Document:

Exhibit 10.61

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

 

DIRECTORS’ COMPENSATION POLICY

 

(Effective November 11, 2015)

 

Directors of Norwegian Cruise Line Holdings
Ltd., a company organized under the laws of Bermuda (the “Company”), who are not employed by the Company or one of
its subsidiaries (“non-employee directors”) are entitled to the compensation set forth below for their service as a
member of the Board of Directors (the “Board”) of the Company. Directors who are affiliated with Apollo, TPG or Genting
HK (“affiliated directors”) have elected to waive certain compensation under this policy, including any cash compensation,
equity awards and certain expense reimbursement, for so long as Apollo, TPG or Genting HK are shareholders of the Company. The
Board has the right to amend this policy from time to time.

 

	Cash Compensation	 	 	 	 
	Annual Cash Retainer	 	$	100,000	 
	Annual Chairperson Retainer	 	$	50,000	 
	Annual Audit Committee Chairperson Retainer	 	$	30,000	 
	Annual Compensation Committee Chairperson Retainer	 	$	20,000	 
	Annual Nominating and Governance Committee Chairperson Retainer	 	$	20,000	 
	Annual Audit Committee Member Retainer	 	$	15,000	 
	Out-of-Country Meeting Attendance Fee	 	$	10,000	 
	 	 	 	 	 
	Equity Compensation	 	 	 	 
	Annual Equity Award	 	$	125,000	 

 

Cash Compensation 

 

Each non-employee director will be entitled
to an annual cash retainer while serving on the Board in the amount set forth above (the “Annual Cash Retainer”). A
non-employee director who serves as the Chairperson of the Board will be entitled to an additional annual cash retainer while serving
in that position in the amount set forth above (the “Annual Chairperson Retainer”). A non-employee director who serves
as the Chairperson of the Audit Committee will be entitled to an additional annual cash retainer while serving in that position
in the amount set forth above (the “Annual Audit Committee Chairperson Retainer”). A non-employee director who serves
as the Chairperson of the Compensation Committee will be entitled to an additional annual cash retainer while serving in that position
in the amount set forth above (the “Annual Compensation Committee Chairperson Retainer”). A non-employee director who
serves as the Chairperson of the Nominating and Governance Committee will be entitled to an additional annual cash retainer while
serving in that position in the amount set forth above (the “Annual Nominating and Governance Committee Chairperson Retainer”).
A non-employee director who serves as a member of the Audit Committee (other than the Chairperson of the Audit Committee) will
be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual
Audit Committee Member Retainer”). A non-employee director who attends in person a Board or committee meeting located outside
of their country of residence will be entitled to a fee for attendance at the meeting in the amount set forth above (an “Out-of-Country
Meeting Attendance Fee”), provided that the director will only be entitled to one Out-of-Country Meeting Attendance Fee if
multiple Board or committee meetings are held on the same day or over consecutive days. Except for the Out-of-Country Meeting Attendance
Fee, no non-employee director will be entitled to a meeting fee for attending in-person or telephonically any other Board or committee
meetings.

 

The amounts of the Annual Cash Retainer,
Annual Chairperson Retainer, Annual Audit Committee Chairperson Retainer, Annual Compensation Committee Chairperson Retainer, Annual
Nominating and Governance Committee Chairperson Retainer and Annual Audit Committee Member Retainer are expressed as annualized
amounts. These retainers will be paid on a quarterly basis, at the end of each quarter in arrears, and will be pro-rated if a non-employee
director serves (or serves in the corresponding position, as the case may be) for only a portion of the quarter (with the proration
based on the number of calendar days in the quarter that the director served as a non-

 

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employee director or held the particular position, as the case
may be). Out-of-Country Meeting Attendance Fees for attendance at meetings that occur in a particular quarter will be paid at the
end of the quarter.

 

Equity Awards

 

Annual Equity Awards for Continuing
Board Members 

 

On the first business day of each calendar
year (beginning with the 2016 calendar year), each non-employee director then in office will automatically be granted an award
of restricted share units of the Company (an “Annual Restricted Share Unit Award”) determined by dividing (1) the Annual
Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the first business day of that
year (rounded down to the nearest whole share). Subject to the non-employee director’s continued service, each Annual Restricted
Share Unit Award will vest in one installment on the first business day of the calendar year following the calendar year of the
grant.

 

For each new non-employee director appointed
or elected to the Board after the first business day of the calendar year, on the date that the new non-employee director first
becomes a member of the Board, the new non-employee director will automatically be entitled to a pro-rata portion of the Annual
Restricted Share Unit Award (a “Pro-Rata Annual Restricted Share Unit Award”) determined by dividing (1) a pro-rata
portion of the Annual Equity Award grant value set forth above by (2) the per-share closing price of an Ordinary Share on the date
the new non-employee director first became a member of the Board (rounded down to the nearest whole share). The pro-rata portion
of the Annual Equity Award grant value for purposes of a Pro-Rata Annual Restricted Share Unit Award will equal the Annual Equity
Award grant value set forth above multiplied by a fraction (not greater than one), the numerator of which is 12 minus the number
of whole months that as of the particular grant date had elapsed since the first business day of the year, and the denominator
of which is 12. Subject to the non-employee director’s continued service, each Pro-Rata Annual Restricted Share Unit Award
will vest in one installment on the first business day of the calendar year following the year the award was granted.

 

Elective Grants of Equity Awards

 

Non-employee directors may elect, prior
to the start of each applicable calendar year, to convert all or a portion of their Annual Cash Retainer (but not any Annual Chairperson
Retainer, Annual Audit Committee Chairperson Retainer, Annual Compensation Committee Chairperson Retainer, Annual Nominating and
Governance Committee Chairperson Retainer, Annual Audit Committee Member Retainer or Out-of-Country Meeting Attendance Fees) payable
with respect to the particular calendar year into the right to receive an award of restricted share units of the Company (an “Elective
Restricted Share Unit Award”). The Elective Restricted Share Unit Award shall automatically be granted on the first business
day of each calendar year in an amount determined by dividing (1) the amount of the Annual Cash Retainer elected to be so converted
by (2) the per-share closing price of an Ordinary Share on the first business day of the year (rounded down to the nearest whole
share). Subject to the non-employee director’s continued service, each Elective Restricted Share Unit Award will vest in
one installment on the first business day of the calendar year following the year the award was granted.

 

In order to elect to receive an Elective
Restricted Share Unit Award, non-employee directors must complete an election form in such form as the Board may prescribe from
time to time (an “Election Form”), and file such completed form with the Company prior to the start of the applicable
calendar year (i.e. if a director wants to convert his or her Annual Cash Retainer payable for the 2016 calendar year, the Election
Form must be filed prior to December 31, 2015). Once an Election Form is validly filed with the Company, it shall automatically
continue in effect for future calendar years unless the non-employee director changes or revokes his or her Election Form prior
to the beginning of any such future calendar years.

 

Provisions Applicable to All Equity
Awards

 

Each award of restricted share units will
be made under and subject to the terms and conditions of the Company’s 2013 Performance Incentive Plan (the “2013 Plan”)
or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant, and
will be evidenced by, and subject to

 

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the terms and conditions of, an award agreement
in the form approved by the Board to evidence such type of grant pursuant to this policy.

 

Expense Reimbursement 

 

All directors will be entitled to reimbursement
from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident
to meetings of the Board or committees thereof or in connection with other Board related business.

 

Product Familiarization 

 

It being in the interest of the Company
for non-employee directors of its Board to review and assess the Company’s products, the non-employee directors of the Board
are encouraged to take one cruise with one of the Company’s brands annually. Accordingly, the Company will annually provide
to each non-employee director one cabin for an up to 14 night cruise with the Company brand of their choice. Non-employee directors
and a guest of their choice will be accommodated in a penthouse level (or Haven equivalent) cabin with such accommodation to be
assigned by the Company’s revenue management department. The non-employee director will be responsible for taxes, port fees
and fuel supplements as well as all onboard spending and transportation to and from the ship (other than any transportation that
would otherwise be included in the ticket price of the cruise).

 

If a Board meeting is held on a cruise,
the Company will absorb the cost of the cruise fare for each non-employee director and any guests traveling with such non-employee
director in his or her stateroom. The non-employee director will be responsible for all onboard spending during such cruise.

 

In addition, non-employee directors and
their immediate families are entitled to participate in any Company discount program in effect that is generally available to all
Company employees for any additional cruises they may wish to take.

 

The Chairperson of the Compensation Committee
of the Board may approve certain exceptions to the “Product Familiarization” section of this policy.

 

    	 	3Exhibit 10.62

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

2013 PERFORMANCE INCENTIVE PLAN

RESTRICTED SHARE UNIT AWARD AGREEMENT

 

THIS RESTRICTED SHARE UNIT AWARD AGREEMENT
(this “Agreement”) is dated as of [_________] (the “Award Date”) by and between Norwegian
Cruise Line Holdings Ltd. (the “Company”) and [_________] (the “Director”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to the Norwegian
Cruise Line Holdings Ltd. 2013 Performance Incentive Plan (the “Plan”), the Company hereby grants to the Director,
effective as of the Award Date, a credit of restricted share units under the Plan (the “Award”), upon the terms
and conditions set forth herein and in the Plan.

 

NOW THEREFORE, in consideration of
services rendered and to be rendered by the Director, and the mutual promises made herein and the mutual benefits to be derived
therefrom, the parties agree as follows:

 

1.     Defined
Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in
the Plan.

 

2.     Grant.
Subject to the terms of this Agreement, the Company hereby grants to the Director an Award with respect to an aggregate of [_________]
restricted share units (subject to adjustment as provided in Section 7.1 of the Plan) (the “Restricted Share Units”).
As used herein, the term “share unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes
to be equivalent to one outstanding Ordinary Share of the Company (subject to adjustment as provided in Section 7.1 of the Plan)
solely for purposes of the Plan and this Agreement. The Restricted Share Units shall be used solely as a device for the determination
of the payment to eventually be made to the Director if such Restricted Share Units vest pursuant to Section 3. The Restricted
Share Units shall not be treated as property or as a trust fund of any kind.

 

3.     Vesting.
Subject to Section 8 below, the Award shall vest and become nonforfeitable with respect to [one hundred percent (100%) of
the total number of Restricted Share Units (subject to adjustment under Section 7.1 of the Plan) on the first business day
of the calendar year following the calendar year in which the Award Date occurs].

 

4.     Continuance
of Service. The vesting schedule requires continued service through the applicable vesting date as a condition to the vesting
of the applicable installment of the Award and the rights and benefits under this Agreement. Service for only a portion of the
vesting period, even if a substantial portion, will not entitle the Director to any proportionate vesting or avoid or mitigate
a termination of rights and benefits upon or following a termination of services as provided in Section 8 below or under the Plan.

 

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5.     Dividend
and Voting Rights.

 

(a)      Limitations
on Rights Associated with Units. The Director shall have no rights as a shareholder of the Company, no dividend rights
(except as expressly provided in Section 5(b) with respect to Dividend Equivalent Rights) and no voting rights, with respect to
the Restricted Share Units and any Ordinary Shares underlying or issuable in respect of such Restricted Share Units until such
Ordinary Shares are actually issued to and held of record by the Director. No adjustments will be made for dividends or other rights
of a holder for which the record date is prior to the date of issuance of such Ordinary Shares underlying or issuable in respect
of such Restricted Share Units.

 

(b)      Dividend
Equivalent Rights Distributions. As of any date that the Company pays an ordinary cash dividend on its Ordinary Shares,
the Company shall credit the Director with an additional number of Restricted Share Units equal to (i) the per share cash dividend
paid by the Company on its Ordinary Shares on such date, multiplied by (ii) the total number of Restricted Share Units (including
any dividend equivalents previously credited hereunder) (with such total number adjusted pursuant to Section 7.1 of the Plan) subject
to the Award as of the related dividend payment record date, divided by (iii) the fair market value of an Ordinary Share on the
date of payment of such dividend. Any Restricted Share Units credited pursuant to the foregoing provisions of this Section 5(b)
shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Restricted Share Units
to which they relate. No crediting of Restricted Share Units shall be made pursuant to this Section 5(b) with respect to any Restricted
Share Units which, as of such record date, have either been paid pursuant to Section 7 or terminated pursuant to Section 8.

 

6.     Restrictions
on Transfer. Neither the Award, nor any interest therein or amount or shares payable in respect thereof (until such shares
underlying the Award have been issued) may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered,
either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the
Company, or (b) transfers by will or the laws of descent and distribution.

 

7.     Timing
and Manner of Payment of Share Units. On or as soon as administratively practical following the vesting of the applicable
portion of the total Award pursuant to Section 3 hereof or Section 7 of the Plan (and in all events not later than two and one-half
months after the applicable vesting date), the Company shall deliver to the Director a number of Ordinary Shares (either
by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company
in its discretion) equal to the number of Restricted Share Units subject to this Award that vest on the applicable vesting
date. The Director shall have no further rights with respect
to any Restricted Share Units that are paid or that terminate pursuant to Section 8.

 

8.     Effect
of Termination of Service. The Director’s Restricted Share Units shall terminate and be forfeited to the extent such
units have not become vested prior to the first date the Director is no longer in service to the Company or one of its Subsidiaries,
regardless of the reason. If any unvested Restricted Share Units are terminated hereunder, such Restricted Share Units shall automatically
terminate and be forfeited as of the applicable termination date without payment of any consideration by the Company and without
any other action by the Director, or the Director’s beneficiary or personal representative, as the case may be.

 

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9.     Adjustments
Upon Specified Events. Upon the occurrence of certain events relating to the Company’s shares contemplated by Section
7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such Share), the Administrator shall make adjustments
in accordance with such section in the number of Restricted Share Units then outstanding and the number and kind of securities
that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which
dividend equivalents are credited pursuant to Section 5(b).

 

10.    Plan.
The Award and all rights of the Director under this Agreement are subject to the terms and conditions of the provisions of the
Plan, incorporated herein by reference. The Director agrees to be bound by the terms of the Plan and this Agreement.

 

11.    Entire
Agreement. This Agreement and the Plan together constitute the entire agreement and supersede all prior understandings
and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may
be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Company. The Company may,
however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of
the Director hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or
a waiver of any other provision hereof.

 

12.    Counterparts.
This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument.

 

13.    Section
Headings. The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter
or affect any provision hereof.

 

14.    Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda without regard
to conflict of law principles thereunder.

 

15.    Section
409A and 457A. It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant
to Section 409A or 457A of the Code. This Agreement shall be construed and interpreted consistent with that intent.

 

16.    No Advice
Regarding Grant. The Director is hereby advised to consult with his or her own tax, legal and/or investment advisors with
respect to any advice the Director may determine is needed or appropriate with respect to the Restricted Share Units (including,
without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award).

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF, the Company has
caused this Agreement to be executed on its behalf by a duly authorized officer and the Director has hereunto set his or her hand
as of the date and year first above written.

 

	NORWEGIAN CRUISE LINE HOLDINGS LTD.,	 	DIRECTOR
	a Bermuda Company	 	 
	 	 	 
	By:	 	 	 	Signature
	 	 	 	 	 
	Print Name:	 	 	 
	 	 	 	
	Its:	 	 	 	Print Name

 

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