Arnold Donald
Carnival Corp. has extended its employment agreement with
CEO Arnold Donald, which had been set to expire this month.
Donald signed on for a three-year term, effective Oct. 14,
2013. He actually began working without a formal agreement in July 2013.
The new agreement, disclosed in a filing with the Securities
and Exchange Commission, extends the pact by one year to Oct. 14, 2017. The
agreement is subject to "automatic annual renewals," the filing said.
Detailed compensation provisions in the original agreement
have been replaced by language that says Donald's long-term incentive awards
will be determined by the board of directors at their discretion, consistent
with the terms of the company's 2011 stock plan.
Donald's compensation from Carnival for the past three years
has been in excess of $26 million, according to the 2016 proxy statement.