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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Detailed compensation provisions in the original agreement have been replaced by language that says Donald’s long-term incentive awards will be determined by the board of directors at their discretion, consistent with the terms of the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.
Sourse: travelweekly.com
