CARNIVAL CRUISE LINES
MANAGEMENT INCENTIVE PLAN
This Carnival Cruise Lines Management Incentive Plan (the “ Plan ”) is designed to focus the attention of the employees of
Carnival Cruise Lines (“ CCL ”) on achieving outstanding performance results as reflected in the operating income of the
Carnival Cruise Lines division of Carnival Corporation (“ CCL ”) and the operating income of Carnival Corporation & plc (the “
Corporation ”), as well as other relevant measures. It is intended that the bonuses paid to participants under this Plan will be
generally based 75% on achieving CCL Operating Income Target (defined below) and 25% on achieving the Corporation
Operating Income Target (defined below).
The administrators of the Plan shall be the Compensation Committees of the Boards of Directors of the Corporation (the “
Compensation Committees ”). The Compensation Committees shall have sole discretion in resolving any questions regarding
the administration or terms of the Plan not addressed in this document, as well as in resolving any ambiguities that may exist in
The Compensation Committees delegate authority to approve the Target Bonus (defined below) and bonuses payable to
participants who are not deemed to be “ Executive Officers ” (as defined by Rule 16a-1 of the Securities Exchange Act) of the
Corporation, as follows:
The term “ Administrators ” as used hereafter shall refer to the Compensation Committees with respect to bonus
determinations for the Executive Officers participating in the Plan; to the Senior Management Committee with respect to bonus
determinations for the Top Ten Participants; and to the CCL CEO with respect to bonus determinations for all other participants
(subject to the approval by the Senior Management Committee of the aggregate amount of cash bonus payable to all
participants other than the Executive Officers).
The “ Plan Year ” shall be the 12-month period ending November 30 of each year.
Prior to the com