable to the COBRA Benefit and the MERP benefits (after taking into account
the same percentage of the applicable premiums that is required to be paid by Executive as of the Separation Date).

 

     

     

    

 

d.       Equity
Acceleration. On the Separation Date, all then outstanding and unvested equity awards granted under the Parent Equity Plan
or any predecessor equity incentive plan shall be treated as follows: (1) any outstanding and unvested equity awards then subject
to vesting conditions based on continued employment but not performance-based vesting conditions shall vest immediately after the
Separation Date, and (2) any outstanding and unvested equity awards then subject to performance-based vesting conditions shall
remain outstanding and eligible to vest subject to satisfaction of the applicable performance-based vesting conditions as if Executive’s
employment had not terminated, provided that any such performance-based equity award otherwise scheduled to vest after December
31, 2019 shall be settled no later than December 31, 2019 based on the Company’s reasonable best estimate of the number of
shares subject to the award that will be eligible to vest based on performance.

 

e.       Pro-Rata
Bonus. The Company shall pay Executive the Pro-Rata Bonus for the 2018 calendar year if and when (and at the same achievement
or performance level) in the 2019 calendar year that Incentive Bonuses for active senior executive employees are paid (following
the completion of the audit of the 2018 financial statements in 2019).

 

f.       Enhanced
Severance Benefit. The Company shall pay Executive an additional severance amount equal to four million dollars ($4,000,000),
payable in six (6) equal installments of six hundred sixty-six thousand six hundred sixty-six dollars ($666,666) on September 30,
2018, December 30, 2018, March 30, 2019, June 30, 2019, September 30, 2019 and December 30, 2019.

 

g.       Consulting
Fees. In consideration for the Consulting Services described in Section 6 of this Agreement, the Company shall pay Executive
a consulting fee equal to two million dollars ($2,000,000), payable in six (6) equal installments of three hundred thirty-three
thousand three hundred thirty-four dollars ($333,334) on September 30, 2018, December 30, 2018, March 30, 2019, June 30, 2019,
September 30, 2019 and December 30, 2019 (the “Consulting Fee”).

 

h.        Cruise
Benefit. The Company will provide Executive two (2) cabins for up to a fourteen (14) night cruise with the Company brand of
Executive’s choice. Executive and her family (up to six (6) persons total) will be accommodated in penthouse level (or Haven
equivalent) cabins (excluding Oceania’s penthouse and Regent’s owners suites) to be assigned by the Company’s
revenue management department. Executive must use this cruise benefit during the 2019 calendar year prior to December 31, 2019.

 

4.       Release.
Executive, on behalf of Executive, Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors,
and each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its parents, subsidiaries
and affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents,
attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present (and including, without
limitation, any current or former Chief Executive Officers to whom Executive reported), and each of them, hereinafter together
and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands,
rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs,
expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”),
which she now owns or holds or she has at any time heretofore owned or held as against any of said Releasees (including, without
limitation, any Claim arising out of or in any way connected with Executive’s service as an officer, director, employee,
member or manager of any Releasee, Executive’s separation from Executive’s position as an officer, director, employee,
manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or omissions or any loss, damage
or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of
said Releasees, or any of them, committed or omitted prior to the date of this Release Agreement including, without limiting the
generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act
of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, or any other federal, state or local law,
regulation, or ordinance, or any Claim for severance pay, equity compensation, bonus, sick leave, holiday pay, vacation pay, life
insurance, health or medical insurance or any other fringe benefit, workers’ compensation or disability (the “Release”);
provided, however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant to any of the
following: (1) any equity-based awards previously granted by the Company or its affiliates to Executive, to the extent that such
awards continue after the termination of Executive’s employment with the Company in accordance with the applicable terms
of such awards (and subject to any limited period in which to exercise such awards following such termination of employment); (2)
any right to indemnification that Executive may have pursuant to the Bylaws of the Company, its Articles of Incorporation or under
any written indemnification agreement with the Company (or any corresponding provision of any subsidiary or affiliate of the Company)
or applicable state law with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the
extent otherwise provided) that Executive may in the future incur with respect to Executive’s service as an employee, officer
or director of the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to
insurance coverage for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability
insurance policy; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable
state law); (5) any rights to the Termination Benefits and other benefits provided under this Agreement; or (6) any rights to payment
of benefits that Executive may have under a retirement plan sponsored or maintained by the Company or its affiliates that is intended
to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this Release does not cover any
Claim arising after the date of this Agreement or Claim that cannot be so released as a matter of applicable law. Executive acknowledges
and agrees that she has received any and all leave and other benefits that she has been and is entitled to pursuant to the Family
and Medical Leave Act of 1993.

 

     

     

    

 

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

 

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

 

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

 

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

 

D.       Executive
was given a copy of this Agreement on February 2, 2018 and informed that she had twenty one (21) days within which to consider
this Agreement and that if she wished to execute this Agreement prior to expiration of such 21-day period, she should execute the
Endorsement attached hereto;

 

E.       Executive
was informed that she had seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and
this Agreement will become null and void if Executive elects revocation during that time. Any revocation must be in writing and
must be received by the Company during the seven-day revocation period. In the event that Executive exercises Executive’s
right of revocation, neither the Company nor Executive will have any obligations under this Agreement (including, without limitation,
any obligations to pay or provide the Termination Benefits);

 

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

 

6.       Consulting
Term. Beginning on the Separation Date and continuing until the second (2nd) anniversary of the Separation Date,
Executive agrees to provide consulting services during normal business hours to the Company as may be reasonably requested by either
the Board of Directors or Chief Executive Officer or new Chief Financial Officer of the Company from time to time; provided that
Executive and the Company agree that in no event will the Company require, nor will Executive perform, a level of services during
such period that would result in Executive not having a “separation from service” (within the meaning of Section 409A
of the Code) from the Company and its affiliates on the Separation Date. These services may include but are not limited to performing
reasonable transition and integration services related to the Company’s business and financial reporting and reasonably cooperating
with the Company regarding any litigation initiated involving matters of which Executive has particular knowledge (the “Consulting
Services”). Executive agrees to be available up to fifteen (15) days per month during the consulting term to perform
the Consulting Services. The Consulting Services will be performed during normal business hours as may reasonably be requested
by the Company after reasonable consultation with Executive. Executive acknowledges and agrees that her status at all times during
the consulting term shall be that of an independent contractor, and that Executive shall have the right to control and determine
the method and means of performing the Consulting Services. Executive hereby waives any rights to be treated as an employee or
deemed employee of the Company or any of its affiliates for any purpose during the consulting term. Executive and the Company hereby
agree that Executive shall not be entitled to any additional remuneration or fees of any kind for performing the Consulting Services
other than the Consulting Fee.

 

     

     

    

 

7.       Non-Disparagement.
Executive agrees not to make, directly or indirectly, whether verbal or in writing, any damaging or disparaging statements, representations
or remarks about or concerning Employer or any of the Released Parties. The Company agrees that its senior executive management
and board of directors shall not make, directly or indirectly, whether verbal or in writing, any damaging or disparaging statements,
representations or remarks about or concerning Executive.

 

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

 

9.       Severability.
It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore,
in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid
and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

10.       Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same agreement. This Agreement shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic or other electronic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

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

 

     

     

    

 

12.       Governing
Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED
BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION
OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN UNITED
STATES FEDERAL LAW AND THE LAW OF THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL LAW AND,
TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF FLORIDA, WILL CONTROL THE INTERPRETATION
AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE
LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

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

 

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

 

15.       Construction.
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be
deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used
in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party.

 

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

 

17.       Withholding.
Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may
be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

     

     

    

 

18.       Compliance
with Protective Covenants. Executive hereby agrees to comply with all of the protective covenants set forth in Section 6 of
the Employment Agreement following the Separation Date. If Executive breaches Executive’s obligations under Section 6 of
the Employment Agreement or Section 7 of this Agreement at any time, from and after the date of such breach and not in any way
in limitation of any right or remedy otherwise available to the Company, the Executive will no longer be entitled to, and the Company
will no longer be obligated to pay or provide, any remaining unpaid portion of the Termination Benefits.

 

19.       Section
280G. The Excise Tax provisions in Section 5.8 of the Employment Agreement shall continue to apply following the Separation
Date.

 

20.       Section
409A. Company and Executive intend that any compensation, benefits and other amounts payable or provided to the Executive under
this Agreement shall be exempt from, or shall be paid or provided in compliance with, Section 457A and Section 409A of the
Code and all regulations, guidance, and other interpretative authority issued thereunder (collectively, “Section 409A”),
to avoid adverse tax consequences, interest or penalties for Executive under Section 457A and Section 409A as a result of
the payments and benefits so paid or provided to her and this Agreement shall be interpreted consistently with such intent. Notwithstanding
anything to the contrary contained in any other provision of this Agreement, if any payments or benefits provided to the Executive
by the Company, either per this Agreement or otherwise, are non-qualified deferred compensation subject to, and not exempt from,
Section 409A (“Subject Payments”), the following provisions shall apply to such payments and/or benefits:

 

a.       Each
amount to be paid or benefit to be provided will be construed as a separate identified payment for purposes of Section 409A,
even if part of an installment payment.

 

b.       Whenever
a Subject Payment specifies a payment period with reference to a number of days, the actual date of payment within the specified
period shall be within the sole discretion of the Company.

 

c.       Neither
the Company nor Executive will have the right to accelerate or defer the delivery of any Subject Payments except to the extent
specifically permitted or required by Section 409A.

 

d.       If
and to the extent any portion of any payment, compensation or other benefit provided to Executive in connection with her separation
from service is determined to constitute a Subject Payment and she is a “specified employee” within the meaning of
Section 409A, such portion of the payment, compensation or other benefit will not be paid before the earlier of (i) the day
that is six (6) months plus one day after the date of separation from service or (ii) the tenth (10th) day after the
date of her death (as applicable, the “New Payment Date”). The aggregate of any payments that otherwise would
have been paid to Executive during the period between the date of separation from service and the New Payment Date will be paid
to her in a lump sum in the first payroll period beginning after such New Payment Date, and any remaining payments will be paid
on their original schedule.

 

     

     

    

 

e.       Any
payments that are exempt from Section 409A, including amounts exempt under the “short-term deferral” exemption
or the “involuntary separation pay plan” exemption, each as provided for under Section 409A, will not be treated
as Subject Payments unless applicable law requires otherwise.

 

21.       Legal
Protections. Nothing in this Agreement or the Employment Agreement prohibits Executive from filing a charge with or participating
in an investigation conducted by any state or federal government agencies. This Agreement and the Employment Agreement are both
subject to compliance with law and, for clarity, do not prevent Executive from accepting a whistleblower award from the Securities
and Exchange Commission pursuant to Section 21F of the Securities Exchange Act of 1934, as amended. Notwithstanding any provision
in this Agreement or the Employment Agreement, Executive may truthfully respond to a lawful and valid subpoena or other legal process,
but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make
available to the Company and its counsel the documents and other information sought, and shall assist the Company and such counsel
in resisting or otherwise responding to such process. Executive understands that nothing in this Agreement or the Employment Agreement
is intended to limit Executive’s right (i) to discuss the terms, wages, and working conditions of her employment to the extent
permitted and/or protected by applicable labor laws, (ii) to report confidential information in a confidential manner either to
a federal, state or local government official or to an attorney where such disclosure is solely for the purpose of reporting or
investigating a suspected violation of law, or (iii) to disclose confidential information in an anti-retaliation lawsuit or other
legal proceeding, so long as that disclosure or filing is made under seal and Executive does not otherwise disclose such confidential
information, except pursuant to court order. The Company encourages Executive, to the extent legally permitted, to give the Company
the earliest possible notice of any such report or disclosure. Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges
that she may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of confidential
information that: (a) is made in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint
or other document that is filed in a lawsuit or other proceeding, provided that such filing is made under seal. Further, Executive
understands that the Company will not retaliate against her in any way for any such disclosure made in accordance with the law.
In the event a disclosure is made, and Executive files any type of proceeding against the Company alleging that the Company retaliated
against her because of her disclosure, Executive may disclose the relevant confidential information to her attorney and may use
the confidential information in the proceeding if (x) she files any document containing the confidential information under seal,
and (y) she does not otherwise disclose the confidential information except pursuant to court order.

 

22.       Legal
Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity
to consult with legal counsel of their choice. Executive acknowledges and agrees that she has read and understands this Agreement
completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and she has had ample opportunity to do so.

 

     

     

    

 

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

 

EXECUTED this 2nd day of February 2018, at Miami-Dade County,
Florida

 

	 	“Executive”
	 	 	 	 
	 	/s/ Wendy A. Beck
	 	 	 	 
	 	Print Name:	Wendy A. Beck
	 	 	 	 
	 	NCL (BAHAMAS), LTD.,
	 	a company organized under the laws of Bermuda,
	 	 	 	 

	 	By: 	/s/Frank J. Del Rio
	 	 	Name:	Frank J. Del Rio
	 	 	Title:	Chairman

 

     

     

    

 

ENDORSEMENT

 

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

 

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

 

EXECUTED this 2nd day of February 2018.

 

	 	/s/ Wendy A. Beck
	 	Print Name:	Wendy A. Beck

 

     

     

    

 

BRING-DOWN RELEASE AGREEMENT

 

This Bring-Down Release Agreement (this
“Agreement”) is entered into this 5th day of March, 2018, by and between Wendy A. Beck, an individual
(“Executive”), and NCL (Bahamas) Ltd., a company organized under the laws of Bermuda (the “Company”).

 

WHEREAS, Executive is a party to
a Transition, Release and Consulting Agreement with the Company, dated as of February 2, 2018 (the “Transition Agreement”);

 

WHEREAS, Executive’s employment
by the Company or one of its subsidiaries has terminated and Executive is required to enter into this Agreement pursuant to the
Transition Agreement in order to receive the termination benefits provided for under the Transition Agreement; and

 

WHEREAS, the Company and Executive
desire to enter into this Agreement upon the terms set forth herein.

 

NOW, THEREFORE, in consideration
of the covenants undertaken, benefits provided and the releases contained in this Agreement, Executive and the Company hereby agree
as follows. Capitalized terms used in this Agreement without definition shall have the same meanings as in the Transition Agreement.

 

1.       Termination
of Employment. (a) Executive’s employment with the Company terminated on March 5, 2018 (the “Separation Date”).
Executive hereby waives any right or claim to reinstatement as an employee of the Company and each of its affiliates. Executive
hereby confirms that Executive does not hold any position as an officer, director or employee with the Company and each of its
affiliates. Executive hereby acknowledges and agrees that Executive has received all amounts owed for Executive’s regular
and usual salary (including, but not limited to, any overtime, bonus, accrued vacation, commissions, or other wages), reimbursement
of expenses, sick pay and usual benefits.

 

(b)       Notwithstanding the foregoing, (i) the
Company agrees to continue to pay Executive’s salary at its current rate during the period from the date hereof through September
30, 2018, in accordance with its normal payroll practices, as though Executive remained employed through such date and (ii) solely
for purposes of the pro ration calculation described in Section 3(e) of the Transition Agreement, Executive will be deemed to have
remained employed by the Company through September 30, 2018.

 

2.       Release.
Executive, on behalf of Executive, Executive’s descendants, dependents, heirs, executors, administrators, assigns, and successors,
and each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its parents, subsidiaries
and affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents,
attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present (and including, without
limitation, any current or former Chief Executive Officers to whom Executive reported), and each of them, hereinafter together
and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands,
rights, liens, agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs,
expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”),
which she now owns or holds or she has at any time heretofore owned or held as against any of said Releasees (including, without
limitation, any Claim arising out of or in any way connected with Executive’s service as an officer, director, employee,
member or manager of any Releasee, Executive’s separation from Executive’s position as an officer, director, employee,
manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or omissions or any loss, damage
or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of
said Releasees, or any of them, committed or omitted prior to the date of this Release Agreement including, without limiting the
generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act
of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, or any other federal, state or local law,
regulation, or ordinance, or any Claim for severance pay, equity compensation, bonus, sick leave, holiday pay, vacation pay, life
insurance, health or medical insurance or any other fringe benefit, workers’ compensation or disability (the “Release”);
provided, however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant to any of the
following: (1) any equity-based awards previously granted by the Company or its affiliates to Executive, to the extent that such
awards continue after the termination of Executive’s employment with the Company in accordance with the applicable terms
of such awards (and subject to any limited period in which to exercise such awards following such termination of employment); (2)
any right to indemnification that Executive may have pursuant to the Bylaws of the Company, its Articles of Incorporation or under
any written indemnification agreement with the Company (or any corresponding provision of any subsidiary or affiliate of the Company)
or applicable state law with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the
extent otherwise provided) that Executive may in the future incur with respect to Executive’s service as an employee, officer
or director of the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to
insurance coverage for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability
insurance policy; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable
state law); (5) any rights to the Termination Benefits provided under the Transition Agreement or the additional compensation described
in Section 1(b) hereof; or (6) any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained
by the Company or its affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended.
In addition, this Release does not cover any Claim arising after the date of this Agreement or Claim that cannot be so released
as a matter of applicable law. Executive acknowledges and agrees that she has received any and all leave and other benefits that
she has been and is entitled to pursuant to the Family and Medical Leave Act of 1993.

 

     

     

    

 

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

 

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

 

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

 

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

 

D.       Executive
was given a copy of this Release Agreement on [●], 2018 and informed that she had twenty one (21) days within which to consider
this Agreement and that if she wished to execute this Agreement prior to expiration of such 21-day period, she should execute the
Endorsement attached hereto;

 

E.       Executive
was informed that she had seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and
this Agreement will become null and void if Executive elects revocation during that time. Any revocation must be in writing and
must be received by the Company during the seven-day revocation period. In the event that Executive exercises Executive’s
right of revocation, neither the Company nor Executive will have any obligations under this Agreement (including, without limitation,
any obligations to pay or provide the Termination Benefits);

 

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

 

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

 

5.       Severability.
It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
under any present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore,
in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid
and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction,
it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

     

     

    

 

6.       Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same agreement. This Agreement shall become binding when one or more counterparts hereof, individually or
taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic or other electronic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

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

 

8.       Governing
Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED
BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION
OR RULE (WHETHER OF THE STATE OF FLORIDA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN UNITED
STATES FEDERAL LAW AND THE LAW OF THE STATE OF FLORIDA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL LAW AND,
TO THE EXTENT NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF FLORIDA, WILL CONTROL THE INTERPRETATION
AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE
LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

 

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

 

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

 

11.     Construction.
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be
deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used
in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party.

 

     

     

    

 

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

 

13.     Relationship
to Transition Agreement. This Agreement is being entered into pursuant to the Transition Agreement. This Agreement shall in
no way amend, terminate or supersede the Transition Agreement in any respect, and the Transition Agreement and each of the Company’s
and Executive’s obligations under the Transition Agreement shall continue in full force and effect.

 

14.     Legal
Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity
to consult with legal counsel of their choice. Executive acknowledges and agrees that she has read and understands this Agreement
completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and she has had ample opportunity to do so.

 

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

 

EXECUTED this 5th day of March, 2018, at Miami, Florida

 

	 	“Executive”
	 	 	 	 
	 	/s/Wendy A. Beck
	 	 	 	 
	 	Print Name:	Wendy A. Beck
	 	 	 	 
	 	NCL (BAHAMAS), LTD.,
	 	a company organized under the laws of Bermuda,
	 	 	 	 

	 	By: 	/s/Lynn White
	 	 	Name:	Lynn White
	 	 	Title:	SVP, Corporate Human Resources

 

     

     

    

 

ENDORSEMENT

 

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

 

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

 

EXECUTED this 5th day of March, 2018.

 

	 	/s/ Wendy A. Beck
	 	Print Name:	Wendy A. Beck

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