Summary
This Form 8-K filing by Carnival Corporation and Carnival plc on January 28, 2014, primarily details the separation agreement and consulting arrangement for former Chief Operating Officer, Howard S. Frank. Following his departure from operational duties, Mr. Frank has entered into agreements providing him with a lump sum payment, his fiscal 2013 bonus, retirement plan benefits, and lifetime medical/dental coverage. These arrangements also include non-compete and non-solicitation clauses for three years post-employment.
Key Highlights
- 1Howard S. Frank, former Chief Operating Officer, has departed his role.
- 2A separation agreement provides Mr. Frank with a $7,500,000 lump sum payment.
- 3Mr. Frank will receive his fiscal 2013 annual cash bonus.
- 4Mr. Frank is entitled to benefits under Carnival's Nonqualified Retirement Plan and Supplemental Executive Retirement Plan.
- 5Lifetime medical and dental coverage is provided for Mr. Frank and his spouse, subject to applicable law and co-payment by Mr. Frank.
- 6Mr. Frank has entered into a consulting agreement, receiving $575,000 annually for services as a special advisor.
- 7The separation agreement includes a three-year prohibition against Mr. Frank working for a competitor, soliciting employees, or disclosing confidential information.
Frequently Asked Questions
This filing reports on the separation agreement and consulting arrangement entered into with Howard S. Frank, the former Chief Operating Officer of Carnival Corporation and Carnival plc.
Mr. Frank is receiving a $7,500,000 lump sum payment, his fiscal 2013 annual cash bonus, benefits from company retirement plans, and lifetime medical and dental coverage for himself and his spouse. He will also receive $575,000 per year for three years as a special advisor.
Yes, for three years following his retirement from employment, Mr. Frank is prohibited from working for a competing business, soliciting company employees, and disclosing confidential information.
No, this specific 8-K filing is solely focused on the executive departure and the associated compensatory and consulting agreements. It does not provide information on broader financial results or other corporate actions.