Mr. Donald received a target PBS grant of 43,263
shares in February 2018. The PBS grant made to Mr. Donald in fiscal 2018 is capable of vesting between zero to 200% of target based upon the extent to which operating income, as adjusted for certain fuel price changes and currency exchange rate
impacts, for each of the three fiscal years in the 2018-2020 performance cycle and the average of each annual return on invested capital (ROIC) result for the three-year performance cycle exceeds the specified performance goals. Under
the terms of the grant, the operating income result is weighted 60% and ROIC result is weighted 40%. The operating income and ROIC targets will be disclosed at the end of the performance period (as these targets are deemed strategic and commercially
In April 2018, the Compensation Committees also
approved an SEA grant to Mr. Donald in the form of 35,000 target shares. The SEA grant is entirely performance-based and the ultimate value is contingent upon Carnival Corporation & plcs absolute TSR as modified by our TSR rank
relative to the Peer Group over the period of December 1, 2017 through November 30, 2020, which may be from zero to 600% of target.
The Compensation Committees approved the long-term equity grants to Mr. Donald after an evaluation of current market practice, the aggregate market
positioning of total direct compensation, and the Compensation Committees focus on the alignment between Mr. Donalds pay outcomes and Carnival Corporation & plcs long-term performance.
The 2016 PBS grant made to Mr. Donald in April 2016 reached the
end of the performance period at the end of fiscal 2018 and will vest on February 15, 2019.