Carnival Cruises 2012 Annual Report Download - page 60

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Exhibit 10.32
CARNIVAL CRUISE LINES
MANAGEMENT INCENTIVE PLAN
1. OBJECTIVE
This Carnival Cruise Lines Management Incentive Plan (the “ Plan”) is designed to focus the attention of the employees of Carnival Cruise Lines (“ CCL”) on
achieving outstanding performance results as reflected in the operating income of the Carnival Cruise Lines division of Carnival Corporation (“ CCL”) and the
operating income of Carnival Corporation & plc (the “ Corporation”), as well as other relevant measures. It is intended that the bonuses paid to participants
under this Plan will be generally based 75% on achieving CCL Operating Income Target (defined below) and 25% on achieving the Corporation Operating
Income Target (defined below).
2. PLAN ADMINISTRATION
The administrators of the Plan shall be the Compensation Committees of the Boards of Directors of the Corporation (the “ Compensation Committees”). The
Compensation Committees shall have sole discretion in resolving any questions regarding the administration or terms of the Plan not addressed in this
document, as well as in resolving any ambiguities that may exist in this document.
The Compensation Committees delegate authority to approve the Target Bonus (defined below) and bonuses payable to participants who are not deemed to be
“Executive Officers” (as defined by Rule 16a-1 of the Securities Exchange Act) of the Corporation, as follows:
A. to a committee comprised of the Chief Executive Officer and the Chief Operating Officer of the Corporation (the “ Senior Management
Committee”) for:
i. the ten (10) highest paid Plan participants (based on salary plus Target Bonus for the current Plan Year) not deemed to be Executive
Officers (the “Top Ten Participants”); and
ii. the aggregate amount for all Plan participants other than the Executive Officers; and
B. to the CCL Chief Executive Officer (the “CCL CEO”) for all other Plan participants.
The term “Administrators” as used hereafter shall refer to the Compensation Committees with respect to bonus determinations for the Executive Officers
participating in the Plan; to the Senior Management Committee with respect to bonus determinations for the Top Ten Participants; and to the CCL CEO with
respect to bonus determinations for all other participants (subject to the approval by the Senior Management Committee of the aggregate amount of cash bonus
payable to all participants other than the Executive Officers).