New Carnival Corp. president and CEO Arnold Donald will be paid an annual salary of $1 million for the next three years under a new compensation agreement reached this week.
In addition to salary, Donald will get a bonus this year of $1.125 million and $350,000 in relocation and temporary living expenses.
Next year, Donald will be eligible for a bonus with a target amount of $2.65 million and a maximum amount of $5.3 million, according to a filing with the Securities and Exchange Commission. His bonus for the 2015 year is not yet specified.
Donald also will participate in long-term incentive-based compensation plans, including a one-time grant of performance-based restricted stock with a target value of $3 million.
He will get an annual grant of Carnival stock worth $3.5 million a year.
The filing said Donald's compensation as a director of Carnival Corp. ended on July 3, the day he began his employment with Carnival. Follow @tstravelweekly on Twitter.