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NCLH > SEC Filings for NCLH > Form 8-K on 7-Jun-2013All Recent SEC Filings

Show all filings for NORWEGIAN CRUISE LINE HOLDINGS LTD. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers.

On June 6, 2013, NCL (Bahamas) Ltd. (the "Company"), an indirect subsidiary of NCL Corporation Ltd. ("NCLC"), which is in turn a subsidiary of Norwegian Cruise Line Holdings Ltd. (the "Parent"), amended the terms of its existing employment agreement with Kevin Sheehan, the Company's Chief Executive Officer. The amended agreement is effective as of April 1, 2013 and amends and restates Mr. Sheehan's existing employment agreement with the Company. The amended agreement has a three-year term commencing April 1, 2013 and automatically renews for additional one-year terms on each of the first and second anniversaries of April 1, 2013, unless either party to the agreement timely objects to any renewal.

The amended agreement reflects the following key changes to the terms of Mr. Sheehan's employment with the Company:

Mr. Sheehan's annual base salary has been increased to $1,550,000. Mr. Sheehan will also be entitled to a 5% annual increase on each anniversary.

Mr. Sheehan received options to purchase 500,000 ordinary shares under the Parent's 2013 Performance Incentive Plan (the "Parent Equity Plan"), and will also be entitled to receive options to purchase 500,000 ordinary shares (subject to adjustment under the terms of Parent Equity Plan) following each anniversary of April 1, 2013 while employed under the agreement. All of these option grants will have an ordinary term of 10 years and will vest in four equal annual installments on each of the first four anniversaries of the grant date, subject to the executive's continued employment through each vesting date and accelerated vesting under certain circumstances.

Except as described herein, the material terms of Mr. Sheehan's amended agreement are the same as those in his existing employment agreement with the Company, which was filed as Exhibit 10.62 to amendment no. 3 to NCLC's registration statement on Form S-1, filed with the Securities and Exchange Commission on February 11, 2011 and is incorporated herein by reference.

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