8-KMaterial AgreementsExhibits & Filings

CARNIVAL CORP 8-K Report, Material Agreement (Oct 20, 2006)

Filed October 20, 2006For Securities:CCL

Summary

This 8-K filing by Carnival Corporation and Carnival plc on October 20, 2006, primarily details an amendment and restatement of a supplemental retirement plan for Peter Ratcliffe, the CEO of P&O Princess Cruises International and a Board member. The amendment aims to maintain the benefit level Mr. Ratcliffe was entitled to before his withdrawal from a previous pension scheme, ensuring continuity in his retirement provisions. This action reflects the company's commitment to retaining key executive talent and honoring pre-existing benefit structures. Investors should note that this plan is a supplemental retirement benefit, distinct from the company's primary pension obligations. A trust has been established to fund these obligations, providing a mechanism for the company to meet its commitments to Mr. Ratcliffe. While the specifics are detailed in an exhibit, the core information pertains to executive compensation and long-term incentive arrangements for a high-ranking officer within the organization.

Key Highlights

  • 1Carnival Corporation and Carnival plc amended and restated the supplemental retirement plan for CEO Peter Ratcliffe.
  • 2The amendment ensures Mr. Ratcliffe's retirement benefits remain at the level previously established before his withdrawal from the P&O Princess Cruises Pension Scheme.
  • 3The plan is now named the 'Princess Cruises Chief Executive Officer Supplemental Retirement Plan'.
  • 4Retirement benefits are based on a percentage of salary, with a normal retirement age of 60.
  • 5The plan allows for unreduced benefits in case of early retirement at the Company's request.
  • 6A trust has been established to accumulate assets for funding the company's obligations under this plan.
  • 7The filing references Exhibit 10.1 for the complete plan document.

Frequently Asked Questions

The primary purpose of this filing is to disclose the amendment and complete restatement of a supplemental retirement plan for Peter Ratcliffe, the CEO of P&O Princess Cruises International and a member of the company's Boards of Directors. The amendment ensures his retirement benefit level is maintained.

Peter Ratcliffe is the Chief Executive Officer of P&O Princess Cruises International and a member of the Boards of Directors of Carnival Corporation and Carnival plc. His retirement plan is being amended to maintain his benefit level after his withdrawal from a prior pension scheme.

The plan maintains the same retirement benefit level based on a percentage of his salary, with a normal retirement age of 60. Early retirement benefits would be unreduced if initiated by the Company, but reduced if initiated for other reasons. A trust has been set up to fund these obligations.

This filing specifically pertains to a supplemental retirement plan established for Peter Ratcliffe, a key executive. It is not a general change to employee retirement plans across the company.