EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

This section describes each of the material elements of compensation awarded to, earned by or paid to our executive officers identified in the “2015 Summary Compensation Table,” whom we refer to in this section as our “Named Executive Officers” or “NEOs.” This section also describes the role and involvement of various parties in our executive compensation analysis and decisions, and provides a discussion of the process and rationale for the decisions of our Compensation Committee to compensate our

2018 Named Executive Officers ~~with specific types and amounts of compensation.~~

~~2015 Named Executive Officers~~

Our Named Executive Officers, or NEOs, for ~~2015~~2018 were:

Frank J. Del Rio		President and Chief Executive Officer
~~Kevin M. Sheehan~~Mark A. Kempa	~~Former President and Chief Executive Officer~~
~~Wendy A. Beck~~	Executive Vice President and Chief Financial Officer
~~Andrew Stuart~~Wendy A. Beck		Former Executive Vice President and Chief Financial Officer (resigned March 2018)
Jason Montague		President and Chief ~~Operating~~Executive Officer, ~~of the Norwegian brand~~Regent
~~Jason M. Montague~~Andrew Stuart		President and Chief ~~Operating~~Executive Officer, ~~of the Oceania Cruises and Regent brands~~Norwegian
~~Robert Binder~~T. Robin Lindsay		Executive Vice ~~Chairman, Oceania Cruises and Regent~~President, Vessel Operations

Our Compensation Committee determines all aspects of our executive compensation program and makes all compensation decisions affecting our ~~Named Executive Officers.~~NEOs. None of our ~~Named Executive Officers~~NEOs are members of our Compensation Committee or otherwise had any role in determining the compensation of our other ~~Named Executive Officers, although in 2015, our~~NEOs. Our Compensation Committee ~~did~~does consider the recommendations of Mr. Del Rio ~~(other than with respect to his own compensation)~~ in setting compensation levels for ~~our executive officers.~~NEOs besides himself.

~~Executive Compensation Program Highlights~~

~~Highlights of our executive compensation program include:~~

•

~~As of March 2016, our Compensation Committee is composed solely of independent directors.~~

•

Summary of Compensation Program

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In 2015, for the first time, our Compensation Committee engaged an independent compensation consultant to provide competitive market data and conduct a review of our executive compensation programs; these inputs and data served as guidelines to our Compensation Committee in determining the components of our executive compensation program and the amount of each component awarded to our executive officers.

•

In August 2015, we amended the employment agreement for our President and Chief Executive Officer to, among other changes, (1) reduce his annual base salary by $337,500, beginning January 1, 2016, (2) eliminate his right to receive automatic 5% increases to his base salary amount each calendar year and (3) eliminate his right to receive a fixed amount of automatic time-based stock option awards each calendar year.

•

In August 2015, we granted our President and Chief Executive Officer a special one-time, front-loaded, performance-based equity award that is intended to provide him with a meaningful equity incentive for the approximately four-year term of his amended employment agreement. This award consists of a combination of stock options and share units, with the vesting of 50% of the options and 50% of the share units tied to the achievement of Adjusted EPS, Adjusted ROIC (each as defined below) and share price appreciation performance targets described below.

•

~~For our Named Executive Officers other than our President and Chief Executive Officer, a substantial portion of their target total direct compensation opportunity for 2015 was granted in the form of~~Mr. Kempa’s equity awards ~~with multi-year vesting requirements to closely align their interests with those of our shareholders.~~differ as he was promoted after the 2018 equity grants.

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Financial Highlights

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Shareholder Outreach Regarding Compensation Program

In response to our 2018 Say-on-Pay vote, we initiated engagement with shareholders owning approximately 50% of our ordinary shares and had meetings, led by our Compensation Committee Chairperson, with shareholders owning approximately 32% of our outstanding ordinary shares as of December 31, 2018.

The results of this outreach were shared with the entire Board. Due to the timing of our compensation decisions, some of the resulting changes to our compensation program will be effective in 2019. The key feedback we received from shareholders at these meetings and our responses to the feedback included:

Investor Feedback

WHAT WE HEARD

HOW WE RESPONDED

Compensation for our executives should be heavily weighted towards performance

President and CEO’s 2019 target annual equity award is increased from 60% to 75% performance-based

The performance period for equity awards should be increased

Increased the Adjusted ROIC performance period for 2019 equity awards from one year to two years

Disclosures regarding the compensation program should be improved

Proxy Statement has been revised to better communicate our compensation practices

We should continue providing annual performance-based equity grants instead of front-loaded equity grants

We continued providing annual performance-based equity grants in both 2018 and 2019

Compensation Committee should continue to evaluate metrics for short and long-term incentives

Our Compensation Committee will consider alternate metrics going forward, and is committed to choosing metrics that we believe will drive long-term growth

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EXECUTIVE COMPENSATION

~~Our Named~~

Elements of our Executive ~~Officers’~~Compensation Program

Base Salaries

Each NEO is party to an employment agreement which provides a fixed base salary, subject to annual ~~cash bonus opportunities~~review by our Compensation Committee. Decisions regarding adjustments to base salaries are ~~directly tied to the achievement of objective performance targets established~~made at the ~~consolidated NCLH level. In 2015, we eliminated the non-financial individual performance component~~discretion of our ~~Named Executive Officers’ annual cash bonus opportunities.~~

•

~~We do not pay any Named Executive Officers any “single trigger” cash severance payments or~~Compensation Committee, as all automatic base salary increases have ~~“single trigger” equity vesting in connection with a change in control.~~

•

~~We do not reprice underwater stock options.~~

~~Executive Compensation Program Objectives and Philosophy~~

~~Our executive compensation arrangements~~been eliminated. Base salaries are ~~guided by the following principles and business objectives:~~

•

~~We believe that a capable, experienced and highly motivated executive management team is critical~~used to ~~our success and to the creation of long-term shareholder value.~~

•

We believe that the most effective executive compensation program is one that is designed to reward the achievement of annual, long-term and strategic goals and aligns the interests of our executive officers with those of our shareholders, with the ultimate objective of improving long-term shareholder value.

~~Our executive compensation program is designed according to these principles and is intended to achieve two principal objectives: (1) effectively~~ attract and retain ~~executive officers with~~highly qualified executives. In reviewing base salary levels for our NEOs, our Compensation Committee considers the ~~requisite skills~~following

factors: job responsibilities, leadership and experience, to help us achieve our business objectives and develop, expand and execute business opportunities that improve long-term shareholder value; and (2) motivate our executive officers to achieve our short-term and long-term business objectives and increase long-term shareholder value ~~by linking executive compensation~~ to our ~~performance~~Company and ~~increases in long-term shareholder value.~~

Our current compensation program consists of four key elements, each of which is designed to be consistent with our compensation philosophy and business objectives: (1) base salary; (2) annual incentive cash bonuses that are earned solely based on Company-wide financial performance objectives; (3) long-term incentive compensation in the ~~form of equity awards that are subject to time-based vesting requirements; and (4) in the case~~recommendations of our President and Chief Executive Officer ~~a combination of long-term incentive compensation~~(other than with respect to his own base salary). After holding our CEO’s and most other NEO’s base salaries flat in ~~the form of equity awards that are earned solely based on Company-wide financial performance objectives or time-based vesting. We also provide 401(k) retirement benefits, perquisites~~2016 and ~~severance benefits to our executive officers, including the Named Executive Officers.~~

~~In structuring our executive compensation arrangements,~~2017, our Compensation Committee ~~considers how each compensation element meets~~increased base salaries in 2018. Our Compensation Committee determined these ~~objectives. Base salaries, severance~~merit-based increases were warranted due to our continuing strong operational results:

NEO	2017 Base Salary			2018 Base Salary
Frank J. Del Rio		$	1,500,000	$1,800,000(1)
Mark A. Kempa		$	425,000	$700,000(1)
Wendy A. Beck		$	650,000	$700,000
Jason Montague		$	650,000	$700,000
Andrew Stuart		$	650,000	$700,000
T. Robin Lindsay		$	650,000	$700,000

(1)

Increased base salary was effective from March 1, 2018. Mr. Kempa’s base salary was increased in connection with his appointment as Executive Vice President and ~~retirement benefits are primarily intended to attract and retain highly qualified executives. These are the elements~~Chief Financial Officer.

Annual Performance Incentives

Each of our ~~executive compensation program where~~NEOs is eligible for an annual cash performance incentive based on the ~~value~~attainment of performance objectives for the ~~benefit in any given year is not dependent on~~fiscal year. Annual cash performance ~~(although base salary amounts and benefits determined by reference to base salary may change from year to year depending on performance, among other things). We believe~~incentives ensure that in order to attract and retain top executives, we need to provide our executive officers with compensation levels that reward their continued service and are competitive. Some of the elements, such as base salaries, are paid out on a short-term or current basis. Other elements, such as retirement benefits, are paid out on a longer-term basis. We believe that this mix of short and long-term elements allows us to achieve our goals of attracting and retaining top executives.

~~Annual incentive cash bonuses and long-term equity incentives are the elements~~portion of our ~~executive~~NEOs’ annual compensation ~~program that are “at risk” and designed to reward~~is at risk, based on our performance ~~and thus the creation of long-term shareholder value. Annual incentive~~against pre-established, objective targets. Our Compensation Committee uses annual cash ~~bonuses are primarily intended~~performance incentives to motivate ~~the Named Executive Officers~~our NEOs to achieve our annual financial objectives ~~although we also believe they help us attract~~ and retain top executives. Our long-term equity incentives are primarily intended to align our Named Executive Officers’ long-term interests with shareholders’ long-term interests, although we also believe that they play a role in helping us to attract and retain top executives.

Target Annual Cash Performance Incentive Opportunities. Our Compensation Committee annually establishes each NEO’s, other than Mr. Del Rio’s, annual cash performance incentive opportunity by evaluating a variety of factors, including: (1) scope of responsibilities and position, (2) expertise and experience, (3) potential to achieve business objectives, (4) competitive compensation market data, including the bonus opportunities provided by our Peer Group, (5) ability to create shareholder value and (6) recommendations of our President and Chief Executive Officer. Mr. Del Rio’s annual cash bonus opportunity was negotiated by our Compensation Committee in connection with his employment agreement.

Corporate Performance Measures. Each year, our Compensation Committee establishes the performance objectives for the annual cash performance incentives. The performance objectives are based on financial performance at the consolidated NCLH level as our

31Compensation Committee believes this structure most closely aligns the interests of our NEOs and our shareholders.

The actual annual cash performance incentive earned by our NEOs is determined by our Compensation Committee based on the level of achievement of the pre-established corporate performance objectives. After the end of the year, our Compensation Committee reviews our actual performance against the target levels. Our Compensation Committee exercises its judgment whether to reflect or exclude the impact of extraordinary, unusual or infrequently occurring events, or unforeseen events in determining the extent to which the performance measures are met.

For 2018, our Compensation Committee selected adjusted earnings per share (“Adjusted EPS”) as the performance measure for purposes of the annual cash performance incentives. Our Compensation Committee believes that Adjusted EPS is an important measure to incentivize our NEOs to achieve our short-term business objectives as it is a key factor in driving shareholder value. In setting the target level for Adjusted EPS for 2018, our Compensation Committee considered several factors, including a careful review of the annual budget and the desire to ensure continued improved performance on a year-over-year basis. A reconciliation of Adjusted EPS to the most directly comparable GAAP financial measure is included in Appendix A. At the Compensation Committee’s discretion, certain adjustments for fuel rate impacts, foreign exchange rate impacts, and one-time items may be made to the Adjusted EPS target.

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The following table summarizes the Adjusted EPS performance levels and related payout opportunities. If the threshold level established for Adjusted EPS performance was not achieved, no payouts would have

been made. NEOs have the opportunity to receive incremental payments for performance in between the established target levels.

Name

Threshold
Adjusted
EPS: $4.50(2)

Target
Adjusted
EPS: $4.55

Maximum
Adjusted
EPS: $4.72(3)

Actual

% of
Target

Frank J. Del Rio(1)

$1,800,000
(100% of base salary)

$3,600,000
(200% of base salary)

$5,400,000
(300% of base salary)

$5,400,000

150%
(pursuant to cap)

Mark A. Kempa(4)

$314,034
(47.9% of base salary)

$628,068
(95.8% of base salary)

$1,570,171
(239.5% of base salary)

$1,570,171

250%

Wendy A. Beck

$350,000
(50% of base salary)

$700,000
(100% of base salary)

$1,750,000
(250% of base salary)

$1,304,110(5)

186%

Jason Montague

$350,000
(50% of base salary)

$700,000
(100% of base salary)

$1,750,000
(250% of base salary)

$1,750,000

250%

Andrew Stuart

$350,000
(50% of base salary)

$700,000
(100% of base salary)

$1,750,000
(250% of base salary)

$1,750,000

250%

T. Robin Lindsay

$350,000
(50% of base salary)

$700,000
(100% of base salary)

$1,750,000
(250% of base salary)

$1,750,000

250%

(1)

Mr. Del Rio’s annual cash performance incentive opportunity was based on his ending base salary for 2018.

(2)

Excludes the impact of incremental bonus payments.

(3)

Unlike the other NEOs, Mr. Del Rio’s annual cash performance incentive opportunity was capped at 150% of his target bonus opportunity. Consequently, the Adjusted EPS performance level required for Mr. Del Rio to achieve a maximum payout was $4.61.

(4)

Mr. Kempa’s annual cash performance incentive opportunity was pro-rated from March 1, 2018 in connection with his appointment as Executive Vice President and Chief Financial Officer.

(5)

Ms. Beck’s actual annual cash performance incentive was paid according to her transition agreement.

For 2018, our Compensation Committee ~~believes that performance-based~~established an Adjusted EPS target level of $4.55, which was 19.7% higher than our target for 2017, and which required a 14.9% increase in Adjusted EPS performance from the prior year. Our actual 2018 Adjusted EPS of $4.92 exceeded our maximum Adjusted EPS objectives. Based

on these results, which represented a 24.2% increase in Adjusted EPS performance over prior year, our Compensation Committee approved maximum level annual cash performance incentives for our NEOs (other than Ms. Beck).

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Long-Term Equity Incentive Compensation

The following table summarizes the equity awards our Compensation Committee granted in 2018 and how they help accomplish our compensation ~~such as annual incentive cash bonuses~~objectives:

Components of Long-Term Equity Incentive Compensation	What It Is	Why We Use It	2018 Weighting
PSUs (performance share units)	Opportunity to receive a specified number of shares based on achievement of performance objectives determined by our Compensation Committee. 2018 PSU awards include a one-year service requirement in addition to performance objectives.	Focuses our NEOs on the achievement of key financial operating objectives over a multi-year period. Adjusted EPS growth and Adjusted ROIC targets align NEO’s interests with shareholders. Serves as a retention incentive.	CEO: 60% of total target equity award Other NEOs: 33.3% of total target equity award
RSUs (restricted share units)	Right to receive a specified number of shares at the time the award vests. Value fluctuates with the price of our ordinary shares. Vests in annual installments over three years.	Aligns our NEOs’ interests with those of our shareholders. Serves as a retention incentive.	CEO: 40% of total target equity award Other NEOs: 66.7% of total target equity award

In determining the value granted to each NEO, our Compensation Committee considers each NEO’s position, their expected contribution toward achieving our long-term objectives, a review of Peer Group compensation levels and ~~long-term equity incentives play a significant role in aligning management’s interests with those~~recommendations of our shareholders. For this reason, these forms of compensation constitute a significant portion of each of our Named Executive Officers’ compensation opportunity. In 2015, approximately 93% of the total compensation for our President and Chief Executive Officer ~~reported~~(other than with

respect to his own compensation). Our Compensation Committee generally makes equity awards to our NEOs and other members of management once a year, but awards may be granted outside this annual grant cycle in connection with events such as hiring, promotion or extraordinary performance.

Named Executive Officer Awards

Application of Accounting Principles. Due to the ~~“2015~~application of accounting principles for share-based awards, our “2018 Summary Compensation Table” includes values for PSU awards made to our NEOs in both 2018 and 2017. In order for an award to be granted under FASB ASC Topic 718, a required condition is that there is a mutual understanding of the terms and condition of the awards. Under the terms of the awards, our Compensation Committee has the discretion to make certain adjustments to the performance calculation after the award date. As such, a mutual understanding was not attained when the 2017 PSU awards were issued. In 2018, a determination was made that it was not probable that our Compensation Committee would exercise this right. Therefore, in early 2018, it was determined that a mutual understanding of the key terms and conditions of the PSU awards was ascertained and thus, the grant date was established for

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was based on the price of our ordinary shares on that date and the probability of us achieving the performance metrics, which had increased since the award was originally made, resulting in a higher fair value of

$7.7 million dollars. The effect of this change in accounting estimate for our President and CEO is illustrated in the chart below:

President and Chief Executive Officer. In order to provide Mr. Del Rio with competitive, ongoing, long-term incentives that drive strong financial performance, and retain his services through 2020, the amendment to Mr. Del Rio’s employment agreement in August 2017 provided Mr. Del Rio with an annual target award of RSUs and PSUs worth $7.5 million as of the date of award. Such annual award is contractually required to be at least 60% performance-based. By structuring the employment agreement this way, our Compensation Committee preserved the flexibility to structure a greater percentage of Mr. Del Rio’s annual equity award as performance-based, while requiring that a minimum of 60% of Mr. Del Rio’s annual equity award will be performance-based. Our Compensation Committee also

preserved the flexibility to establish the applicable performance metrics and targets each year, thereby providing our Compensation Committee with discretion to choose a performance-based award structure each year that will best incentivize growth in long-term shareholder value.

In 2018, Mr. Del Rio was awarded a target of 79,435 PSUs. Half of the target PSUs can be earned based on average Adjusted EPS growth for 2018 and 2019 and the other half can be earned based on Adjusted ROIC for 2019. Each half of the target PSUs can be paid out 0% to 200% based on stretch targets. Shown in the tables below are the performance expectations for each metric.

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Average Adjusted EPS Growth Metric (50% of Target Units)
	2018 – 2019 Average Adjusted EPS Growth		Percentage of Target Adjusted EPS Growth Units Earned
Below Threshold		≤12.6%	0%
		>12.6%(1)	0.0001%
		13.8%	100%
Maximum		15%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

2019 Adjusted ROIC Metric (50% of Target Units)
	2019 Adjusted ROIC		Percentage of Target Adjusted ROIC Units Earned
Below Threshold		<10.1%	0%
		10.1%(1)	120%
		10.6%	160%
Maximum		11.1%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

In order to reinforce the long-term nature of the PSU award, in addition to the performance requirements above, the PSUs are also subject to a time-based vesting requirement through March 1, 2021. Definitions of Adjusted EPS and Adjusted ROIC can be found in Appendix A. At our Compensation Committee’s discretion, certain adjustments for fuel rate impacts, foreign exchange rate impacts, acquisitions, newly ordered vessels and other extraordinary items may be made to the targets.

As part of his 2018 annual equity award, Mr. Del Rio was also awarded 52,956 RSUs that are subject to time-based vesting requirements and will become vested ratably on each of March 1, 2019, 2020 and 2021, in each case subject to Mr. Del Rio’s continued employment through the applicable vesting date.

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Following numerous shareholder engagement discussions regarding last year’s disappointing Say-on-Pay results, our Compensation Committee decided to make some changes to the structure of Mr. Del Rio’s equity award for 2019, including

increasing the percentage of the target value of his equity award that is performance-based to 75% and increasing the performance period for the PSUs subject to the Adjusted ROIC metric from one year to two years, as illustrated below:

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Other NEOs. The PSUs awarded to our other NEOs in 2018 have the same structure and performance goals as Mr. Del Rio’s PSUs described above. Our Compensation Committee, after consultations with FW Cook, determined that the annual equity awards made to our other NEOs should also consist of a combination of

PSUs that may be earned based on our Adjusted ROIC performance in 2019, average Adjusted EPS growth for 2018 and 2019 and continued service through March 1, 2021 and time-based RSUs that vest in three equal, annual installments. For 2018, 33.3% of each NEO’s total annual equity award consisted of ~~at-risk incentive~~PSUs.

Benefits and Perquisites

We provide our NEOs with retirement benefits under our 401(k) Plan, participation in our medical, dental and insurance programs and vacation and other holiday pay, all in accordance with the terms of such plans and programs in effect and substantially on the same terms as those generally offered to our other employees (although vacation benefits may differ).

In addition, our NEOs receive a cash ~~bonuses~~automobile allowance, a cruise benefit for Company cruises, including

certain travel for immediate family, as well as coverage under an executive medical plan which provides coverage of certain extra medical, dental and ~~long-term equity incentives.~~vision expenses. We believe that the level and mix of perquisites we provide to our NEOs is consistent with market compensation practices.

Mr. Del Rio is also entitled to certain additional perquisites pursuant to the terms of his amended employment agreement originally entered into with Prestige.

Severance Arrangements and Change in Control Benefits

Each of our NEOs is or was employed pursuant to an employment agreement providing for severance payments and benefits upon an involuntary termination of the NEO’s employment by us without “cause” or by him or her for “good reason.” The severance payments and benefits in each employment agreement were negotiated in connection with the execution of each employment agreement. In ~~determining~~each case, our Compensation Committee determined that it was appropriate to provide the ~~appropriate~~executive officer with severance payments and benefits under the circumstances in light

of each of their respective positions with us, general competitive practices and as part of each of their overall compensation ~~mix for~~packages.

When negotiating each executive officer’s severance payments and benefits, our Compensation Committee took into consideration an analysis of the severance payments and benefits provided to similarly situated executives at our Peer Group companies. The severance payments and benefits payable to each of our ~~Named Executive Officers,~~NEOs (including Mr. Del Rio) upon a qualifying termination of employment generally include a cash payment based on

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a multiple of his or her base salary (and annual incentive in Mr. Del Rio’s case), a pro-rata portion of any annual cash incentive actually earned for the year of termination of employment, continuation or payment in respect of certain benefits and, in certain cases only, accelerated or continued vesting of outstanding equity awards. We do not believe that our NEOs should be entitled to any cash severance payments or benefits merely because of a change in control of our Company. Accordingly, none of our NEOs are entitled to any such payments or benefits upon the occurrence of a change in control of our Company unless there is an actual termination (other than for “cause”) or constructive termination of employment for “good reason” following the change in control (a “double-trigger” arrangement). Similarly, none of our NEOs are entitled to receive any automatic “single trigger” equity vesting upon the occurrence of a change in control of our Company, and severance protections for equity awards also require an actual termination (other than for “cause”) or constructive termination of employment for “good reason” following the change in control.

No NEO is entitled to receive a “gross-up” or similar payment for any potential change in control excise taxes,

and, depending on what results in the best after-tax benefit for the executive, benefits may be “cut back” instead in such circumstances.

The material terms of these payments and benefits, are described in the “Potential Payments Upon Termination or Change in Control” section below. In connection with Ms. Beck’s departure from our Company in 2018, she entered into a transition agreement, which provided Ms. Beck certain additional benefits also described in “Potential Payments Upon Termination or Change in Control.”

Peer Group

Our Compensation Committee believes that it is important to be informed about the pay practices and pay levels of comparable public companies with which we compete for top talent (our “Peer Group”).

After considering the selection process outlined below and recommendations of FW Cook, our Compensation Committee ~~considers~~determined not to make any changes from our peer group in 2017. Our Peer Group included the following companies:

• Alaska Air Group, Inc.	• Hilton Worldwide Holdings Inc.	• Royal Caribbean Cruises Ltd.
• Brinker International, Inc.	• Hyatt Hotels Corporation	• Spirit Airlines, Inc.
• Caesars Entertainment Corporation	• JetBlue Airways Corporation	• Wyndham Destinations, Inc.
• Carnival Corporation	• Las Vegas Sands Corp.	• Wynn Resorts, Limited
• Darden Restaurants, Inc.	• MGM Resorts International	• YUM! Brands, Inc.
• Expedia Group, Inc.	• Penn National Gaming, Inc.

We used the following methodology to select our Peer Group. Carnival Corporation and ~~assesses, among other factors, his~~Royal Caribbean Cruises Ltd. were selected because we believe these cruise lines are the two public companies most similar to our Company and with whom we most directly compete for talent. We then considered a range of publicly traded companies in the following industries which reflect elements of our business or ~~her responsibilities, background~~have similar business characteristics such as:

•

hotels, resorts and ~~experience,~~cruise lines,

•

airlines,

•

casinos and gaming,

•

restaurants and

•

internet and direct marketing retail.

We evaluated the companies in these categories by focusing on companies with market capitalizations ranging from approximately 0.3x to 3.0x our market capitalization in October 2018 and with revenues ranging from approximately 0.3x to 3.0x our trailing annual revenue measured as of September 2018.

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Objectives and Philosophy of our Executive Compensation Program


	Attract and retain top talent in a competitive market			We want to be an employer of choice for individuals with the specific skill sets and experience required for the cruise industry.
	Motivate employees with clear, NCLH-level goals			We believe that clear, NCLH-level goals motivate management to work together as a team towards shared objectives.
	Compensation opportunities align executives with shareholders			We align management with shareholders by choosing NCLH incentive compensation performance metrics that we believe drive long-term value for our shareholders.

Role of Shareholder Say-on-Pay Votes

Each year, we provide our shareholders the opportunity to cast an advisory vote on the compensation of our NEOs (also known as a “Say-on-Pay” vote). At our annual general meeting in June 2018, approximately 68.4% of the votes cast were in favor of the 2017 compensation of our NEOs. Our Compensation Committee was disappointed in our Say-on-Pay results and as a result, conducted the shareholder engagement effort outlined on page 15. Since our compensation decisions for 2018 were already made in advance of the 2018 annual Say-on-Pay vote, the changes we made in response to the ~~Company, as well as his or her expected level~~2018 vote and our shareholder outreach regarding the 2018 vote began in 2019. These actions in response to shareholder feedback are outlined on page 31.

When making future compensation decisions for our NEOs, our Compensation Committee will continue to consider the opinions that our shareholders express through the results of ~~contribution toward achieving~~these Say-on-Pay votes and through direct engagement with our ~~long-term objectives.~~shareholders.

~~Role~~Long-Term Equity Incentive Compensation

The following table summarizes the equity awards our Compensation Committee granted in 2018 and how they help accomplish our compensation objectives:

Components of Long-Term Equity Incentive Compensation	What It Is	Why We Use It	2018 Weighting
PSUs (performance share units)	Opportunity to receive a specified number of shares based on achievement of performance objectives determined by our Compensation Committee. 2018 PSU awards include a one-year service requirement in addition to performance objectives.	Focuses our NEOs on the achievement of key financial operating objectives over a multi-year period. Adjusted EPS growth and Adjusted ROIC targets align NEO’s interests with shareholders. Serves as a retention incentive.	CEO: 60% of total target equity award Other NEOs: 33.3% of total target equity award
RSUs (restricted share units)	Right to receive a specified number of shares at the time the award vests. Value fluctuates with the price of our ordinary shares. Vests in annual installments over three years.	Aligns our NEOs’ interests with those of our shareholders. Serves as a retention incentive.	CEO: 40% of total target equity award Other NEOs: 66.7% of total target equity award

respect to his own compensation). Our Compensation ~~Consultant~~Committee generally makes equity awards to our NEOs and other members of management once a year, but awards may be granted outside this annual grant cycle in connection with events such as hiring, promotion or extraordinary performance.

~~Pursuant~~

Named Executive Officer Awards

Application of Accounting Principles. Due to ~~its charter,~~the application of accounting principles for share-based awards, our “2018 Summary Compensation Table” includes values for PSU awards made to our NEOs in both 2018 and 2017. In order for an award to be granted under FASB ASC Topic 718, a required condition is that there is a mutual understanding of the terms and condition of the awards. Under the terms of the awards, our Compensation Committee has the ~~authority~~discretion to ~~engage its own advisors~~make certain adjustments to ~~assist in carrying out its responsibilities.~~the performance calculation after the award date. As such, a mutual understanding was not attained when the 2017 PSU awards were issued. In ~~2015,~~2018, a determination was made that it was not probable that our Compensation Committee ~~retained Compensia,~~would exercise this right. Therefore, in early 2018, it was determined that a ~~national compensation consulting firm,~~mutual understanding of the key terms and conditions of the PSU awards was ascertained and thus, the grant date was established for

performance-based awards granted in prior years. Going forward, we expect that PSUs awarded to ~~advise it~~our NEOs will be considered granted for accounting purposes when they are awarded, and that was the case for the awards made to our NEOs in 2018. As a result, the reported value of our NEO’s equity awards for 2018 is not representative of a single year’s award, even though our NEOs have received consistent annual awards in both 2017 and 2018. For example, in 2017, our President and CEO received a target award of 79,073 PSUs and in 2018, our President and CEO received a target award of 79,435 PSUs. Both the 2017 and 2018 PSU awards made to our President and CEO had target values of $4.5 million on the dates our Compensation Committee made the awards, which were August 1, 2017 and March 1, 2018, respectively. However, when the grant date was established for the 2017 PSU award on February 27, 2018, the fair value of the 2017 PSU award

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$7.7 million dollars. The effect of this change in accounting estimate for our President and CEO is illustrated in the chart below:

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Average Adjusted EPS Growth Metric (50% of Target Units)
	2018 – 2019 Average Adjusted EPS Growth		Percentage of Target Adjusted EPS Growth Units Earned
Below Threshold		≤12.6%	0%
		>12.6%(1)	0.0001%
		13.8%	100%
Maximum		15%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

2019 Adjusted ROIC Metric (50% of Target Units)
	2019 Adjusted ROIC		Percentage of Target Adjusted ROIC Units Earned
Below Threshold		<10.1%	0%
		10.1%(1)	120%
		10.6%	160%
Maximum		11.1%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

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Following numerous shareholder engagement discussions regarding last year’s disappointing Say-on-Pay results, our Compensation Committee decided to make some changes to the ~~amount~~structure of Mr. Del Rio’s equity award for 2019, including

increasing the percentage of the target value of his equity award that is performance-based to 75% and ~~types~~increasing the performance period for the PSUs subject to the Adjusted ROIC metric from one year to two years, as illustrated below:

Benefits and Perquisites

In addition, our NEOs receive a cash automobile allowance, a cruise benefit for Company cruises, including

certain travel for immediate family, as well as coverage under an executive medical plan which provides coverage of certain extra medical, dental and vision expenses. We believe that the level and mix of perquisites we provide to our ~~executive officers, how our~~NEOs is consistent with market compensation ~~practices compared~~practices.

Mr. Del Rio is also entitled to certain additional perquisites pursuant to the ~~compensation practices~~terms of ~~other companies~~his amended employment agreement originally entered into with Prestige.

Severance Arrangements and Change in Control Benefits

Each of our NEOs is or was employed pursuant to advise on matters related to our incentive compensation. Our Compensation Committee considered input from Compensia as one factor in making decisions with respect to compensation matters, along with informationan employment agreement providing for severance payments and ~~analysis they receive from management and their own judgment and experience.~~

~~Based on consideration~~benefits upon an involuntary termination of the ~~factors set forth~~NEO’s employment by us without “cause” or by him or her for “good reason.” The severance payments and benefits in each employment agreement were negotiated in connection with the ~~rules~~execution of ~~the SEC and the listing standards of the NASDAQ,~~each employment agreement. In each case, our Compensation Committee ~~has~~ determined that ~~Compensia satisfies~~it was appropriate to provide the ~~independence criteria~~executive officer with severance payments and ~~that~~benefits under the circumstances in light

of each of their ~~relationship~~respective positions with ~~Compensia~~us, general competitive practices and ~~the work performed by Compensia on behalf~~as part of each of their overall compensation packages.

When negotiating each executive officer’s severance payments and benefits, our Compensation Committee took into consideration an analysis of the ~~Compensation Committee has~~severance payments and benefits provided to similarly situated executives at our Peer Group companies. The severance payments and benefits payable to each of our NEOs (including Mr. Del Rio) upon a qualifying termination of employment generally include a cash payment based on

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a multiple of his or her base salary (and annual incentive in Mr. Del Rio’s case), a pro-rata portion of any annual cash incentive actually earned for the year of termination of employment, continuation or payment in respect of certain benefits and, in certain cases only, accelerated or continued vesting of outstanding equity awards. We do not ~~raised~~believe that our NEOs should be entitled to any ~~conflict~~cash severance payments or benefits merely because of ~~interest. Other~~a change in control of our Company. Accordingly, none of our NEOs are entitled to any such payments or benefits upon the occurrence of a change in control of our Company unless there is an actual termination (other than ~~its work~~for “cause”) or constructive termination of employment for “good reason” following the change in control (a “double-trigger” arrangement). Similarly, none of our NEOs are entitled to receive any automatic “single trigger” equity vesting upon the occurrence of a change in control of our Company, and severance protections for equity awards also require an actual termination (other than for “cause”) or constructive termination of employment for “good reason” following the change in control.

No NEO is entitled to receive a “gross-up” or similar payment for any potential change in control excise taxes,

and, depending on ~~behalf~~what results in the best after-tax benefit for the executive, benefits may be “cut back” instead in such circumstances.

The material terms of these payments and benefits, are described in the ~~Compensation Committee, Compensia did not perform any other services for us~~“Potential Payments Upon Termination or Change in ~~2015.~~Control” section below. In connection with Ms. Beck’s departure from our Company in 2018, she entered into a transition agreement, which provided Ms. Beck certain additional benefits also described in “Potential Payments Upon Termination or Change in Control.”

~~Competitive Compensation Data~~Peer Group

Our ~~executive compensation program is designed to attract and retain talented and experienced executive officers in an extremely competitive market. As a result, our~~ Compensation Committee believes that it is important to be informed ~~as to~~about the ~~current~~pay practices and pay levels of comparable public companies with which we compete for top talent (our “Peer Group”). ~~In addition to a review~~

After considering the selection process outlined below and recommendations of ~~our Peer Group compensation levels and practices in setting compensation levels for 2015,~~FW Cook, our Compensation Committee also considered each executive officer’s level of responsibility, performance for the overall operations of the Company, historical compensation levels, long-term market trends, expectations regarding the individual’s future contributions, budget considerations, and succession planning and retention strategies. In addition, for Mr. Del Rio,determined not to make any changes from our ~~Compensation Committee also considered the compensation that was paid to Mr. Del Rio by Prestige prior to the Acquisition.~~

peer group in 2017. Our ~~Compensation Committee, with the assistance of Compensia, approved~~Peer Group included the following ~~compensation Peer Group for 2015:~~companies:

• Alaska Air Group, Inc.	~~MGM Resorts International~~ • Hilton Worldwide Holdings Inc.		• Royal Caribbean Cruises Ltd.
~~Brunswick Corporation~~ • Brinker International, Inc.	~~Royal Caribbean Cruises Ltd.~~ • Hyatt Hotels Corporation		• Spirit Airlines, Inc.
~~Carnival~~ • Caesars Entertainment Corporation	~~Southwest Airlines Co.~~ • JetBlue Airways Corporation		• Wyndham Destinations, Inc.
~~Expedia, Inc.~~ • Carnival Corporation	~~Spirit Airlines, Inc.~~ • Las Vegas Sands Corp.		• Wynn Resorts, Limited
~~Hyatt Hotels Corporation~~ • Darden Restaurants, Inc.	~~Starwood Hotels &~~ • MGM Resorts ~~Worldwide,~~International		• YUM! Brands, Inc.
~~JetBlue Airways Corporation~~ • Expedia Group, Inc.	~~Wyndham Worldwide Corporation~~	• Penn National Gaming, Inc.
~~Las Vegas Sands Corp.~~	~~Wynn Resorts, Limited~~
~~Marriott International, Inc.~~

We used the following methodology to select our Peer ~~Group for 2015.~~Group. Carnival Corporation and Royal Caribbean Cruises Ltd. were selected because ~~in addition to meeting the objective financial criteria described below,~~ we believe these ~~two publicly traded~~ cruise lines are the two public companies most similar

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to ~~the~~our Company and with whom we most directly compete for talent. We then considered a range of publicly traded companies in the following ~~GICS sub-industry categories:~~ industries which reflect elements of our business or have similar business characteristics such as:

•

hotels, resorts and cruise ~~lines; airlines;~~ lines,

•

airlines,

•

casinos and gaming, ~~leisure products~~

•

restaurants and

•

internet and direct marketing retail.

We evaluated the companies in these categories by focusing on companies with market capitalizations ranging from approximately ~~0.4x~~0.3x to ~~3.3x~~3.0x our market capitalization in ~~June 2015~~October 2018 and with revenues ranging from approximately ~~0.5x~~0.3x to ~~5.5x~~3.0x our trailing annual revenue measured as of ~~June 2015,~~September 2018.

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Objectives and with an emphasis on companies that were identified as peer companies of either Carnival Corporation or Royal Caribbean Cruises Ltd. We ended up emphasizing market capitalization in the selection process, as our Compensation Committee determined that our market capitalization should be at approximately the 50% percentilePhilosophy of our ~~Peer Group.~~Executive Compensation Program


	Attract and retain top talent in a competitive market			We want to be an employer of choice for individuals with the specific skill sets and experience required for the cruise industry.
	Motivate employees with clear, NCLH-level goals			We believe that clear, NCLH-level goals motivate management to work together as a team towards shared objectives.
	Compensation opportunities align executives with shareholders			We align management with shareholders by choosing NCLH incentive compensation performance metrics that we believe drive long-term value for our shareholders.

~~The~~

Role of Shareholder Say-on-Pay Votes

Each year, we provide our shareholders the opportunity to cast an advisory vote on the compensation of our ~~executive compensation program. This annual vote is~~NEOs (also known as ~~the “say-on-pay” proposal.~~a “Say-on-Pay” vote). At our annual general meeting in ~~April 2015,~~June 2018, approximately ~~70.7%~~68.4% of the votes cast were in favor of the 2017 compensation of our ~~2014 executive compensation program. After considering the views expressed by shareholders in the “say-on-pay” proposal, the~~NEOs. Our Compensation Committee ~~determined to revisit~~was disappointed in our Say-on-Pay results and as a result, conducted the shareholder engagement effort outlined on page 15. Since our compensation ~~practices~~decisions for 2018 were already made in advance of the 2018 annual Say-on-Pay vote, the changes we made in response to the 2018 vote and ~~retained~~our shareholder outreach regarding the ~~services of Compensia. The Compensation Committee made several changes~~2018 vote began in 2019. These actions in response to ~~our executive compensation program that we believe~~shareholder feedback are ~~consistent with emerging trends in executive compensation best practices and strengthening the pay for performance aspects of our compensation program.~~outlined on page 31.

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When making future compensation decisions for our ~~Named Executive Officers, the~~NEOs, our Compensation Committee will continue to consider the opinions that our shareholders express through the results of these ~~“say-on-pay” votes.~~

~~Executive Compensation Program Elements~~

~~Base Salaries~~

~~Each Named Executive Officer is or was party to an employment agreement providing for a fixed base salary, subject to annual review by~~Say-on-Pay votes and through direct engagement with our Compensation Committee. Decisions regarding adjustments to base salaries are made at the discretion of our Compensation Committee. In reviewing base salary levels for our Named Executive Officers, our Compensation Committee considers and assesses the following factors: each Named Executive Officer’s current base salary, their job responsibilities, leadership and experience, value to our Company and the recommendations of our President and Chief Executive Officer (other than with respect to his own compensation). In addition, as noted above, base salary levels are generally intended to be consistent with competitive market base salary levels, including the average base salary levels of our Peer Group.shareholders.

During 2015, Mr. Del Rio was paid an annual base salary of $1,837,500 pursuant to his legacy employment agreement with Prestige, which we agreed to assume in connection with the Acquisition. In August 2015, we renegotiated Mr. Del Rio’s employment agreement and beginning in 2016, his annual base salary was reduced to $1,500,000 and he is no longer entitled to receive automatic 5% increases to his base salary amount each calendar year.

After reviewing Ms. Beck’s base salary in light of the current economic environment and considering the Company’s financial position, our Compensation Committee determined to increase her base salary from the April 2014 rate of $548,000 to $650,000, effective as of April 2015. Mr. Stuart’s base salary was increased from his April 2014 base salary of $519,500 to $650,000 in connection with his promotion to President and Chief Operating Officer of the Norwegian brand in March 2015. Mr. Montague’s base salary for 2015 of $650,000 was negotiated in connection with his appointment as President and Chief Operating Officer of the Oceania Cruises and Regent brands in December 2014. From the closing of the Acquisition through October 2015, Mr. Binder received a base rate of compensation of $85,000 per month and $2,000 per day for international travel pursuant to a written consulting agreement. Mr. Binder entered into an employment agreement with us in October 2015 at which time his annual base salary was set at $500,000 for the remainder of the year.

~~Annual Performance Incentives~~

~~In General~~. Each of our Named Executive Officers is or was eligible for an annual performance incentive in the form of a cash bonus opportunity pursuant to the terms of his or her employment agreement. The employment agreements for each of the Named Executive Officers provide or provided that for each fiscal year, he or she is eligible to earn a cash bonus determined by our Compensation Committee in its discretion based on the attainment of performance objectives established for the fiscal year by our Compensation Committee. This annual performance incentive is used to ensure that a significant portion of our Named Executive Officers’ annual compensation is at risk, and that each Named Executive Officer has the opportunity to receive a variable amount of compensation based on our Compensation Committee’s evaluation of our performance against pre-determined objective targets.

~~Target Cash Bonus Opportunities.~~ Our Compensation Committee annually establishes the potential value of each executive officer’s, other than Mr. Del Rio’s, cash bonus opportunity by evaluating a variety of factors, including but not limited to: (1) scope of responsibilities and position, (2) expertise and experience, (3) potential to achieve business objectives, (4) tenure, (5) competitive compensation market data, including the bonus opportunities provided by our Peer Group, (6) ability to create shareholder value and (7) recommendations of our President and Chief Executive Officer. Prior to our review and renewal of our executive employment agreements in September 2015, the Named Executive Officers, other than Mr. Del Rio, who were covered by employment agreements were generally entitled to a minimum target cash bonus opportunity (such as 75% of their annual base salary). As part of the new employment agreements, we eliminated the minimum target cash bonus opportunity for each of these Named Executive Officers to give our Compensation Committee additional flexibility to determine the appropriate incentive opportunity for each executive.

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Mr. Del Rio’s annual cash bonus opportunity was negotiated by our Compensation Committee in connection with his employment agreement. For 2015, Mr. Del Rio’s target cash bonus opportunity was established at 100% of his annual base salary in his legacy employment agreement with Prestige. We amended Mr. Del Rio’s employment agreement in August 2015, and beginning in calendar year 2016, Mr. Del Rio’s 2015 target cash bonus opportunity of 100% of his annual base salary was increased to 200% of his annual base salary. Mr. Del Rio’s annual cash bonus opportunity is subject to a new maximum limit of 300% of his annual base salary to cap the maximum potential bonus amount. Our Compensation Committee determined to increase Mr. Del Rio’s target annual cash bonus opportunity as a percentage of Mr. Del Rio’s base salary because of the $337,500 reduction in base salary and elimination of the automatic annual salary increases that Mr. Del Rio agreed to. Increasing Mr. Del Rio’s target annual cash bonus opportunity as a percentage of salary offsets the potential reduction in Mr. Del Rio’s annual cash bonus opportunity in 2016 and future years due to his lower base salary levels, and provides Mr. Del Rio with an opportunity to earn additional performance-based compensation if we successfully achieve the applicable performance goals.

~~Corporate Performance Measures~~. Each year, our Compensation Committee establishes the performance measures and related target levels for the annual performance incentives of our executives, including Mr. Del Rio. These performance measures and related target levels are not brand, department or individual specific, but correlate to performance at the consolidated NCLH level as our Compensation Committee believes this structure most closely aligns the interests of our executive officers and our shareholders. In 2015, our Compensation Committee eliminated the non-financial individual performance component of our Named Executive Officers’ annual performance incentives that had been used in prior years, so that each Named Executive Officer’s annual cash bonus opportunity was entirely tied to the achievement of objective performance targets established at the consolidated NCLH level.

The actual cash bonus amount that is payable to our executive officers is determined by our Compensation Committee, in its sole discretion, based on the level of achievement of the pre-established corporate performance measures. After the end of the year, our Compensation Committee reviews our actual performance against the target levels for each performance measure established at the beginning of the year. In determining the extent to which the performance measures are met for a given period, our Compensation Committee exercises its judgment whether to reflect or exclude the impact of extraordinary, unusual or infrequently occurring events, unforeseen events or certain uncontrollable costs such as changes in the deployment of the fleet.

For 2015, our Compensation Committee selected Adjusted Earnings per Share (“Adjusted EPS”) and Adjusted Return on Invested Capital (“Adjusted ROIC”), each as defined below, as the performance measures for purposes of the management incentive plan, with the amount of each Named Executive Officer’s annual performance opportunity to be determined based on our actual Adjusted EPS and Adjusted ROIC for the year as compared with the target levels for Adjusted EPS and Adjusted ROIC established by our Compensation Committee. For purposes of our management incentive plan, we define “Adjusted EPS” as the Adjusted EPS reported in our earnings release for the full year 2015, adjusted for fuel rate impacts, net of hedges, and foreign exchange rate impacts and “Adjusted ROIC” as Adjusted EBITDA plus Adjusted Depreciation and Amortization divided by debt and shareholders’ equity including certain amounts due to affiliate, averaged for four quarters, adjusted for fuel rate impacts, net of hedges, and foreign exchange rate impacts. Please see our current report on Form 8-K and related press release filed on February 23, 2016 for a detailed reconciliation of Adjusted EPS, Adjusted ROIC and Adjusted EBITDA to the most directly comparable GAAP financial measures. Our Compensation Committee believes that Adjusted EPS and Adjusted ROIC are useful measures to incentivize our Named Executive Officers to achieve our short-term business objectives as they are key factors in driving shareholder value.

In setting the target levels for Adjusted EPS and Adjusted ROIC for 2015, our Compensation Committee considered several factors, including a careful review of the annual budget and the desire to ensure continued improved performance on a year-over-year basis. If our actual Adjusted EPS and Adjusted ROIC for 2015 was less than 95% of the target Adjusted EPS and Adjusted ROIC, no annual cash bonuses would be paid with respect to the performance measure that was not achieved. If our actual Adjusted EPS and Adjusted ROIC for 2015 was at least 105% of the target Adjusted EPS and Adjusted ROIC, each Named Executive Officer would be eligible to receive up to their maximum annual cash bonus opportunity.

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For 2015, 80% of each executive officer’s target annual cash bonus opportunity was based on our Adjusted EPS performance and the remaining 20% was based on our Adjusted ROIC performance. To incentivize Adjusted EPS outperformance, each executive officer’s upside annual cash bonus potential was 100% weighted towards Adjusted EPS performance. An executive was only eligible to earn an above target annual cash bonus if we exceeded our Adjusted EPS goal, and the maximum annual cash bonus opportunity was payable only if Adjusted EPS equaled or exceeded 105% of our Adjusted EPS goal.

The following table sets forth the Adjusted EPS and Adjusted ROIC levels and the related payment levels for our Named Executive Officers for 2015, with the annual cash bonus percentage amounts expressed as a percentage of the Named Executive Officer’s base salary for 2015. The annual cash bonus opportunity set forth in the following table for each of the Named Executive Officers was determined by our Compensation Committee, in its judgment, to be appropriate based on the target annual cash bonus amount that, in the case of Mr. Del Rio, was negotiated by him in his legacy employment agreement with Prestige, and in the case of our other Named Executive Officers, as was determined by our Compensation Committee based on the factors discussed above.

2015
Name Percentage of
Adjusted EPS
and Adjusted
ROIC Goal
Achieved Adjusted EPS
Payout
(% of Base
Salary) Adjusted ROIC
Payout
(% of Base
Salary) Total
Maximum
Annual Cash
Bonus
(% of Base
Salary)
Frank J. Del Rio 95% 40% 10% 50%
100% 80% 20% 100%
102.5% 130% 20% 150%
105% 180% 20% 200%
Wendy A. Beck 95% 30% 7.5% 37.5%
100% 60% 15% 75%
102.5% 97.5% 15% 112.5%
105% 135% 15% 150%
Andrew Stuart 95% 30% 7.5% 37.5%
100% 60% 15% 75%
102.5% 97.5% 15% 112.5%
105% 135% 15% 150%
Jason M. Montague 95% 30% 7.5% 37.5%
100% 60% 15% 75%
102.5% 97.5% 15% 112.5%
105% 135% 15% 150%
Robert Binder 95% 30% 7.5% 37.5%
100% 60% 15% 75%
102.5% 97.5% 15% 112.5%
105% 135% 15% 150%

For 2015, our Compensation Committee established an Adjusted EPS target level of $2.91 and an Adjusted ROIC target level of 8.9%. Based on our actual 2015 results, our Compensation Committee determined that 100% of the target Adjusted EPS and Adjusted ROIC levels had been achieved for 2015. This performance resulted in each Named Executive Officer receiving an annual cash bonus payment equal to 100% of his or her target annual cash bonus opportunity. Because there was an additional payroll cycle in the 2015 calendar year, each Named Executive Officer’s (other than Mr. Binder’s, who did not participate in the management incentive plan until later in the year) actual annual cash bonus payment was slightly above target because the actual annual cash bonus was calculated based on the amount of annual base salary actually paid to each executive officer in 2015.

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Mr. Binder was only eligible to receive an annual cash bonus under the 2015 management incentive plan for October 2015 through the end of 2015, which was the period following the execution of his employment agreement. For his services prior to this time, pursuant to his consulting agreement with us, Mr. Binder received a completion bonus of $375,000 on March 31, 2015 and a continuation bonus of $382,500 on September 30, 2015. These bonuses were paid to Mr. Binder as an incentive for his services prior to the execution of his employment agreement and in lieu of any annual and long-term incentive compensation he would have otherwise received.

Long-Term Equity Incentive Compensation

The long-term incentive compensation awarded to our executive officers, including our Named Executive Officers, is designed to ensure a direct link to the value provided to shareholders. Accordingly, our long-term equity incentive program is intended to align a significant portion of the compensation of our Named Executive Officers with the interests of our shareholders by rewarding the creation and preservation of long-term shareholder value using a multi-year performance period.

~~Each year, our Compensation Committee determines the form of~~following table summarizes the equity ~~incentive~~ awards for our executive officers, including the Named Executive Officers. In determining the form, our Compensation Committee considers the recommendations of our President and Chief Executive Officer for our other executive officers. Historically, our Compensation Committee has granted stock options to our executive officers, the majority of which have been subject to time-based vesting requirements. In 2015, following discussions with Compensia, and in an effort to more closely align the structure of our equity incentive awards with those used by companies in our Peer Group, our Compensation Committee granted a combination of stock options, restricted share unit awards (“RSUs”) and performance-based restricted share unit awards (“PSUs”) to our executive officers. The following describes the award types we used in ~~2015~~2018 and how they help accomplish our compensation objectives:

	Components of Long-Term Equity Incentive Compensation			~~Characteristics~~What It Is			~~Purpose~~Why We Use It			2018 Weighting
	~~Stock Options~~PSUs (performance share units)			~~Granted with an exercise price equal~~ Opportunity to ~~the closing price~~receive a specified number of ~~our ordinary~~ shares based on the NASDAQ Stock Market on the date of grant. In 2015, stock options with multi-year, time-based and performance-based vesting requirements were granted to the President and Chief Executive Officer. The performance-based options granted to the President and Chief Executive Officer are doubly performance-based because vesting is tied to the achievement of ~~objective~~ performance ~~milestones approved~~objectives determined by ~~the~~our Compensation ~~Committee and the value is tied~~Committee. 2018 PSU awards include a one-year service requirement in addition to ~~share price appreciation. The other Named Executive Officers received stock options that vest in annual installments over a four or three-year period, contingent upon continued employment.~~performance objectives.			~~Inherently performance-based by providing value only if~~ Focuses our share price increases over time after the grant of an award. Motivates executives to contribute to our long-term growth and profitability thereby creating value for our shareholders. Performance-based options focus executivesNEOs on the achievement of key financial operating objectives over a multi-year period. Adjusted EPS growth and Adjusted ROIC ~~and share appreciation incentives~~targets align ~~executive’s~~NEO’s interests with ~~those of our~~ shareholders. Serves as a retention incentive.

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~~Components of~~ ~~Long-Term Equity~~ ~~Incentive Compensation~~	~~Characteristics~~	~~Purpose~~ CEO: 60% of total target equity award Other NEOs: 33.3% of total target equity award
RSUs (restricted share units)	~~Represent the right~~ Right to receive a specified number of shares at the time the award vests. Value ~~of RSUs~~ fluctuates aswith the ~~value~~price of our ordinary ~~shares increases or decreases. In 2015, RSUs with multi-year, time-based vesting conditions were granted to the President and Chief Executive Officer.~~shares. Vests in annual installments over three years.	~~Helps align executive officers’~~ Aligns our NEOs’ interests with those of our shareholders. Serves as a retention incentive.
~~PSUs~~	~~Represent the right to receive a number~~ CEO: 40% of ~~shares based on achievement~~total target equity award Other NEOs: 66.7% of ~~certain performance milestones approved by our Compensation Committee. In 2015, PSUs with multi-year, performance-based vesting conditions were granted to the President and Chief Executive Officer.~~	Focuses executive officers on the achievement of key financial operating objectives over a multi-year period. Adjusted EPS, Adjusted ROIC and share appreciation incentives align executive officer’s interests with those of our shareholders. Serves as a retention incentive.total target equity award

RSUs and/or PSUs are also generally included in the mix because, compared to stock options, they have value even if our share price does not appreciate. This helps to mitigate risk by ensuring that our executive officers have downside risk that is aligned with our shareholders’ interests and also helps enhance the retentive value of the awards. Since the grant date fair value of one share unit is generally greater than the grant date fair value of one stock option, fewer share units can be granted (relative to stock options) to convey the same grant date fair value and thus are potentially less dilutive.

In determining the ~~awards~~value granted to each ~~Named Executive Officer,~~NEO, our Compensation Committee ~~takes into account their~~considers each NEO’s position, ~~level,~~ their expected contribution toward achieving our long-term objectives, ~~the Compensation Committee’s expectations as to our long-term performance,~~ a review of Peer Group compensation levels and recommendations of our President and Chief Executive Officer (other than with

respect to his own compensation). ~~The~~Our Compensation Committee generally makes ~~annual~~ equity awards to ~~the~~our NEOs and other members of management ~~other than Mr. Del Rio,~~ once a year, but awards may be granted outside this annual grant cycle in connection with events such as hiring, promotion or extraordinary performance.

~~President and Chief~~

Named Executive Officer Awards

Application of Accounting Principles. Due to the application of accounting principles for share-based awards, our “2018 Summary Compensation Table” includes values for PSU awards made to our NEOs in both 2018 and 2017. In ~~connection with~~order for an award to be granted under FASB ASC Topic 718, a required condition is that there is a mutual understanding of the ~~negotiation~~terms and condition of ~~his amended employment agreement,~~the awards. Under the terms of the awards, our Compensation Committee has the discretion to make certain adjustments to the performance calculation after the award date. As such, a mutual understanding was not attained when the 2017 PSU awards were issued. In 2018, a determination was made that it was not probable that our Compensation Committee would exercise this right. Therefore, in early 2018, it was determined that a mutual understanding of the key terms and conditions of the PSU awards was ascertained and thus, the grant date was established for

performance-based awards granted in prior years. Going forward, we expect that PSUs awarded to our NEOs will be considered granted for accounting purposes when they are awarded, and that was the case for the awards made to our NEOs in 2018. As a ~~multi-year~~result, the reported value of our NEO’s equity awards for 2018 is not representative of a single year’s award, even though our NEOs have received consistent annual awards in both 2017 and 2018. For example, in 2017, our President and CEO received a target award of 79,073 PSUs and in 2018, our President and CEO received a target award of 79,435 PSUs. Both the 2017 and 2018 PSU awards made to our President and ~~Chief Executive Officer which reflected an increased emphasis~~CEO had target values of $4.5 million on performance-based compensation. Mr. Del Rio’s equity award was intended as a special one-time, front-loaded, performance-based award that is intended to provide him with a meaningful equity incentive for the approximately four-year term of his amended employment agreement. By establishing clearly articulated milestones for Mr. Del Rio at the onset of his amended employment agreement that link a substantial portion of his compensation to our financial performance,dates our Compensation Committee ~~intends to focus him~~made the awards, which were August 1, 2017 and March 1, 2018, respectively. However, when the grant date was established for the 2017 PSU award on ~~driving our performance and creating shareholder value.~~

~~This award consisted~~February 27, 2018, the fair value of the ~~following components:~~2017 PSU award

~~Option Award~~. Under his legacy employment agreement with Prestige, Mr. Del Rio was entitled to receive a fixed amount of automatic annual grants of time-based options. In the interest of further aligning Mr. Del Rio’s long-term equity compensation with the interests of our shareholders, our Compensation Committee discontinued the automatic equity grants effective as of January 2015, and eliminated his contractual right to receive automatic time-based option grants in future years.

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$7.7 million dollars. The effect of this change in accounting estimate for our President and CEO is illustrated in the chart below:

President and Chief Executive Officer. In order to provide Mr. Del Rio with competitive, ongoing, long-term incentives that drive strong financial performance, and retain his services through 2020, the amendment to Mr. Del Rio’s employment agreement in August ~~2015,~~2017 provided Mr. Del Rio with an annual target award of RSUs and PSUs worth $7.5 million as of the date of award. Such annual award is contractually required to be at least 60% performance-based. By structuring the employment agreement this way, our Compensation Committee preserved the flexibility to structure a greater percentage of Mr. Del Rio’s annual equity award as performance-based, while requiring that a minimum of 60% of Mr. Del Rio’s annual equity award will be performance-based. Our Compensation Committee also

In 2018, Mr. Del Rio was awarded a ~~front-loaded option~~target of 79,435 PSUs. Half of the target PSUs can be earned based on average Adjusted EPS growth for 2018 and 2019 and the other half can be earned based on Adjusted ROIC for 2019. Each half of the target PSUs can be paid out 0% to ~~purchase 1,250,000 ordinary shares (the “CEO Options”) with an exercise price per share equal~~200% based on stretch targets. Shown in the tables below are the performance expectations for each metric.

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Average Adjusted EPS Growth Metric (50% of Target Units)
	2018 – 2019 Average Adjusted EPS Growth		Percentage of Target Adjusted EPS Growth Units Earned
Below Threshold		≤12.6%	0%
		>12.6%(1)	0.0001%
		13.8%	100%
Maximum		15%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

2019 Adjusted ROIC Metric (50% of Target Units)
	2019 Adjusted ROIC		Percentage of Target Adjusted ROIC Units Earned
Below Threshold		<10.1%	0%
		10.1%(1)	120%
		10.6%	160%
Maximum		11.1%	200%

(1)

Once the threshold has been achieved, the number of units that are eligible to be earned will be interpolated on a linear basis between the applicable levels stated above.

In order to reinforce the long-term nature of the PSU award, in addition to the ~~closing price~~performance requirements above, the PSUs are also subject to a time-based vesting requirement through March 1, 2021. Definitions of Adjusted EPS and Adjusted ROIC can be found in Appendix A. At our ~~ordinary shares on~~Compensation Committee’s discretion, certain adjustments for fuel rate impacts, foreign exchange rate impacts, acquisitions, newly ordered vessels and other extraordinary items may be made to the ~~date~~targets.

As part of ~~grant. Fifty percent of the CEO Options~~his 2018 annual equity award, Mr. Del Rio was also awarded 52,956 RSUs that are subject to time-based vesting requirements and will ~~vest in two equal installments~~become vested ratably on each of ~~June 30, 2017~~March 1, 2019, 2020 and ~~June 30, 2019,~~2021, in each case subject to Mr. Del Rio’s continued employment through the applicable vesting date. The remaining fifty percent of the CEO Options are subject to the following performance-based vesting requirements: one-third will vest if we achieve Adjusted EPS performance hurdles established for each of the 2015-2018 calendar years; one-third will vest if we achieve Adjusted ROIC hurdles established for the 2016 and 2018 calendar years; and one-third will vest if the average per-share closing price of our ordinary shares exceeds $100 for any consecutive period of 20 trading days during the term of Mr. Del Rio’s employment agreement. There is no upside leverage for the performance-based CEO Options, as the achievement of the applicable performance conditions is required for there to be any vesting at all, and the number of options that vest will not be increased if performance exceeds the targeted levels.

When setting the Adjusted EPS target levels for the CEO Options, our Compensation Committee set aggressive goals that it believed would only be achieved if we are able to successfully grow our Adjusted EPS over the four-year performance period. For Mr. Del Rio to vest in his 2016, 2017 and 2018 installments, Mr. Del Rio’s targets require us to grow our Adjusted EPS results on a year-over-year basis by in excess of 20%.

Similarly, our Compensation Committee set aggressive Adjusted ROIC goals that it believed would only be achieved if we are able to successfully grow our Adjusted ROIC over the four-year performance period. The 2016 target level requires us to achieve Adjusted ROIC for 2016 that is meaningfully higher than our Adjusted ROIC achieved for 2015, while the 2018 target requires us to achieve Adjusted ROIC for 2018 that is in excess of 14%.

~~RSU and PSU Award~~. In August 2015, Mr. Del Rio was awarded a front-loaded equity award for 150,000 RSUs with respect to the ordinary shares of the Company (the “CEO RSUs”). The CEO RSUs are subject to a time-based vesting requirement and vest ratably on each of June 30, 2016, June 30, 2017, June 30, 2018 and June 30, 2019, in each case subject to Mr. Del Rio’s continued employment through the applicable vesting date. Mr. Del Rio was also awarded a front-loaded award for 150,000 PSUs (“CEO PSUs”) that are subject to performance-based vesting requirements. The CEO PSUs are subject to the same aggressive Adjusted EPS, Adjusted ROIC and per-share closing price targets described above for the CEO Options.

In March 2016, the Compensation Committee determined that our Adjusted EPS performance of $2.88 exceeded the target for 2015 and Mr. Del Rio vested in the option to purchase 52,083 of the Company’s ordinary shares and 12,500 PSUs. Please see our current report on Form 8-K and related press release filed on February 23, 2016 for a detailed reconciliation of Adjusted EPS to the most directly comparable GAAP financial measure.

~~Summary Compensation Table Reporting~~. Even though Mr. Del Rio’s front-loaded, performance-based equity awards are intended to provide him with a meaningful equity incentive for the approximately four-year term of his amended employment agreement, SEC rules require the entire grant date fair value of the award (as determined under FASB ASC Topic 718) to be included as compensation in the “2015 Summary Compensation Table.” Under FASB ASC Topic 718, the CEO Options and CEO PSUs that are subject to Adjusted EPS and Adjusted ROIC performance vesting requirements are generally not considered “granted” for financial reporting purposes until the applicable performance year. As a result, the “2015 Summary Compensation Table” includes the full grant date fair value of Mr. Del Rio’s front-loaded, performance-based awards, other than those awards subject to Adjusted EPS and Adjusted ROIC performance vesting requirements. Due to the design of this award, in our view, the SEC’s rules have the practical effect of overstating Mr. Del Rio’s compensation in 2015 while understating his compensation related to this award in future years.

~~Other Named Executive Officer Awards~~

In 2015, our Compensation Committee awarded each of the other NEOs, other than Mr. Sheehan and Mr. Binder, an option to purchase ordinary shares in 2015. Ms. Beck received an award in July 2015; Mr. Stuart received an award in connection with his promotion in April 2015; and Mr. Montague received

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anEXECUTIVE COMPENSATION

increasing the percentage of the target value of his ~~promotion,~~equity award that is performance-based to 75% and July 2015. All of these options have a term of 10 years and vest in four equal annual installments (other than Mr. Beck’s and Mr. Montague’s July awards, which vest in three equal annual installments),increasing the performance period for the PSUs subject to the ~~Named Executive Officer’s continued employment through each vesting date.~~Adjusted ROIC metric from one year to two years, as illustrated below:

Other NEOs. The ~~CEO Options, CEO RSUs, CEO~~ PSUs ~~and options granted~~awarded to our other NEOs ~~may also vest on an accelerated basis under~~in 2018 have the ~~circumstances~~same structure and performance goals as Mr. Del Rio’s PSUs described inabove. Our Compensation Committee, after consultations with FW Cook, determined that the ~~“Potential Payments Upon Termination or Change in Control” section below. The CEO Options and options granted~~annual equity awards made to our other NEOs are not entitled to any dividend or equivalent payments prior to exercise, and the dividend equivalent payments with respect to the CEO RSUs and CEO PSUs are subject to the same vesting conditions as the underlying share units to which they relate (including the same performance-vesting conditions applicable to the CEO PSUs). All of the grants are subject to the terms of our Plan.

~~2016 Awards~~

Using the 2016 compensation analysis from Compensia as a general guideline, our Compensation Committee granted our NEOs, other than Messrs. Del Rio and Sheehan, a long-term equity incentive award consistingshould also consist of a combination of ~~options to purchase ordinary shares~~

PSUs that may be earned based on our Adjusted ROIC performance in 2019, average Adjusted EPS growth for 2018 and ~~an award of~~2019 and continued service through March 1, 2021 and time-based RSUs ~~in March 2016. These March 2016 option awards have the same terms as the options described above, but will~~that vest in three equal, annual installments. ~~The March 2016 RSUs will vest~~For 2018, 33.3% of each NEO’s total annual equity award consisted of PSUs.

Benefits and Perquisites

We provide our NEOs with retirement benefits under our 401(k) Plan, participation in ~~three equal annual installments.~~ our medical, dental and insurance programs and vacation and other holiday pay, all in accordance with the terms of such plans and programs in effect and substantially on the same terms as those generally offered to our other employees (although vacation benefits may differ).

In addition, our NEOs receive a cash automobile allowance, a cruise benefit for Company cruises, including

certain travel for immediate family, as well as coverage under an executive medical plan which provides coverage of certain extra medical, dental and vision expenses. We believe that the level and mix of perquisites we provide to our NEOs is consistent with market compensation practices.

Mr. Del Rio ~~was not granted any equity awards because~~is also entitled to certain additional perquisites pursuant to the terms of ~~the front-loaded award he received in 2015.~~his amended employment agreement originally entered into with Prestige.

Severance Arrangements and Change in Control Benefits

Each of our ~~Named Executive Officers~~NEOs is or was employed pursuant to an employment agreement providing for severance payments and benefits upon an involuntary termination of the ~~Named Executive Officer’s~~NEO’s employment by us without “cause” or by him or her for “good reason.” ~~Except for Messrs. Del Rio and Sheehan, the~~The severance payments and benefits in each employment agreement were negotiated in connection with ~~a Company-wide renewal~~the execution of ~~all executive~~each employment ~~agreements in September 2015.~~agreement. In each case, our Compensation Committee determined that it was appropriate to provide the executive officer with severance payments and benefits under the circumstances in light

of each of their respective positions with us, general competitive practices and as part of each of their overall compensation packages.

~~Mr. Del Rio’s amended employment agreement and post-employment compensation arrangements were negotiated in August 2015.~~ When ~~setting the level of~~negotiating each executive officer’s severance payments and benefits, ~~in 2015,~~ our Compensation Committee took into consideration an analysis of the severance payments and benefits provided to similarly situated executives at our Peer Group ~~companies prepared by Compensia.~~

companies. The severance payments and benefits payable to each of our ~~Named Executive Officers~~NEOs (including Mr. Del Rio) upon a qualifying termination of employment generally include a cash payment based on

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a multiple of his or her base salary ~~(in~~(and annual incentive in Mr. Del Rio’s ~~case, a multiple of his base salary and full annual cash bonus)~~case), ~~including the payment of~~ a pro-rata portion of any annual cash ~~bonus~~incentive actually earned for the year of termination of employment, continuation or payment in respect of certain benefits and, in certain cases only, accelerated or continued medical benefits for the applicable severance period at our expense. Mr. Del Rio is also entitled to receive (i) certain specified perquisites during the applicable severance period and (ii) a “gross up” payment for any excise taxes that may become payable in connection with a change in controlvesting of the Company pursuant to Sections 280G and 4999 of the Code. Further, if his employment is terminated without “cause” or if he earlier terminates his employment for “good reason,” all of Mr. Del Rio’s unvested CEO Options, CEO RSUs and CEO PSUs will vest in full. Finally, if Mr. Del Rio’s employment terminates by reason of his death or disability, he will vest in a pro rata portion of the next unvested installment of his time-based CEO Options and CEO RSUs.

outstanding equity awards. We do not believe that our ~~Named Executive Officers~~NEOs should be entitled to any cash severance payments or benefits merely because of a change in control of ~~the~~our Company. Accordingly, none of ~~the Named Executive Officers~~our NEOs are entitled to any such payments or benefits upon the occurrence of a change in control of ~~the~~our Company unless there is an actual termination (other than for “cause”) or constructive termination of employment for “good reason” following the change in control (a “double-trigger” arrangement). Similarly, none of ~~the~~our NEOs isare entitled to receive any automatic “single trigger” equity vesting upon the occurrence of a change in control

~~TABLE OF CONTENTS~~

of ~~the~~our Company, and severance protections for equity awards also require an actual termination (other than for “cause”) or constructive termination of employment for “good reason” following the change in control. ~~If, in connection with~~

No NEO is entitled to receive a “gross-up” or similar payment for any potential change in control ofexcise taxes,

and, depending on what results in the ~~Company, there is an actual or constructive termination of employment~~best after-tax benefit for ~~one of our NEOs,~~the executive, benefits may be “cut back” instead in ~~addition to the payments and benefits described above, all of~~ such ~~NEO’s outstanding and unvested equity awards granted under the Plan, or any successor plan, will receive full accelerated vesting.~~circumstances.

The material terms of these payments and benefits, ~~as well as the severance payments and benefits that Mr. Sheehan received in connection with his termination of employment in January 2015,~~ are described in the “Potential Payments Upon Termination or Change in Control” section below. In connection with Ms. Beck’s departure from our Company in 2018, she entered into a transition agreement, which provided Ms. Beck certain additional benefits also described in “Potential Payments Upon Termination or Change in Control.”

~~Other Elements~~Peer Group

Our Compensation Committee believes that it is important to be informed about the pay practices and pay levels of ~~Compensation~~comparable public companies with which we compete for top talent (our “Peer Group”).

~~Supplemental Executive Retirement Plan~~After considering the selection process outlined below and recommendations of FW Cook, our Compensation Committee determined not to make any changes from our peer group in 2017. Our Peer Group included the following companies:

• Alaska Air Group, Inc.	• Hilton Worldwide Holdings Inc.	• Royal Caribbean Cruises Ltd.
• Brinker International, Inc.	• Hyatt Hotels Corporation	• Spirit Airlines, Inc.
• Caesars Entertainment Corporation	• JetBlue Airways Corporation	• Wyndham Destinations, Inc.
• Carnival Corporation	• Las Vegas Sands Corp.	• Wynn Resorts, Limited
• Darden Restaurants, Inc.	• MGM Resorts International	• YUM! Brands, Inc.
• Expedia Group, Inc.	• Penn National Gaming, Inc.

We used the following methodology to select our Peer Group. Carnival Corporation and Royal Caribbean Cruises Ltd. were selected because we believe these cruise lines are the two public companies most similar to our Company and with whom we most directly compete for talent. We then considered a range of publicly traded companies in the following industries which reflect elements of our business or have similar business characteristics such as:

•

hotels, resorts and cruise lines,

•

airlines,

•

casinos and gaming,

•

restaurants and

•

internet and direct marketing retail.

We ~~maintained a Supplemental Executive Retirement Plan (“SERP”), which was a legacy unfunded defined contribution plan for certain~~evaluated the companies in these categories by focusing on companies with market capitalizations ranging from approximately 0.3x to 3.0x our market capitalization in October 2018 and with revenues ranging from approximately 0.3x to 3.0x our trailing annual revenue measured as of our executives who were employed by us in an executive capacity prior to 2008. The SERP was frozen to future participation following that date. Mr. Stuart was the only Named Executive Officer who was eligible to participate in the SERP in 2015. The SERP provided for Company contributions on behalf of the participants to compensate them for the benefits that are limited under our 401(k) Plan. We credited participants under the SERP for amounts that would have been contributed by us to our previous Defined Contribution Retirement Plan and our former 401(k) Plan without regard to any limitations imposed by the Code. Participants did not make any elective contributions under this plan.September 2018.

In 2015, we made a contribution to the SERP for Mr. Stuart, and certain amounts were paid to Stuart, in lieu of being contributed to the SERP, to comply with and avoid adverse consequences under currently applicable tax rules. Our contribution for Mr. Stuart for 2015 is included in the “2015 Summary Compensation Table” below and the footnotes thereto. Our Board elected to discontinue this plan following the 2015 contributions and will pay the deferred contributions to participants in early 2017 following the expiration of the required 12-month waiting period. Additional information about the SERP is provided in the “2015 Nonqualified Deferred Compensation Table” and the narrative to the table below.

~~Senior Management Retirement Savings Plan~~

We maintained a Senior Management Retirement Savings Plan (“SMRSP”), which was a legacy unfunded defined contribution plan for certain of our employees, including Mr. Stuart, who were employed by us prior to 2001. Mr. Stuart was the only Named Executive Officer who was eligible to participate in the SMRSP. The SMRSP provided for Company contributions on behalf of the participants to compensate them for the difference between the qualified plan benefits that were previously available under our cash balance pension plan and the redesigned 401(k) Plan. We credited participants under the SMRSP Plan for the difference in the amount that would have been contributed by us to our previous Norwegian Cruise Line Pension Plan and the qualified plan maximums of the new 401(k) Plan.

The amount of the contribution for 2015 was paid to Mr. Stuart in 2015 to comply with and avoid adverse consequences under currently applicable tax rules. Our contribution for Mr. Stuart for 2015 is included in the “2015 Summary Compensation Table” below and the footnotes thereto. Our Board elected to discontinue this plan following the 2015 contributions and will pay the deferred contributions to participants in early 2017 following the expiration of the required 12-month waiting period. Additional information about the SMRSP is provided in the “2015 Nonqualified Deferred Compensation Table” and the narrative to the table below.

~~Benefits and Perquisites~~

While employed, we provide our Named Executive Officers with retirement benefits under our 401(k) plan, participation in our medical, dental and insurance programs and vacation and other holiday pay, all in accordance with the terms of such plans and programs in effect from time to time and substantially on the same terms as those generally offered to our other employees (although vacation benefits may differ).

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~~In addition, while employed,~~EXECUTIVE COMPENSATION

Objectives and Philosophy of our ~~Named~~ Executive ~~Officers receive~~Compensation Program


	Attract and retain top talent in a competitive market			We want to be an employer of choice for individuals with the specific skill sets and experience required for the cruise industry.
	Motivate employees with clear, NCLH-level goals			We believe that clear, NCLH-level goals motivate management to work together as a team towards shared objectives.
	Compensation opportunities align executives with shareholders			We align management with shareholders by choosing NCLH incentive compensation performance metrics that we believe drive long-term value for our shareholders.

Role of Shareholder Say-on-Pay Votes

Each year, we provide our shareholders the opportunity to cast an advisory vote on the compensation of our NEOs (also known as a cash automobile allowance, a cruise benefit for Company cruises, as well as coverage under a medical executive reimbursement plan which provides them with coverage of certain medical, dental and vision expenses. Mr. Binder receives a monthly travel allowance“Say-on-Pay” vote). At our annual general meeting in ~~lieu~~June 2018, approximately 68.4% of the ~~cash automobile allowance. We believe that~~votes cast were in favor of the ~~level~~2017 compensation of our NEOs. Our Compensation Committee was disappointed in our Say-on-Pay results and ~~mix~~as a result, conducted the shareholder engagement effort outlined on page 15. Since our compensation decisions for 2018 were already made in advance of ~~perquisites~~the 2018 annual Say-on-Pay vote, the changes we ~~provide to our Named Executive Officers is consistent with market compensation practices.~~

~~Mr. Del Rio is also entitled to certain additional perquisites pursuant~~made in response to the ~~terms~~2018 vote and our shareholder outreach regarding the 2018 vote began in 2019. These actions in response to shareholder feedback are outlined on page 31.

When making future compensation decisions for our NEOs, our Compensation Committee will continue to consider the opinions that our shareholders express through the results of ~~his amended employment agreement originally entered into~~these Say-on-Pay votes and through direct engagement with ~~Prestige.~~our shareholders.

Role of Compensation Consultant

Pursuant to its charter, our Compensation Committee has the authority to engage its own advisors to assist in carrying out its responsibilities.

Since May 2017, our Compensation Committee has retained FW Cook to provide guidance on executive and non-employee director compensation matters.

Based on a consideration of the factors set forth in the rules of the SEC and the listing standards of the NYSE, our Compensation Committee determined that FW Cook satisfied the independence criteria under the rules and listing standards and that their relationship with and the work performed by FW Cook, on behalf of our Compensation Committee, did not raise any conflict of interest. Other than its work on behalf of our Compensation Committee, FW Cook has not performed any other services for us.

Share Ownership ~~Program~~Policy

~~We do not currently have~~To reinforce our Board’s philosophy that meaningful executive ownership in our Company provides greater alignment between management and our shareholders, our Board adopted a share ownership ~~program~~policy in ~~place~~2017. The share ownership policy, which applies to all of our NEOs and certain executive officers, is as follows:

	Position			Value of Share Ownership*
	Chief Executive Officer			5 times annual base salary
	Brand/Division Presidents and Executive Vice Presidents			3 times annual base salary
	Senior Vice Presidents			1 times annual base salary

Values are determined annually based on the average daily closing price of our ordinary shares for the previous calendar year.

All of our ~~executive officers.~~NEOs currently exceed the required share ownership amounts. Executive officers have five years from the date they first become subject to the share ownership policy to meet the requirements and are required to retain 50% of the net after-tax shares received in respect of equity awards until they are in compliance. Unexercised stock options and PSUs do not count towards the share ownership policy amounts unless, in the case of PSUs, the performance criteria have been met.

Clawback Policy

Under our clawback policy, our Board or Compensation Committee may, if permitted by law, require the reimbursement or cancellation of all or a portion of any equity awards or cash incentive payments to any current or former employee, including our NEOs, who received such incentive awards or payments if: (1) such employee received a payment of incentive compensation that was predicated upon the achievement of specified financial results that were the subject of a subsequent accounting restatement due to material non-compliance with any financial reporting requirement, or (2) such employee engaged in misconduct including certain violations of our Code of Ethical Business Conduct or

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EXECUTIVE COMPENSATION

breaches of any confidentiality, non-competition, or non-solicitation agreements such employee has entered

into with us. Each prong of the policy is separate, and clawback is not limited to accounting restatements.

Compensation Risk Assessment

We have conducted a risk assessment of our compensation policies and practices and concluded that such policies and practices do not create risks that are reasonably likely to have a material adverse effect on ~~the~~our Company. In particular, our Compensation Committee believes that the design of our annual performance

incentive programs and long-term equity incentives provides an effective and appropriate mix of incentives to ensure our compensation program is focused on long-term shareholder value creation and does not encourage the taking of short-term risks at the expense of long-term results.

~~Compensation Committee Report~~

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COMPENSATION COMMITTEE REPORT

The Compensation Committee of the Board has reviewed and discussed with management the disclosures contained in the Compensation Discussion and Analysis section of this Proxy Statement. Based upon this review and discussion, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis section be included in this Proxy Statement.

~~COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS*~~Compensation Committee of the Board of Directors

John W. Chidsey (Chair)
Chad A. Leat
Russell W. Galbut

*Mr. Galbut was appointed to the Compensation Committee in November 2015. Mr. Leat was appointed to the Compensation Committee in March 2016 and Mr. Chidsey became Chairman of the Compensation Committee in March 2016.April 10, 2019

The foregoing report of ~~the~~our Compensation Committee does not constitute soliciting material and shall not be deemed filed, incorporated by reference into or a part of any other filing by ~~NCLH~~our Company (including any future filings) under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent ~~NCLH~~we specifically ~~incorporates~~incorporate such report by reference therein.

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EXECUTIVE COMPENSATION ~~OF EXECUTIVE OFFICERS~~TABLES

~~The “2015~~2018 Summary Compensation ~~Table” below quantifies the value of the different forms of compensation earned by or awarded to our Named Executive Officers for 2015, 2014 and 2013, as applicable.~~Table

The “2015 Summary Compensation Table” should be read in conjunction with the tables and narrative descriptions that follow. The “Grants of Plan-Based Awards in 2015 Table” provides information regarding the cash and long-term equity incentives awarded to our Named Executive Officers. The tables entitled “Outstanding Equity Awards at December 31, 2015 Table” and “Option Exercises and Stock Vested in 2015 Table” provide further information on the Named Executive Officers’ potential realizable value and actual value realized with respect to their equity awards.

~~2015 SUMMARY COMPENSATION TABLE~~

The following table presents information regarding the compensation of each of our ~~Named Executive Officers~~NEOs for services rendered during ~~2015, 2014~~2018, 2017 and ~~2013.~~2016.

Name and Principal Position Year
Salary
($)

Bonus
($)(1)

Stock Awards
($)(2)

Option Awards
($)(3)

Non-Equity
Incentive Plan
Compensation
($)(4)

All Other
Compensation
($)(8)

Total
($)

Frank J. Del Rio(5)
President and
Chief Executive Officer
2015 1,837,500 — 10,276,315 17,752,083 1,903,799 140,651 31,910,348
2014 201,923 1,925,000 — — — 3,983 2,130,906
Kevin M. Sheehan(6)
Former President
and Chief Executive Officer
2015 35,671 — — — — 3,619,793 3,655,464
2014 1,604,846 3,255,000 — 8,308,953 — 3,915,497 17,084,296
2013 1,428,558 — 2,066,084 7,740,000 2,685,336 708,473 14,628,451
Wendy A. Beck
Executive Vice President and
Chief Financial Officer
2015 624,849 — — 1,018,385 483,595 29,592 2,156,421
2014 543,323 548,000 — 632,474 — 546,210 2,270,007
2013 528,250 — 549,401 773,500 480,043 22,583 2,353,777
Andrew Stuart
President and Chief Operating
Officer of the Norwegian brand
2015 627,833 — — 2,030,533 484,793 164,108 3,307,267
2014 515,086 259,750 — 632,474 — 422,854 1,830,164
2013 500,852 — 698,677 773,500 446,379 210,045 2,629,453
Jason M. Montague
President and Chief Operating
Officer of the Oceania Cruises
and Regent brands
2015 650,000 — — 2,179,933 506,250 47,921 3,384,104
Robert Binder(7)
Vice Chairman, Oceania Cruises and Regent
2015 891,027 757,500 — — 89,424 22,506 1,760,457

Name and Principal Position	Year		Salary ($)		Bonus ($)		Stock Awards ($)(1)		Option Awards ($)(2)		Non-Equity Incentive Plan Compensation ($)(3)		All Other Compensation ($)(4)		Total ($)
Frank J. Del Rio President and Chief Executive Officer		2018		1,751,507		—		15,235,631		—		5,400,000		205,923		22,593,061
		2017		1,500,000		—		3,746,411		534,308		4,500,000		213,494		10,494,213
		2016		1,500,000		—		625,000		536,674		—		256,150		2,917,824
Mark A. Kempa Executive Vice President and Chief Financial Officer		2018		655,548		—		751,635		—		1,570,171		45,576		3,022,930
Wendy A. Beck Former Executive Vice President and Chief Financial Officer		2018		163,269		—		2,392,800		501,660		—		3,507,620		6,565,349
		2017		650,000		—		1,531,500		—		975,000		31,403		3,187,903
		2016		650,000		—		943,313		648,750		—		40,699		2,282,762
Jason Montague President and Chief Executive Officer, Regent		2018		700,000		—		2,848,258		—		1,750,000		50,277		5,348,535
		2017		650,000		—		1,531,500		—		975,000		46,561		3,203,061
		2016		650,000		—		943,313		648,750		—		51,193		2,293,256
Andrew Stuart President and Chief Executive Officer, Norwegian		2018		700,000		—		2,848,258		—		1,750,000		49,399		5,347,657
		2017		650,000		—		1,531,500		—		975,000		47,736		3,204,236
		2016		650,000		—		1,479,563		648,750		—		46,015		2,824,328
T. Robin Lindsay Executive Vice President, Vessel Operations		2018		700,000		—		2,848,258		—		1,750,000		39,859		5,338,117
		2017		650,000		—		1,531,500		—		975,000		38,580		3,195,080
		2016		650,000		250,000		943,313		648,750		—		42,515		2,534,578

(1)

For ~~2015, the amount reported in the “Bonus” column represents completion bonuses pursuant to Mr. Binder’s consulting agreements.~~

~~(2)~~

~~For 2015,~~2018, the amounts reported in the “Stock Awards” column reflect the grant-date fair value under FASB ASC Topic 718 of the ~~CEO RSU awards~~RSUs and ~~CEO~~PSUs granted to our NEOs in 2018 (and for Ms. Beck, includes the incremental fair value of RSUs and PSUs that received accelerated vesting pursuant to her transition agreement, computed as of the modification date in accordance with FASB ASC Topic 718). The fair value of the time-based RSUs is equal to the closing market price of our shares on the date of grant. The PSU awards vest between 0% and 200% based on performance conditions (other than the PSUs originally awarded to our NEOs other than our CEO on March 1, 2017, which vest between 0% and 100% based on performance conditions). The fair value of PSUs is reported based on the probable outcome of the performance conditions at the time of grant and the closing market price of our ordinary shares on the date of grant. PSUs were valued as follows: February 27, 2018 grants originally awarded on March 1, 2017 or August 1, 2017 were valued at maximum and March 1, 2018 grants were valued at target. Pursuant to FASB ASC Topic 718, a grant date was not established for the awards made on March 1, 2017 or August 1, 2017 on the award date, but was established on February 27, 2018 due to the application of accounting principles. The value of the annual PSU awards granted on March 1, 2018 assuming maximum achievement of 200% would have been as follows: Mr. Del Rio — $9,019,050; Mr. Kempa — $501,052; Mr. Montague, Mr. Stuart and Mr. Lindsay — $1,336,139. All RSUs and PSUs reported in this table were awarded under our Amended and Restated 2013 Performance Incentive Plan (our “Plan”). In addition, on August 4, 2015, Mr. Del Rio was awarded a separate award of PSUs. Like the 2017 awards of PSUs, a grant date was not established for the 2015 award of PSUs to Mr. Del Rio ~~in 2015.~~on the August 4, 2015 award date, but was instead established on February 27, 2018 due to the application of accounting principles. The ~~amounts reported do not include CEO~~fair value of the 2015 PSU ~~awards subject to Adjusted EPS and Adjusted ROIC~~award based on the probable outcome of the performance ~~vesting~~ conditions ~~for which there has not been a~~at the time of the February 27, 2018 grant date ~~under~~was zero ($0) because the threshold performance level applicable to these PSUs was not expected to be achieved. The value of the 2015 PSU award assuming the maximum performance level was achieved would have been $2,813,500.

(2)

For 2018, represents previously granted options that received accelerated vesting pursuant to Ms. Beck’s transition agreement. The amount reported represents the incremental fair value, computed as of the modification date in accordance with FASB ASC Topic 718. ~~For~~On August 4, 2015, Mr. Del Rio was awarded a ~~discussion~~performance-based option award in connection with the 2015 PSU award described above. Like the 2015 award of ~~the assumptions and methodologies used~~PSUs to calculate the amounts referred to above, please see the discussion of the RSU awards contained in “Note 10, Employee Benefits and Share Option Plans,” to our consolidated financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K filed on February 29, 2016.

~~(3)~~

The amounts reported in the “Option Awards” column reflect the grant-date fair value under FASB ASC Topic 718 of the stock options granted to the Named Executive Officers in 2015, 2014 and 2013. The amounts reported do not include the CEO Options subject to Adjusted EPS and Adjusted ROIC performance vesting conditions for which there has not beenMr. Del Rio, a grant date under FASB ASC Topic 718. For a discussion of the assumptions and methodologies used to calculate the amounts referred to above, please see the discussion of the share option awards contained in “Note 10, Employee Benefits and Share Option Plans,” to our consolidated financial statementswas not established for the ~~year ended December 31,~~ 2015 ~~included in our Annual Report~~option award to Mr. Del Rio on ~~Form 10-K filed~~the August 4, 2015 award date, but was instead established on February ~~29, 2016.~~27, 2018 due to the

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~~(4)~~EXECUTIVE COMPENSATION TABLES

application of accounting principles. The fair value of the 2015 option award based on the probable outcome of the performance conditions at the time of the February 27, 2018 grant date was zero ($0) because the threshold performance level applicable to these options was not expected to be achieved. The value of the 2015 option award assuming the maximum performance level was achieved would have been $3,166,171.

(3)

For ~~2015,~~2018, the amounts reported in the “Non-Equity Incentive Plan Compensation” column reflect the annual cash ~~bonuses~~performance incentives paid under our ~~annual performance incentive cash bonus program~~Plan based on performance during ~~2015,~~2018, as described ~~above~~ in “Compensation Discussion and Analysis.”

~~(5)~~

~~Mr. Del Rio became our President and Chief Executive Officer on January 8, 2015.~~

~~(6)~~

~~On January 8, 2015, Mr. Sheehan resigned as our President and Chief Executive Officer.~~

~~(7)~~

For Mr. Binder, the amounts reported include compensation for all services rendered to us in 2015, including the compensation payable under his consulting agreement with us that was superseded by his employment agreement entered into in October 2015.

~~(8)~~(4)

The following table provides detail for the amounts reported for ~~2015~~2018 in the “All Other Compensation” column of the table.

Name
Auto
($)(1)

Contributions
to SERP
($)(2)

Contributions
to SMRSP
($)(3)

401(k)
Employer
Match
($)(4)

MERP
Premium
($)(5)

Severance
($)(6)

Accrued
Vacation
Payout
($)(7)

CEO
Benefits
($)(8)

Other
Benefits
($)(9)

Total
($)

Frank J. Del Rio 24,000 — — 12,975 8,688 — — 82,000 12,988 140,651
Kevin M. Sheehan 592 — — 12,571 50,573 3,255,000 299,984 — 1,073 3,619,793
Wendy A. Beck 14,400 — — — 12,996 — — — 2,196 29,592
Andrew Stuart 17,388 106,900 11,575 12,975 12,996 — — — 2,274 164,108
Jason M. Montague 18,000 — — 12,975 12,996 — — — 3,950 47,921
Robert Binder — — — — — — — — 22,506 22,506

Name	Automobile ($)(a)		401(k) Employer Match ($)(b)	Executive Medical Plan Premium ($)(c)	Severance ($)(d)	CEO Benefits ($)(e)	Other Benefits ($)(f)	Total ($)
Frank J. Del Rio		27,600	13,375	11,328	—	152,000	1,620	205,923
Mark A. Kempa		14,400	13,375	17,268	—	—	533	45,576
Wendy A. Beck		2,825	—	17,268	3,487,275	—	252	3,507,620
Jason Montague		18,000	13,375	17,268	—	—	1,634	50,277
Andrew Stuart		18,000	13,375	17,268	—	—	756	49,399
T. Robin Lindsay		14,400	13,375	11,328	—	—	756	39,859

~~(1)~~(a)

Represents a cash automobile and automobile maintenance allowance.

~~(2)~~(b)

Represents ~~our contribution to the Company’s Supplemental Executive Retirement Plan.~~

~~(3)~~

~~Represents our contribution to the Company’s Senior Management Retirement Savings Plan.~~

~~(4)~~

~~Represents~~an employer contribution match under ~~the~~our 401(k) ~~plan~~Plan on the same terms as those generally offered to our other employees.

~~(5)~~(c)

Represents ~~medical~~ premiums under aan executive medical ~~executive reimbursement~~ plan. For Mr. Sheehan, represents the total estimated value due to the continuation of medical and dental coverage for himself and his eligible dependents (having a value of $14,298 for 2015 and a total estimated value of $50,573).

~~(6)~~(d)

Represents $9,202 for continued medical coverage, $666,668 in consulting fees during 2018 and $2,811,405 in cash severance ~~payment to Mr. Sheehan pursuant to his employment agreement.~~payments.

~~(7)~~

~~Represents accrued vacation payout pursuant to Mr. Sheehan’s resignation.~~

~~(8)~~(e)

Represents the following benefits for Mr. Del Rio: ~~$30,000~~$100,000 travel expense allowance, $12,000 personal allowance, $20,000 tax preparation service and $20,000 country club membership.

~~(9)~~(f)

Represents flexible credits, life insurance premiums and cruise benefits ~~for our Named Executive Officers. Additionally, air travel cost and COBRA employer reimbursements were included for Mr. Binder.~~(including immediate family travel).

~~Description~~

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Grants of Plan-Based Awards in 2018 Table

The following table presents all Plan-based awards granted to our NEOs during the year ended December 31, 2018.

	Grant Date		Compen- sation Committee Approval Date (If Different than Grant Date)		Estimated Potential Payouts Under Non-Equity Incentive Plan Awards(1)						Estimated Future Payouts Under Equity Incentive Plan Awards						All Other Stock Awards: Number of Shares of Stock or Units (#)		All Other Option Awards: Number of Securities Underlying Options (#)		Exercise or Base Price of Option Awards ($/Sh)		Grant Date Fair Value of Stock and Option Awards(2) ($)
Name	Grant Date				Threshold ($)		Target ($)		Max ($)		Threshold (#)		Target (#)		Max (#)						Exercise or Base Price of Option Awards ($/Sh)		Grant Date Fair Value of Stock and Option Awards(2) ($)
Frank J. Del Rio
2018 Annual Cash Performance Incentive		—		—		1,800,000		3,600,000		5,400,000		—		—		—		—		—		—		—
RSU Award(3)		3/1/18		—		—		—		—		—		—		—		52,956		—		—		3,006,312
Option Award – Performance Based(4)		2/27/18		8/4/15		—		—		—		166,668		187,501		208,335		—		—		59.43		—
PSU Award(4)		2/27/18		8/4/15		—		—		—		40,000		45,000		50,000		—		—		—		—
PSU Award(5)		2/27/18		8/1/17		—		—		—		47,444		79,073		158,146		—		—		—		7,719,737
PSU Award		3/1/18		—		—		—		—		47,663		79,435		158,870		—		—		—		4,509,582
Mark A. Kempa
2018 Annual Cash Performance Incentive		—		—		314,034		628,068		1,570,171		—		—		—		—		—		—		—
RSU Award(3)		3/1/18		—		—		—		—		—		—		—		8,826		—		—		501,052
PSU Award		3/1/18		—		—		—		—		2,649		4,413		8,826		—		—		—		250,583
Wendy A. Beck
2018 Annual Cash Performance Incentive		—		—		350,000		700,000		1,750,000		—		—		—		—		—		—		—
Option Award(6)		3/1/16		—		—		—		—		—		—		—		—		12,500		50.31		127,125
Option Award(6)		7/1/14		—		—		—		—		—		—		—		—		10,000		31.90		273,700
Option Award(6)		7/1/15		—		—		—		—		—		—		—		—		16,667		56.19		100,835
RSU Award(6)		3/1/16		—		—		—		—		—		—		—		6,250		—		—		368,750
RSU Award(6)		3/1/17		—		—		—		—		—		—		—		20,000		—		—		1,180,000
PSU Award(7)		2/27/18		3/1/17		—		—		—		9,000		15,000		—		—		—		—		844,050
Jason Montague
2018 Annual Cash Performance Incentive		—		—		350,000		700,000		1,750,000		—		—		—		—		—		—		—
RSU Award(3)		3/1/18		—		—		—		—		—		—		—		23,536		—		—		1,336,139
PSU Award(7)		2/27/18		3/1/17		—		—		—		9,000		15,000		—		—		—		—		844,050
PSU Award		3/1/18		—		—		—		—		7,062		11,768		23,536		—		—		—		668,069
Andrew Stuart
2018 Annual Cash Performance Incentive		—		—		350,000		700,000		1,750,000		—		—		—		—		—		—		—
RSU Award(3)		3/1/18		—		—		—		—		—		—		—		23,536		—		—		1,336,139
PSU Award(7)		2/27/18		3/1/17		—		—		—		9,000		15,000		—		—		—		—		844,050
PSU Award		3/1/18		—		—		—		—		7,062		11,768		23,536		—		—		—		668,069
T. Robin Lindsay
2018 Annual Cash Performance Incentive		—		—		350,000		700,000		1,750,000		—		—		—		—		—		—		—
RSU Award(3)		3/1/18		—		—		—		—		—		—		—		23,536		—		—		1,336,139
PSU Award(7)		2/27/18		3/1/17		—		—		—		9,000		15,000		—		—		—		—		844,050
PSU Award		3/1/18		—		—		—		—		7,062		11,768		23,536		—		—		—		668,069

(1)

The amounts reported in these columns represent the range of possible payouts under our Plan’s annual cash performance incentive program based on performance during 2018, as described in “Compensation Discussion and Analysis.” For 2018, the maximum target performance level was achieved and payable to our NEOs (other than Ms. Beck, whose actual annual cash performance incentive was paid according to her transition agreement).

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(2)

The fair value of each performance-based option award is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the time-based RSUs is equal to the closing market price of our shares on the date of grant. The fair value of PSUs is reported based on the probable outcome of the performance conditions at the time of grant and the closing market price of our ordinary shares on the date of grant. PSUs were valued as follows: February 27, 2018 grants originally awarded on August 4, 2015 were valued below threshold and have zero value based on the probable performance outcome, February 27, 2018 grants originally awarded on March 1, 2017 or August 1, 2017 were valued at maximum and March 1, 2018 grants were valued at target. All RSUs and PSUs reported in this table were awarded under our Plan.

(3)

Reflects RSU awards that will vest in equal installments on March 1, 2019, 2020 and 2021.

(4)

Awards were originally made on August 4, 2015. Pursuant to FASB ASC Topic 718, a grant date was not established for the awards on the award date, but was established on February 27, 2018 due to the application of accounting principles.

(5)

Award was originally made on August 1, 2017. Pursuant to FASB ASC Topic 718, a grant date was not established for the award on the award date, but was established on February 27, 2018 due to the application of accounting principles.

(6)

Represents options and RSUs that received accelerated vesting pursuant to Ms. Beck’s transition agreement. The amount reported under “Grant Date Fair Value of Stock and Option Awards” represents the incremental fair value, computed as of the modification date, February 2, 2018, in accordance with FASB ASC Topic 718.

(7)

Awards were originally made on March 1, 2017. Pursuant to FASB ASC Topic 718, a grant date was not established for the awards on the award date, but was established on February 27, 2018 due to the application of accounting principles.

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Outstanding Equity Awards at December 31, 2018 Table

The following table presents information regarding the outstanding equity awards held by each of our NEOs as of December 31, 2018.

	Option Awards										Stock Awards
Name	Number of Securities Underlying Unexercised Options Exercisable (#)		Number of Securities Underlying Unexercised Options Unexercisable (#)		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options(1) (#)		Option Exercise Price ($/Sh)		Option Expiration Date		Number of Shares or Units of Stock That Have Not Vested(2) (#)		Market Value of Shares or Units of Stock That Have Not Vested(3) ($)		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(1) (#)		Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(3) ($)
Frank J. Del Rio		427,083		312,500(4)		364,584(14)		59.43		8/3/2025		37,500(4)		1,589,625		87,500(14)		3,709,125
		—		—		—		—		—		35,143(5)		1,489,712		158,146(6)		6,703,809
		—		—		—		—		—		52,956(7)		2,244,805		158,870(11)		6,734,499
Mark A. Kempa		4,952		—		—		19.00		1/17/2020		2,500(9)		105,975		8,826(11)		374,134
		10,000		—		—		30.95		6/30/2023		8,334(5)		353,278		—		—
		15,000		—		—		31.90		6/30/2024		8,826(7)		374,134		—		—
		15,000		—		—		41.79		11/18/2024		—		—		—		—
		30,000		—		—		56.19		6/30/2025		—		—		—		—
		10,000		5,000(8)		—		50.31		2/28/2026		—		—		—		—
Wendy Beck		—		—		—		—		—		—		—		15,000(10)		635,850
Jason Montague		40,000		—		—		41.79		11/18/2024		6,250(9)		264,938		15,000(10)		635,850
		45,000		15,000(12)		—		43.76		2/1/2025		20,000(5)		847,800		23,536(11)		997,691
		50,000		—		—		56.19		6/30/2025		23,536(7)		997,691		—		—
		25,000		12,500(8)		—		50.31		2/28/2026		—		—		—		—
Andrew Stuart		84,051		—		—		19.00		1/17/2020		6,250(9)		264,938		15,000(10)		635,850
		50,000		—		—		30.95		6/30/2023		5,000(15)		211,950		23,536(11)		997,691
		40,000		—		—		31.90		6/30/2024		20,000(5)		847,800		—		—
		75,000		25,000(13)		—		50.17		4/27/2025		23,536(7)		997,691		—		—
		25,000		12,500(8)		—		50.31		2/28/2026		—		—		—		—
T. Robin Lindsay		50,000		—		—		56.19		6/30/2025		6,250(9)		264,938		15,000(10)		635,850
		25,000		12,500(8)		—		50.31		2/28/2026		20,000(5)		847,800		23,536(11)		997,691
		—		—		—		—		—		23,536(7)		997,691		—		—

(1)

Represents performance-based and market-based options and PSUs awarded to our NEOs, which will vest upon the achievement of pre-determined targets.

(2)

Represents unvested RSU awards subject to time-based vesting requirements.

(3)

The market value of the unvested RSU and PSU awards was calculated based on the $42.39 closing price of our ordinary shares as of December 31, 2018.

(4)

Represents time-based option and RSU awards granted to Mr. Del Rio on August 4, 2015. The time-based option award and the time-based RSU award vest on June 30, 2019.

(5)

Represents a time-based RSU award that vests in substantially equal installments on March 1, 2019 and March 1, 2020.

(6)

Represents a PSU award that will vest zero to 200% of target based on Adjusted ROIC performance for 2018 and average Adjusted EPS growth metrics for 2017 and 2018. Award is also subject to a time-based vesting requirement through March 1, 2020. Amount reported assumes vesting at 200% of target.

(7)

The RSUs vest in substantially equal annual installments on March 1, 2019, 2020 and 2021.

(8)

The options vest on March 1, 2019.

(9)

The RSUs vest on March 1, 2019.

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(10)

Represents a PSU award that will vest zero to 100% of target based on Adjusted ROIC performance for 2018. Amount reported assumes vesting at 100% of target.

(11)

Represents a PSU award that will vest zero to 200% of target based on Adjusted ROIC performance for 2019 and average Adjusted EPS growth metrics for 2018 and 2019. Amount reported assumes vesting at 200% of target.

(12)

The options vest on February 2, 2019.

(13)

The options vest on March 4, 2019.

(14)

Represents market-based and performance-based options and PSUs granted to Mr. Del Rio on August 4, 2015. These awards will vest zero to 100% based on Adjusted EPS performance for 2018, Adjusted ROIC performance for 2018 and our achievement of certain stock price hurdles. Amount reported assumes vesting at 100%.

(15)

The RSUs vest on June 30, 2019.

Option Exercises and Stock Vested in 2018 Table

The following table presents information regarding all stock options exercised and value received upon exercise, and all stock awards vested and the value realized upon vesting, by our NEOs during 2018.

	Option Awards				Stock Awards
Name	Number of Shares Acquired on Exercise (#)		Value Realized on Exercise ($)(1)		Number of Shares Acquired on Vesting (#)		Value Realized on Vesting ($)(1)
Frank J. Del Rio		—		—		55,072		2,636,769
Mark A. Kempa		—		—		6,666		378,429
Wendy A. Beck		332,295(2)		8,941,163		42,500(2)		2,381,488
Jason Montague		—		—		16,250		922,513
Andrew Stuart		6,500		189,933		21,250		1,158,763
T. Robin Lindsay		—		—		16,250		922,513

(1)

The value of the RSU awards was determined by multiplying the number of RSUs that vested by the per-share closing price of the ordinary shares on the vesting date. The value of the option awards was determined by multiplying (i) the number of shares to which the exercise of the options related by (ii) the difference between the per-share market price of the ordinary shares on the exercise date and the exercise price of the options.

(2)

Includes options, RSUs and PSUs that vested according to Ms. Beck’s transition agreement.

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Employment Agreements for ~~Current NEOs—~~NEOs — Salary and Annual Cash ~~Bonus~~Performance Incentive Opportunity

~~Frank J. Del Rio~~

~~On August 4, 2015, we entered into a letter agreement with~~

Frank J. Del Rio

Mr. Del Rio is employed as our President and Chief Executive Officer pursuant to ~~amend his existing~~an employment agreement ~~originally entered into by Prestige prior to the Acquisition and~~with us dated June 5, 2014, and subsequently amended by a letter ~~agreement~~agreements dated September 2, ~~2014.~~

~~The initial term of~~2014, August 4, 2015 and August 1, 2017. Mr. Del Rio’s amended employment agreement extends his term of employment until ~~June 30, 2019. Beginning in calendar year 2016,~~December 31, 2020. Mr. Del Rio’s ~~2015~~amended employment agreement provides for a minimum annual base ~~annual~~ salary of ~~$1,837,500 was reduced~~$1,500,000, subject to $1,500,000 and he is no longer entitled to receive automatic 5% increases to his base annual salary amount each calendar year (as he was in his legacy employment agreement with Prestige). Beginning in calendar year 2016, Mr. Del Rio’s 2015 target annual cash bonus amount of 100% of his base annual salary was

~~TABLE OF CONTENTS~~

~~increased to 200% of his base annual salary.~~periodic review. Mr. Del Rio’s target annual cash ~~bonus opportunity~~performance incentive is 200% of his base salary, subject to a ~~new~~ maximum limit of 300% of his base annual salary. Mr. Del Rio is entitled to a $2,000 monthly car allowance and certain maintenance and fuel expenses and certain other personal benefits each year. The

amended employment agreement also provides for participation in employee benefit plans and perquisite programs generally available to our executive officers, including aan executive medical ~~executive reimbursement~~ plan.

~~In addition, pursuant to the~~Mr. Del Rio’s amended employment agreement entitles him to annual RSU awards that have an award date value of not less than $7.5 million, with such actual target number of RSUs being determined by multiplying the number of RSUs by the closing price of an ordinary share of our Company on the applicable date of award. At least 60% of each such award is contractually required to be subject to performance-based vesting requirements that will be determined by our Compensation Committee.

Mark A. Kempa

Mr. Del Rio received a special one-time, front-loaded, performance-based award of options, RSUs and PSUs as described above under “Executive Compensation—Compensation Discussion and Analysis—President and Chief Executive Officer Awards.” Mr. Del Rio is no longer entitled to a fixed amount of automatic time-based stock option awards each calendar year under his amended employment agreement.

~~Wendy A. Beck~~

~~Ms. Beck~~Kempa is employed as our Executive Vice President and Chief Financial Officer pursuant to an employment agreement with us dated as of September ~~2, 2015.~~10, 2018.

The initial term of ~~Ms. Beck’s~~Mr. Kempa’s employment ~~under the~~ agreement is from ~~September 1, 2015~~August 31, 2018 through December 31, ~~2018,~~2021, which will automatically renew each anniversary of December 31, ~~2018~~2021 thereafter for additional one-year terms unless either we or ~~Ms. Beck~~Mr. Kempa gives notice of non-renewal within 60 days prior to the end of the term. The agreement provides for a minimum annual base

salary of ~~$650,000,~~$700,000, subject to annual review, ~~a performance-based~~an annual cash ~~bonus~~performance incentive in an amount to be determined by our Compensation Committee, long-term equity incentive compensation as determined by our Compensation Committee, and participation in the benefit plans and programs generally available to other similarly situated executives, including aan executive medical ~~executive reimbursement~~ plan. ~~She~~He is also entitled to a $1,200 monthly car allowance.

~~Andrew Stuart~~

~~Mr. Stuart is~~

Wendy A. Beck

Ms. Beck was employed as our Executive Vice President and Chief ~~Operating~~Financial Officer ~~of the Norwegian brand~~ pursuant to an employment agreement with us dated as of September 2, 2015. Ms. Beck resigned from her position, effective March 5, 2018.

The initial term of ~~Mr. Stuart’s~~Ms. Beck’s employment under the agreement iswas from September 1, 2015 through December 31, 2018, which ~~will~~would have automatically ~~renew~~renewed each anniversary of December 31, 2018 thereafter for additional one-year terms unless either we or ~~Mr. Stuart gives~~Ms. Beck gave notice of non-renewal within 60 days

prior to the end of the term. The agreement ~~provides~~provided for a minimum annual base salary of $650,000, subject to annual review, ~~a performance-based~~an annual cash ~~bonus~~performance incentive in an amount to be determined by our Compensation Committee, long-term equity incentive compensation as determined by our Compensation Committee and participation in the benefit plans and programs generally available to other similarly situated executives, including aan executive medical ~~executive reimbursement~~ plan. ~~He is~~She was also entitled to a ~~$1,500~~$1,200 monthly car allowance.

~~Jason M. Montague~~

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Jason Montague

Mr. Montague is employed as our President and Chief ~~Operating~~Executive Officer of ~~the Oceania Cruises and~~ Regent ~~brands~~ pursuant to an employment agreement with us dated as of September ~~17, 2015.~~16, 2016.

The initial term of Mr. Montague’s employment agreement iswas from September ~~1, 2015~~16, 2016 through December 31, 2018, which ~~will~~ automatically ~~renew~~renews each anniversary of December 31, 2018 thereafter for additional one-year terms unless either we or Mr. Montague gives notice of non-renewal within 60 days prior to the end of the term. The agreement provides

for a minimum annual base salary of $650,000, subject to annual review, ~~a performance-based~~an annual cash ~~bonus~~performance incentive in an amount to be determined by our Compensation Committee, long-term equity incentive compensation as determined by our Compensation Committee, and participation in the benefit plans and programs generally available to other similarly situated executives, including aan executive medical ~~executive reimbursement~~ plan. He is also entitled to a $1,500 monthly car allowance.

Andrew Stuart

~~TABLE OF CONTENTS~~

~~Robert Binder~~

Mr. ~~Binder~~Stuart is employed as our ~~Vice Chairman~~President and Chief Executive Officer of ~~Oceania Cruises and Regent~~Norwegian pursuant to an employment agreement with us dated as of ~~October 26, 2015.~~September 16, 2016.

The initial term of Mr. ~~Binder’s~~Stuart’s employment agreement iswas from ~~October 1, 2015~~September 16, 2016 through December 31, 2018, which ~~will~~ automatically ~~renew~~renews each anniversary of December 31, 2018 thereafter for additional one-year terms unless either we or Mr. ~~Binder~~Stuart gives notice of non-renewal within 60 days prior to the end of the term.

The agreement provides for a minimum annual base salary of ~~$500,000,~~$650,000, subject to annual review, ~~a performance-based~~an annual cash ~~bonus~~performance incentive in an amount to be determined by our Compensation Committee, long-term equity incentive compensation as determined by our Compensation Committee, and participation in the benefit plans and programs generally available to other similarly situated executives, including aan executive medical ~~executive reimbursement~~ plan. He is also entitled to ~~one cross-country, first-class flight per month.~~a $1,500 monthly car allowance.

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~~GRANTS OF PLAN-BASED AWARDS IN 2015 TABLE~~

~~The following table presents all plan-based awards granted to our Named Executive Officers during the year ended December 31, 2015.~~

Name Grant
Date Compensation
Committee
Approval
Date
(If Different
than Grant
Date)
Estimated Potential Payouts Under
Non-Equity Incentive Plan Awards(1)
Estimated
Future
Payouts
Under
Equity
Incentive
Plan
Awards
All
Other
Stock
Awards:
Number of
Shares of
Stock or
Units(3)

All
Other
Option
Awards:
Number of
Securities
Underlying
Options(4)
Exercise
or Base
Price of
Option
Awards
Grant Date
Fair Value of
Stock and
Option
Awards(5)
Threshold
($) Target
($) Maximum
($) Target
(#) (#) (#) ($/Sh) ($)
Frank J. Del Rio(6)
2015 Annual Cash Bonus 1/1/2015 — 918,750 1,837,500 3,675,000 — — — — —
Option Awards – Time-based 8/4/2015 — — — — — — 625,000 59.43 15,175,000
Option Awards – Share Appreciation 8/4/2015 — — — — 208,333(2) — — 59.43 2,577,083
RSU Awards – Time-based 8/4/2015 — — — — — 150,000 — — 8,914,500
PSU Awards – Share Appreciation 8/4/2015 — — — — 50,000(2) — — — 1,361,815
Wendy A. Beck
2015 Annual Cash Bonus 1/1/2015 — 234,318 468,637 937,274 — — — — —
Option Awards 7/1/2015 4/28/2015 — — — — — 50,000 56.19 1,018,385
Andrew Stuart
2015 Annual Cash Bonus 1/1/2015 — 235,437 470,875 941,749 — — — — —
Option Awards 4/28/2015 — — — — — — 100,000 50.17 2,030,533
Jason M. Montague
2015 Annual Cash Bonus 1/1/2015 — 243,750 487,500 975,000 — — — — —
Option Awards 2/2/2015 — — — — — — 60,000 43.76 1,161,548
Option Awards 7/1/2015 4/28/2015 — — — — — 50,000 56.19 1,018,385
Robert Binder
2015 Annual Cash Bonus 1/1/2015 — 47,260 94,521 189,041 — — — — —

~~(1)~~

The amounts reported in these columns represent the range of possible payouts under our performance incentive annual cash bonus program based on performance during 2015, as described in the “Compensation Discussion and Analysis” section.

~~(2)~~

T. Robin Lindsay

Mr. Lindsay is employed as our Executive Vice President, Vessel Operations, pursuant to an employment agreement with us dated as of October 18, 2015.

The ~~amounts reported represent shares~~initial term of Mr. Lindsay’s employment agreement was from September 1, 2015 through December 31, 2018, which automatically renews each anniversary of December 31, 2018 thereafter for additional one-year terms unless either we or Mr. Lindsay gives notice of non-renewal within 60 days prior to the end of the term. The agreement provides for a minimum annual

base salary of $600,000, subject to annual review, an annual cash performance incentive in an amount to be ~~issued based on~~determined by our Compensation Committee, long-term equity incentive compensation as determined by our Compensation Committee, and participation in the ~~achievement of predetermined share appreciation targets for both the CEO Option~~benefit plans and ~~CEO PSU awards for Mr. Del Rio in 2015 under our Plan.~~

~~(3)~~

~~These amounts represent time-based CEO RSUs awarded~~programs generally available to ~~Mr. Del Rio in 2015 under our Plan.~~

~~(4)~~

~~These amounts represent time-based options awarded~~other similarly situated executives, including an executive medical plan. He is also entitled to ~~our Named Executive Officers in 2015. All options reported in this table were granted under our Plan.~~

~~(5)~~

The fair value of each time-based option is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of the time-based CEO RSUs is equal to the closing market price of NCLH shares at the date of grant. The fair value of the share appreciation CEO Option and share appreciation CEO PSU awards is estimated on the date of grant using a Monte-Carlo model. For a further discussion of the assumptions and methodologies used to calculate the amounts reported in this column, please see footnote 2 and 3 to the “2015 Summary Compensation Table” above.$1,200 monthly car allowance.

~~(6)~~

The awards listed for Mr. Del Rio exclude 416,667 CEO Option awards and 100,000 CEO PSU awards because a grant date was not established for these awards during 2015 pursuant to FASB ASC Topic 718. For a description of the awards made to our President and Chief Executive Officer, please see “Executive Compensation—Compensation Discussion and Analysis—President and Chief Executive Officer Awards.”

47Potential Payments Upon Termination or Change in Control

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~~OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2015 TABLE~~

~~The following table presents information regarding the outstanding equity awards held by each of our Named Executive Officers as of December 31, 2015.~~

Option Awards Stock Awards
Name
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)

Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)

Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options(1)
(#)

Option
Exercise
Price
($/Sh)

Option
Expiration
Date

Number of
Shares or
Units of
Stock That
Have Not
Vested(2)
(#)

Market
Value of
Shares or
Units of
Stock That
Have Not
Vested(3)
($)

Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested(1)
(#)

Equity
Incentive
Plan Awards:
Market or
Payout
Value of
Unearned
Shares, Units
or Other
Rights That
Have Not
Vested(3)
($)

Frank J. Del Rio — 625,000(4) 625,000 59.43 8/3/2025 150,000(4) 8,790,000 150,000 8,790,000
Kevin M. Sheehan — — — — — — — — —
Wendy A. Beck 204,795 — — 19.00 1/17/2020 — — — —
25,000 25,000(5) — 30.95 6/30/2023 — — — —
10,000 30,000(6) — 31.90 6/30/2024 — — — —
— 50,000(7) — 56.19 6/30/2025 — — — —
Andrew Stuart 160,551 — — 19.00 1/17/2020 — — — —
25,000 25,000(5) — 30.95 6/30/2023 — — — —
10,000 30,000(6) — 31.90 6/30/2024 — — — —
— 100,000(8) — 50.17 4/27/2025 — — — —
Jason M. Montague 10,000 30,000(9) — 41.79 11/18/2024 — — — —
— 60,000(10) — 43.76 2/1/2025 — — — —
— 50,000(7) — 56.19 6/30/2025 — — — —
Robert Binder — — — — — — — — —

~~(1)~~

Represents performance-based CEO Option and CEO PSU awards granted to Mr. Del Rio on August 4, 2015 which will vest upon the achievement of pre-determined targets. This table reflects all of the shares subject to Mr. Del Rio’s award, and includes 416,667 CEO Option and 100,000 CEO PSU awards for which a grant date was not established under FASB ASC Topic 718. Please see “Executive Compensation—Compensation Discussion and Analysis—President and Chief Executive Officer Awards” for more information.

~~(2)~~

~~Represents unvested CEO RSU awards subject to time-based vesting requirements.~~

~~(3)~~

~~The market value of the unvested CEO RSU awards was calculated based on the $58.60 closing price of an NCLH ordinary share as of December 31, 2015.~~

~~(4)~~

Represents time-based CEO Option and CEO RSU awards granted to Mr. Del Rio on August 4, 2015. The time-based CEO Option awards vest 50% on June 30, 2017 and 50% on June 30, 2019. The time-based CEO RSU awards vest equally on June 30, 2016, 2017, 2018 and 2019, respectively.

~~(5)~~

~~The options of the Named Executive Officers vest in substantially equal annual installments on July 1, 2016 and 2017.~~

~~(6)~~

~~The options of the Named Executive Officers vest in substantially equal annual installments on July 1, 2016, 2017 and 2018.~~

~~(7)~~

~~The options of the Named Executive Officers vest in substantially equal annual installments on July 1, 2016, 2017 and 2018.~~

~~(8)~~

~~Mr. Stuart’s options vest in substantially equal annual installments on March 4, 2016, 2017, 2018 and 2019.~~

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~~(9)~~

~~Mr. Montague’s options vest in substantially equal annual installments on November 19, 2016, 2017 and 2018.~~

~~(10)~~

~~Mr. Montague’s options vest in substantially equal annual installments on February 2, 2016, 2017, 2018 and 2019.~~

~~OPTION EXERCISES AND STOCK VESTED IN 2015 TABLE~~

Option Awards Stock Awards
Name Number of Shares
Acquired on
Exercise
(#) Value Realized
on Exercise
($) Number of Shares
Acquired on
Vesting
(#) Value Realized
on Vesting
($)
Frank J. Del Rio — — — —
Kevin M. Sheehan 1,516,689(1) 31,236,452 56,687(2) 2,646,149
Wendy A. Beck — — 84,207(3) 5,048,450
Andrew Stuart 60,000 1,708,390 90,700(4) 5,386,673
Jason M. Montague — — — —
Robert Binder — — — —

~~(1)~~

~~Pursuant to his separation agreement, Mr. Sheehan had 90 days from his separation date to exercise all of his outstanding options.~~

~~(2)~~

~~Represents restricted share accelerated vesting pursuant to Mr. Sheehan’s separation agreement.~~

~~(3)~~

~~Represents 60,148 restricted shares vested upon a “realization event” for Apollo Holders and 24,059 restricted shares vested pursuant to time-based requirements.~~

~~(4)~~

~~Represents 90,700 restricted shares vested upon a “realization event” for Apollo Holders.~~

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~~2015 NONQUALIFIED DEFERRED COMPENSATION TABLE~~

The following table presents information on contributions to, earnings accrued under and distributions to our Named Executive Officers from our nonqualified defined contribution plans during the year ended December 31, 2015.

Name
Plan
Name

Executive
Contributions
in FY 2015
($)

Registrant
Contributions
in FY 2015
($)(1)

Aggregate
Earnings
in FY 2015
($)(2)

Aggregate
Withdrawals/
Distributions
($)(3)

Aggregate
Balance at
End FY 2015
($)

Andrew Stuart SERP — 106,900 5,754 106,900 441,641
SMRSP — 11,575 1,119 11,575 85,870

~~(1)~~

~~Company contributions in this column are reported in the “All Other Compensation” column in the “2015 Summary Compensation Table” above.~~

~~(2)~~

~~Aggregate earnings in the last year are not included in the “2015 Summary Compensation Table” above because they are not above market or preferential as determined by SEC rules.~~

~~(3)~~

~~Represents amounts credited to plan accounts that vested in 2015 and were distributed in 2015 to comply with and avoid adverse tax consequences under applicable tax rules.~~

We maintained the SERP, which was an unfunded defined contribution plan for certain of our executive officers, including Mr. Stuart, who was employed by us in an executive capacity prior to 2008. We made contributions on behalf of the participants to compensate them for the benefits that were limited under the 401(k) Plan. We credited participants under the SERP Plan for amounts that would have been contributed by us to our previous Defined Contribution Retirement Plan and the former 401(k) plan without regard to any limitations imposed by the Code. Participants did not make contributions to this plan. Participant accounts were credited with earnings based upon the rate of return in the JPMorgan Chase Bank Stable Asset Income Fund, subject to a 5% maximum. For 2015, the rate of return used was 1.32%. To comply with and avoid adverse consequences under applicable tax rules, plan accruals for services performed or payments which become vested after December 31, 2008 would be distributed in the year that services were performed. Vested, accrued balances for services performed prior to December 31, 2008 continued to accrue interest and would be distributed upon the first to occur of termination, death or disability or December 31, 2017. No withdrawals are permitted under the SERP. Our Board elected to discontinue this plan following the 2015 contributions and will pay the deferred contributions to participants in early 2017 following the expiration of the required 12-month waiting period.

We also maintained the SMRSP, which is an unfunded defined contribution plan for certain of our employees, including Mr. Stuart, who were employed by us prior to 2001. Mr. Stuart was the only Named Executive Officer who was eligible to participate in the SMRSP. We made contributions on behalf of the participants to compensate them for differences between the qualified plan benefits that were previously available under the Company’s cash balance pension plan and the redesigned 401(k) Plan. We credited participants under the SMRSP Plan for the difference in the amount that would have been contributed by us to our previous Norwegian Cruise Line Pension Plan and the qualified plan maximums of the new 401(k) Plan. Participants did not make contributions to this plan. Participant accounts were credited with earnings based upon the rate of return in the JPMorgan Chase Bank Stable Asset Income Fund, subject to a 5% maximum. For 2015, the rate of return used was 1.32%. To comply with and avoid adverse consequences under applicable tax rules, plan accruals for services performed or payments which become vested after December 31, 2008 would be distributed in the year that services were performed. Vested, accrued balances for services performed prior to December 31, 2008 continued to accrue interest and would be distributed upon the first to occur of termination of employment, death or disability or December 31, 2017. No withdrawals are permitted under the SMRSP. Our Board elected to discontinue this plan following the 2015 contributions and will pay the deferred contributions to participants in early 2017 following the expiration of the required 12-month waiting period.

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~~POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL~~

~~For all of our NEOs, other than Mr. Sheehan, the~~The following section describes the payments and benefits that would have become payable to ~~the Named Executive Officers~~our NEOs, other than Ms. Beck, in connection with a termination of their employment and/or a change in control of ~~the~~ our

Company occurring on December 31, 2015. For Mr. Sheehan, the following section describes the severance payments and benefits that he received as a result of his resignation on January 8, 2015. All of the payments and benefits described below would be or were provided by us.2018. Please see “Compensation Discussion and Analysis” ~~above~~ for a discussion of how the level of these payments and benefits was determined. Our NEOs would also be entitled to receive any accrued payments and benefits disclosed above under the “2015 Nonqualified Deferred Compensation Table” in connection with a termination of their employment.

~~Frank J. Del Rio~~

Frank J. Del Rio

Mr. Del Rio’s ~~amended~~ employment agreement, as amended in August 2017, provides for certain payments and benefits to be paid to him ~~in connection with a termination of his employment~~ under the circumstances described below. In each case, Mr. Del Rio is entitled to receive all

amounts that he has earned but are unpaid regardless of the circumstances under which his employment terminates (his “accrued obligations”).

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EXECUTIVE COMPENSATION TABLES

Severance ~~Benefits—~~Benefits — Termination of Employment.In the event that Mr. Del Rio’s employment is terminated during the employment term either by us without “cause” or by him for “good reason” (as defined in the amended employment agreement), or if Mr. Del Rio’s employment terminates by reason of his death or disability (as those terms are defined in the amended employment agreement), or his employment terminates on the expiration of his employment term (or in the case of the cash severance payment, as of December 31, 2020, regardless of whether his employment terminates), he will be entitled to receive:

•

a payment equal to 2.25 times the sum of: (1) his annualized base salary in effect as of August 2017 ($1.5 million) and (2) his target annual cash performance incentive amount at the rate in effect as of August 2017 (or $3 million) and (3) $64,000, which represents the value of certain benefits; and

•

all then outstanding, unvested RSUs subject only to time-based vesting requirements that were awarded during and after 2017 will vest in full, and any outstanding, unvested performance-based RSUs that were awarded during and after 2017 will continue to remain outstanding as if Mr. Del Rio were still employed until the performance period is complete, will remain subject to all of the applicable performance conditions and will vest in full at the time, if any, that the performance conditions are satisfied.

If Mr. Del Rio’s employment terminates during the employment term either by us without “cause” or by him for “good reason” (as those terms are defined in the amended employment agreement) or his employment terminates on the expiration of his employment term, he will also be entitled to receive:

•

payments equal to twice the sum of: (1) his highest rate of annualized base salary in effect during the one-year period before the severance date and (2) his target annual cash bonus amount at the highest rate in effect during the one-year period prior to his termination of employment applied to the base salary determined in clause (1), payable over a two-year period in accordance with our regular payroll cycle practices, provided that if such termination of employment occurs on or before November 18, 2016, these payments will be made in one lump sum;

•

~~continued payment of the automobile allowance, country club dues and income tax preparation benefits specified in his amended employment agreement for two years after the severance date;~~

•

continuation of medical and dental coverage for Mr. Del Rio and his eligible dependents on the same terms as actively employed senior executives for two years after the severance date; and

•

a pro-rata portion of his annual cash ~~bonus~~performance

incentive for the year in which the severance date occurs, with the pro-rata portion determined based on performance through the severance date.

In the event that Mr. Del Rio’s employment is terminated either by us without “cause” or by him for “good reason” (as those terms are defined in the amended employment agreement), he will also be entitled to receive accelerated vesting for all unvested ~~CEO Options, CEO~~options, RSUs and ~~CEO~~ PSUs from his award in 2015 in full. In the event that Mr. Del Rio’s employment is terminated due to his death or disability, he is also entitled to pro-rata vesting of the next unvested installment of his time-based options and RSUs from his 2015 award.

Mr. Del Rio’s right to receive the severance payments and benefits described above is subject to him executing a release of claims in favor of ~~the~~our Company.

In addition, Mr. Del Rio will be entitled to receive a “gross up” payment for any excise taxes that may be payable in connection with the change in control of the Company pursuant to Sections 280G and 4999 of the Code.

~~Severance Benefits—Other Terminations.~~ ~~In the event that~~ Mr. Del Rio’s employment ~~is terminated due to his death or disability, he is entitled to pro-rata vesting~~agreement provides that if any of the ~~next unvested installment~~foregoing severance payments or benefits would be a parachute payment subject to any excise taxes pursuant to Section 4999 of the Code, his ~~time-based CEO Options~~payments and ~~CEO RSUs.~~benefits will be reduced and “cut back” to the extent that such reduction results in a better net after tax result to him.

Severance Benefits — Other Terminations. In the event that Mr. Del Rio’s employment is terminated by us for “cause” or by him other than for “good reason,” he will only be entitled to receive his accrued obligations.

Restrictive Covenants. Pursuant to Mr. Del Rio’s amended employment agreement, he has agreed not to disclose any confidential information of ~~the~~our Company and ~~its~~our affiliates at any time during or after his employment with us. In addition, Mr. Del Rio has agreed that for a period of one year (two years in the

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case of a resignation without “good reason”) after his employment terminates he will not compete with certain restricted competitors of ~~the~~our Company, and for a period of one year after the last date compensation is paid to him by us, he will not solicit the employees of ~~the~~our Company or ~~its~~our affiliates.

~~Kevin M. Sheehan~~

Wendy A. Beck

In connection with ~~Mr. Sheehan’s~~Ms. Beck’s resignation ~~on January 8, 2015, he received~~in the first quarter of 2018, she became entitled to receive the following ~~payments and~~ benefits pursuant to a ~~separation~~transition and consulting agreement that heshe entered into with us:

•

~~all of his accrued and unpaid base salary (and accrued and unpaid vacation time) through the date of his resignation;~~

•

$1,627,500, which represents the second installment of his previously approved Acquisition- related bonus (which is reflected in the “2015 Summary Compensation Table” above in his compensation for 2014);

•

~~a one-time cash separation payment in~~ (i) an amount equal to ~~his~~two times her base salary ($1.4 million), paid over a 12-month period, (ii) in recognition of her service and ~~target annual cash bonus~~tenure, an amount equal to $4.0 million, paid in quarterly installments through December 30, 2019, (iii) continued COBRA benefits (including the executive medical plan) at the same cost as active employees (or

pay in lieu of such benefits if we cannot provide such benefits) for up to 36 months (having a value ~~equal to $3,255,000);~~

•

~~vesting~~ of $26,470 for 2018 and a ~~portion~~total estimated value of ~~his~~$90,417), (iv) full acceleration of her outstanding ~~unvested equity-based~~time-based equity awards (having a value equal to ~~$16,071,280~~$1.8 million on the date of ~~his~~her resignation based on the NCLH share price on that date and the “spread” value of ~~his~~her options)~~; and~~, (v) continued opportunity to vest in her only outstanding performance-based equity award, subject to the satisfaction of the applicable financial performance

•

50 /

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EXECUTIVE COMPENSATION TABLES

conditions for 2018 (having an estimated value of ~~medical~~$0.8 million based on the NCLH share price on the date she resigned and ~~dental coverage~~assuming maximum achievement of the performance targets), (vi) pro-rata portion of any annual incentive actually earned based on performance for ~~himself and his eligible dependents~~2018 (having a value of ~~$14,298~~approximately $1.3 million), and (vii) an executive-level cruise. Ms. Beck will receive $2.0 million, paid in six equal quarterly installments through December 30, 2019, for ~~2015~~her consulting services and ~~a total estimated value of $50,573) on substantially~~base salary and pro-rata bonus opportunity as if she remained employed through September 30, 2018.

Pursuant to the ~~same terms~~transition and conditions provided to active employees of the Company until the first to occur of: (1) the end of the month in which he turns 65; (2) the date of his death; (3) the date he becomes eligible for Medicare benefits under the Social Security Act, or; (4) the date he becomes eligible for coverage under the health plan of a future employer.

~~The term of Mr. Sheehan’s vested options was also extended until 90 days after the date of the Company’s announcement of its financial results for 2014. Mr. Sheehan~~consulting agreement, Ms. Beck has agreed not to disclose any confidential information of ~~the~~our Company and ~~its~~our affiliates at any time during or after ~~his~~her employment with us. In addition, ~~Mr. Sheehan~~she has agreed that ~~for a period of one year after his resignation, he would not compete with the business of the Company or its affiliates and~~ for a period of two years after ~~his resignation, he would~~her employment was terminated, she will not compete with the business of our Company or our affiliates and will not solicit the employees or guests of ~~the~~our Company or ~~its~~our affiliates.

~~Other Named Executive Officers~~

Other NEOs

The current employment agreement of each of ~~Ms. Beck,~~Mr. Kempa, Mr. Montague, Mr. Stuart ~~Mr. Montague~~ and Mr. ~~Binder~~Lindsay with us, described above under ~~the heading “Description of Employment~~“Employment Agreements for ~~Current NEOs—~~NEOs — Salary and Annual Cash ~~Bonus~~Performance Incentive Opportunity,” provides for certain payments and benefits to be paid to each ~~Named Executive Officer~~NEO in connection with a termination of his ~~or her~~ employment with us under the circumstances described below. In each case, ~~Ms. Beck,~~Mr. Kempa, Mr. Montague, Mr. Stuart ~~Mr. Montague~~ and Mr. ~~Binder~~Lindsay are entitled to receive all amounts that ~~he or she has~~they have earned but are unpaid regardless of the circumstances under which ~~his or her~~their employment terminates ~~(his or her “accrued~~(“accrued obligations”).

Severance ~~Benefits—~~Benefits — Termination of Employment.In the event that ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ or Mr. ~~Binder’s~~Lindsay’s employment is terminated during the employment term by us without “cause,” we provide notice that his ~~or her~~ employment agreement will not be extended or further extended, or the ~~Named Executive Officer~~NEO terminates his ~~or her~~ employment for “good reason” (as those terms are defined in the employment agreements) the ~~Named Executive Officer~~NEO will be entitled to receive:

•

an amount equal to twice his ~~or her~~ then current base salary at the annualized rate in effect on the severance date, payable over a 12-month period in accordance with our regular payroll cycle practices following termination;

•

payment of a pro-rata portion of any annual cash ~~bonus~~incentive actually earned for the year of termination; and

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•

continuation of medical and dental coverage for him ~~or her~~ and his ~~or her~~ eligible dependents on substantially the same terms and conditions in effect on his ~~or her~~ termination of employment until the first to occur of: (1) 18 months following termination, (2) the date of his ~~or her~~ death; (3) the date he ~~or she~~ becomes eligible for coverage under the health plan of a future employer; or (4) the date ~~the~~our Company is no longer obligated to offer ~~her or~~ him COBRA continuation coverage.

In addition, if in connection with a change in control of ~~the~~our Company, we terminate ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ or Mr. ~~Binder’s~~Lindsay’s employment without “cause,” provide notice that his ~~or her~~ agreement will not be extended or further extended, or he ~~or she~~ terminates his ~~or her~~ employment for “good reason,” in addition to the payments and benefits described above, all of ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ or Mr. ~~Binder’s~~Lindsay’s outstanding and unvested equity awards granted under the Plan, or any successor equity plan, will receive full accelerated vesting.

The employment agreements for ~~Ms. Beck,~~Mr. Kempa, Mr. Montague, Mr. Stuart ~~Mr. Montague~~ and Mr. ~~Binder~~Lindsay provide that if any of the foregoing severance payments or benefits would be a parachute payment subject to any excise taxes pursuant to ~~Sections 280G and~~Section 4999 of the Code, his ~~or her~~ payments and benefits will be reduced and “cut back” to the extent that such reduction results in a better net after tax result to ~~him or her.~~him.

Each of ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ and Mr. ~~Binder’s~~Lindsay’s right to receive the severance payments and benefits described above is subject to him ~~or her~~ executing a release of claims in favor of ~~the~~our Company.

Severance ~~Benefits—~~Benefits — Other Terminations.In the event that ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ or Mr. ~~Binder’s~~Lindsay’s employment is terminated by us for any other reason (death, disability, by us for “cause” or by the ~~Named Executive Officer~~NEO other than for “good reason”), he ~~or she~~ will only be entitled to receive his ~~or her~~ accrued obligations.

Restrictive Covenants.Pursuant to each of ~~Ms. Beck’s,~~Mr. Kempa’s, Mr. Montague’s, Mr. Stuart’s ~~Mr. Montague’s~~ and Mr. ~~Binder’s~~Lindsay’s employment agreements, each ~~Named Executive Officer~~NEO has agreed not to disclose any confidential information of ~~the~~our Company and ~~its~~our affiliates at any time during or after his ~~or her~~ employment with us. In addition, each ~~Named Executive Officer~~NEO has agreed that for a period of two years after his ~~or her~~ employment terminates, he ~~or she~~ will not compete with the business of ~~the~~our Company or ~~its~~our affiliates and will not solicit the employees or guests of ~~the~~our Company or ~~its~~our affiliates.

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EXECUTIVE COMPENSATION TABLES

Estimated Severance and Change in Control Payments and Benefits

The following table presents the estimated payments and benefits to which each of ~~the Named Executive Officers,~~our NEOs, other than ~~Mr. Sheehan,~~Ms. Beck, would have been entitled had his ~~or her~~ employment been terminated or a change in control of ~~NCLH~~our Company occurred on December 31, ~~2015~~2018 under the scenarios noted below.

Name
Voluntarily
Termination or
Termination for
Cause
($)

Death,
Disability or
Retirement
($)

Termination
Without Cause
or Good
Reason
($)

Change in
Control
Termination
($)

Frank J. Del Rio
Severance Payment — — 9,253,799 —
Insurance Continuation — — 30,181 —
Equity Acceleration — 2,197,500(2) 17,580,000(1) —
Miscellaneous Benefit Continuation — — 148,000 —
Gross-Up Payment — — — —
Wendy A. Beck
Severance Payment — — 1,783,595 1,783,595
Insurance Continuation — — 31,425 31,425
Equity Acceleration — — — 1,612,750(3)

~~TABLE OF CONTENTS~~

Name
Voluntarily
Termination or
Termination for
Cause
($)

Death,
Disability or
Retirement
($)

Termination
Without Cause
or Good
Reason
($)

Change in
Control
Termination
($)

Andrew Stuart
Severance Payment — — 1,784,793 1,784,793
Insurance Continuation — — 31,425 31,425
Equity Acceleration — — — 2,335,250(3)
Jason M. Montague
Severance Payment — — 1,806,250 1,806,250
Insurance Continuation — — 31,425 31,425
Equity Acceleration — — — 1,515,200(3)
Robert Binder
Severance Payment — — 1,089,424 1,089,424
Insurance Continuation — — 9,978 9,978
Equity Acceleration — — — —

Name	Voluntarily Termination or Termination for Cause ($)		Death, Disability or Retirement ($)		Termination Without Cause or Good Reason ($)		Change in Control Termination ($)
Frank J. Del Rio
Severance Payment		—		10,269,000		15,669,000		—
Insurance Continuation		—		—		41,826		—
Equity Acceleration		—		14,606,920(1)		18,892,375(2)		—
Mark A. Kempa
Severance Payment		—		—		2,970,171		2,970,171
Insurance Continuation		—		—		45,623		45,623
Equity Acceleration		—		—		—		1,020,454(3)
Jason Montague
Severance Payment		—		—		3,150,000		3,150,000
Insurance Continuation		—		—		45,623		45,623
Equity Acceleration		—		—		—		3,245,124(3)
Andrew Stuart
Severance Payment		—		—		3,150,000		3,150,000
Insurance Continuation		—		—		45,623		45,623
Equity Acceleration		—		—		—		3,457,074(3)
T. Robin Lindsay
Severance Payment		—		—		3,150,000		3,150,000
Insurance Continuation		—		—		31,369		31,369
Equity Acceleration		—		—		—		3,245,124(3)

(1)

The amount disclosed was determined by taking the value (calculated based on ~~the NCLH~~our closing share price of ~~$58.60 at~~$42.39 as of December 31, ~~2015)~~2018) associated with (i) a pro-rated portion of Mr. Del Rio’s next unvested ~~CEO Options, CEO~~installment of 312,500 time-based options and 37,500 time-based RSUs ~~and CEO PSUs~~from his 2015 award subject to acceleration as of December 31, ~~2015.~~2018, (ii) the unvested, outstanding RSUs awarded to Mr. Del Rio in August 2017 and March 2018, (iii) the maximum number of outstanding PSUs awarded to Mr. Del Rio in August 2017 and (iv) the target number of outstanding PSUs awarded to Mr. Del Rio in March 2018 (which is an assumed amount as the actual PSU vesting will depend on actual performance results achieved). For options, the value presented is equal to ~~the “spread”~~their intrinsic value at December 31, ~~2015. This table reflects all of the shares subject to Mr. Del Rio’s award, and includes awards for which a grant date was not established under FASB ASC Topic 718.~~2018.

(2)

The amount disclosed was determined by taking the value (calculated based on ~~the NCLH~~our closing share price of ~~$58.60 at~~$42.39 as of December 31, ~~2015)~~2018) associated with Mr. Del Rio’s ~~next~~aggregate unvested ~~installment of 312,500 time-based CEO Options~~options, RSUs and ~~37,500 time-based CEO RSUs~~PSUs subject to acceleration as of December 31, ~~2015.~~2018. For options, the value presented is equal to ~~the “spread”~~their intrinsic value at December 31, ~~2015.~~2018. For outstanding PSUs awarded in August 2017, the amount assumes the maximum number of outstanding PSUs awarded to Mr. Del Rio and for outstanding PSUs awarded in August 2015 and March 2018, the amount assumes the target number of outstanding PSUs awarded to Mr. Del Rio (which is an assumed amount as the actual PSU vesting will depend on actual performance results achieved).

(3)

The amount disclosed was determined by taking the value (calculated based on ~~the NCLH~~our closing share price of ~~$58.60 at~~$42.39 as of December 31, ~~2015)~~2018) associated with ~~the~~each NEO’s outstanding, unvested options, RSUs and PSUs subject to acceleration as of December 31, ~~2015.~~2018. For options, the value presented is equal to ~~the “spread”~~their intrinsic value at December 31, ~~2015.~~2018. For outstanding PSUs awarded in March 2017, the amount assumes the maximum number of outstanding PSUs awarded to each NEO (other than Mr. Kempa who did not receive a PSU award in 2017) and for outstanding PSUs awarded in March 2018, the amount assumes the target number of outstanding PSUs awarded to each NEO (which is an assumed amount as the actual PSU vesting will depend on actual performance results achieved).

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EXECUTIVE COMPENSATION TABLES

Compensation Committee Interlocks and Insider Participation

Messrs. John W. Chidsey, Russell W. Galbut ~~Kevin Crowe, F. Robert Salerno, Tan Sri Lim Kok Thay, David M. Abrams~~ and ~~Steve Martinez~~Chad A. Leat served on ~~the~~our Compensation Committee during ~~2015.~~2018. None of the members of our Compensation Committee was an officer or employee of ~~the~~our Company during the last fiscal year or was formerly an officer of ~~the~~our Company. Mr. Abrams was a party to a transaction with the Company in 2015 as disclosed under “Certain Relationships and Related Party Transactions,” but such transaction did not occur until after he had resigned from the Compensation Committee. During the last fiscal year, none of our executive officers served as: (1) a member of the compensation committee (or other committee of the board of directors performing equivalent functions or, in the absence of any such committee, the entire board

of directors) of another entity, one of whose executive officers served on our Compensation Committee; (2) a director of another entity, one of whose executive officers served on our Compensation Committee, or (3) a member of the compensation committee (or other committee of the board of directors performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, one of whose executive officers served on our Board.

54Pay Ratio Disclosure

Under Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(u) of Regulation S-K, we are required to provide the ratio of the annual total compensation of Mr. Del Rio, our President and Chief Executive Officer, to the annual total compensation of the median employee of the Company other than our President and Chief Executive Officer (the “Pay Ratio Disclosure”).

To provide context for this disclosure, it is important to understand the unique circumstances of our employee population. Our shipboard employees are an essential part of our operations and comprise over 90% of our workforce, while shoreside employees make up the remainder. Due to maritime requirements and the practical implications of employment on ships with worldwide operations, our shipboard employees receive certain accommodations that are not typically provided to shoreside employees including housing and meals while on the ship and medical care for any injuries or illnesses that occur while in the service of the ship. These accommodations are free of cost to each shipboard employee. Additionally, because our shipboard employees are away from home for extended periods of time while on the ship, they do not work for the entire year. For example, a shipboard employee will typically work between six to ten months out of the year. Pursuant to the rules governing our Pay Ratio Disclosure, we have not annualized payment for our shipboard employees. Our shipboard employees also generally reside outside of the U.S., where the cost of living may be significantly lower than in the U.S.

We believe that there have been no changes to our employee population or compensation arrangements since last year that would result in a significant change to the Pay Ratio Disclosure. However, in 2018, the median

employee that was identified on December 31, 2017 received a promotion. Therefore, as permitted by Regulation S-K, we are substituting another employee, with substantially similar compensation and working in the same position and on the same ship as the median employee that was identified on December 31, 2017, for December 31, 2018.

The median employee was a full-time employee located on one of our ships with an annual total compensation of $20,101 for 2018, calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, which includes fixed cash pay, overtime pay, gratuities, and shipboard pension. Mr. Del Rio’s annual total compensation for 2018 was $22,593,061. Based on this information, for 2018, the ratio of the compensation of Mr. Del Rio to the annual total compensation of the median employee was estimated to be 1,124 to 1. As discussed in “Compensation Discussion and Analysis”, Mr. Del Rio’s annual total compensation for 2018 includes his PSU awards for both 2017 and 2018 due to the application of accounting principles. Without the effect of this application of accounting principles, which requires us to include performance-based equity awards made in more than one year, Mr. Del Rio’s annual total compensation for 2018 would have been $14,873,324 and the ratio of Mr. Del Rio’s annual total compensation to the annual total compensation of the median employee would be estimated to be 740 to 1.

The Pay Ratio Disclosure presented above is a reasonable estimate. Because the SEC rules for identifying the median employee and calculating the pay ratio allow companies to use different methodologies, exemptions, estimates and assumptions, the Pay Ratio Disclosure may not be comparable to the pay ratio reported by other companies.

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~~PROPOSAL 2 — ADVISORY APPROVAL OF THE~~EXECUTIVE COMPENSATION ~~OF OUR NAMED~~TABLES
~~EXECUTIVE OFFICERS~~

Equity Compensation Plan Information

We ~~are providing~~currently maintain two equity compensation plans: the Plan and the Employee Stock Purchase Plan (the “ESPP”).

The following table summarizes our ~~shareholders with the opportunity to vote, on a non-binding, advisory basis, on the compensation of our NEOs as disclosed in this Proxy Statement.~~

As described in detail under the heading “Compensation Discussion and Analysis,” our executive compensation programs are designed to achieve two principal objectives: (i) effectively attract and retain executive officers with the requisite skills and experience to help us achieve our business objectives and develop, expand and execute business opportunities that improve long-term shareholder value; and (ii) motivate our executive officers to achieve our short-term and long-term business objectives and increase long-term shareholder value by linking their compensation to our performance and increases in long-term shareholder value.

After considering investor feedback from last year’s “say-on-pay” vote our Compensation Committee made several changes to our executive compensation programs that we believe are consistent with emerging trends in executive compensation best practices and strengthening the “pay for performance” aspects of our compensation programs. These key changes included:

•

~~maintaining a Compensation Committee composed solely of independent directors~~equity plan information as of ~~March 2016;~~December 31, 2018.

•

Plan Category	Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(1)		Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b)(2)			Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c)(3)
Equity compensation plans approved by security holders		10,154,271		$	50.61		12,872,756
Equity compensation plans not approved by security holders		—			—		—
Total		10,154,271		$	50.61		12,872,756

(1)

~~reducing the base salary of our President and Chief Executive Officer by $337,500, beginning January 1, 2016;~~

•

~~eliminating the automatic annual base salary increases and time-based~~Represents 6,305,625 ordinary shares subject to outstanding stock option awards ~~that our President~~under the Plan, 2,973,032 ordinary shares subject to outstanding RSU awards under the Plan, 825,614 ordinary shares subject to outstanding PSU awards under the Plan (assuming the maximum performance level is achieved) and ~~Chief Executive Officer was previously guaranteed~~50,000 ordinary shares subject to ~~receive pursuant to his legacy employment agreement;~~outstanding market-based RSU awards under the Plan as of December 31, 2018.

•(2)

~~introducing performance-based stock option and restricted share unit awards for our President and Chief Executive Officer, so that 50%~~Calculated exclusive of ~~his options and restricted share unit awards will be earned only if we achieve objective long-term performance targets; and~~outstanding RSU awards.

•(3)

~~eliminating~~Represents 11,104,771 ordinary shares available under the ~~non-financial individual~~Plan and 1,767,985 ordinary shares available under the ESPP. The amount available under the ESPP includes 48,470 shares that were subject to purchase during the purchase period ended December 31, 2018. All of the ordinary shares available under the Plan may be granted in the form of options, share appreciation rights, share bonuses, restricted shares, share units, performance ~~component~~shares, phantom shares, dividend equivalents and other forms of ~~each Named Executive Officer’s annual cash bonus opportunity, so that his or her annual cash bonus opportunity is directly tied~~awards available under the Plan.

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PROPOSAL 3 — AMENDMENT AND RESTATEMENT OF BYE-LAWS

Currently, our bye-laws contain a number of obsolete provisions related to our former listing on the Nasdaq Global Select Market, the ownership of our ordinary shares by our Former Sponsors and a related Shareholders’ Agreement. In December 2017, we transferred our listing from the Nasdaq Global Select Market to the ~~achievement~~NYSE. In December 2018, our Former Sponsors sold all remaining ordinary shares of ~~objective performance targets established at~~our Company, and the ~~consolidated NCLH level.~~related Shareholders’ Agreement was terminated. As a result of these developments, a number of provisions in our bye-laws are no longer applicable or relevant. Our Board has approved, and is asking the shareholders of our Company to approve, an amendment and restatement of our bye-laws to remove these obsolete provisions. Our Board believes the proposed amendment and restatement of our bye-laws is in the best interests of our shareholders.

~~Shareholders are urged to read~~This summary of the ~~Compensation Discussion~~proposed amendment and ~~Analysis, which discusses~~restatement of our bye-laws is qualified in ~~detail how our compensation policies and practices implement our compensation philosophy.~~

We are asking our shareholders to indicate their support for our NEOs’ compensation as described in this Proxy Statement. The vote on this resolution, commonly known as a “say-on-pay” vote, is not intended to address any specific element of compensation; rather, the vote relatesits entirety by reference to the ~~overall compensation~~full text of the proposed Amended and Restated Bye-laws, which is attached as Appendix B. Additions to the text of our ~~NEOs. The vote is advisory, which means that the vote is not binding on the Company, our Board or the Compensation Committee. However, the Compensation Committee, which is responsible for designing~~Company’s bye-laws contained in Appendix B are indicated by

underlining, and ~~overseeing our executive compensation program, values the opinions expressed by our shareholders in their vote on this proposal and will consider the outcome~~deletions of the ~~vote when making future compensation decisions for our NEOs.~~text are indicated by strike-outs.

In accordance with our bye-laws, the ~~requirements~~shareholders of ~~Section 14A of~~our Company are required to approve the ~~Exchange Act~~Amended and ~~the related rules of the SEC,~~Restated Bye-laws. Accordingly, our Board requests your ~~advisory~~ vote on the following resolution at the Annual General Meeting:

RESOLVED, that the shareholders of ~~the~~our Company approve ~~on an advisory basis,~~ the ~~overall compensation~~amendment and restatement of ~~the~~our Company’s ~~named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the compensation tables and the accompanying narrative disclosures~~bye-laws set forth in Appendix B to the Proxy Statement ~~for this~~in order to remove obsolete provisions in our Company’s bye-laws.

Our Board has approved the Amended and Restated Bye-laws in Appendix B, subject to and conditioned upon shareholder approval of the proposed amendments at our Annual General Meeting. If approved, the Amended and Restated Bye-laws will become effective immediately following our Annual General Meeting. If the proposed amendments are not approved, our bye-laws will remain as currently in effect and the obsolete provisions will remain in place.

Board Recommendation

OUR BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE
“FOR” APPROVAL OF THE AMENDED AND RESTATED BYE-LAWS.

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Our current policy is to provide our shareholders with an opportunity to approve the compensation of our NEOs each year at the annual general meeting of shareholders. It is expected that the next such vote will occur at the 2017 annual general meeting of shareholders.

~~Board Recommendation~~

~~THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” ADVISORY APPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THIS PROXY STATEMENT.~~

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PROPOSAL 34 — RATIFICATION OF ~~PRINCIPAL~~THE APPOINTMENT OF INDEPENDENT REGISTERED ~~CERTIFIED~~
PUBLIC ACCOUNTING FIRM

~~The~~

Our Audit Committee has appointed PwC to serve as our independent registered ~~certified~~ public accounting firm for the year ending December 31, ~~2016.~~2019. As required by our bye-laws and applicable law, the appointment of PwC and the fixing of PwC’s remuneration must be approved by ~~the~~our shareholders at the Annual General Meeting. If shareholders do not ratify the appointment of PwC and ~~the~~our Audit Committee’s determination of PwC’s remuneration, ~~the~~our Audit Committee will consider the appointment of another independent registered ~~certified~~ public accounting firm. In addition, even if shareholders ratify ~~the~~our Audit Committee’s selection, ~~the~~our Audit Committee, in its discretion, may still appoint a different independent registered ~~certified~~ public accounting firm if it believes that such a change would be in the best interests of ~~NCLH~~our Company and its shareholders.

A representative of PwC is expected to attend the Annual General Meeting. The representative will have the opportunity to make a statement if he or she desires to do so, and is expected to be available to answer appropriate questions.

Aggregate fees for professional services rendered by PwC for our Company and NCL Corporation Ltd. for the years ended December 31, ~~2015~~2018 and ~~2014~~2017 were:

Total Fees
Year Ended December 31,
2015
2014(1)

(in thousands)
Audit fees $ 5,155 $ 4,311
Audit-related fees 1,336 2,007
Tax fees 264 459
All other fees 2 2
Total $ 6,757 $ 6,779

	Total Fees Year Ended December 31,
	2018			2017
	(in thousands)
Audit fees		$	4,980		$	5,161(1)
Audit-related fees			275			530(1)
Tax fees			340			307
All other fees			2			2
Total		$	5,597		$	6,000

(1)

Reflects a reclassification to audit fees of $150,000 of fees previously disclosed as audit-related fees.

~~(1)~~

~~Amounts reflect additional fees for work performed in 2014.~~

The audit fees for the years ended December 31, ~~2015~~2018 and ~~2014~~2017 relate to the aggregate fees billed by PwC in connection with the audit of our ~~regulatory~~financial statements and ~~statutory reports, and our Sarbanes-Oxley 404 attestation.~~related internal control over financial reporting.

The audit-related fees for the years ended December 31, ~~2015~~2018 and ~~2014~~2017 were related to accounting consultations and the issuance of comfort ~~letters and technical and accounting advice.~~letters.

Tax fees for the years ended December 31, ~~2015~~2018 and ~~2014~~2017 were related to tax return preparation and other tax services.

All other fees for the years ended December 31, ~~2015~~2018 and ~~2014~~2017 included fees related to the PwC annual on-line subscription research tool.

Pursuant to the terms of its charter, ~~the~~our Audit Committee must pre-approve all audit and permitted non-audit services to be performed by our independent registered ~~certified~~ public accounting firm. Such pre-approval can be given as part of ~~the~~our Audit Committee’s approval of the scope of the engagement of the independent registered ~~certified~~ public accounting firm or on an individual basis. ~~The~~Our Audit Committee is authorized to delegate the pre-approval of audit and permitted non-audit services to one or more of its members, ~~and, pursuant to this authority,~~ provided that any decisions to pre-approve any audit or non-audit services pursuant to this authority must be presented to ~~the~~our full Audit Committee at its next scheduled meeting. ~~The~~Our Audit Committee pre-approved all of the non-audit services provided by our independent registered ~~certified~~ public accounting firm in ~~2015~~2018 and ~~2014.~~

2017.

~~TABLE OF CONTENTS~~

~~The~~Our Audit Committee has considered and determined that the services provided by PwC are compatible with maintaining PwC’s independence.

Board Recommendation

THE BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” RATIFICATION OF THE SELECTION OF PwC AS OUR PRINCIPAL INDEPENDENT AUDITOR FOR THE YEAR 2016 AND THE AUDIT COMMITTEE’S DETERMINATION OF PwC’s REMUNERATION.

OUR BOARD UNANIMOUSLY RECOMMENDS A VOTE
“FOR” RATIFICATION OF THE APPOINTMENT OF PWC AS OUR
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2019
AND THE AUDIT COMMITTEE’S DETERMINATION OF PWC’S REMUNERATION.

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AUDIT COMMITTEE REPORT

The Audit Committee of the Board assists the Board in performing its oversight responsibilities for our financial reporting process, audit process and internal controls as more fully described in the written charter of the Audit Committee. Management has the primary responsibility for the financial statements and the reporting process, including the system of internal controls. Our independent registered ~~certified~~ public accounting firm, PricewaterhouseCoopers LLP, is responsible for performing an independent audit of our consolidated financial statements and internal control over financial reporting in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States) and ~~to issue~~for issuing a report thereon.

In the performance of its oversight function, the Audit Committee reviewed and discussed our audited consolidated financial statements for the year ended December 31, ~~2015~~2018 with management and with ~~our independent registered certified public accounting firm.~~PricewaterhouseCoopers LLP. In addition, the Audit Committee discussed with ~~our independent registered certified public accounting firm~~PricewaterhouseCoopers LLP the matters required to be discussed by Auditing Standard ~~No. 16,~~1301, “Communications with Audit Committees,” as adopted by the Public Company Accounting Oversight Board, which includes, among other items, matters related to the conduct of the audit of our financial statements. The Audit Committee has also received and reviewed the written disclosures and the letter from ~~our independent registered certified public accounting firm~~PricewaterhouseCoopers LLP required by the applicable requirements of the Public Company Accounting Oversight Board regarding ~~the accounting firm’s~~PricewaterhouseCoopers LLP’s communications with the Audit Committee concerning independence, and has discussed with ~~our independent registered certified public accounting firm that firm’s~~PricewaterhouseCoopers LLP its independence and considered whether the non-audit services provided by ~~the independent registered certified public accounting firm~~PricewaterhouseCoopers LLP are compatible with maintaining its independence.

Based on the review and discussions with management and ~~our independent registered certified public accounting firm described above,~~PricewaterhouseCoopers LLP, the Audit Committee recommended to the Board that the audited consolidated financial statements be included in our Annual Report on Form 10-K for the year ended December 31, ~~2015~~2018 filed with the SEC.

~~AUDIT COMMITTEE OF THE BOARD OF DIRECTORS~~Audit Committee of the Board of Directors

Chad A. Leat (Chairman)*
~~Walter L. Revell~~(Chair)
John W. Chidsey
~~F. Robert Salerno~~Pamela Thomas-Graham

~~Mr. Leat became Chairman of the Audit Committee in connection with his appointment to the Board in November 2015.~~

February 20, 2019

The foregoing report of ~~the~~our Audit Committee does not constitute soliciting material and shall not be deemed filed, incorporated by reference into or a part of any other filing by ~~NCLH~~our Company (including any future filings) under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent ~~NCLH~~we specifically ~~incorporates~~incorporate such report by reference therein.

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~~PROPOSAL 4 — AMENDMENT TO 2013 PERFORMANCE INCENTIVE PLAN~~SHARE OWNERSHIP INFORMATION

~~General~~Security Ownership of Certain Beneficial Owners and Management

The table below sets forth information regarding the beneficial ownership of our equity securities as of April 1, 2019 (except where another date is indicated) by:

•

each person that is known by us to be a beneficial owner of more than 5% of our outstanding equity securities;

•

each of our NEOs;

•

each of our current directors and director nominees; and

•

all current directors and current executive officers as a group.

There were 215,386,773 ordinary shares issued and outstanding as of April 1, 2019.

The ~~Company’s long-term incentive compensation program~~amounts and percentages of our ordinary shares beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities (including as further

described in the footnotes to the following table). Under the rules of the SEC, a person is ~~implemented under~~deemed to be a “beneficial owner” of a security if that person has or shares “voting power,” which includes the power to vote or to direct the voting of such security, or “investment power,” which includes the power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be deemed a beneficial owner of securities as to which he or she has no economic interest. Except as otherwise indicated in the footnotes below and as subject to applicable community property laws, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated ordinary shares. Unless indicated otherwise, the address of each individual listed in the table is c/o Norwegian Cruise Line Holdings Ltd. ~~2013 Performance Incentive Plan (or~~, 7665 Corporate Center Drive, Miami, Florida 33126.

	��	Ordinary Shares Beneficially Owned
Name and Address(1)		Number		Percent
The Vanguard Group(2)			22,441,600	10.4%
Capital World Investors(3)			20,730,570	9.6%
T. Rowe Price Associates, Inc.(4)			19,310,790	9.0%
BlackRock, Inc.(5)			14,287,003	6.6%
Janus Henderson Group plc(6)			11,665,232	5.4%
David M. Abrams			13,845	*
Adam M. Aron			6,452	*
John W. Chidsey			21,790	*
Stella David			9,624	*
Russell W. Galbut(7)			431,001	*
Mary E. Landry			1,541	*
Chad A. Leat			18,503	*
Steve Martinez			—	—
Pamela Thomas-Graham			1,850	*
Frank J. Del Rio(8)			639,451	*
Mark A. Kempa(9)			104,213	*
Wendy A. Beck(10)			285,756	*
Jason Montague(11)			241,514	*
Andrew Stuart(12)			585,908	*
T. Robin Lindsay(13)			184,610	*
All current directors and current executive officers as a group (18 persons)(14)			2,720,267	1.3%

Indicates less than one percent.

(1)

This table is based on information supplied to us by our executive officers, directors and principal shareholders or included in Schedule 13Gs filed with the ~~“Plan”).~~ SEC.

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SHARE OWNERSHIP INFORMATION

(2)

The ~~Plan emphasizes achievement~~address of ~~long-term performance~~The Vanguard Group is 100 Vanguard Blvd., Malvern, Pennsylvania 19355. Of the amount reported as beneficially owned, The Vanguard Group has sole voting power over 262,450 ordinary shares, shared voting power over 44,201 ordinary shares, sole dispositive power over 22,145,998 ordinary shares and ~~shareholder value creation.~~shared dispositive power over 295,602 ordinary shares. The foregoing information is as of December 31, 2018 and is based solely on a Schedule 13G/A (Amendment No. 3) filed by The Vanguard Group with the SEC on February 11, 2019.

~~On March~~

(3)

The address of Capital World Investors, a division of Capital Research and Management Company (CRMC), is 333 South Hope Street, Los Angeles, CA 90071. Of the amount reported as beneficially owned, Capital World Investors has sole voting power over 20,675,829 ordinary shares, shared voting power over no ordinary shares and sole dispositive power over all 20,730,570 ordinary shares. Capital World Investors disclaims beneficial ownership of all of such ordinary shares. The foregoing information is as of December 31, ~~2016,~~2018 and is based solely on a Schedule 13G filed by Capital World Investors with the ~~Company’s~~SEC on February 14, 2019.

(4)

The address of T. Rowe Price Associates, Inc. is 100 E. Pratt Street, Baltimore, Maryland 21202. Of the amount reported as beneficially owned, T. Rowe Price Associates, Inc. has sole voting power over 6,834,626 ordinary shares, shared voting power over no ordinary shares and sole dispositive power over all 19,310,790 ordinary shares. The foregoing information is as of December 31, 2018 and is based solely on a Schedule 13G/A (Amendment No. 5) filed by T. Rowe Price Associates, Inc. with the SEC on February 14, 2019.

(5)

The address of BlackRock, Inc. is 55 East 52nd Street, New York, New York 10055. Of the amount reported as beneficially owned, BlackRock, Inc. has sole voting power over 12,455,192 ordinary shares, shared voting power over no ordinary shares and sole dispositive power over all 14,287,003 ordinary shares. The foregoing information is as of December 31, 2018 and is based solely on a Schedule 13G filed by BlackRock, Inc. with the SEC on February 8, 2019.

(6)

Janus Henderson Group plc (“Janus”), together with its affiliated entities, Intech Investment Management LLC (“Intech”), Janus Capital Management LLC (“Janus Capital”), Janus Capital International Limited (“JCIL”), Perkins Investment Management LLC (“Perkins”), Geneva Capital Management LLC (“Geneva”), Henderson Global Investors Limited (“HGIL”) and Janus Henderson Global Investors Australia Institutional Funds Management Limited (“JHGIAIFML”) reported beneficial ownership of 11,665,232 of our ordinary shares, which includes 49,671 ordinary shares that may be deemed beneficially owned by HGIL, 9,978 ordinary shares that may be deemed beneficially owned by Intech, 144,479 ordinary shares that may be deemed beneficially owned by JCIL and 11,461,104 ordinary shares that may be deemed beneficially owned by Janus Capital. Each of HGIL, JCIL, Intech and Janus Capital disclaims beneficial ownership over such shares. Of the amount reported as beneficially owned, Janus Henderson Group plc has sole voting power over no ordinary shares, shared voting power over all 11,665,232 ordinary shares and sole dispositive power over all 11,665,232 ordinary shares. The foregoing information is as of December 31, 2018 and is based solely on a Schedule 13G filed by Janus Henderson Group plc with the SEC on February 12, 2019. The address of Janus is 201 Bishopsgate EC2M 3AE, United Kingdom.

(7)

Includes 389,917 ordinary shares held indirectly through RonRuss Partners, Ltd.

(8)

Reflects our ordinary shares and 427,083 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019. Includes 40,160 shares held indirectly through Breeze Hill Investments, LLC, 17,912 shares held indirectly through GCO Management, LLC, which is owned by a family trust, and 27,875 shares owned indirectly by a family trust. Mr. Del Rio has shared voting and investment power over the shares held through Breeze Hill Investments, LLC.

(9)

Reflects our ordinary shares and 89,952 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019.

(10)

Includes 1,200 ordinary shares held by Ms. Beck’s children for which she serves as custodian. 216,535 ordinary shares are pledged to secure a line of credit pursuant to a pledge entered into prior to October 2017.

(11)

Reflects our ordinary shares and 187,500 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019.

(12)

Reflects our ordinary shares and 269,551 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019.

(13)

Reflects our ordinary shares and 87,500 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019.

(14)

Reflects our ordinary shares and 1,356,586 ordinary shares issuable upon the exercise of options that are exercisable on or within 60 days of April 1, 2019 that are held collectively by our current directors and current executive officers.

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SHARE OWNERSHIP INFORMATION

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the members of our Board, our executive officers, and persons who own more than 10% of ~~Directors approved amending~~a registered class of our equity securities, to file with the SEC reports of ownership and ~~restating~~reports of changes in ownership of our equity securities. These persons are required by SEC regulations to furnish us with copies of all of these reports that they

file. To our knowledge, based solely on our review of the ~~Plan,~~copies of such reports, including any amendments thereto, furnished to us and written responses to annual directors’ and officers’ questionnaires that no other reports were required, all Section 16(a) reports required to be filed during 2018 were timely filed.

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

Review and Approval of Related Party Transactions

Pursuant to its charter, our Audit Committee is responsible for the review and approval of all related party transactions; however, our Audit Committee does not have a written policy regarding the approval of related party transactions. As part of its review and approval of a related party transaction, our Audit Committee considers:

•

the nature of the related party’s interest in the transaction;

•

the material terms of the transaction, including the amount involved and type of transaction;

•

the importance of the transaction to the related party and to us;

•

whether the transaction would impair the judgment of a director or executive officer to act in our best interest; and

•

any other matters our Audit Committee deems appropriate.

Relationships and Transactions

We and our Former Sponsors were party to a Shareholders’ Agreement. The Shareholders’ Agreement provided certain shareholders party thereto certain rights with respect to the affairs of the Company, including, subject to ~~approval~~certain limitations, the right to influence the voting of the ordinary shares of our Company held by other shareholders party thereto, the right to participate on a pro rata basis in any issuance of new ordinary shares of our Company and certain registration rights with respect to the ordinary shares of our Company, including the right to make written requests in unlimited numbers to us to register and thereby transfer all or a portion of their ordinary shares of our Company through registered secondary share offerings. Apollo and Genting HK exercised these rights in March 2018 and December 2018. Pursuant to the Shareholders’ Agreement, we paid certain registration expenses in such offerings. On December 3, 2018, we entered into a termination agreement with Apollo and Genting HK that terminated the Shareholders’ Agreement and all of the rights, obligations and provisions of the parties thereto, other than certain expense and indemnity provisions, which survive the Shareholders’ Agreement indefinitely.

In December 2018, as part of a public equity offering of our ordinary shares owned by Apollo and Genting HK, we repurchased 1,683,168 of our ordinary shares sold in the offering for approximately $85.0 million pursuant to our share repurchase program.

In March 2018, as part of a public equity offering of our ordinary shares owned by Apollo and Genting HK, we repurchased 4,722,312 of our ordinary shares sold in the offering for approximately $263.5 million pursuant to our then existing share repurchase program.

From January 1, 2018 through December 3, 2018 (the date Apollo ceased to be a related party), we purchased equipment from PlayAGS, Inc., an affiliate of Apollo, worth approximately $1.2 million.

In July 2009, we established a marketing alliance with Caesars Entertainment Corporation which incorporates cross company marketing, purchasing and loyalty programs. Caesars Entertainment Corporation was formerly owned by affiliates of Apollo until March 2019. From the beginning of 2018 through December 3, 2018, we paid approximately $4.1 million to Caesars Entertainment Corporation.

We have a marketing agreement with ClubCorp Holdings, Inc. which is owned by affiliates of Apollo. From January 1, 2018 through December 3, 2018, we paid approximately $0.4 million to ClubCorp Holdings, Inc. for advertising services.

We have an agreement with Mood Media Corporation which is owned by affiliates of Apollo. From January 1, 2018 through December 3, 2018, we paid approximately $0.2 million to Mood Media Corporation for branding and marketing services.

Mr. Rogelio (Roger) Del Rio, who is the brother of our President, Chief Executive Officer and director, Mr. Frank J. Del Rio, is our Vice President, Strategic Sourcing. From January 1, 2018 through April 1, 2019, Mr. Roger Del Rio’s total compensation was $625,366, which includes his base salary, annual cash bonus for 2018 and his equity awards for 2018 and 2019, which vest over a three-year period. He is eligible to participate in our general employee benefit plans.

Mr. Kyle Lindsay, who is the son of our Executive Vice President, Vessel Operations, Mr. T. Robin Lindsay, is our Director, Electrical Services. From January 1, 2018 through April 1, 2019, Mr. Kyle Lindsay’s total compensation was $263,549, which includes his base salary, annual cash bonus for 2018 and his equity awards for 2018 and 2019, which vest over a three-year period. He is eligible to participate in our general employee benefit plans.

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ABOUT THE ANNUAL GENERAL MEETING AND VOTING

Who may vote?

Each ordinary share outstanding as of the close of business on April 1, 2019 (the “record date”) is entitled to one vote at our Annual General Meeting. At the close of business on April 1, 2019, 215,386,773 of our ordinary shares were outstanding and entitled to vote. The ordinary shares are our only outstanding class of equity securities that are entitled to vote at the Annual General Meeting. Our bye-laws provide that no one person or group of related persons, may own, or be deemed to own, more than 4.9% of our ordinary shares, whether measured by vote, value or number, unless such ownership is approved by our ~~shareholders.~~ Board (the “4.9% limit”). Any outstanding shares held in excess of the 4.9% limit will be transferred to and held in a trust. The trustee will be entitled to vote the excess shares on behalf of the

beneficiary. See “Item 1 — Business — Taxation — U.S. Income Taxation — Exemption of International Shipping Income under Section 883 of the Code” in our 2018 Annual Report for further information.

At the Annual General Meeting, you may vote all of the ordinary shares owned by you as of the close of business on the record date. These ordinary shares include ordinary shares that are (1) held of record directly in your name and (2) held for you as the beneficial owner through a broker, bank, or other nominee. There are some distinctions between ordinary shares held of record and ordinary shares owned beneficially as described herein.

What do I do if I am a shareholder of record?

If your ordinary shares are registered directly in your name with our Company or our transfer agent, American Stock Transfer & Trust Company, LLC, you are considered the shareholder of record with respect to those ordinary shares, and the proxy materials were sent directly to you by us. If you previously requested to

receive printed proxy materials, we have sent a proxy card for you to use. As the shareholder of record, you have the right to grant your voting proxy directly to us or to vote in person at the Annual General Meeting. See “How do I vote?” below.

What do I do if I am a beneficial owner?

If your ordinary shares are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of ordinary shares held in “street name,” and the proxy materials were forwarded to you by your broker, bank or other nominee. If you previously requested to receive printed proxy materials,

your broker, bank or other nominee has sent a voting instruction form that you may use. As the beneficial owner, you have the right to direct your broker, bank or other nominee on how to vote the shares in your account, and you are also invited to attend the Annual General Meeting. See “How do I vote?” below.

What are the requirements to attend the Annual General Meeting?

You are invited to attend the Annual General Meeting if you are a shareholder of record or a beneficial owner as of the record date, or you hold a valid legal proxy for the Annual General Meeting. If you are a shareholder of record, you must present a government-issued photo identification, such as a valid driver’s license, and the name on your photo identification will be verified against the list of shareholders as of the record date for admission to the Annual General Meeting. If you hold your ordinary shares through a broker, bank or other nominee, you will need to provide proof of beneficial ownership by bringing either a copy of the Notice

of Internet Availability or voting instruction form provided to you by your broker, bank or other nominee, a copy of your brokerage statement showing your ordinary share ownership as of the record date, or other similar evidence of ownership as of the record date, as well as a government-issued photo identification, such as a valid driver’s license. The name on your photo identification and your proof of ownership must match. If you hold a valid legal proxy to vote a shareholder’s ordinary shares at the Annual General Meeting, you will also be asked to ~~approve~~present a government-issued photo identification, such as a valid driver’s license, and the ~~following amendments set forth~~name on your

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ABOUT THE ANNUAL GENERAL MEETING AND VOTING

photo identification and legal proxy must match for admission to the Annual General Meeting.

Please note that cameras, sound or video recording equipment, smartphones or other similar equipment, electronic devices, large bags, briefcases or packages

may not be allowed (or their use may be restricted) in the ~~amended~~meeting room. Security measures at the Annual General Meeting may also include bag searches and ~~restated Plan:~~hand-wand searches.

•

~~Increase~~

How do I vote?

Voting in ~~Aggregate Share Limit.~~ ~~The Plan currently limits~~Person

Ordinary shares held in your name as the ~~aggregate~~shareholder of record may be voted in person at the Annual General Meeting. Ordinary shares for which you are the beneficial owner but not the shareholder of record may be voted in person at the Annual General Meeting only if you obtain a legal proxy from the broker, bank or nominee

that holds your shares giving you the right to vote the shares in person at the meeting. Even if you plan to attend the Annual General Meeting, we recommend that you also vote your ordinary shares as described below so that your vote will be counted if you later decide not to attend the meeting.

Voting Without Attending the Annual General Meeting

Whether you hold shares directly as a shareholder of record or beneficially in street name, you may vote your ordinary shares without attending the Annual General Meeting. You may vote by granting a proxy or, for ordinary shares held in street name, by submitting voting instructions to your broker, bank or nominee. You may also submit a proxy or voting instructions by telephone or using the Internet as outlined on your Notice of Internet

Availability, proxy card or voting instruction form. Please see your Notice of Internet Availability, proxy card or the information your bank, broker, or other nominee provided to you for more information on these options. Votes cast by Internet or telephone have the same effect as votes cast by submitting a written proxy card or voting instruction form.

		How to Vote in Advance
		Your vote is important. Please vote as soon as possible by one of the methods shown below. Be sure to have your proxy card, voting instruction form or Notice of Internet Availability of Proxy Materials in hand:
		By telephone			You can vote your shares by calling the number provided in the proxy card or voting instruction form
		By Internet			You can vote your shares online at www.proxyvote.com
		By mail			Complete, sign, date and return your proxy card or voting instruction form in the postage-paid envelope provided

Deadline for Voting

If you are a shareholder of record, your proxy must be received by telephone or the Internet by 11:59 p.m. Eastern Time on June 12, 2019 in order for your ordinary shares to be voted at the Annual General Meeting. However, if you are a shareholder of record and you

received a copy of the ~~Company’s~~proxy materials by mail, you may instead mark, sign and date the proxy card you received and return it in the accompanying prepaid and addressed envelope so that it is received by us before the Annual General Meeting in order for your ordinary shares to be

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ABOUT THE ANNUAL GENERAL MEETING AND VOTING

voted at the Annual General Meeting. If you hold your ordinary shares in street name, please provide your

voting instructions by the deadline specified by the broker, bank or other nominee that ~~may~~holds your shares.

How will my shares be ~~delivered pursuant~~voted?

Our Board has appointed Mr. Mark A. Kempa and Ms. Faye Ashby to ~~all awards granted under~~serve as proxy holders to vote your shares according to the ~~Plan~~instructions you submit. If you properly submit a proxy but do not specify your voting choice on one or more of the items listed in the accompanying Notice of Annual General Meeting of Shareholders, your shares will be voted as follows:

FOR the election of each of the four nominees for Class III director (Proposal No. 1);

FOR the approval, on a non-binding, advisory basis, of the compensation of our named executive officers (Proposal No. 2);

FOR the approval of the amendment and restatement of our bye-laws to ~~15,035,106 shares. The proposed amendments would increase this limit by an additional 12,430,000 shares so that~~delete obsolete provisions (Proposal No. 3); and

FOR the ~~new aggregate share limit~~ratification of the appointment of PwC as our independent registered public accounting firm for the ~~Plan would~~year ending December 31, 2019 and the determination of PwC’s remuneration by our Audit Committee (Proposal No. 4).

If you hold your ordinary shares in street name through a brokerage account and you do not submit voting instructions to your broker, your broker may generally vote your ordinary shares in its discretion on routine matters. However, a broker cannot vote ordinary shares

held in street name on non-routine matters unless the broker receives voting instructions from the street name holder. The proposal to ratify the appointment of PwC as our independent registered public accounting firm for the year ending December 31, 2019 and our Audit Committee’s determination of PwC’s remuneration (Proposal No. 4) is considered routine under applicable rules, while each of the other items to be ~~27,465,106 shares. The proposed amendments would also increase~~submitted for a vote of shareholders at the ~~limit~~Annual General Meeting is considered non-routine. Accordingly, if you hold your ordinary shares in street name through a brokerage account and you do not submit voting instructions to your broker, your broker may exercise its discretion to vote your ordinary shares on Proposal No. 4, but will not be permitted to vote your ordinary shares on any of the other items at the Annual General Meeting. If your broker exercises this discretion, your ordinary shares will be counted as present for the purpose of determining the presence of a quorum at the Annual General Meeting and will be voted on Proposal No. 4 in the manner directed by your broker, but your shares will constitute “broker non-votes” on each of the other items at the Annual General Meeting. Broker non-votes will not be counted as a vote cast with respect to Proposal Nos. 1 and 2 and therefore will not be counted in determining the outcome of such items. Broker non-votes will have the same effect as a vote against Proposal No. 3.

What matters will be presented?

We are not aware of any matters to be presented for a vote at the Annual General Meeting other than those described in this Proxy Statement. If any matters not described in this Proxy Statement are properly

presented at the meeting, your proxy, if properly submitted, gives authority to the proxy holders to vote your ordinary shares in accordance with their judgment.

What constitutes a quorum?

A quorum refers to the number of persons that must be in attendance at an annual general meeting of shareholders and the percentage of the total issued voting shares that ~~may~~must be ~~delivered pursuant~~represented at such meeting in order to ~~“incentive stock options” granted under~~lawfully conduct business. The presence of two or more persons, present in person or by proxy, holding in excess of 50% of the ~~Plan~~total issued ordinary shares entitled to vote will form a quorum for the transaction of business at the Annual General Meeting. Shares represented by ~~12,430,000 shares for a new limit of 27,465,106 incentive stock options. For purposes of clarity, any~~properly submitted proxies

that reflect abstentions or broker non-votes will be counted as shares that are ~~delivered pursuant~~present and entitled to ~~incentive stock options also count against (and are not in addition to) the aggregate Plan share limit described above.~~

•

~~Addition of Performance-Based Award Feature.~~ ~~The Plan was originally approved prior to our IPO, and certain awards granted to date under the Plan have been eligible for grandfathering relief~~vote for purposes of determining the ~~deductibility limits~~presence of ~~Section 162(m)~~a quorum. If the persons present or represented by proxy at the Annual General Meeting constitute the holders of less than a majority of the ~~U.S. Internal Revenue Code (or the “Code”). The proposed amendments include provisions designed~~outstanding ordinary shares entitled to provide us with the flexibility to grant options, share appreciation rights, performance-based shares or share unit awards and certain other performance-based awards designed to satisfy the requirements for deductibility of compensation under Section 162(m)vote as of the ~~Code. If shareholders approve this Plan proposal,~~record date, the administrator would have the authority to grant performance-based awards (other than options or share appreciation rights, for which there is no time limit on our authority) until the first annual meeting of shareholders that occurs in 2021 (this expiration time is earlier than the general expiration datechairperson of the ~~Plan and is required under applicable tax rules).~~Annual General Meeting may adjourn the meeting to a subsequent date for the purpose of obtaining a quorum.

•

64~~Extension of Plan Term.~~ / The Plan is currently scheduled to expire on January 6, 2023. The proposed amendments provide for the term of the Plan to be extended until March 30, 2026, ten years from the date the proposed amended Plan was approved by the Board.

As of March 14, 2016, a total of 11,053,839 ordinary shares were then subject to outstanding awards granted under the Plan, and only 833,380 ordinary shares were then available for new award grants under the Plan (assuming that all outstanding performance-based awards are paid-out at the maximum performance level). The proposed amendments would increase the reserved shares under the plan by 12,430,000 shares. Based solely on the closing price of the Company’s ordinary shares as reported by the NASDAQ Stock Market on March 14, 2016, the maximum aggregate market value of the additional 12,430,000 new shares that could be issued under the Plan is approximately $617.6 million.

The Company believes that incentives and share-based awards focus employees on the objective of creating shareholder value and promoting the success of the Company, and that incentive compensation plans like the Plan are an important attraction, retention and motivation tool for participants in the Plan. The Board believes that the number of shares currently available under the Plan does not give the Company sufficient authority and flexibility to adequately provide for future incentives. The Board believes that the additional shares give the Company greater flexibility to structure future incentives and better attract, retain and award key employees.

If shareholders do not approve this Plan proposal, the current share limits under the Plan will continue in effect, we will not gain the ability to grant performance-based awards for purposes of Section 162(m) of the Code, and the Plan term will not be extended.

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~~Key Features~~ABOUT THE ANNUAL GENERAL MEETING AND VOTING

What is the vote required for proposals on the agenda?

The following summary describes the vote required to approve each of the ~~Plan~~proposals at the Annual General Meeting assuming a quorum has been established for the transaction of business at the meeting.

~~Some~~Election of Class III Directors (Proposal No. 1). Pursuant to our bye-laws, each director nominee receiving an affirmative majority of the ~~key features of the Plan are highlighted below. This section is qualified in its entirety by the full text of the Plan, which appears~~votes cast with respect to his or her election will be elected as ~~Appendix A~~ ~~to this Proxy Statement.~~

•

~~No Evergreen or Option Reload Feature~~.a Class III director. The ~~Plan~~majority voting standard does not include any “evergreen feature” that automatically increases the shares available for issuance under the Plan each year. The Plan also does not include any provision for the grant of reload options.

•

~~No Repricings Without Shareholder Approval. The Plan expressly prohibits the Company from repricing or buying-out options and stock appreciation rights (“SARs”) without shareholder approval.~~

•

~~Change in Control Definition. The change in control provisions under the Plan require the actual occurrence of a qualifying transaction.~~

•

~~No “Single Trigger” Change in Control Provision~~. The Plan does not require automatic vesting of outstanding awards upon the occurrence of a change in control of the Company. Instead, outstanding awards may be assumed, exchanged, or otherwise continued following the change in control, and outstanding awards will only vest if they are not assumed, exchanged or otherwise continued and terminate in connection with the change in control, or if the terms of the individual awards require accelerated vesting.

•

~~No Change in Control Gross-Ups. The Plan does not include any gross-up payment for golden parachute excise taxes that may be triggered under Sections 280G and 4999 of the Code as a result of a change in control of the Company.~~

•

~~No Liberal Share Recycling Provisions for Options and SARs~~. The current version of the Plan has what is often referred to as liberal share recycling provisions for options and SARs. The proposed amendments provide that any shares that are not issued or delivered as a result of the net settlement of an outstanding option or SAR, or any shares that are not issued or are tendered back to the Company as payment for any options or SARs, as well as any shares withheld or tendered to satisfy tax withholding obligations related to options or SARs, as well as any shares repurchased with the proceeds of any option exercise price, will not again be available for new grants under the Plan. In addition, the gross number of shares for which a SAR award is exercised, and notapply, however, where the number of ~~shares actually issued, will count against the share limits of the Plan.~~

•

~~Minimum Vesting. Except~~persons validly proposed for election as ~~described below, all options and SARs granted under the Plan must have~~ a ~~minimum vesting period of one year and no portion of an award may vest earlier~~director is greater than ~~the first anniversary of the grant date of the award.~~

~~Please see the following section for a more detailed summary of the principal terms of the Plan.~~

~~Summary Description of the Plan~~

~~The principal terms of the Plan are summarized below. The following summary is qualified in its entirety by the full text of the Plan, which appears as~~ ~~Appendix A~~ ~~to this Proxy Statement.~~

~~Purpose.~~ The purpose of the Plan is to promote the success of the Company and to increase shareholder value by providing an additional means for us to attract, motivate, retain and reward selected employees and other eligible persons through the grant of awards. Equity-based awards are also intended to further align the interests of award recipients and our shareholders.

~~Administration.~~ Our Board or one or more committees appointed by our Board will administer the Plan. Our Board has delegated general administrative authority for the Plan to the Compensation Committee. A committee may delegate some or all of its authority with respect to the Plan to another committee of directors, and certain limited authority to grant awards to employees may be delegated to one or more officers of the Company. (The appropriate acting body, be it the Board, a committee within its delegated authority, or an officer within his or her delegated authority, is referred to in this proposal as the “Administrator”).

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~~The Administrator has broad authority under the Plan, including, without limitation, the authority:~~

•

~~to select eligible participants and determine the type(s) of award(s) that they are to receive;~~

•

~~to grant awards and determine the terms and conditions of awards, including the price (if any) to be paid for the shares or the award and, in the case of share-based awards,~~ the number of ~~shares~~directors to be ~~offered or awarded;~~

•

subject to the minimum vesting requirements set forth below, to determine any applicable vesting and exercise conditions for awards (including any applicable performance-based targets), or determine that no delayed vesting or exercise is required, and to accelerate or extend the vesting or exercisability or extend the term of any or all outstanding awards;

•

~~to cancel, modify, or waive the Company’s rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consents;~~

•

~~subject to the other provisions~~elected. In such circumstances, directors will instead be elected by a plurality of the ~~Plan, to make certain adjustments to an outstanding award and to authorize~~votes cast, meaning that the ~~conversion, succession or substitution of an award;~~

•

~~to determine~~persons receiving the method of payment of any purchase price for an award or ordinary shares delivered under the Plan, as well as any tax-related items with respect to an award, which may be in the form of cash, check, or electronic funds transfer, by the delivery of already-owned ordinary shares or by a reduction of thehighest number of ~~shares deliverable pursuant~~votes, up to the award, by services rendered by the recipient of the award, by notice and third party payment or cashless exercise on such terms as the Administrator may authorize, or any other form permitted by law;

•

to modify the terms and conditions of any award, establish sub-plans and agreements and determine different terms and conditions that the Administrator deems necessary or advisable to comply with laws in the countries where the Company or one of its subsidiaries operates or where one or more eligible participants reside or provide services;

•

~~to approve the form of any award agreements used under the Plan; and~~

•

~~to construe and interpret the Plan, make rules for the administration of the Plan, and make all other determinations necessary or advisable for the administration of the Plan.~~

All options and SARs granted under the Plan are subject to a minimum vesting requirement of one year and no portion of any such award may vest earlier than the first anniversary of the grant date of the award. This minimum vesting requirement does not apply to 5% of the total number of ~~shares under~~directors to be elected at the ~~Plan.~~meeting, will be elected.

~~No Repricing.~~ ~~In no case (except due~~At the Annual General Meeting, the number of director nominees validly proposed for election as a Class III director equals the number of directors to be elected. Therefore, in accordance with the majority voting standard, director nominees will be elected at the Annual General Meeting by an adjustment to reflect a share split or other event referred to under “Adjustments” below, or any repricing that may be approved by shareholders) will the Administrator (1) amend an outstanding option or share appreciation right to reduce the exercise price or base priceaffirmative majority of the ~~award, (2) cancel, exchange, or surrender an outstanding option or share appreciation right in exchange for cash or other awards~~votes cast. Shareholders are not permitted to cumulate their shares for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding option or share appreciation right in exchange for an option or share appreciation right with an exercise or base price that is less than the exercise or base priceelecting directors.

For purposes of ~~the original award.~~

~~Eligibility.~~ ~~Persons eligible to receive awards under the Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company,~~this proposal, abstentions and ~~certain consultants~~broker non-votes are not counted as votes cast and advisors to the Company or any of its subsidiaries. Currently, approximately 26,500 officers and employees of the Company and its subsidiaries (including all of the Company’s NEOs), and each of the Company’s eight non-employee directors, are considered eligible under the Plan.

~~Authorized Shares; Limits on Awards.~~ The maximum number of ordinary shares that may be issued or transferred pursuant to awards under the Plan equals 15,035,106 shares. If shareholders approve this Plan proposal, the maximum number of ordinary shares that may be issued or transferred pursuant to awards under the Plan will be 27,465,106 shares, an increase of 12,430,000 additional shares.

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~~The following other limits are also contained in the Plan:~~

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The maximum number of shares that may be delivered pursuant to options qualified as incentive stock options granted under the plan is 15,035,106 shares. If shareholders approve this Plan proposal, this limit on incentive stock options granted under the Plan will be 27,465,106 shares, an increase of 12,430,000 additional shares.

•

~~The maximum number of shares subject to those options and share appreciation rights that are granted under the plan during any one calendar year to any one individual is 5,000,000 shares.~~

•

The maximum number of shares subject to “Qualified Performance-Based Awards” under Section 5.2 of the Plan (as described in more detail below) granted during any one calendar year to any one participant (including Qualified Performance-Based Awards payable in shares and Qualified Performance-Based Awards payable in cash upon or following vesting of the award where the amount of such payment is determined with reference to the fair market value of a share at such time) is 5,000,000 shares. The maximum amount that may be paid to any one participant in respect of all Qualified Performance-Based Awards payable only in cash (other than the cash awards referred to in the preceding sentence) and granted to that participant in any one calendar year is $10,000,000.

~~Following are other rules under the Plan for counting shares against the applicable share limits of the Plan:~~

•

~~To the extent that an award is settled in cash or a form other than ordinary shares, the shares that would have been delivered had there been no such cash or other settlement~~therefore will not be counted ~~against~~in determining the ~~share limit~~outcome of the election of directors.

Amendment and ~~will be available for subsequent awards under~~Restatement of Bye-laws (Proposal No. 3). Pursuant to our bye-laws, the ~~Plan.~~affirmative vote

•

Inof a majority of the ~~event that~~outstanding ordinary shares ~~are delivered in respect~~ of ~~a dividend equivalent right, the actual number of shares delivered with respect~~our Company is required to ~~the award will be counted against the share limits of the Plan.~~approve Proposal No. 3 (amendment to bye-laws). For purposes of ~~clarity, if 1,000 dividend equivalent rights are granted~~this proposal, abstentions and ~~outstanding when~~broker non-votes will have the ~~Company pays~~same effect as a ~~dividend, and 100 shares are delivered in payment of those rights with respect to that dividend, 100 shares will be counted~~vote against the ~~share limits of the Plan.~~

•

Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, are settled without the issuance of shares, or for any other reason are not paid or delivered in shares under the Plan will again be available for subsequent awards under the Plan.

•

Shares that are not issued or delivered as a result of the net settlement of an outstanding option or share appreciation right or are exchanged by a participant or withheld by the Company as full or partial payment in connection with any option or share appreciation right granted under the Plan, as well as any shares exchanged by a participant or withheld by the Company to satisfy the tax withholding obligations related to any option or share appreciation right granted under the Plan, as well as any shares repurchased with the proceeds of any option exercise price will not be available for subsequent awards under the Plan. To the extent that shares are delivered pursuant to the exercise of a share appreciation right or option, the number of underlying shares as to which the exercise related will be counted against the share limits of the Plan, as opposed to only counting the shares issued. For purposes of clarity, if a share appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares will be counted against the share limits of the Plan.

•

Shares that are not issued or exchanged by a participant or withheld by the Company to pay the purchase price of an award granted under the Plan other than an option or share appreciation right, as well as any shares exchanged or withheld to satisfy the tax withholding obligations related to any award other than an option or share appreciation right, will not be counted against the share limit and will be available for subsequent awards under the Plan.

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•

The Plan generally provides that ordinary shares issued in connection with awards that are granted by or become obligations of the Company through the assumption of awards (or in substitution for awards) in connection with an acquisition of another company will not count against the ordinary shares available for issuance under the Plan.

•

~~The Company may not increase the applicable share limits of the Plan by repurchasing ordinary shares on the market (by using cash received through the exercise of options or otherwise).~~

proposal.

~~Types of Awards.~~All Other Proposals (Proposals No. 2 and 4). The Plan authorizes options, share appreciation rights, and other forms of awards granted or denominated in the Company’s ordinary shares or units of the Company’s ordinary shares, as well as cash bonus awards. The Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash.

An option is the right to purchase ordinary shares at a future date at a specified price per share (the “exercise price”). The per share exercise price of an option generally may not be less than the fair market value of an ordinary share on the date of grant. The maximum term of an option is ten years from the date of grant. An option may either be an incentive stock option or a nonqualified stock option. Incentive stock option benefits are taxed differently from nonqualified stock options, as described under “U.S. Federal Income Tax Consequences of Awards Under the Plan” below. Incentive stock options are also subject to more restrictive terms and are limited in amount by the Code and the Plan. Incentive stock options may only be granted to employees of the Company or a subsidiary.

A share appreciation right is the right to receive payment of an amount equal to the excess of the fair market value of an ordinary share on the date of exercise of the share appreciation right over the base or exercise price of the share appreciation right. The base price or exercise price will be established by the Administrator at the time of grant of the share appreciation right and generally may not be less than the fair market value of an ordinary share on the date of grant. Share appreciation rights may be granted in connection with other awards or independently. The maximum term of a share appreciation right is ten years from the date of grant.

The other types of awards that may be granted under the Plan include, without limitation, share bonuses, restricted shares, performance shares, share units or phantom shares (which are contractual rights to receive ordinary shares, or cash based on the fair market value of an ordinary share), dividend equivalents which represent the right to receive a payment based on the dividends paid on an ordinary share over a stated period of time, or similar rights to purchase or acquire shares, and cash awards.

~~Subject to the minimum vesting requirements set forth above, any awards under the Plan may be fully-vested at grant or may be subject to time- and/or performance-based vesting requirements.~~

~~Qualified Performance-Based Awards.~~ Under Section 162(m) of the Code (“Section 162(m)”) a public corporation generally cannot take a U.S. tax deduction in any tax year for compensation it pays to its Chief Executive Officer and certain other executive officers in excess of $1 million. Compensation that qualifies as “performance-based” under Section 162(m), however, is excluded from the $1 million limit if, among other requirements, the compensation is payable only upon attainment of pre-established, objective performance goals under a plan approved by the corporation’s shareholders.

If shareholders approve this Plan proposal, the Administrator may grant awards under the Plan that are intended to be performance-based awards within the meaning of Section 162(m). Options and share appreciation rights may qualify as performance-based awards within the meaning of Section 162(m). In addition, other types of awards authorized under the Plan (such as restricted shares, performance shares, share units, and cash bonus opportunities) may be granted with performance-based vesting requirements and intended to qualify as performance-based awards within the meaning of Section 162(m) (“Qualified Performance-Based Awards”). While the Administrator may grant awards under the Plan that qualify (or are intended to qualify) as performance-based awards within the meaning of Section 162(m), nothing requires that any award qualify as “performance-based” within the meaning of Section 162(m) or otherwise be deductible for tax purposes, and the Administrator is expressly permitted to grant awards that are not intended to be qualified “performance-based” awards within the meaning of Section 162(m).

~~The vesting or payment of Qualified Performance-Based Awards will depend on the absolute or relative performance of the Company on a consolidated, subsidiary, segment, division, or business unit~~

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basis. The Administrator will establish the criterion or criteria and target(s) on which performance will be measured. To qualify an award as performance-based under Section 162(m), the Administrator must consist solely of two or more outside directors (as this requirement is applied under Section 162(m)), the Administrator must establish criteria and targets in advance of applicable deadlines under Section 162(m) and while the attainment of the performance targets remains substantially uncertain, and the Administrator must certify that any applicable performance goals and other material terms of the grant were satisfied. The performance criteria that the Administrator may use for this purpose will include one or more of the following, either on an adjusted or unadjusted basis: earnings per share, cash flow (which means cash and cash equivalents derived from either net cash flow from operations or net cash flow from operations, financing and investing activities), share price, total shareholder return, gross revenue, revenue growth, operating income (before or after taxes), net earnings (before or after interest, taxes, depreciation and/or amortization), return on equity or on assets or on net investment or invested capital, cost containment or reduction, or any combination thereof. The performance measurement period with respect to an award may range from three months to ten years. The terms of the Qualified Performance-Based Awards may specify the manner, if any, in which performance targets shall be adjusted to mitigate the unbudgeted impact of material, unusual or nonrecurring gains and losses, accounting changes or other items specified by the Administrator at the time of establishing the goals.

Qualified Performance-Based Awards may be paid in ordinary shares or in cash (in either case, subject to the limits described under the heading “Authorized Shares; Limits on Awards” above). The Administrator has discretion to determine the performance target or targets and any other restrictions or other limitations of Qualified Performance-Based Awards and may reserve discretion to reduce payments below maximum award limits.

~~Dividend Equivalents.~~ The Administrator may provide that awards under the Plan (other than options or share appreciation rights), earn dividends or dividend equivalents based on the amount of dividends paid on outstanding ordinary shares, provided that as to any dividend equivalent rights granted in connection with an award granted under the Plan that is subject to performance-based vesting requirements, no dividend equivalent payment will be made unless the related performance-based vesting conditions of the award are satisfied (or, in the case of a restricted share or similar award where the dividend must be paid as a matter of law, the dividend payment will be subject to forfeiture or repayment, as the case may be, if the related performance-based vesting conditions are not satisfied).

~~Assumption and Termination of Awards.~~ If an event occurs in which the Company does not survive (or does not survive as a public company in respect of its ordinary shares), including, without limitation, a dissolution, merger, combination, consolidation, exchange of securities, or other reorganization, or a sale of all or substantially all of the business, shares or assets of the Company, awards then-outstanding under the Plan will not automatically become fully vested pursuant to the provisions of the Plan so long as such awards are assumed, substituted, exchanged for or otherwise continued. However, if awards then-outstanding under the Plan are to be terminated in such circumstances (without being assumed or substituted for), such awards would generally become fully vested, subject to any exceptions that the Administrator may provide for in an applicable award agreement (such as for awards subject to performance-based vesting requirements). The Administrator also has the discretion to establish other change in control provisions with respect to awards granted under the Plan. For example, the Administrator could provide for the acceleration of vesting or payment of an award in connection with a corporate event or in connection with a termination of the award holder’s employment. For the treatment of outstanding equity awards held by the NEOs in connection with a termination of employment and/or a change in control of the Company, please see the “Potential Payments Upon Termination or Change in Control” above in this Proxy Statement.

~~Transfer Restrictions.~~ Subject to certain exceptions contained in Section 5.7 of the Plan, awards under the Plan generally are not transferable by the recipient other than by will or the laws of descent and distribution and are generally exercisable, during the recipient’s lifetime, only by the recipient. Any amounts payable or shares issuable pursuant to an award generally will be paid only to the recipient or the recipient’s beneficiary or representative. The Administrator has discretion, however, to establish written conditions and procedures for the transfer of awards to other persons or entities, provided that such transfers comply

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with applicable federal and state securities laws and are not made for value (other than nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting securities are held by the award recipient or by the recipient’s family members).

~~Adjustments.~~ As is customary in incentive plans of this nature, each share limit and the number and kind of shares available under the Plan and any outstanding awards, as well as the exercise or purchase prices of awards, and performance targets under certain types of performance-based awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations, share splits, share dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the shareholders.

~~Discretion to Accelerate.~~ The minimum vesting requirement of one year for all options and SARs granted under the Plan does not limit or restrict the Administrator’s discretion to accelerate the vesting of options and SARs, or any other award, in circumstances it determines to be appropriate.

~~No Limit on Other Authority.~~ The Plan does not limit the authority of the Board or any committee to grant awards or authorize any other compensation, with or without reference to the Company’s ordinary shares, under any other plan or authority.

~~Termination of or Changes to the Plan.~~ The Board may amend or terminate the Plan at any time and in any manner. Shareholder approval for an amendment will be required only to the extent then required by applicable law or deemed necessary or advisable by the Board. Unless terminated earlier by the Board and subject to any extension that may be approved by shareholders, the authority to grant new awards under the Plan will terminate on January 6, 2023. If shareholders approve this Plan proposal, the term of the Plan will be extended to March 30, 2026. Outstanding awards, as well as the Administrator’s authority with respect thereto, generally will continue following the expiration or termination of the Plan. Generally speaking, outstanding awards may be amended by the Administrator (except for a repricing), but the consent of the award holder is required if the amendment (or any Plan amendment) materially and adversely affects the holder.

~~U.S. Federal Income Tax Consequences of Awards Under the Plan~~

The U.S. federal income tax consequences of the Plan under current federal law, which is subject to change, are summarized in the following discussion of the general tax principles applicable to the Plan. This summary is not intended to be exhaustive and, among other considerations, does not describe the deferred compensation provisions of Section 409A and 457A of the Code to the extent an award is subject to and does not satisfy those rules, nor does it describe state, local, or international tax consequences.

With respect to nonqualified stock options, the Company is generally entitled to deduct and the participant recognizes taxable income in an amount equal to the difference between the option exercise price and the fair market value of the shares at the time of exercise. With respect to incentive stock options, the Company is generally not entitled to a deduction nor does the participant recognize income at the time of exercise, although the participant may be subject to the U.S. federal alternative minimum tax.

The current federal income tax consequences of other awards authorized under the Plan generally follow certain basic patterns: nontransferable restricted shares subject to a substantial risk of forfeiture results in income recognition equal to the excess of the fair market value over the price paid (if any) only at the time the restrictions lapse (unless the recipient elects to accelerate recognition as of the date of grant); and bonuses, share appreciation rights, cash and share-based performance awards, dividend equivalents, share units, and other types of awards are generally subject to tax at the time of payment. In each of the foregoing cases, the Company will generally have a corresponding deduction at the time the participant recognizes income.

If an award is accelerated under the Plan in connection with a “change in control” (as this term is used under the Code), the Company may not be permitted to deduct the portion of the compensation attributable to the acceleration (“parachute payments”) if it exceeds certain threshold limits under the Code (and certain related excise taxes may be triggered). Furthermore, the aggregate compensation in excess of $1,000,000 attributable to awards that are not “performance-based” within the meaning of Section 162(m) may not be permitted to be deducted by the Company in certain circumstances.

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~~Specific Benefits Under the Plan~~

The Company has not approved any awards that are conditioned upon shareholder approval of the Plan. The Company is not currently considering any other specific award grants under the Plan, other than the annual grants of restricted share unit awardsPursuant to our non-employee directors described in the following paragraph. If the proposed amendments to the Plan had been in existence in 2015, the Company expects that its award grants for 2015 would not have been substantially different from those actually made in that year under the Plan. For information regarding share-based awards granted to the Company’s NEOs during 2015, see the material under the heading “Executive Compensation.”

As described under “Director Compensation” above, the Company’s Directors’ Compensation Policy, as amended on November 11, 2015, provides for each non-employee director to receive an annual restricted share unit award valued at $125,000 to be awarded on the first business day of each calendar year. The number of shares subject to each award is determined by dividing $125,000 by the closing price of our ordinary shares on the grant date. Assuming, for illustrative purposes only, that the price of the ordinary shares used for the conversion of the dollar amount set forth above into shares is $50, the number of shares subject to restricted share unit awards that would be allocated to the Company’s eight non-employee directors as a group pursuant to the annual grant formula is approximately 200,000 shares. This figure represents the aggregate number of shares that would be subject to the annual grants under the director equity grant program for calendar years 2017 through 2026 (the ten remaining years in the term of the Plan, assuming the term is extended) based on that assumed share price and a number of other assumptions, including, without limitation, that there are no new eligible directors, there continue to be eight eligible directors seated, no eligible non-employee director waives his or her right to receive any annual grant and there are no changes to the awards granted under the director equity grant program.

~~Potential Dilution~~

The following paragraphs include additional information to help shareholders assess the potential dilutive impact of the Company’s equity awards and the Plan. As of the date hereof, the Plan is the Company’s only equity compensation plan (other than the Company’s Employee Stock Purchase Plan). The Company’s Employee Stock Purchase Plan (the “ESPP”) is intended as a qualified employee share purchase plan under Section 423 of the Code. The ESPP generally provides for broad-based participation by employees of the Company (and certain of its subsidiaries) and affords employees who elect to participate an opportunity to purchase ordinary shares at a discount. Certain information regarding the number of ordinary shares available for issuance under the Company’s ESPP is included under the heading “Equity Compensation Plan Information” below. The discussion that follows in this “Potential Dilution” section does not include any shares that have been purchased under, may be purchased in the current purchase period under, or that remain available for issuance or delivery under the ESPP. The discussion that follows also does not include any shares that have been issued in exchange for equity awards originally granted in the form of partnership interests in NCL Corporation Ltd. prior to our IPO.

“Overhang” refers to the number of ordinary shares that are subject to outstanding awards or remain available for new award grants. The following table shows the total number of ordinary shares that were subject to outstanding restricted share and restricted share unit awards granted under the Plan, that were subject to outstanding options granted under the Plan, and that were then available for new award grants under the Plan as of December 31, 2015 and as of March 14, 2016. For awards subject to performance-based vesting requirements, such as the options and share unit awards granted to our President and Chief Executive Officer in 2015, the number of shares presented (1) is based on achieving the maximum level of performance, even though the actual share payout for these awards may be less than the maximum number below, and (2) includes shares subject to awards for which no grant date has been established under FASB ASC Topic 718 due to the operation of the performance-based vesting requirements.

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As of December 31, 2015 As of March 14, 2016
Shares subject to outstanding restricted share and restricted share unit awards (excluding performance-based vesting awards) 152,400 1,373,461
Shares subject to outstanding performance-based vesting restricted share and restricted share unit awards 150,000 137,500
Shares subject to outstanding options (excluding performance-based vesting options) 8,134,823 8,969,961
Shares subject to outstanding performance-based vesting
options 625,000 572,917
Shares available for new award grants 2,870,751 833,380

The weighted-average number of ordinary shares issued and outstanding in each of the last three fiscal years was 202,993,839 shares issued and outstanding in 2013; 206,524,968 shares issued and outstanding in 2014; and 226,591,437 shares issued and outstanding in 2015. The number of ordinary shares issued and outstanding as of December 31, 2015 and March 14, 2016 was 227,815,301 and 226,917,770 shares, respectively.

“Burn rate” refers to the number of shares that are subject to awards that we grant over a particular period of time. The total number of ordinary shares subject to awards that the Company granted under the Plan in each of the last three fiscal years, and to date (as of March 14, 2016) for 2016, are as follows:

•

4,991,263 shares in 2013 (which was 2.46% of the weighted-average number of ordinary shares issued and outstanding in 2013), of which 17,210 shares were subject to restricted share and restricted share unit awards (excluding performance-based vesting awards), 0 shares were subject to performance-based vesting restricted share and restricted share unit awards, 3,394,114 shares were subject to options (excluding performance-based vesting options), and 1,579,939 shares were subject to performance-based vesting options;

•

3,186,088 shares in 2014 (which was 1.54% of the weighted-average number of ordinary shares issued and outstanding in 2014), of which 5,473 shares were subject to restricted share and restricted share unit awards (excluding performance-based vesting awards), 0 shares were subject to performance-based vesting restricted share and restricted share unit awards, 3,180,615 shares were subject to options (excluding performance-based vesting options), and 0 shares were subject to performance-based vesting options;

•

6,061,881 shares in 2015 (which was 2.68% of the weighted-average number of ordinary shares issued and outstanding in 2015), of which 156,881 shares were subject to restricted share and restricted share unit awards (excluding performance-based vesting awards), 150,000 shares were subject to performance-based vesting restricted share and restricted share unit awards, 5,130,000 shares were subject to options (excluding performance-based vesting options), and 625,000 shares were subject to performance-based vesting options; and

•

2,263,990 shares in 2016 through March 14, 2016 (which was 1.00% of the number of ordinary shares issued and outstanding on March 14, 2016), of which 1,228,990 shares were subject to restricted share and restricted share unit awards (excluding performance-based vesting awards), 0 shares were subject to performance-based vesting restricted share and restricted share unit awards, 1,035,000 shares were subject to options (excluding performance-based vesting options), and 0 shares were subject to performance-based vesting options.

Thus, the total number of ordinary shares subject to awards granted under the Plan per year over the last three fiscal years (2013, 2014 and 2015) has been, on average, 2.23% of the weighted-average number of ordinary shares issued and outstanding for this period. Performance-based vesting awards have been included above in the year in which the award was granted. The actual number of performance-based vesting restricted share and restricted share unit awards that became eligible to vest each year because the applicable performance-based condition was satisfied in that year (subject to the satisfaction of any applicable time-based vesting requirements) was as follows: 0 in 2013, 0 in 2014, 0 in 2015, and 12,500 to

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date (as of March 14, 2016) in 2016. The actual number of shares subject to performance-based options that became eligible to vest each year because the applicable performance-based condition was satisfied in that year (subject to the satisfaction of any applicable time-based vesting requirements) was as follows: 0 in 2013, 614,620 in 2014, 468,147 in 2015, and 52,083 to date (as of March 14, 2016) in 2016.

The total number of ordinary shares that were subject to awards granted under the Plan that terminated or expired, and thus became available for new award grants under the Plan, in each of the last three fiscal years, and to date (as of March 14, 2016) in 2016, are as follows: 52,555 in 2013, 172,912 in 2014, 1,840,719 in 2015, and 221,375 in 2016. Shares subject to Plan awards that terminated or expired and became available for new award grants under the Plan have been included when information is presented in this Plan proposal on the number of shares available for new award grants under the Plan.

The Compensation Committee anticipates that the 12,430,000 additional shares requested for the Plan (together with the shares available for new award grants under the Plan on the Annual General Meeting date and assuming usual levels of shares becoming available for new awards as a result of forfeitures of outstanding awards) will provide the Company with flexibility to continue to grant equity awards under the Plan through approximately the end of 2019 (reserving sufficient shares to cover potential payment of performance-based awards). However, this is only an estimate, in the Company’s judgment, based on current circumstances. The total number of shares that are subject to the Company’s award grants in any one year or from year-to-year may change based on a number of variables, including, without limitation, the value of the Company’s ordinary shares (since higher share prices generally require that fewer shares be issued to produce awards of the same grant date fair value), changes in competitors’ compensation practices or changes in compensation practices in the market generally, changes in the number of employees, changes in the number of directors and officers, whether and the extent to which vesting conditions applicable to equity-based awards are satisfied, acquisition activity and the need to grant awards to new employees in connection with acquisitions, the need to attract, retain and incentivize key talent, the type of awards the Company grants, and how the Company chooses to balance total compensation between cash and equity-based awards.

~~The closing market price for a share of the Company’s ordinary shares as of March 14, 2016 was $49.69 per share.~~

~~Aggregate Equity Awards Previously Granted Under the Plan~~

As of March 14, 2016, awards covering 16,503,219 ordinary shares had been granted under the Plan. (This number of shares includes shares subject to awards that expired or terminated without having been exercised and paid and became available for new award grants under the Plan.) The following table shows information regarding the distribution of all awards among the persons and groups identified below, option exercises and restricted share or unit vesting prior to that date, and option and unvested restricted share or unit holdings as of that date.

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Options and Share Appreciation Rights Restricted Shares/Units
Number of
Shares
Subject to
Past
Option/SAR
Grants Number of
Shares
Acquired
On
Exercise Number of Shares
Underlying Options/SARs
as of March 14, 2016 Number of
Shares/
Units
Subject to
Past
Awards Number of
Shares/Units
Vested as
of March 14,
2016 Number of
Shares/Units
Outstanding
and
Unvested as
of March 14,
2016
Exercisable Unexercisable
Robert Binder, Vice Chairman,
Oceania Cruises and Regent 37,500 — — 37,500 18,750 — 18,750
Kevin M. Sheehan, Former President and Chief Executive Officer 2,061,400 1,516,689 — — — — —
Total for All Current Executive
Officers as a Group
(8 persons): 2,689,275 110,070 564,929 2,014,276 402,500 12,500 390,000
David M. Abrams — — — — 4,221 779 3,442
John W. Chidsey — — — — 12,166 8,287 3,879
F. Robert Salerno — — — — 8,698 5,859 2,839
Walter L. Revell — — — — 14,821 12,666 2,155
Steve Martinez — — — — — — —
Adam M. Aron — — — — — — —
Chad A. Leat — — — — 3,879 — 3,879
Russell W. Galbut — — — — 3,017 — 3,017
Total for all Current
Non-Executive Directors as
a Group (8 persons): — — — — 46,802 27,591 19,211
Each other person who has received 5% or more of the options, warrants or rights under the Plan — — — — — — —
All employees, including all
current officers who are not
executive officers or
directors, as a group 12,255,392 3,011,658 813,539 6,150,134 1,109,250 — 1,101,750
Total 14,944,667 3,121,728 1,378,468 8,164,410 1,558,552 40,091 1,510,961

~~Messrs. Martinez, Del Rio and Leat are each nominees for re-election as a director at the Annual General Meeting.~~

~~Equity Compensation Plan Information~~

~~The Company currently maintains two equity compensation plans: the Plan and the ESPP. The following table summarizes our equity plan information as of December 31, 2015.~~

Plan Category
Number of Securities to
Be Issued Upon Exercise
of Outstanding Options,
Warrants and Rights
(a)(1)

Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights
(b)(2)

Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(Excluding Securities
Reflected in Column (a))
(c)(3)

Equity compensation plans approved by
security holders 9,059,823 $ 46.81 4,843,629
Equity compensation plans not approved
by security holders — — —
Total 9,059,823 $ 46.81 4,843,629

~~(1)~~

Represents 8,759,823 shares subject to outstanding stock option awards under the Plan with a weighted-average exercise price of $46.81 and a weighted-average remaining life of 8.58 years and 300,000 shares subject to outstanding restricted share unit awards under the Plan as of December 31, 2015.

~~(2)~~

~~Calculated exclusive of outstanding restricted share unit awards.~~

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~~(3)~~

Represents 2,870,751 shares available under the Plan and 1,972,878 shares available under the ESPP, including 23,840 shares that were subject to purchase during the purchase period ended December 31, 2015. All of the shares available under the Plan may be granted in the form of options, SARs, share bonuses, restricted shares, share units, performance shares, phantom shares, dividend equivalents and other forms of awards available under the Plan. This table does not reflect the 12,430,000 additional shares that will be available under the Plan if shareholders approve the Plan proposal.

~~Vote Required for Approval of Amendment to 2013 Performance Incentive Plan~~

The Board believes that the adoption of the amendments to the Plan will promote the interests of the Company and its shareholders and will help the Company and its subsidiaries continue to be able to attract, retain and reward persons important to our success.

~~All members of the Board and all of the Company’s executive officers are eligible for awards under the Plan and thus have a personal interest in the approval of the Plan.~~

~~Approval of the Plan requires~~bye-laws, the affirmative vote of a majority of the votes cast on the proposal at the meeting is required to approve each of Proposal No. 2 (advisory approval of the compensation of our named executive officers) and Proposal No. 4 (ratification of the appointment of PwC as our independent registered public accounting firm and the Audit Committee’s determination of PwC’s remuneration). Notwithstanding this vote standard required by our bye-laws, Proposal No. 2 and Proposal No. 4 are advisory in nature and therefore not binding on our Company. Our Board will consider the outcome of the vote on each of these items in considering what action, if any, should be taken in response to the vote by shareholders. For purposes of these proposals, abstentions and broker non-votes, if any, are not counted as votes cast and therefore will not be counted in determining the outcome of any of these proposals.

Prior to the Annual General Meeting, we will select two or more inspectors of election for the meeting. Such inspectors will determine the number of ordinary shares represented at the Annual General Meeting, the existence of a quorum and the validity and effect of proxies. They will also receive and tabulate ballots and votes and determine the results thereof.

Can I revoke a proxy?

If you are a shareholder of record, you may revoke your proxy at any time before the Annual General Meeting by delivering a written notice of revocation to our General Counsel and Assistant Secretary at 7665 Corporate Center Drive, Miami, Florida 33126, prior to the Annual General Meeting, by submitting a later-dated proxy via the Internet, by telephone or by mail by the deadline specified on the Notice of Internet Availability or proxy card (only your latest proxy submitted prior to the Annual General Meeting will be counted), or by attending the Annual General Meeting and voting in person. If your shares are held in street name through a bank,

broker or other nominee, you may change any previous voting instructions by submitting new voting instructions to the bank, broker or nominee holding your shares by the deadline specified on the Notice of Internet Availability or voting instruction form or by attending the Annual General Meeting and voting in person if you have obtained a legal proxy from the bank, broker or nominee giving you the right to vote the shares at the Annual General Meeting. Attendance at the Annual General Meeting will not by itself constitute a revocation of any proxy or voting instructions.

~~Board Recommendation~~

2019 Proxy Statement / 65

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ABOUT THE ~~BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” APPROVAL OF AMENDMENT TO THE 2013 PERFORMANCE INCENTIVE PLAN AS DESCRIBED ABOVE~~ANNUAL GENERAL MEETING AND ~~SET FORTH IN APPENDIX A HERETO.~~VOTING

71Presentation of Financial Statements

In accordance with the Bermuda Companies Act 1981, as amended, and bye-law 78 of our Company, our Company’s audited financial statements for the year ended December 31, 2018 will be presented at the

Annual General Meeting. Our Board has approved these statements. There is no requirement under Bermuda law that these statements be approved by shareholders, and no such approval will be sought at the meeting.

Terms Used in this Proxy Statement

Unless otherwise indicated or the context otherwise requires, references in this Proxy Statement to (i) “Apollo” refers to Apollo Global Management, LLC, its subsidiaries and the affiliated funds it manages, (ii) “TPG” refers to refers to certain affiliates of TPG Global, LLC, (iii) “Genting HK” refers to Genting Hong Kong Limited and/or its affiliates, (iv) “Former Sponsors” refers to Apollo, TPG and Genting HK, (v) “Shareholders’ Agreement” refers to the amended and restated shareholders’ agreement between us and

the Former Sponsors, dated January 24, 2013, as amended from time to time, (vi) “Prestige” refers to Prestige Cruises International S. de R.L. (formerly Prestige Cruises International, Inc.) and its consolidated subsidiaries, (vii) “Acquisition” refers to our acquisition of Prestige in November 2014, (viii) “Norwegian” refers to the Norwegian Cruise Line brand, (ix) “Oceania Cruises” refers to the Oceania Cruises brand and (x) and “Regent” refers to the Regent Seven Seas Cruises brand.

Solicitation of Proxies

This Proxy Statement is furnished in connection with the solicitation of proxies by our Company on behalf of our Board. We will pay the cost of this proxy solicitation. In addition to soliciting proxies by mail, we expect that a number of our employees will solicit proxies personally or by telephone or other electronic means. None of these employees will receive any additional or special compensation for assisting us in soliciting proxies.

In addition, we have agreed to pay Georgeson LLC an estimated fee of $15,000, plus expenses to assist us in soliciting proxies from banks, brokers, and other nominees. We will, on request, reimburse banks, brokerage firms and other nominees for their expenses in sending proxy materials to their customers who are beneficial owners of our ordinary shares and obtaining their voting instructions.

Delivery of Documents to Shareholders Sharing an Address

We have adopted a procedure, approved by the SEC, called “householding.” Under this procedure, shareholders of record who have the same address and last name and did not receive a Notice of Internet Availability or otherwise receive their proxy materials electronically will receive only one copy of this Proxy Statement and the 2018 Annual Report, unless we are notified that one or more of these shareholders wishes to continue receiving individual copies. This procedure will reduce our printing costs and postage fees.

If you are eligible for householding, but you and other shareholders of record with whom you share an address currently receive multiple copies of this Proxy Statement and the 2018 Annual Report, or if you hold our ordinary shares in more than one account, and in either case you wish to receive only a single copy of each of these documents for your household, please contact the

Householding Department of Broadridge Financial Solutions, Inc. at 51 Mercedes Way, Edgewood, New York 11717; or by telephone at 1-800-542-1061. If you participate in householding and wish to receive a separate copy of this Proxy Statement and the 2018 Annual Report, or if you do not wish to continue to participate in householding and prefer to receive separate copies of these documents in the future, please contact Broadridge Financial Solutions, Inc., as indicated above.

If your ordinary shares are held in street name through a broker, bank or other nominee, please contact your broker, bank or nominee directly if you have questions, require additional copies of this Proxy Statement or the 2018 Annual Report or wish to receive a single copy of such materials in the future for all beneficial owners of our ordinary shares sharing an address.

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~~DEADLINE FOR RECEIPT OF SHAREHOLDER PROPOSALS FOR~~ABOUT THE ~~2017~~ ANNUAL GENERAL MEETING AND VOTING

Annual Report on Form 10-K

WE WILL PROVIDE WITHOUT CHARGE TO EACH PERSON SOLICITED BY THIS PROXY STATEMENT, UPON THE ORAL OR WRITTEN REQUEST OF ~~SHAREHOLDERS~~SUCH PERSON, A COPY OF OUR ANNUAL REPORT ON FORM 10-K (INCLUDING THE FINANCIAL STATEMENTS BUT EXCLUDING THE EXHIBITS THERETO), AS FILED WITH THE SEC FOR OUR MOST RECENT FISCAL YEAR. SUCH WRITTEN REQUESTS SHOULD BE DIRECTED TO:

YOU ARE URGED TO SUBMIT YOUR PROXY OR VOTING INSTRUCTIONS AS SOON AS POSSIBLE WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL GENERAL MEETING AND VOTE IN PERSON. If you attend the Annual General Meeting and vote in person, your proxy will not be used.

INVESTOR RELATIONS
7665 CORPORATE CENTER DRIVE
MIAMI, FLORIDA 33126

OR BY TELEPHONE REQUEST TO
(305) 436-4000.

Important Information and Dates Related to the 2020 Annual General Meeting

In order for a shareholder proposal to be eligible for inclusion in our proxy statement under the rules of the SEC for next year’s ~~2017~~2020 annual general meeting of shareholders, the written proposal must be received by the General Counsel and Assistant Secretary of ~~the~~our Company at our offices no later than December ~~8, 2016~~28, 2019 and must comply with the requirements of Rule 14a-8 of the Exchange Act. If we change the date of the ~~2017~~2020 annual general meeting of shareholders by more than 30 days from the anniversary of this year’s meeting, shareholder proposals must be received a reasonable time before we begin to print and mail our proxy materials for the ~~2017~~2020 annual general meeting of shareholders.

Our bye-laws provide that in order for a shareholder proposal to be presented at our ~~2017~~2020 annual general meeting of shareholders, including shareholder nominations for candidates for election as directors, written notice to the General Counsel and Assistant Secretary of ~~the~~our Company of such shareholder proposal or director nomination must be received at our executive offices not earlier than the close of business on the 120th day and not later than the close of business on the 90th day prior to the first anniversary date of the preceding annual general meeting of shareholders. This requirement is independent of and in addition to the notice required under SEC rules for inclusion of a shareholder proposal in our proxy materials. As a result, shareholders who intend to present proposals or director

nominations at the ~~2017~~2020 annual general meeting of shareholders under these provisions must give written notice of the proposal to ~~the~~our General Counsel and Assistant Secretary no earlier than ~~January 19, 2017,~~February 14, 2020, and no later than ~~February 18, 2017.~~March 15, 2020. However, if the date of the ~~2017~~2020 annual general meeting of shareholders is a date that is more than 30 days before or more than 60 days after ~~May 19, 2017,~~June 13, 2020, the anniversary date of the ~~2016~~2019 Annual General Meeting, notice by a shareholder of a proposal must be received no earlier than the close of business on the 120th day prior to the date of the ~~2017~~2020 annual general meeting of shareholders and no later than the close of business on the later of the 90th day prior to the ~~2017~~2020 annual general meeting of shareholders, or if the first public announcement of the ~~2017~~2020 annual general meeting of the shareholders is less than 100 days prior to such meeting date, the 10th day after the public announcement of such date.

Our bye-laws require that a shareholder must provide certain information concerning the proposing person, the nominee and the proposal, as applicable. Nominations and proposals not meeting the requirements set forth in our bye-laws will not be entertained at the ~~2017~~2020 annual general meeting of shareholders. Shareholders should contact ~~the~~our General Counsel and Assistant Secretary in writing at 7665 Corporate Center Drive, Miami, Florida 33126 to obtain additional information as to the proper form and content of shareholder nominations or proposals.

~~SOLICITATION OF PROXIES~~

~~This~~

2019 Proxy Statement ~~is furnished in connection with the solicitation of proxies~~/ 67

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APPENDIX A — NON-GAAP FINANCIAL MEASURES AND
RECONCILIATIONS

Non-GAAP Definitions

Adjusted EPS. Net income, adjusted for supplemental adjustments, divided by the ~~Company~~number of diluted weighted-average shares outstanding.

Adjusted EBITDA. Earnings before interest, taxes, and depreciation and amortization, adjusted for other income (expense), net and other supplemental adjustments.

Adjusted ROIC. Adjusted EBITDA less depreciation and amortization, adjusted to exclude amortization of intangible assets related to the Acquisition of Prestige, divided by debt and shareholders’ equity, averaged for four quarters.

Net Yield. Total revenue less commissions, transportation and other expense and onboard and other expense per Capacity Day.

Non-GAAP Financial Information

We use certain non-GAAP financial measures, such as Adjusted EPS, Adjusted EBITDA, Adjusted ROIC and Net Yield to enable us to analyze our performance.

We utilize Net Yield to manage our business on ~~behalf~~a day-to-day basis and believe that it is one of the ~~Board.~~ most relevant measures of our revenue performance because it reflects the revenue earned by us net of significant variable costs.

We ~~will pay~~believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We also believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or comparable to net income, as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

Adjusted EPS is a non-GAAP financial measure that excludes certain amounts and is used to supplement GAAP EPS. We use Adjusted EPS as a key performance measure of our earnings performance. We believe that both management and investors benefit from referring to Adjusted EPS in assessing our performance and when planning, forecasting and analyzing future periods. Adjusted EPS also facilitates management’s internal comparison to our historical performance. Our management believes the ~~cost~~presentation of ~~this proxy solicitation.~~Adjusted ROIC provides a useful performance metric to both management and investors for evaluating our effective use of capital. In addition, management uses both Adjusted EPS and Adjusted ROIC as performance measures for our incentive compensation.

The amounts excluded in the presentation of these non-GAAP financial measures may vary from period to ~~soliciting proxies by mail,~~period; accordingly, our presentation of Adjusted EPS, Adjusted EBITDA and Adjusted ROIC may not be indicative of future adjustments or results.

You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we ~~expect~~consider our non-GAAP financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a ~~number~~substitute for analysis of our ~~employees~~results as reported under GAAP. Our presentation of our non-GAAP financial measures should not be construed as an inference that our future results will ~~solicit proxies personally~~be unaffected by unusual or ~~by telephone or~~non-recurring items. Our non-GAAP financial measures may not be comparable to other ~~electronic means. None of these employees will receive any additional or special~~companies.

2019 Proxy Statement / A-1

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APPENDIX A — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

NON-GAAP RECONCILIATIONS (UNAUDITED)

Adjusted EPS was calculated as follows (in thousands, except share and per share data):

	Year Ended December 31,
	2018			2017
Net income		$	954,843		$	759,872
Non-GAAP Adjustments:
Non-cash deferred compensation expenses(1)			3,453			3,292
Non-cash share-based compensation expenses(2)			115,983			87,039
Secondary equity offering expenses(3)			883			949
Severance payments and other fees(4)			—			2,912
Acquisition of Prestige expenses(5)			—			500
Amortization of intangible assets(6)			24,890			30,273
Extinguishment of debt(7)			6,346			23,859
Impairment on assets held for sale(8)			—			2,935
Tax benefit(9)			—			(7,802)
Other(10)			(1,412)			3,886
Adjusted Net Income		$	1,104,986		$	907,715
Diluted weighted-average shares outstanding			224,419,205			229,418,326
Diluted earnings per share		$	4.25		$	3.31
Adjusted EPS		$	4.92		$	3.96

(1)

Non-cash deferred compensation ~~for assisting us in soliciting proxies. We will, on request, reimburse banks, brokerage firms~~expenses related to the crew pension plan and other ~~nominees~~crew expenses, which are included in payroll and related expense and other income (expense), net.

(2)

Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.

(3)

Expenses related to secondary equity offerings, which are included in marketing, general and administrative expense.

(4)

Severance payments and other fees related to restructuring costs and other severance arrangements are included in marketing, general and administrative expense.

(5)

Acquisition of Prestige expenses are included in marketing, general and administrative expense.

(6)

Amortization of intangible assets related to the Acquisition of Prestige, which are included in depreciation and amortization expense.

(7)

Losses on extinguishments of debt are included in interest expense, net, and legal expenses related to the extinguishments are included in marketing, general and administrative expense.

(8)

Impairment charge related to Hawaii land-based operations, which is included in depreciation and amortization expense.

(9)

Tax benefits primarily due to reversal of tax contingency reserves in 2017.

(10)

Other primarily related to expenses and reimbursements for ~~their expenses~~certain legal costs included in ~~sending proxy materials to their customers who are beneficial owners of our ordinary shares~~marketing, general and obtaining their voting instructions. We have engaged Kingsdale Shareholder Services (“Kingsdale”) as our proxy solicitation agent and will pay fees of approximately $20,000 to Kingsdale plus certain out-of-pocket expenses to assist us with the solicitation of proxies.administrative expense.

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APPENDIX A — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

72Adjusted EBITDA was calculated as follows (in thousands):

	Year Ended December 31, 2018
Net income		$	954,843
Interest expense, net			270,404
Income tax expense			14,467
Depreciation and amortization expense			561,060
EBITDA			1,800,774
Other (income) expense, net(1)			(20,653)
Non-GAAP Adjustments:
Non-cash deferred compensation expenses(2)			2,167
Non-cash share-based compensation expenses(3)			115,983
Secondary equity offering expenses(4)			883
Other(5)			(1,412)
Adjusted EBITDA		$	1,897,742

(1)

Primarily consists of gains and losses, net for foreign currency exchanges.

(2)

Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense.

(3)

Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.

(4)

Expenses related to secondary equity offerings, which are included in marketing, general and administrative expense.

(5)

Other primarily related to expenses and reimbursements for certain legal costs included in marketing, general and administrative expense.

Adjusted ROIC was calculated as follows (in thousands):

	Year Ended December 31, 2018
Adjusted EBITDA(1)		$	1,897,742
Less: Adjusted depreciation and amortization(2)			536,170
Total			1,361,572
Total long-term debt plus shareholders’ equity(3)			12,428,918
Adjusted ROIC			11.0%

(1)

See the reconciliation of net income to Adjusted EBITDA presented above.

(2)

Depreciation and amortization, adjusted to exclude amortization of intangible assets related to the Acquisition of Prestige.

(3)

Calculation consists of a four-quarter average of long-term debt and shareholders’ equity.

2019 Proxy Statement / A-3

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APPENDIX A — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

Net Yield was calculated as follows (in thousands, except Capacity Days and Yield data):

	Year Ended December 31, 2018
Passenger ticket revenue		$	4,259,815
Onboard and other revenue			1,795,311
Total revenue			6,055,126
Less:
Commissions, transportation and other expense			998,948
Onboard and other expense			348,656
Net Revenue			4,707,522
Capacity Days			18,841,678
Gross Yield		$	321.37
Net Yield		$	249.85

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APPENDIX B — PROPOSED AMENDED AND RESTATED
BYE-LAWS

AMENDED AND RESTATED
BYE-LAWS
OF
Norwegian Cruise Line Holdings Ltd.

(Effective May 20, 2015[________ ___, 2019])

2019 Proxy Statement / B-1

TABLE OF CONTENTS

APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

Table of Contents

				Page
	1. Definitions and Interpretation			B-5
	2. Power to Issue Shares			B-8
	3. Power of the Company to Purchase its Shares			B-8
	4. Rights Attaching to Shares			B-8
	5. Prohibition on Financial Assistance			B-9
	6. Share Certificates			B-9
	7. Fractional Shares			B-9
	8. Register of Shareholders			B-10
	9. Registered Holder Absolute Owner			B-10
	10. Transfer of Registered Shares			B-10
	11. Restrictions on Transfer			B-11
	12. Excess Shares			B-13
	13. Transmission of Registered Shares			B-15
	14. Power to Alter Capital			B-16
	15. Variation of Rights Attaching to Shares			B-16
	16. Dividends			B-17
	17. Power to Set Aside Profits			B-17
	18. Method of Payment			B-17
	19. Capitalisation			B-17
	20. Annual General Meetings			B-17
	21. Special General Meetings			B-18
	22. Requisitioned General Meetings			B-18
	23. Notice			B-18
	24. Giving Notice and Access			B-18
	25. Postponement or Cancellation of General Meeting			B-19
	26. Order of Business			B-19
	27. Advance Notice of Shareholder Business and Nominations			B-20
	28. Submission of Questionnaire; Representation and Agreement			B-23
	29. Existing Holders			B-23
	2930. Electronic Participation and Security at Meetings			B-23
	301. Quorum at General Meetings			B-23
	312. Chairman of General Meetings			B-24
	323. Voting on Resolutions			B-24
	334. Power to Demand a Vote on a Poll			B-24
	345. Voting by Joint Holders of Shares			B-25

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

				Page
	356. Instrument of Proxy			B-25
	367. Representation of Corporate Shareholder			B-26
	378. Adjournment of General Meeting			B-26
	389. Written Resolutions			B-26
	3940. Directors Attendance at General Meetings			B-27
	401. Election of Directors			B-27
	412. No Share Qualification			B-27
	423. Term of Office of Directors			B-27
	434. Removal of Directors			B-28
	445. Vacancy in the Office of Director			B-28
	456. Directors to Manage Business			B-28
	467. Powers of the Board of Directors			B-29
	478. Fees, Gratuities And Pensions			B-29
	489. Register of Directors and Officers			B-30
	4950. Appointment of Officers			B-30
	501. Appointment of the Observers			B-30
	512. Appointment of Secretary and Resident Representative			B-30
	523. Duties of Officers			B-30
	534. Duties of the Secretary			B-30
	545. Remuneration of Officers			B-30
	556. Conflicts of Interest			B-31
	567. Indemnification and Exculpation of Directors and Officers			B-31
	58. Business Opportunities of the Company			B-32
	579. Board Meetings			B-33
	6058. Notice of Board Meetings			B-33
	6591. Electronic Participation in Meetings			B-33
	602. Quorum at Board Meetings			B-33
	613. Board to Continue in the Event of Vacancy			B-33
	624. Chairman to Preside			B-33
	635. Written Resolutions			B-34
	646. Validity of Prior Acts of the Board			B-34
	657. Minutes			B-34
	668. Place Where Corporate Records Kept			B-34
	679. Form and Use of Seal			B-34
	6870. Books of Account			B-34
	6971. Financial Year End			B-35
	702. Annual Audit			B-35

2019 Proxy Statement / B-3

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

B-4 /

TABLE OF CONTENTS

~~DELIVERY~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

INTERPRETATION

Definitions and Interpretation

1.1

In these Bye-laws, the following words and expressions shall, where not inconsistent with the context, have the following meanings, respectively:

	Act			the Companies Act 1981 as amended from time to time;
	Auditor			includes an individual or partnership;
	Bermuda			the Islands of Bermuda;
	Beneficial Ownership			ownership of Shares by a Person who would be treated as the owner of such Shares directly, indirectly or constructively, as determined for purposes of Section 883(c)(3) of the Code and the regulations promulgated thereunder, and shall include any Shares Beneficially Owned by any other Person who is a “related person” with respect to such Person through the application of Section 267(b) of the Code, as modified in any way for the purposes of Section 883(c)(3) of the Code and the regulations promulgated thereunder. The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have correlative meanings;
	Board			the board of directors appointed or elected pursuant to these Bye-laws and the Shareholders’ Agreement and acting by resolution in accordance with the Act and these Bye-laws or the directors present at a meeting of directors at which there is a quorum;
	Business Day			means any day that is not a Saturday, Sunday or other day on which commercial banks in Bermuda or New York are authorized or required by law to close;
	Bye-laws			these Amended and Restated bye-laws adopted by the Company on January 24, 2013[____________, 2019], in their present form or as from time to time amended;
	CEO Observer			has the meaning set forth in Bye-law 501;
	Charitable Beneficiary			an organization organized and operated exclusively for religious, charitable, scientific, literary, educational or similar purposes that is a “qualified shareholder” as defined in U.S. Treasury Regulation Section 1.883-4(b), selected by the Excess Share Trustee;
	Code			the United States Internal Revenue Code of 1986, as amended from time to time;
	Company			the company incorporated in Bermuda under the name of Norwegian Cruise Line Holdings Ltd. on the 21st day of February, 2011, for which these Bye-laws are approved and confirmed;
	Director			a director of the Company;
	Excess Shares			Shares resulting from an event described in Bye-law 11.2;
	Excess Share Trust			a trust created pursuant to Bye-law 12;
	Excess Share Trustee			a Person, who shall be unaffiliated with the Company, any Purported Beneficial Transferee and any Purported Record Transferee, appointed by the Board as the trustee of the Excess Share Trust;
	Existing Holders			(i) AAA Guarantor Co-Invest VI (B), L.P.; (ii) AIF VI NCL (AIV), L.P.; (iii) AIF VI NCL (AIV I), L.P.; (iv) AIF VI NCL (AIV II), L.P.; (v) AIF VI NCL (AIV III), L.P.; (vi) AIF VI NCL (AIV IV), L.P.; (vii) Apollo Overseas Partners (Delaware) VI, L.P.; (viii) Apollo Overseas Partners (Delaware 892) VI, L.P.; (ix) Apollo Overseas Partners VI, L.P.; (x) Apollo Overseas Partners (Germany) VI, L.P.; (xi) TPG Viking, L.P.; (xii) TPG Viking AIV I, L.P.; (xiii) TPG Viking AIV II, L.P.; (xiv) TPG Viking AIV III, L.P.; (xv) Star NCLC Holdings Ltd; (xvi) Genting Hong Kong Limited; and (xvii) any Permitted Transferee of such Persons;
	GHK Trigger Event			has the meaning set forth in Bye-law 1.5;
	indemnitee			has the meaning set forth in Bye-law 567.2;
	Investor Trigger Event			has the meaning set forth in Bye-law 1.5;
	Market Price			the average of the daily closing prices for any class of Shares for the five (5) consecutive trading days ending on such date, or if such date is not a trading date, the five consecutive trading days preceding such date. The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to any class of Shares listed or admitted to trading on the principal national securities exchange on which such class of Shares are listed or admitted to trading, or if such class of Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or if not so quoted, the average of the high bid and low asked prices in the over the counter market, as reported by NASDAQ the NYSE or such other system then in use, or if such class of

2019 Proxy Statement / B-5

TABLE OF ~~DOCUMENTS TO SHAREHOLDERS SHARING AN ADDRESS~~CONTENTS

APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

				Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such class of Shares selected by the Board;
	NYSE			The New York Stock Exchange;
	notice			written notice as further provided in these Bye-laws unless otherwise specifically stated;
	Officer			any person appointed by the Board to hold an office in the Company;
	Ordinary Shares			ordinary shares of the Company, par value USD.001 per share;
	Ownership Limit			shall mean, in the case of a Person other than an Existing Holder, Beneficial Ownership of more than four and nine tenths percent (4.9%), by value, vote or number, of any class of Shares. The Ownership Limit shall not apply to any Existing Holder or to any class of Shares exempted in accordance with the provisions of Bye-law 11.8. The value of the outstanding Shares shall be determined by the Board in good faith, which determination shall be exclusive for all purposes hereof;
	Permitted Transfer			a Transfer by an Existing Holder to any Person which does not result in the Company losing its exemption from taxation on gross income derived from the international operation of a ship or ships within the meaning of Section 883 of the Code. Any such transferee is herein referred to as a “Permitted Transferee;”
	person			shall be construed broadly and shall include, without limitation, an individual, a partnership, a corporation, a limited liability partnership, an investment fund, a limited liability company, a company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof;
	Person			means, for the purposes of Bye-laws 11 - 12, a person as defined by Section 7701(a) of the Code;
	Preference Shares			preference shares of the Company, par value USD.001 per share;
	Purported Beneficial Holder			with respect to any event (other than a purported Transfer, but including holding Shares in excess of the Ownership Limitation on the Section 883 Adoption Date) which results in Excess Shares, the Person for whom the Purported Record Holder held Shares that, pursuant to Bye-law 11.2, became Excess Shares upon the occurrence of such event;
	Purported Beneficial Transferee			with respect to any purported Transfer which results in Excess Shares, the purported beneficial transferee for whom the Purported Record Transferee would have acquired Shares if such Transfer had been valid under Bye-law 11.1;
	Purported Record Holder			with respect to any event (other than a purported Transfer, but including holding Shares in excess of the Ownership Limitation on the Amendment Date) which results in Excess Shares, the record holder of the Shares that, pursuant to Bye-law 11.2, became Excess Shares upon the occurrence of such event;
	Purported Record Transferee			with respect to any purported Transfer which results in Excess Shares, the record holder of the Shares if such Transfer had been valid under Bye-law 11.1;
	Register of Directors and Officers			the register of directors and officers referred to in these Bye-laws;
	Register of Shareholders			the register of members;
	Registered Office			shall initially be Cumberland House, 9th floor, 1 Victoria StreetWalkers Corporate (Bermuda) Limited, Park Place, 3rd Floor, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda, or at such other place in Bermuda as the Board shall from time to time appoint;
	Resident Representative			any person appointed to act as resident representative and includes any deputy or assistant resident representative;
	Resolution			a resolution of the Shareholders holding a majority of the then-outstanding shares of the Company or, where required by Applicable Law, of a separate class or separate classes of Shareholders, adopted either in an annual general meeting or special general meeting or by written resolution, in accordance with the provisions of these Bye-laws;
	Restriction Termination Date			such date as may be determined by the Board in its sole discretion (and for any reason) as the date on which the ownership and transfer restrictions set forth in Bye-law 11 and Bye-law 12 should cease to apply;
	Secretary			the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary;

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

	Section 883 Adoption Date			January 24, 2013;
	Shareholder			the person registered in the Register of Shareholders as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Shareholders as one of such joint holders or all of such persons, as the context so requires;
	Shareholders’ Agreement			has meaning set forth in Bye-law 1.5;
	Shares			means, for the purposes of Bye-laws 11 - 12, shares of the Company of any class or classes traded on an established securities market (including NASDAQthe NYSE) as may be authorized and issued from time to time pursuant to Bye-law 2;
	TPG Observer			has meaning set forth in the Shareholders’ Agreement;
	Transfer			means, any sale, transfer, gift, hypothecation, pledge, assignment, devise or other disposition of Shares (including (i) the granting of any option or interest similar to an option (including an option to acquire an option or any series of such options) or entering into any agreement for the sale, transfer or other disposition of Shares or (ii) the sale, transfer, assignment or other disposition of any securities or rights convertible into or exchangeable for Shares), whether voluntary or involuntary, whether of record, constructively or beneficially and whether by operation of law or otherwise. For purposes of this definition as it relates to Bye-laws 11 - 12, whether securities or rights are convertible or exchangeable for Shares shall be determined in accordance with Sections 267(b) and 883 of the Code;
	Treasury Share			a share of the Company that was or is treated as having been acquired and held by the Company and has been held continuously by the Company since it was so acquired and has not been cancelled.

1.2

In these Bye-laws, where not inconsistent with the context:

(a)

words denoting the plural number include the singular number and vice versa;

(b)

words denoting the masculine gender include the feminine and neuter genders;

(c)

the words:

(i)

“may” shall be construed as permissive; and

(ii)

“shall” shall be construed as imperative; and

(d)

unless otherwise provided herein, words or expressions defined in the Act shall bear the same meaning in these Bye-laws.

1.3

In these Bye-laws expressions referring to writing or its cognates shall, unless the contrary intention appears, include facsimile, printing, lithography, photography, electronic mail and other modes of representing words in visible form.

1.4

Headings used in these Bye-laws are for convenience only and are not to be used or relied upon in the construction hereof.

1.5

The provisions of these Bye-laws, including all rights and authority conferred in or by these Bye-Laws are, whether or not specifically stated herein, subject to the terms of the Amended and Restated Shareholders’ Agreement dated as of January 24, 2013 (as amended, supplemented, modified or otherwise restated from time to time, the “Shareholders’ Agreement”), by and among the Company, AAA Guarantor Co-Invest VI (B), L.P., AIF VI NCL (AIV), L.P., AIF VI NCL (AIV I), L.P., AIF VI NCL (AIV II), L.P., AIF VI NCL (AIV III), L.P., AIF VI NCL (AIV IV), L.P., Apollo Overseas Partners (Delaware 892) VI, L.P., Apollo Overseas Partners VI, L.P. Apollo Overseas Partners (Germany) VI, L.P., TPG Viking L.P., TPG Viking AIV I, L.P., TPG Viking AIV II, L.P., TPG Viking AIV III, L.P., Star NCLC Holdings Ltd., Genting Hong Kong Limited and the other Shareholders of the Company from time to time party thereto, attached hereto at Schedule I.

1.6

Until such time as the provisions of the Shareholders’ Agreement shall terminate, (i) the provisions of the Shareholders’ Agreement are incorporated by reference herein and (ii) in any and all cases, including in the event of any inconsistency between the express terms hereof and the terms of the Shareholders’ Agreement, the terms of the Shareholders’ Agreement shall prevail and the Board and the Shareholders shall take such action as may be necessary to amend the Bye-laws in order to reflect the applicable provisions of the Shareholders’ Agreement.

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

1.7

Capitalized terms used and not otherwise defined herein shall have ~~adopted~~the meanings ascribed to them in the Shareholders’ Agreement.

2. Power to Issue Shares

2.1

Subject to these Bye-laws and to any Resolution to the contrary, and without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, the Board shall have the power to issue any unissued shares on such terms and conditions as it may determine.

2.2

Subject to the GHK Consent Rights and the GHK Notice and Consultation Rights provided in the Shareholders’ Agreement, tThe Board is expressly authorised (and the Board is hereby authorised to exercise such power from time to time without a ~~procedure, approved~~Resolution) to provide, by way of resolution of the Board, for the issuance of all or any Preference Shares in one or more series, to fix the number of shares constituting such series, and to increase or decrease the number of shares of any such series (but not below the number of shares thereof then outstanding) and to fix for each such series such voting powers, full or limited, or no voting powers, and such distinctive designations, powers, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions adopted by the ~~SEC, called “householding.” Under this procedure, shareholders~~Board providing for the issuance of ~~record who~~such series (and, for the avoidance of doubt, such matters and the issuance of such Preference Shares shall not be deemed to vary the rights attached to the Ordinary Shares or, subject to the terms of any other series of Preference Shares, to vary the rights attached to any other series of Preference Shares) including, without limitation, the authority to provide that any such series may be (a) subject to redemption at such time or times (including at a determinable date or at the option of the Company or the holder) and at such price or prices; (b) entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions, and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes or any other series; (c) entitled to such rights upon the dissolution of, or upon any distribution of the assets of, the Company; or (d) convertible into, or exchangeable for, shares of any other class or classes of shares, or of any other series of the same or any other class or classes of shares, of the Company at such price or prices or at such rates of exchange and with such adjustments, all as may be stated in such resolution or resolutions of the Board.

Power of the Company to Purchase its Shares

3.1

The Company may purchase its own shares for cancellation or acquire them as Treasury Shares in accordance with the Act on such terms as the Board shall think fit.

3.2

The Board may exercise all the powers of the Company to purchase or acquire all or any part of its own shares in accordance with the Act.

4. Rights Attaching to Shares

4.1

At the date these Bye-laws are adopted, the authorised share capital of the Company is divided into two classes: (i) 490,000,000 Ordinary Shares and (ii) 10,000,000 Preference Shares.

4.2

The holders of Ordinary Shares, shall, subject to these Bye-laws (including, without limitation, the rights attaching to any Preference Shares):

(a)

be entitled to one vote per share;

(b)

be entitled to such dividends as the Board may from time to time declare;

(c)

in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company; and

(d)

generally be entitled to enjoy all of the rights attaching to shares.

4.3

Any Preference Shares of any series which have been redeemed or which, if convertible or exchangeable, have been converted into or exchanged for shares of any other class or classes shall have the status of authorised and unissued Preference Shares of the same ~~address~~series and ~~last name~~may be reissued as a part of the series

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of which they were originally a part or may be reclassified and ~~did~~reissued as part of a new series of Preference Shares to be created by resolution of the Board or as part of any other series of Preference Shares, all subject to the conditions and the restrictions on issuance set forth in the resolution of the Board providing for the issue of any series of Preference Shares.

4.4

At the discretion of the Board, whether or not ~~receive~~in connection with the issuance and sale of any shares or other securities of the Company, the Company may issue securities, contracts, warrants or other instruments evidencing any shares, option rights, securities having conversion or option rights, or obligations on such terms, conditions and other provisions as are fixed by a ~~Notice~~resolution of ~~Internet Availability~~the Board, including, without limiting the generality of this authority, conditions that preclude or limit any person or persons owning or offering to acquire a specified number or percentage of the issued Ordinary Shares, other shares, option rights, securities having conversion or option rights, or obligations of the Company or transferee of the person or persons from exercising, converting, transferring or receiving the shares, option rights, securities having conversion or option rights, or obligations.

4.5

All the rights attaching to a Treasury Share shall be suspended and shall not be exercised by the Company while it holds such Treasury Share and, except where required by the Act, all Treasury Shares shall be excluded from the calculation of any percentage or fraction of the share capital, or shares, of the Company.

Prohibition on Financial Assistance

The Company shall not give, whether directly or indirectly, whether by means of loan, guarantee, provision of security or otherwise, ~~receive their proxy materials electronically will receive only one copy~~any financial assistance for the purpose of the acquisition or proposed acquisition by any person of any shares in the Company, but nothing in this Bye-law shall prohibit transactions permitted under the Act.

Share Certificates

6.1

Every Shareholder shall be entitled to a certificate under the common seal of the Company (or a facsimile thereof) or bearing the signature (or a facsimile thereof) of a Director or the Secretary or a person expressly authorised to sign specifying the number and, where appropriate, the class of shares held by such Shareholder and whether the same are fully paid up and, if not, specifying the amount paid on such shares. The Board may by resolution determine, either generally or in a particular case, that any or all signatures on certificates may be printed thereon or affixed by mechanical means. A certificate may also be signed by such transfer agent or registrar as the Board may determine, and in such case the signature of the transfer agent or the registrar may also be facsimile, engraved or printed. If in the event any Director, officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may nevertheless be issued by the Company with the same effect as if he were such Director, officer, transfer agent or registrar at the date of issue.

6.2

The Company shall be under no obligation to complete and deliver a share certificate unless specifically called upon to do so by the person to whom the shares have been allotted.

6.3

The holder of any shares of the Company shall immediately notify the Company of any loss, destruction or mutilation of the certificate therefor, and the Board may, in its discretion, cause to be issued to him a new certificate or certificates for such shares, upon the surrender of the mutilated certificates or, in the case of loss or destruction of the certificate, upon satisfactory proof of such loss or destruction, and the Board may, in its discretion, require the owner of the lost or destroyed certificate or his legal representative to give the Company a bond in such sum and with such surety or sureties as it may direct to indemnify the Company against any claim that may be made against it on account of the alleged loss or destruction of any such certificate.

6.4

The provisions of this Bye-Law 6 are subject to the terms of Bye-Law 10.6.

Fractional Shares

The Company may issue its shares in fractional denominations and deal with such fractions to the same extent as its whole shares and shares in fractional denominations shall have in proportion to the respective fractions represented thereby all of the rights of whole shares including (but without limiting the generality of the foregoing) the right to vote, to receive dividends and distributions and to participate in a winding-up.

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REGISTRATION OF SHARES

8.1

The Board shall cause to be kept in one or more books a Register of Shareholders and shall enter therein the ~~2015 Annual Report,~~particulars required by the Act.

8.2

The Register of Shareholders shall be open to inspection without charge at the Registered Office of the Company on every Business Day, subject to such reasonable restrictions as the Board may impose, so that not less than two hours in each Business Day be allowed for inspection. The Register of Shareholders may, after notice has been given in accordance with the Act, be closed for any time or times not exceeding in the whole thirty days in each year.

Registered Holder Absolute Owner

The Company shall be entitled to treat the registered holder of any share as the absolute owner thereof and accordingly shall not be bound to recognise any equitable claim or other claim to, or interest in, such share on the part of any other person.

10.

Transfer of Registered Shares

10.1

An instrument of transfer shall be in writing in the form of the following, or as near thereto as circumstances admit, or in such other form as the Board may accept:

Transfer of a Share or Shares

• (the “Company”)

FOR VALUE RECEIVED……………….. [amount], I, [name of transferor] hereby sell, assign and transfer unto [transferee] of [address], [number] shares of the Company.

DATED this [ ] day of [ ], 201[ ]

	Signed by:			In the presence of:

	Transferor			Witness

	Transferee			Witness

10.2

Such instrument of transfer shall be signed by or on behalf of the transferor and transferee, provided that, in the case of a fully paid share, the Board may accept the instrument signed by or on behalf of the transferor alone. The transferor shall be deemed to remain the holder of such share until the same has been registered as having been transferred to the transferee in the Register of Shareholders.

10.3

The Board may refuse to recognise any instrument of transfer unless ~~we are notified that~~it is accompanied by the certificate in respect of the shares to which it relates and by such other evidence as the Board may reasonably require to show the right of the transferor to make the Transfer.

10.4

The joint holders of any share may Transfer such share to one or more of ~~these shareholders wishes to continue receiving individual copies. This procedure will reduce our printing costs and postage fees.~~

~~If you are eligible for householding, but you and other shareholders of record with whom you share an address currently receive multiple copies of this Proxy Statement~~such joint holders, and the ~~2015 Annual Report,~~surviving holder or ~~if you hold NCLH’s ordinary shares in more than one account, and in either case you wish~~holders of any share previously held by them jointly with a deceased Shareholder may Transfer any such share to ~~receive only a single copy of each of these documents for your household, please contact~~ the ~~Householding Department of Broadridge Financial Solutions, Inc. at 51 Mercedes Way, Edgewood, New York 11717;~~executors or by telephone at 1-800-542-1061. If you participate in householding and wish to receive a separate copy of this Proxy Statement and the 2015 Annual Report, or if you do not wish to continue to participate in householding and prefer to receive separate copies of these documents in the future, please contact Broadridge Financial Solutions, Inc., as indicated above.

If your ordinary shares are held in street name through a broker, bank or other nominee, please contact your broker, bank or nominee directly if you have questions, require additional copies of this Proxy Statement or the 2015 Annual Report or wish to receive a single copyadministrators of such ~~materials~~deceased Shareholder.

10.5

The Board shall refuse to register a Transfer unless all applicable consents, authorisations and permissions of any governmental body or agency in Bermuda have been obtained, if any. If the ~~future for all beneficial owners~~Board refuses to register a Transfer of ~~ordinary shares~~any share the Secretary shall, within three months after the date on which the transfer was lodged with the Company, send to the transferor and transferee notice of ~~NCLH sharing an address.~~the refusal.

~~ANNUAL REPORT ON FORM 10-K~~

WE WILL PROVIDE WITHOUT CHARGE TO EACH PERSON SOLICITED BY THIS PROXY STATEMENT, UPON THE ORAL OR WRITTEN REQUEST OF SUCH PERSON, A COPY OF OUR ANNUAL REPORT ON FORM 10-K (INCLUDING THE FINANCIAL STATEMENTS BUT EXCLUDING THE EXHIBITS THERETO), AS FILED WITH THE SEC FOR OUR MOST RECENT FISCAL YEAR. SUCH WRITTEN REQUESTS SHOULD BE DIRECTED TO INVESTOR RELATIONS, 7665 CORPORATE CENTER DRIVE, MIAMI, FLORIDA 33126, OR BY TELEPHONE REQUEST TO (305) 436-4000.

~~ALL SHAREHOLDERS ARE URGED TO SUBMIT YOUR PROXY OR VOTING INSTRUCTIONS AS SOON AS POSSIBLE WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL GENERAL MEETING AND VOTE IN PERSON.~~ ~~If you attend the Annual General Meeting and vote in person, your proxy will not be used.~~

~~By Order of the Board of Directors,~~

~~Daniel S. Farkas~~
~~Senior Vice President, General Counsel and~~
~~Assistant Secretary~~

~~Miami, Florida~~
~~April 7, 2016~~

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~~Appendix A~~

~~Proposed Amended and Restated 2013 Performance Incentive Plan~~

~~NORWEGIAN CRUISE LINE HOLDINGS LTD.~~
APPENDIX B — PROPOSED AMENDED AND RESTATED ~~2013 PERFORMANCE INCENTIVE PLAN~~BYE-LAWS

10.6

~~PURPOSE OF PLAN~~Notwithstanding Bye-laws 10.1 to 10.5,

(a)

Shares may be Transferred without a written instrument if Transferred by an appointed agent or otherwise in accordance with the Act;

(b)

The ~~purpose~~Board shall, subject always to the Act and any other applicable laws and regulations and the facilities and requirements of ~~this Norwegian Cruise Line Holdings Ltd. Amended~~any relevant system concerned and ~~Restated 2013 Performance Incentive Plan (this “Plan~~”)these Bye-laws, have power to implement and/or approve any arrangements it may, in its absolute discretion, think fit in relation to the evidencing of ~~Norwegian Cruise Line Holdings Ltd., a company organized under~~title to and Transfer of interests in shares in the ~~laws of Bermuda (the “Company”), is to promote the success~~capital of the Company in the form of depositary interests or similar interests, instruments or securities, and to ~~increase shareholder value by providing an additional means through~~ the ~~grant~~extent such arrangements are so implemented, no provision of ~~awards~~these Bye-laws shall apply or have effect to ~~attract, motivate, retain and reward selected employees and other eligible persons.~~

~~ELIGIBILITY~~

~~The Administrator (as such term~~the extent that it is ~~defined~~ in ~~Section 3.1) may grant awards under this Plan only to those persons that~~any respect inconsistent with the ~~Administrator determines to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether~~holding or ~~not a director)~~transfer thereof or ~~employee~~the shares of the Company ~~or one~~represented thereby. The Board may from time to time take such actions and do such things as it may, in its absolute discretion, think fit in relation to the operation of ~~its Subsidiaries; (b) a director~~any such arrangements; and

(c)

it is understood that the permission of the Bermuda Monetary Authority is not required in respect of any shares of the Company that are admitted to trading on NASDAQthe NYSEor ~~one~~any other appointed stock exchange (as defined under the Exchange Control Act 1972 of ~~its Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services~~Bermuda and related regulations).

11. Restrictions on Transfer

11.1

Except as provided in ~~connection with~~Bye-law 11.8 hereof and subject to the ~~offering or sale of securities~~terms of the ~~Company or one of its Subsidiaries~~Shareholders’ Agreement, from the Section 883 Adoption Date until the Restriction Termination Date: (1) no Person (other than an Existing Holder) shall Beneficially Own Shares in ~~a capital-raising transaction or as a market maker or promoter of securities~~excess of the ~~Company or one~~Ownership Limit; (2) any Transfer that, if effective, would result in any Person (other than an Existing Holder) Beneficially Owning Shares in excess of ~~its Subsidiaries)~~the Ownership Limit shall be void ab initio as to the ~~Company or one~~Transfer of ~~its Subsidiaries and who is selected to participate~~that number of Shares which would be otherwise Beneficially Owned by such Person in this Plan by the Administrator; provided, however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Company’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “~~Securities Act~~”), the offering and sale of shares issuable under this Plan by the Company or the Company’s compliance with any other applicable laws. An Eligible Person who has been granted an award (a “participant”) may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein, “~~Subsidiary” means any Company or other entity a majority of whose outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company; and “Board” means the Board of Directors~~excess of the ~~Company.~~

~~PLAN ADMINISTRATION~~Ownership Limit and the intended transferee shall acquire no rights in such Shares in excess of the Ownership Limit; and (3) any Transfer of Shares that, if effective, would result in the Shares being “closely held” within the meaning of U.S. Treasury Regulation Section 1.883-2(d)(3)(i) and being ineligible for the exception to the “closely held” treatment under U.S. Treasury Regulation Section 1.883-2(d)(3)(ii) shall be void ab initio as to the Transfer of that number of Shares which would cause the Shares to be “closely held” within the meaning of such U.S. Treasury Regulation sections, and the intended transferee shall acquire no rights in such Shares.

~~3.1~~11.2

If, notwithstanding the other provisions contained in these Bye-laws, at any time from the Section 883 Adoption Date until the Restriction Termination Date, there is a purported Transfer or other event such that any Person (other than an Existing Holder) would Beneficially Own Shares in excess of the Ownership Limit, then, except as otherwise provided in Bye-law 11.8 hereof, such Shares which would be in excess of the Ownership Limit (rounded up to the nearest whole share), shall automatically be designated as Excess Shares (without reclassification). The ~~Administrator.~~ ~~This Plan~~designation of such Shares as Excess Shares shall be ~~administered~~effective as of the close of business on the Business Day prior to the date of the Transfer or other event. If, after designation of such Shares owned directly by ~~and all awards under this Plan~~a Person as Excess Shares, such Person still owns Shares in excess of the applicable Ownership Limit, Shares Beneficially Owned by such Person in excess of the Ownership Limit shall be ~~authorized by~~designated as Excess Shares until such Person does not own Shares in excess of the ~~Administrator. The “Administrator” means the Board or~~applicable Ownership Limit. Where such Person Beneficially Owns Shares through one or more ~~committees appointed~~Persons and the Shares held by such other Persons must be designated as Excess Shares, the ~~Board or another committee (within its delegated authority) to administer all or certain aspects~~designation of ~~this Plan. Any~~Shares held by such ~~committee~~other Persons as Excess Shares shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so constituted. The Board or a committee comprised solely of directors may also delegate,pro rata.

11.3

If, notwithstanding the other provisions contained in these Bye-Laws and subject to the ~~extent permitted by applicable law, to one or more officers~~terms of the ~~Company, its powers~~Shareholders’ Agreement, at any time from the Section 883 Adoption Date until the Restriction Termination Date, there is a purported Transfer which, if effective, would cause the Shares to become “closely held” within the meaning of U.S. Treasury Regulation Section 1.883-2(d)(3)(i) and ineligible for the exception to the “closely held” treatment under this Plan (a) to designate the officers and employees of the Company and its Subsidiaries who will receive grants of awards under this Plan, and (b) to determine the number of shares subject to, and the other terms and conditions of, such awards. The Board may delegate different levels of authority to different committees with administrative and grant authority under this Plan. UnlessU.S. Treasury Regulation Section 1.883-2(d)(3)(ii), then, except as otherwise provided in Bye-law 11.8 hereof, the ~~Bylaws~~Shares being Transferred and which would cause, when taken together with all other Shares, the Shares to be “closely held” within the meaning of such U.S. Treasury Regulation sections (rounded up to the ~~Company or the applicable charter of any Administrator: (a) a majority of the members of the acting Administrator~~nearest whole share) shall constitute a quorum, and (b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of the Administrator shall constitute action by the acting Administrator.

~~With respect to awards intended to satisfy the requirements for performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code~~”), this Plan shall be administered by a committee consisting solely of two or more outside directors (as this requirement is applied under Section 162(m) of the Code); provided, however, that the failure to satisfy such requirement shall not affect the validity of the action of any committee otherwise duly authorized and acting in the

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~~matter. Award grants,~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

automatically be designated as Excess Shares (without reclassification). The designation of such Shares as Excess Shares shall be effective as of the close of business on the Business Day prior to the date of the Transfer. If, after designation of such Shares owned directly by a Person as Excess Shares, such Person still Beneficially Owns Shares in excess of the applicable Ownership Limit, Shares Beneficially Owned by such Person constructively in excess of the Ownership Limit shall be designated as Excess Shares until such Person does not Beneficially Own Shares in excess of the applicable Ownership Limit. Where such Person Beneficially Owns Shares through one or more Persons and ~~transactions~~the Shares held by such other Persons must be designated as Excess Shares, the designation of Shares held by such other Persons as Excess Shares shall be pro rata.

11.4

If the Board shall at any time determine in good faith that a purported Transfer or ~~involving awards, intended~~other event has taken place in violation of Bye-law 11.1 hereof or that a Person intends to acquire or has attempted to acquire Beneficial Ownership of any Shares in violation of Bye-law 11.1 hereof, the Board may take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, but not limited to, causing the Company to redeem shares, refusing to give effect to such Transfer or other event on the books of the Company or instituting proceedings to enjoin such Transfer or other event or transaction; provided, however, that any Transfers or attempted Transfers (or, in the case of events other than a Transfer, Beneficial Ownership) in violation of Bye-law 11.1 hereof shall be void ab initio and automatically result in the designation and treatment described in Bye-law 11.2 hereof, irrespective of any action (or non-action) by the Board.

11.5

Any Person who acquires or attempts to acquire Shares in violation of Bye-law 11.1 hereof, or any Person who is a purported transferee such that Excess Shares result under Bye-law 11.2 hereof, shall immediately give written notice to the Company of such Transfer, attempted Transfer or other event and shall provide to the Company such other information as the Company may request in order to determine the effect, if any, of such Transfer or attempted Transfer or other event on the Company’s status as qualifying for exemption from taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code.

11.6

The restrictions set forth in Bye-law 11.1 shall not apply to any Shares with respect to which such restrictions are prohibited pursuant to applicable provisions of the laws of Bermuda.

11.7

Subject to Bye-law 11.11 hereof, nothing contained in these Bye-laws shall limit the authority of the Board to take such other action as they deem necessary or advisable to protect the interests of the Company’s shareholders by preservation of the Company’s status as exempt from taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code and to ensure compliance with the Ownership Limit.

11.8

The Board may exempt a Person (or may generally exempt any class of Persons) or any class of Shares from the Ownership Limit.

11.9

In addition to any legend required by the Shareholders’ Agreement, aAfter the Section 883 Adoption Date, and prior to the Restriction Termination Date, each certificate for the Shares shall bear the following legend:

“The Shares represented by this certificate are subject to restrictions on transfer. Unless excepted by the Board or exempted by the terms of the Bye-laws of the Company, no Person may Beneficially Own Shares in excess of 4.9% of the outstanding Shares, by value, vote or number, determined as provided in the Bye-laws of the Company, and computed with regard to all outstanding Shares and, to the extent provided by the Code, all Shares issuable under existing options and exchange rights that have not been exercised. Unless so excepted, any acquisition of Shares and continued holding of ownership constitutes a continuous representation of compliance with the above limitations, and any Person who attempts to Beneficially Own Shares in excess of the above limitations has an affirmative obligation to notify the Company immediately upon such attempt. If the restrictions on transfer are violated, the transfer will be void ab initio and the Shares represented hereby will be designated and treated as Excess Shares that will be held in trust. Excess Shares may not be transferred at a profit and may be purchased by the Company. In addition, certain Beneficial Owners must give written notice as to certain information on demand and on exceeding certain ownership levels. All terms not defined in this legend have the meanings provided in the Bye-laws of the

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Company. The Company will mail without charge to any requesting shareholder a copy of the Bye-laws of the Company, including the express terms of each class and series of the authorized Shares of the Company, within five (5) days after receipt by the Secretary of the Company of a written request therefor.”

11.10

If any provision of Bye-law 11 or Bye-law 12 or any application of any such provision is determined to be invalid by any court having competent jurisdiction over the issues, the validity of the remaining provisions shall not be affected, and other applications of such provision shall be affected only to the extent necessary to comply with the determination of such court.

11.11

Nothing in these Bye-laws shall preclude the settlement of any transaction entered into through the facilities of NASDAQ.the NYSE The fact that the settlement of any transaction occurs shall not negate the effect of any other provision of these Bye-laws and any transferee in such a transaction shall be subject to all the provisions and limitations set forth in these Bye-laws.

11.12

After the Section 883 Adoption Date and prior to the Restriction Termination Date: (1) every Beneficial Owner of three percent (3%) or more, by vote, value or number, or such lower percentages as required pursuant to regulations under the Code, of the outstanding Shares shall promptly after becoming such a three percent (3%) Beneficial Owner, give written notice to the Corporation Company stating the name and address of such Beneficial Owner, the general ownership structure of such Beneficial Owner, the number of shares of each class of Shares Beneficially Owned, and a description of how such Shares are held and (2) each Person who is a Beneficial Owner of Shares and each Person (including the shareholder of record) who is holding Shares for a Beneficial Owner shall provide on demand to the Company such information as the Company may request from time to time in order to determine the Company’s status as exempt from taxation on gross income from the international operation of a ship or ships within the meaning of Section 883 of the Code and to ensure compliance with the Ownership Limit.

11.13

In the case of an ambiguity in the application of any of the provisions of Bye-laws 11 or 12 or any definition contained in Bye-laws 11 and 12, the Board shall have the power to determine the application of the provisions of Bye-laws 11 and 12 or any such definition with respect to any situation based on the facts known to it. In the event Bye-laws 11 or 12 require an action by the Board and these Bye-laws fail to provide specific guidance with respect to such action, the Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of Bye-laws 11 or 12.

12.

Excess Shares

12.1

Upon any purported Transfer or other event that results in Excess Shares pursuant to Bye-laws 11.2 or 11.3 hereof, and without any action required on the part of the Purported Record Transferee or Purported Record Holder, such Excess Shares shall be transferred to the Excess Share Trustee, as trustee of the Excess Share Trust, for the benefit of the Charitable Beneficiary, such transfer to be effective as of the close of business on the Business Day prior to the date of the Transfer or other event or immediately upon the creation of the Excess Share Trust, if such creation date is a later date. Excess Shares so held in trust shall be issued and outstanding shares of the Company. To give effect to any such transfer, each of the Directors and Officers (and any person authorized by a resolution of the Board) is hereby empowered to sign, on behalf of the Purported Record Transferee or Purported Record Holder, an instrument of transfer in respect of the Excess Shares. The Purported Record Transferee or Purported Record Holder shall have no rights in such Excess Shares. The Purported Beneficial Transferee or Purported Beneficial Holder shall have no rights in such Excess Shares except as provided in Bye-law 12.4 and Bye-law 12.6. The Excess Share Trustee may resign at any time so long as the Company shall have appointed a successor trustee. The Excess Share Trustee shall, from time to time, designate one or more charitable organization or organizations as the Charitable Beneficiary.

12.2

Any consideration received by a Purported Beneficial Holder in excess of (i) the consideration paid by the Purported Beneficial Holder in the transaction that created such Excess Shares, in the case of Excess Shares resulting from a purported Transfer (or, in the case of the devise, gift or similar event, the Market Price of such Shares on the date of such devise, gift or similar event), or (ii) in the case of Excess Shares resulting from an event other than a purported Transfer, the Market Price of such Shares on the date of such event, in each case, as a result of a subsequent purported Transfer of such Excess Shares prior to the discovery by the Company that the Shares have been designated as Excess

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Shares, in all such cases shall be transferred to the Excess Share Trustee, as trustee of the Excess Share Trust, for the benefit of the Charitable Beneficiary. All such amounts received or other income earned by the Excess Share Trust shall be paid over to the Charitable Beneficiary. For the avoidance of doubt, any such transferee of any Purported Record Transferee or Purported Record Holder in a subsequent purported Transfer described in this Bye-law 12.2 shall have no rights in such Excess Shares.

12.3

Excess Shares shall be entitled to the same dividends determined as if the designation of Excess Shares had not occurred. Any dividend or distribution paid prior to the discovery by the Company that the Shares have been designated as Excess Shares shall be repaid to the Excess Share Trust and shall be due and payable immediately by the Purported Beneficial Transferee or the Purported Beneficial Holder. Any dividend or distribution declared but unpaid shall be paid to the Excess Share Trust. All dividends received or other income earned by the Excess Share Trust shall be paid over to the Charitable Beneficiary.

12.4

Upon liquidation, dissolution or winding up of the Company, the Purported Beneficial Transferee or Purported Beneficial Holder shall receive, for each Excess Share, the lesser of (a) the amount per share of any distribution made upon liquidation, dissolution or winding up or (b) (i) in the case of Excess Shares resulting from a purported Transfer, the price per share of the Shares in the transaction that created such Excess Shares (or, in the case of the devise, gift or other similar event, the Market Price of such Shares on the date of such devise, gift or other similar event), or (ii) in the case of Excess Shares resulting from an event other than a purported Transfer, the Market Price of the Shares on the date of such event. Any amounts received in excess of such amount shall be paid to the Charitable Beneficiary.

12.5

The Excess Share Trustee shall be entitled to vote the Excess Shares on behalf of the Charitable Beneficiary on any matter. Subject to Bermuda law, any vote cast by a Purported Record Transferee with respect to the Excess Shares prior to the discovery by the Company that the Excess Shares were held in trust will be rescinded ab initio; provided, however, that if the Company has already taken irreversible action with respect to an amalgamation, merger, reorganization, sale of all or substantially all the assets, dissolution of the Company or other action by the Company, then the vote cast by the Purported Record Transferee shall not be rescinded. The purported owner of the Excess Shares will be deemed to have given an irrevocable proxy to the Excess Share Trustee to vote the Excess Shares for the benefit of the Charitable Beneficiary. Notwithstanding the provisions of these Bye-laws, until the Company has received notification that Excess Shares have been transferred into an Excess Share Trust, the Company shall be entitled to rely on its share transfer and other shareholder records for purposes of preparing lists of shareholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of shareholders.

12.6

Excess Shares shall be transferable only as provided in this Bye-law 12.6. At the direction of the Board, the Excess Share Trustee shall transfer the Excess Shares held in the Excess Share Trust to a Person or Persons (including, without limitation, the Company under Bye-law 12.7 below) whose ownership of such Shares shall not violate the Ownership Limit within 180 days after the later of (a) the date of the Transfer or other event which resulted in Excess Shares and (b) the date the Board determines in good faith that a Transfer or other event resulting in Excess Shares has occurred, if the Company does not receive a notice of such Transfer or other event pursuant to Bye-law 11.5 hereof. If such a transfer is made, the interest of the Charitable Beneficiary shall terminate, the designation of such Shares as Excess Shares shall thereupon cease and a payment shall be made to the Purported Beneficial Transferee, Purported Beneficial Holder and/or the Charitable Trustee as described below. If the Excess Shares resulted from a purported Transfer, the Purported Beneficial Transferee shall receive a payment from the Excess Share Trustee that reflects a price per share for such Excess Shares equal to the lesser of (a) the price per share received by the Excess Share Trustee and (b) (i) the price per share such Purported Beneficial Transferee paid for the Shares in the purported Transfer that resulted in the Excess Shares, or (ii) if the Purported Beneficial Transferee did not give value for such Excess Shares (through a gift, devise or other similar event), a price per share equal to the Market Price of the Shares on the date of the purported Transfer that resulted in the Excess Shares. If the Excess Shares resulted from an event other than a purported Transfer, the Purported Beneficial Holder shall receive a payment from the Excess Share Trustee that reflects a price per share of Excess Shares equal to the lesser of (a) the price per share received by the Excess Share Trustee and (b) the Market Price of the Shares on the date of the event that resulted in Excess Shares. Prior to any transfer of any interest in the Excess Share Trust,

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

the Company must have waived in writing its purchase rights, if any, under Bye-law 12.7 below. Any funds received by the Excess Share Trustee in excess of the funds payable to the Purported Beneficial Holder or the Purported Beneficial Transferee shall be paid to the Charitable Beneficiary. The Company shall pay the costs and expenses of the Excess Share Trustee. Notwithstanding the foregoing, if the provisions of this Bye-law 12.6 are determined to be void or invalid by virtue of any legal decision, statute, rule or regulation, then the Purported Beneficial Transferee or Purported Beneficial Holder of any shares of Excess Shares may be deemed, at the option of the Company, to have acted as an agent on behalf of the Company in acquiring or holding such Excess Shares and to hold such Excess Shares on behalf of the Company.

12.7

Excess Shares shall be deemed to have been offered for sale by the Excess Share Trustee to the Company, or its designee, at a price per Excess Share equal to (a) in the case of Excess Shares resulting from a purported Transfer, the lesser of (i) the price per share of the Shares in the transaction that created such Excess Shares (or, in the case of devise, gift or other similar event, the Market Price of the Shares on the date of such devise, gift or other similar event), or (ii) the lowest Market Price of the class of Shares which resulted in the Excess Shares at any time after the date such Shares were designated as Excess Shares and prior to the date the Company, or its designee, accepts such offer or (b) in the case of Excess Shares resulting from an event other than a purported Transfer, the lesser of (i) the Market Price of the Shares on the date of such event or (ii) the lowest Market Price for Shares which resulted in the Excess Shares at any time from the date of the event resulting in such Excess Shares and prior to the date the Company, or its designee, accepts such offer. The Company shall have the right to accept such offer for a period of ninety (90) days after the later of (a) the date of the Transfer or other event which resulted in such Excess Shares and (b) the date the Board determines in good faith that a Transfer or other event resulting in Excess Shares has occurred, if the Company does not receive a notice of such Transfer or other event pursuant to Bye-law 11.5 hereof.

12.8

The Ownership Limit shall not apply to the acquisition of Shares or rights, options or warrants for, or securities convertible into, Shares by an underwriter in a public offering or placement agent in a private offering, provided that the underwriter or placement agent makes a timely distribution of such Shares or rights, options or warrants for, or securities convertible into, Shares.

12.9

The Company is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of Bye-laws 11 and 12.

12.10

No delay or failure on the part of the Company or the Board in exercising any right hereunder shall operate as a waiver of a right of the Company or the Board, as the case may be, except to the extent specifically waived in writing.

13.

Transmission of Registered Shares

13.1

In the case of the death of a Shareholder, the survivor or survivors where the deceased Shareholder was a joint holder, and the legal personal representatives of the deceased Shareholder where the deceased Shareholder was a sole holder, shall be the only persons recognised by the Company as having any title to the deceased Shareholder’s interest in the shares. Nothing herein contained shall release the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Shareholder with other persons. Subject to the Act, for the purpose of this Bye-law, legal personal representative means the executor or administrator of a deceased Shareholder or such other person as the Board may, in its absolute discretion, decide as being properly authorised to deal with the shares of a deceased Shareholder.

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13.2

Any person becoming entitled to a share in consequence of the death or bankruptcy of any Shareholder may be registered as a Shareholder upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a transferee of such share, and in such case the person becoming entitled shall execute in favour of such nominee an instrument of transfer in writing in the form, or as near thereto as circumstances admit, of the following:

Transfer by a Person Becoming Entitled on Death/Bankruptcy of a Shareholder

• (the “Company”)

I/We, having become entitled in consequence of the [death/bankruptcy] of [name and address of deceased/bankrupt Shareholder] to [number] share(s) standing in the Register of Shareholders of the Company in the name of the said [name of deceased/bankrupt Shareholder] instead of being registered myself/ourselves, elect to have [name of transferee] (the “Transferee”) registered as a transferee of such share(s) and I/we do hereby accordingly transfer the said share(s) to the Transferee to hold the same unto the Transferee, his or her executors, administrators and assigns, subject to the conditions on which the same were held at the time of the execution hereof; and the Transferee does hereby agree to take the said share(s) subject to the same conditions.

DATED this [ ] day of [ ], 201[ ]

	Signed by:			In the presence of:

	Transferor			Witness

	Transferee			Witness

13.3

On the presentation of the foregoing materials to the Board, accompanied by such evidence as the Board may require to prove the title of the transferor, the transferee shall be registered as a Shareholder.

13.4

Where two or more persons are registered as joint holders of a share or shares, then in the event of the death of any joint holder or holders the remaining joint holder or holders shall be absolutely entitled to such share or shares and the Company shall recognise no claim in respect of the estate of any joint holder except in the case of the last survivor of such joint holders.

ALTERATION OF SHARE CAPITAL

14.

Power to Alter Capital

14.1

The Company may, if authorised by resolution of the Board and by Resolution, increase, divide, consolidate, subdivide, change the currency denomination of, diminish or otherwise alter its share capital in any manner permitted by the Act.

14.2

The Company may, if authorised by resolution of the Board and by Resolution, reduce its share capital in any manner permitted by the Act.

14.3

Where, on any alteration or reduction of share capital, fractions of shares or some other difficulty would arise, the Board may deal with or resolve the same in such manner as it thinks fit.

15.

Variation of Rights Attaching to Shares

If, at any time, the share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not the Company is being wound-up, be varied with the consent in writing of the holders of at least two-thirds of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of the class at which meeting the necessary quorum shall be two persons at least holding or representing by proxy one-third of the issued shares of the class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

DIVIDENDS AND CAPITALISATION

16.

Dividends

16.1

The Board may, subject to these Bye-laws and in accordance with the Act, declare a dividend to be paid to the Shareholders, in proportion to the number of shares held by them, and such dividend may be paid in cash or wholly or partly in specie in which case the Board may fix the value for distribution in specie of any assets.

16.2

The Board may fix any date as the record date for determining the Shareholders entitled to receive any dividend.

16.3

The Company may pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.

16.4

The Board may declare and make such other distributions (in cash or in specie) to the Shareholders as may be lawfully made out of the assets of the Company.

17.

Power to Set Aside Profits

The Board may, before declaring a dividend, set aside out of the surplus or profits of the Company, such amount as it thinks proper as a reserve to be used to meet contingencies or for equalising dividends or for any other purpose.

18.

Method of Payment

18.1

Any dividend, interest, or other moneys payable in cash in respect of the shares may be paid by cheque or draft sent through the post directed to the Shareholder at such Shareholder’s address in the Register of Shareholders, or to such person and to such address as the holder may in writing direct.

18.2

In the case of joint holders of shares, any dividend, interest or other moneys payable in cash in respect of shares may be paid by cheque or draft sent through the post directed to the address of the holder first named in the Register of Shareholders, or to such person and to such address as the joint holders may in writing direct. If two or more persons are registered as joint holders of any shares any one can give an effectual receipt for any dividend paid in respect of such shares.

18.3

The Board may deduct from the dividends or distributions payable to any Shareholder all moneys due from such Shareholder to the Company on account of calls or otherwise.

19.

Capitalisation

19.1

The Board may capitalise any amount for the time being standing to the credit of any of the Company’s share premium or other reserve accounts or to the credit of the profit and loss account or otherwise available for distribution by applying such amount in paying up unissued shares to be allotted as fully paid bonus shares pro rata to the Shareholders.

19.2

The Board may capitalise any amount for the time being standing to the credit of a reserve account or amounts otherwise available for dividend or distribution by applying such amounts in paying up in full, partly or nil paid shares of those Shareholders who would have been entitled to such amounts if they were distributed by way of dividend or distribution.

MEETINGS OF SHAREHOLDERS

20.

Annual General Meetings

The annual general meeting shall be held in each year (other than the year of incorporation) at such place, date and hour as shall be fixed by a resolution of the Board.

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

21.

Special General Meetings

The Board may convene a special general meeting whenever in their judgment such a meeting is necessary to be held at such place, date and hour as fixed by a resolution of the Board.

22.

Requisitioned General Meetings

The Board shall, on the requisition of Shareholders holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up share capital of the Company as at the date of the deposit carries the right to vote at general meetings, forthwith proceed to convene a special general meeting and the provisions of the Act shall apply.

23.

Notice

23.1

Notice of an annual general meeting stating the place, if any, date and hour of the meeting, the means of remote communication, if any, by which Shareholders may be deemed to be present at such meeting, and the record date for determining the Shareholders entitled to vote at the meeting (if such date is different from the record date for determining Shareholders entitled to notice of the meeting) shall be given to each Shareholder entitled to vote at such meeting as of the record date for determining the Shareholders entitled to notice of the meeting not less than ten (10) nor more than sixty (60) days before the date of the meeting, unless otherwise provided by law or these Bye-Laws.

23.2

Notice of a special general meeting stating the place, if any, date and hour of the meeting, the means of remote communication, if any, by which Shareholders may be deemed to be present at such meeting, the record date for determining the Shareholders entitled to vote at the meeting (if such date is different from the record date for determining Shareholders entitled to notice of the meeting), and the purpose or purposes of the meeting shall be given to each Shareholder entitled to vote at such meeting, as of the record date for determining the Shareholders entitled to notice of the meeting not less than ten (10) nor more than sixty (60) days before the date of the meeting, unless otherwise provided by law or these Bye-Laws.

23.3

The Board may fix any date as the record date for determining the Shareholders entitled to receive notice of and to vote at any general meeting.

23.4

An annual general meeting or special general meeting shall, notwithstanding that it is called on shorter notice than that specified in these Bye-laws, be deemed to have been properly called if it is so agreed by (i) all the Shareholders entitled to attend and vote thereat in the case of an annual general meeting; and (ii) by a majority in number of the Shareholders having the right to attend and vote at the meeting, being a majority together holding not less than 95% in nominal value of the shares giving a right to attend and vote thereat in the case of a special general meeting.

23.5

The accidental omission to give notice of a general meeting to, or the non-receipt of a notice of a general meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.

24.

Giving Notice and Access

24.1

A notice may be given by the Company to a Shareholder:

(a)

by delivering it to such Shareholder in person; or

(b)

by sending it by letter mail or courier to such Shareholder’s address in the Register of Shareholders; or

(c)

by transmitting it by electronic means (including facsimile and electronic mail, but not telephone) in accordance with such directions as may be given by such Shareholder to the Company for such purpose; or

(d)

by publishing it on a website, and giving to such Shareholder a notice stating that the notice is available there. Such notice shall include the address of the website, the place on the website where the information or document may be found, and instructions as to how the information or document may be accessed on the website and may be given to such Shareholder by any of the means set out above.

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24.2

Any notice required to be given to a Shareholder shall, with respect to any shares held jointly by two or more persons, be given to whichever of such persons is named first in the Register of Shareholders and notice so given shall be sufficient notice to all the holders of such shares.

24.3

Any notice (save for one delivered in accordance with Bye-law 24.1(d)) shall be deemed to have been served at the time when the same would be delivered in the ordinary course of transmission and, in proving such service, it shall be sufficient to prove that the notice was properly addressed and prepaid, if posted, and the time when it was posted, delivered to the courier, or transmitted by electronic means.

24.4

In the case of information or documents delivered in accordance with Bye-law 24.1(d), service shall be deemed to have occurred when (a) the Shareholder is notified in accordance with that Bye-law and (b) the information or document is published on the website.

24.5

The Company shall be under no obligation to send a notice or other document to the address shown for any particular Shareholder in the Register of Shareholders if the Board considers that the legal or practical problems under the laws of, or the requirements of any regulatory body or stock exchange in, the territory in which that address is situated are such that it is necessary or expedient not to send the notice or document concerned to such Shareholder at such address and may require a Shareholder with such an address to provide the Company with an alternative acceptable address for delivery of notices by the Company.

24.6

The Company may deliver information or documents to a Shareholder via a website by notifying the Shareholder of the availability of such information or documents on such website and including on such notice the address of the website, the place on the website where the information or document may be found, and instructions as to how the information or document may be accessed on the website.

25.

Postponement or Cancellation of General Meeting

The Board may, and the Secretary on instruction from the Board shall, postpone or cancel any general meeting called in accordance with these Bye-laws (other than a meeting requisitioned by the Shareholders under these Bye-laws) provided that notice of postponement or cancellation is given to the Shareholders before the time for such meeting. Fresh notice of the date, time and place for the postponed meeting shall be given to each Shareholder in accordance with these Bye-laws.

26.

Order of Business

26.1

Annual General Meetings. At any annual general meeting, only such nominations of persons for election to the Board shall be made, and only such other business shall be conducted or considered, as shall have been properly brought before the meeting. For nominations to be properly made at an annual general meeting, and proposals of other business to be properly brought before an annual general meeting, nominations and proposals of other business must be (i) specified in the Company’s notice of meeting (or any supplement thereto) given by or at the direction of the Board, (ii) otherwise properly made at the annual general meeting, by or at the direction of the Board or by any Existing Holder, or (iii) otherwise properly requested to be brought before the annual general meeting by a Shareholder (other than an Existing Holder) in accordance with the applicable provisions of Bye-laws 26, 27 and 28, . For nominations of persons for election to the Board or proposals of other business to be properly requested by a Shareholder other than any Existing Holder to be made at an annual general meeting, a Shareholder must (A) be a Shareholder of record at the time of giving of notice of such annual general meeting by or at the direction of the Board and at the time of the annual general meeting, (B) be entitled to vote at such annual general meeting, and (C) comply with the procedures set forth in Bye-laws 27 and 28 as to such business or nomination. The immediately preceding sentence shall be the exclusive means for a Shareholder other than any Existing Holder to make nominations or other business proposals (other than matters properly brought under Rule ~~16b-3(d)(1)~~14a-8 under the Securities Exchange Act of 1934, as amended (the “~~Exchange Act~~”“Exchange Act”), and included in the Company’s notice of meeting) before an annual general meeting.

26.2

Special General Meetings. At any special general meeting, only such business shall be conducted or considered as shall have been properly brought before the meeting pursuant to the Company’s notice of meeting. To be properly brought before a special general meeting, proposals of business must be duly and timely authorized by the Board or a committee consisting solely of two or more non-employee directors (as this requirement is applied under Rule 16b-3 promulgated under the Exchange Act). To the extent required by any applicable listing agency, this Plan shall be administered by a committee composed entirely of independent directors (within the meaning of the applicable listing agency).

~~3.2Powers of the Administrator.~~ ~~Subject to the express provisions of this Plan, the Administrator is authorized and empowered to do all things necessary or desirable~~(i) specified in connection with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers, within the authority delegated to that committee or person(s)), including, without limitation, the authority to:

~~(a)~~

~~determine eligibility and, from among those persons determined to be eligible, the particular Eligible Persons who will receive an award under this Plan;~~

~~(b)~~

grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the number of securities to be offered or awarded to any of such persons, determine the other specific terms and conditions of such awards consistent with the express limits of this Plan, establish the installments (if any) in which such awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required, establish any applicable performance targets, and establish the events of termination or reversion of such awards;

~~(c)~~

~~approve the forms of award agreements (which need not be identical either as to type of award or among participants);~~

~~(d)~~

construe and interpret this Plan and any agreements defining the rights and obligations of the Company, its Subsidiaries, and participants under this Plan, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the administration of this Plan or the awards granted under this Plan;

~~(e)~~

~~cancel, modify, or waive~~ the Company’s ~~rights with respect to,~~notice of meeting (or any supplement thereto) given by or ~~modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consent under Section 8.6.5;~~

~~(f)~~

~~accelerate, waive or extend~~at the vesting or exercisability or extend the term of any or all such outstanding awards (in the case of options or share appreciation rights, within the maximum ten-year term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in connection with a termination of employment or services or other events of a personal nature) subject to any required consent under Section 8.6.5;

~~(g)~~

adjust the number of Ordinary Shares subject to any award, adjust the price of any or all outstanding awards or otherwise change previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below);

~~(h)~~

determine the date of grant of an award, which may be a designated date after but not before the date of the Administrator’s action (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the action granting an award);

~~(i)~~

determine whether, and the extent to which, adjustments are required pursuant to Section 7 hereof and authorize the termination, conversion, substitution or succession of awards upon the occurrence of an event of the type described in Section 7;

~~(j)~~

~~acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, shares of equivalent value, or other consideration (subject to the no repricing provision below); and~~

~~(k)~~

~~determine the fair market value of the Ordinary Shares or awards under this Plan from time to time and/or the manner in which such value will be determined.~~direction

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~~Notwithstanding~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

of the ~~foregoing~~Board or (ii) otherwise properly brought before the special general meeting, by or at the direction of the Board or by any Existing Holder. At any special general meeting, only such nominations of persons for election to the Board may be made at a special general meeting at which Directors are to be elected, as shall have been properly brought before the meeting. For nominations to be properly made at a special general meeting, nominations must be specified in the Company’s notice of meeting (or any supplement thereto), (x) by or at the direction of the Board or by any Existing Holder or (y) provided that the Board has determined that Directors shall be elected at such meeting, by any Shareholder other than any Existing Holder who (1) is a Shareholder of record at the time of giving of notice of such special meeting and ~~except~~at the time of the special meeting, (2) is entitled to vote at the meeting, and (3) in the case of a Shareholder other than an Existing Holder, complies with the procedures set forth in Bye-laws 27 and 28 as to such nomination.

26.3

Except as otherwise provided by law or these Bye-laws, the chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with these Bye-laws and, if any proposed nomination or other business is not in compliance with these Bye-laws, to declare that no action shall be taken on such nomination or other proposal and such nomination or other proposal shall be disregarded.

27.

Advance Notice of Shareholder Business and Nominations

27.1

Annual General Meeting. Without qualification or limitation, for any nominations or any other business to be properly brought before an ~~adjustment~~ annual general meeting by a Shareholder (other than any Existing Holder) pursuant to ~~Section 7.1 or~~Bye-law 26.1, the Shareholder must have given timely notice thereof and timely updates and supplements thereof in writing to the Secretary and such other business must otherwise be a ~~repricing approved by shareholders, in no case may~~proper matter for Shareholder action.

(a)

To be timely, a Shareholder’s notice shall be delivered to the ~~Administrator (1) amend an outstanding option or SAR to reduce~~Secretary at the ~~exercise price or base price~~principal executive offices of the award, (2) cancel, exchange, or surrender an outstanding option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding option or SAR in exchange for an option or SAR with an exercise or base price that is lessCompany, not earlier than the ~~exercise or base price~~close of business on the ~~original award.~~

~~Notwithstanding~~120th day and not later than the ~~foregoing, and except as provided in~~close of business on the ~~next sentence, all options and share appreciation rights granted under this Plan shall be subject~~90th day prior to ~~a minimum vesting requirement of one year, and no portion of any such award may vest earlier than~~ the first anniversary of the ~~grant~~preceding year’s annual general meeting; provided, however, that in the event that the date of the ~~award (the “Minimum Vesting Requirement”). The Minimum Vesting Requirement shall~~annual general meeting is more than 30 days before or more than 60 days after such anniversary date, notice by the Shareholder must be so delivered not ~~apply~~earlier than the close of business on the 120th day prior to 5%the date of such annual general meeting and not later than the close of business on the later of the ~~total number~~90th day prior to the date of ~~shares available under this Plan.~~

~~3.3Binding Determinations.~~ ~~Any action taken by,~~such annual general meeting, or, ~~inaction~~if the first public announcement of the ~~Company,~~date of such annual general meeting is less than 100 days prior to the date of such annual general meeting, the 10th day following the day on which public announcement of the date of such meeting is first made by the Company. In no event shall any ~~Subsidiary,~~adjournment or postponement of an annual general meeting, or the ~~Administrator relating or pursuant to this Plan and within its authority hereunder or under applicable law shall be within~~public announcement thereof, commence a new time period for the ~~absolute discretion~~giving of that entity or body and shall be conclusive and binding upon all persons. Neither the Board nor any Board committee, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time.

~~3.4Reliance on Experts.~~ In making any determination or in taking or not taking any action under this Plan, the Administrator may obtain and may rely upon the advice of experts, including employees and professional advisors to the Company. No director, officer or agent of the Company or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith.

~~3.5Delegation.~~ ~~The Administrator may delegate ministerial, non-discretionary functions to individuals who are officers or employees of the Company or any of its Subsidiaries or to third parties.~~

~~SHARES SUBJECT TO THE PLAN; SHARE LIMITS~~

~~4.1Shares Available.~~ ~~Subject to the provisions of Section 7.1, the shares that may be delivered under this Plan shall be shares of the Company’s authorized but unissued ordinary shares and any ordinary shares held~~a Shareholder’s notice as ~~treasury shares. For purposes of this Plan, “Ordinary Shares~~” shall mean the ordinary shares of the Company and such other securities or property as may become the subject of awards under this Plan, or may become subject to such awards, pursuant to an adjustment made under Section 7.1.

~~4.2Share Limits.~~ ~~The maximum number of Ordinary Shares that may be delivered pursuant to awards granted to Eligible Persons under this Plan is 27,465,106 shares (the “Share Limit”).~~

~~The following limits also apply with respect to awards granted under this Plan:~~

~~(a)~~

~~The maximum number of Ordinary Shares that may be delivered pursuant to options qualified as incentive stock options granted under this Plan is 27,465,106 shares.~~described above.

(b)

~~The maximum number of Ordinary Shares subject~~In addition, to ~~those options~~be timely, a Shareholder’s notice shall further be updated and ~~share appreciation rights~~supplemented, if necessary, so that ~~are granted during any calendar year~~the information provided or required to ~~any individual under this Plan is 5,000,000 shares.~~

~~(c)~~

~~Additional limits with respect to Qualified Performance-Based Awards are set forth~~be provided in ~~Section 5.2.3. For the avoidance of doubt, the limits in Section 5.2.3~~such notice shall ~~not apply to any other awards granted under this Plan.~~

~~Each~~be true and correct as of the ~~foregoing numerical limits~~record date for the meeting and as of the date that is ~~subject to adjustment as contemplated by Section 4.3, Section 7.1, and Section 8.10.~~

~~4.3Awards Settled in Cash, Reissue of Awards and Shares.~~ To the extent that an award granted under this Plan is settled in cash or a form other than Ordinary Shares, the shares that would have been delivered had there been no such cash or other settlement shall not be counted against the shares available

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~~for issuance under this Plan. In the event that Ordinary Shares are delivered in respect of a dividend equivalent right granted under this Plan, the actual number of shares delivered with respect~~ten (10) Business Days prior to the award shall be counted against the share limits of this Plan (including, for purposes of clarity, the limits of Section 4.2 of this Plan). (For purposes of clarity, if 1,000 dividend equivalent rights are grantedmeeting or any adjournment or postponement thereof, and ~~outstanding when the Company pays a dividend,~~such update and 50 shares are delivered in payment of those rights with respect to that dividend, 50 shares shall be counted against the share limits of this Plan). Shares that are subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall again be available for subsequent awards under this Plan. Shares that are not issued or delivered as a result of the net settlement of any option or share appreciation right under this Plan, shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any option or share appreciation right under this Plan, as well as any shares exchanged by a participant or withheld by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any option or share appreciation right under this Plan, as well as any Ordinary Shares repurchased with the proceeds of any option exercise price ~~shall not~~ be available for subsequent awards under this Plan. To the extent that Ordinary Shares are delivered pursuant to the exercise of a share appreciation right or option granted under this Plan, the number of underlying shares as to which the exercise related shall be counted against the applicable share limits under Section 4.2, as opposed to only counting the shares issued. (For purposes of clarity, if a share appreciation right relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares, 100,000 shares shall be charged against the applicable share limits under Section 4.2 with respect to such exercise.) Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award under this Plan other than any option or share appreciation right, as well as any shares exchanged by a participant or withheld by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any award under this Plan other than any option or share appreciation right, shall be available for subsequent awards under this Plan. Refer to Section 8.10 for application of the foregoing share limits with respect to assumed awards. The foregoing adjustments to the share limits of this Plan are subject to any applicable limitations under Section 162(m) of the Code with respect to awards intended as performance-based compensation thereunder.

~~4.4Reservation of Shares; No Fractional Shares; Minimum Issue.~~ The Company shall at all times reserve a number of Ordinary Shares sufficient to cover the Company’s obligations and contingent obligations to deliver shares with respect to awards then outstanding under this Plan (exclusive of any dividend equivalent obligations to the extent the Company has the right to settle such rights in cash). No fractional sharessupplement shall be delivered ~~under this Plan. The Administrator may pay cash in lieu~~to the Secretary at the principal executive offices of ~~any fractional shares in settlements of awards under this Plan. No fewer~~the Company not later than ~~100 shares may be purchased on exercise of any award (or,~~five (5) Business Days after the record date for the meeting in the case of ~~share appreciation~~the update and supplement required to be made as of the record date, and not later than eight (8) Business Days prior to the date for the meeting, any adjournment or ~~purchase rights, no fewer than 100 rights may~~postponement thereof in the case of the update and supplement required to be ~~exercised at~~made as of ten (10) Business Days prior to the meeting or any ~~one time) unless the total number purchased~~adjournment or ~~exercised is the total number at the time available for purchase or exercise under the award.~~

~~AWARDS~~postponement thereof.

~~5.1~~27.2

Special General Meeting. In the event the Company calls a special general meeting for the purpose of electing one or more Directors to the Board, any such Shareholder ~~Type~~(other than any Existing Holder) may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Company’s notice of meeting, provided that the Shareholder’s notice with respect to any nomination (including the completed and ~~Form of Awards.~~signed questionnaire, representation and agreement required by Bye-Law 28 ~~The Administrator~~) shall ~~determine~~be delivered to the type or types of award(s) to be made to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or asSecretary at the ~~payment form for grants or rights under any other employee or compensation plan~~principal executive offices of the Company, ~~or one~~not earlier than the close of ~~its Subsidiaries. The types of awards that may be granted under this Plan are (subject, in each case,~~business on the 120th day prior to ~~the no repricing provisions of Section 3.2):~~

~~5.1.1Options.~~ An option is the grant of a right to purchase a specified number of Ordinary Shares during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “~~ISO~~”) or a nonqualified option (an option not intended to be an ISO). The award agreement for an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified option. The maximum term of each option (ISO or nonqualified) shall be ten (10) years. The per share exercise price for each option shall be not less than 100% of the fair market value of an Ordinary Share on the date of ~~grant of the option. When an option is exercised, the exercise price for the shares to be purchased shall be paid in full in cash or~~ such ~~other method permitted by the Administrator consistent with Section 5.5.~~special general meeting and not later

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~~5.1.2~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS~~Additional Rules Applicable to ISOs.~~ To

than the ~~extent that~~close of business on the ~~aggregate fair market value (determined at the time of grant~~later of the ~~applicable option)~~90th day prior to the date of ~~shares with respect to which ISOs~~such special general meeting or, if the first ~~become exercisable by a participant in any calendar year exceeds $100,000, taking into account both Ordinary Shares subject to ISOs under this Plan and shares subject to ISOs under all other plans~~public announcement of the ~~Company or one~~date of ~~its Subsidiaries (or any parent or predecessor Company~~such special general meeting is less than 100 days prior to the ~~extent required by and within~~date of such special general meeting, the ~~meaning of Section 422~~10th day following the day on which public announcement is first made of the ~~Code~~date of the special general meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting, or the public announcement thereof, commence a new time period for the giving of a Shareholder’s notice as described above.

27.3

Disclosure Requirements

(a)

To be in proper form, a Shareholder’s notice (whether given pursuant to Bye-law 26.1 or 26.2) to the Secretary must include the following, as applicable.

(i)

As to the Shareholder giving the notice and the ~~regulations promulgated thereunder),~~beneficial owner, if any, on whose behalf the nomination or proposal is made, a Shareholder’s notice must set forth: (A) the name and address of such ~~options shall be treated~~Shareholder, as ~~nonqualified options. In reducing~~they appear on the ~~number~~Company’s books, of ~~options treated as ISOs to meet~~such beneficial owner, if any, and of their respective affiliates or associates or others acting in concert therewith, (B) (1) the $100,000 limit, the most recently granted options shall be reduced first. To the extent a reduction of simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the mannerclass or series and to the extent permitted by law, designate which Ordinary Shares are to be treated as shares acquired pursuant to the exercise of an ISO. ISOs may only be granted to employees of the Company or one of its subsidiary corporations (for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Company and ending with the subsidiary in question). There shall be imposed in any award agreement relating to ISOs such other terms and conditions as from time to time are required in order that the option be an “incentive stock option” as that term is defined in Section 422 of the Code. No ISO may be granted to any person who, at the time the option is granted, owns (or is deemed to own under Section 424(d) of the Code) outstanding Ordinary Shares possessing more than 10% of the total combined voting power of all classesnumber of shares of the Company ~~unless the exercise price~~which are, directly or indirectly, owned beneficially and of record by such Shareholder, such beneficial owner and their respective affiliates or associates or others acting in concert therewith, (2) any option, ~~is at least 110% of the fair market value of the shares subject to the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted.~~

~~5.1.3Share Appreciation Rights.~~ ~~A share~~warrant, convertible security, stock appreciation right, or “~~SAR” is~~similar right with an exercise or conversion privilege or a ~~right~~settlement payment or mechanism at a price related to ~~receive a payment, in cash and/~~any class or ~~Ordinary Shares, equal to the excess~~series of shares of the ~~fair market value of a specified number of Ordinary Shares on the date the SAR is exercised over the “base price~~” of the award, which base price shall be set forth in the applicable award agreement and shall be not less than 100% of the fair market value of an Ordinary Share on the date of grant of the SAR. The maximum term of a SAR shall be ten (10) years.

~~5.1.4Other Awards; Dividend Equivalent Rights.~~ ~~The other types of awards that may be granted under this Plan include: (a) share bonuses, restricted shares, performance shares, share units, phantom shares,~~Company or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or fixed or variable ratio related to the Ordinary Shares, and, subject to the Minimum Vesting Requirements, any of which may (but need not) be fully vested at grant or vest upon the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions, or any combination thereof; (b) any similar securities with a value derived in whole or in part from the value of any class or ~~related to~~series of shares of the ~~Ordinary Shares and/~~Company, any derivative or returns thereon; or (c) cash awards. Dividend equivalent rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted in connection with a stock option or SAR granted under this Plan. In addition, any dividends and/or dividend equivalents as tosynthetic arrangement having the ~~unvested portion~~characteristics of a ~~restricted stock award that is subject to performance-based vesting requirements~~long position in any class or ~~the unvested portion~~series of a stock unit award that is subject to performance-based vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate.

~~5.1.5Incentive Bonus Awards.~~ The types of cash awards that may be granted under this Plan include the opportunity to receive a payment for the Company’s fiscal year, or any other performance period established by the Administrator, based on the achievement of specific performance goals (which may include subjective goals) established by the Administrator in its sole discretion. Any applicable performance goals may be based on either the performanceshares of the Company, or any contract, derivative, swap or other transaction or series of ~~its Subsidiaries~~transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or ~~divisions on an absolute~~series of shares of the Company, including due to the fact that the value of such contract, derivative, swap or ~~relative basis,~~other transaction or ~~on individual performance, as~~series of transactions is determined by reference to the ~~Administrator~~price, value or volatility of any class or series of shares of the Company, whether or not such instrument, contract or right shall be subject to settlement in ~~its sole discretion. Unless~~the underlying class or series of shares of the Company, through the delivery of cash or other property, or otherwise, ~~determined~~and without regard of whether the Shareholder of record, the beneficial owner, if any, or any affiliates or associates or others acting in concert therewith, may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right (a “Derivative Instrument”) directly or indirectly owned beneficially by such Shareholder, the ~~Administrator,~~beneficial owner, if any, ~~participant granted an incentive bonus award~~or any affiliates or associates or others acting in concert therewith and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Company, (3) any proxy, contract, arrangement, understanding, or relationship pursuant to ~~this Section 5.1.5 must remain continuously employed~~which such Shareholder has a right to vote or direct the vote of any class or series of shares of the Company, (4) any agreement, arrangement, understanding, relationship or otherwise, including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or indirectly, by such Shareholder, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of any class or series of the shares of the Company by, manage the risk of share price changes for, or increase or decrease the voting power of, such Shareholder with respect to any class or series of the shares of the Company, or ~~one~~which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of ~~its Subsidiaries through the last day~~any class or series of the ~~applicable performance period~~shares of the Company (“Short Interests”), (5) any rights to dividends on the shares of the Company owned beneficially by such Shareholder that are separated or separable from the underlying shares of the Company, (6) any proportionate interest in ~~order for~~shares of the ~~incentive bonus award~~Company or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such Shareholder is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership, (7) any performance-related fees (other than an asset-based fee) that such Shareholder is entitled to ~~become payable. Any payments becoming payable pursuant to this Section 5.1.5 will be paid~~based on any increase or decrease in the ~~calendar year following the calendar year in which the applicable performance period ends, unless deferred in accordance with the requirements~~value of ~~Section 409A and Section 457A~~shares of the ~~Code.~~Company or Derivative Instruments, if any, including without limitation any such interests held by members of such Shareholder’s immediate family sharing the same household, (8) any significant equity interests

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~~5.2~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS~~Section 162(m) Performance-Based Awards.~~ ~~Without limiting the generality~~

or any Derivative Instruments or Short Interests in any principal competitor of the ~~foregoing,~~Company held by such shareholder, and (9) any direct or indirect interest of ~~the types of awards listed~~such Shareholder in Section 5.1.4 above may be, and options and SARs granted to officers and employees also may be, granted as awards intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code. An Award (other than an option or SAR) intended by the Administrator to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code is referred to as a “~~Qualified Performance-Based Award.” An option or SAR intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code is referred to as a “Qualifying Option or SAR~~.” The grant, vesting, exercisability or payment of Qualified Performance-Based Awards may depend (or, in the case of Qualifying Option or SAR, may also depend) on the degree of achievement of one or more performance goals relative to a pre-established targeted level or levels using one or more of the Business Criteria set forth below (on an absolute or relative (including, without limitation, relative to the performance of one or more other companies or upon comparisons of any ~~of the indicators of performance relative to one or more other companies) basis) for~~contract with the Company, ~~on a consolidated basis or for one or more of the Company’s subsidiaries, segments, divisions or business units, or~~ any combination of the foregoing. Any Qualified Performance-Based Award shall be subject to all of the following provisions of this Section 5.2, and a Qualifying Option or SAR shall be subject to the following provisions of this Section 5.2 only to the extent expressly set forth below. Nothing in this Plan, however, requires the Administrator to qualify any award or compensation as “performance-based compensation” under Section 162(m) of the Code.

~~5.2.1Class; Administrator.~~ ~~The eligible class of persons for Qualified Performance-Based Awards under this Section 5.2, as well as for a Qualifying Option or SAR, shall be officers and employees~~affiliate of the Company or ~~one~~any principal competitor of ~~its Subsidiaries. To qualify awards~~the Company (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement), and (C) any other information relating to such Shareholder and beneficial owner, if any, that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as ~~performance-based under Section 162(m),~~applicable, the ~~Administrator approving Qualified Performance-Based Awards~~ proposal and/or for the election of Directors in a ~~Qualifying Option or SAR, or making any certification required~~contested election pursuant to Section ~~5.2.4, must constitute a committee consisting solely of two or more outside directors (as this requirement is applied under Section 162(m)~~14 of the ~~Code).~~Exchange Act and the rules and regulations promulgated thereunder;

~~5.2.2Performance Goals.~~ ~~The specific performance goals for Qualified Performance-Based Awards shall be, on an absolute, relative~~(ii)

If the notice relates to any business other than a nomination of a Director or ~~adjusted basis, established based on one or more~~Directors that the Shareholder proposes to bring before the meeting, a Shareholder’s notice must, in addition to the matters set forth in paragraph (i) above, also set forth: (A) a brief description of the ~~following~~ business ~~criteria (“Business Criteria”) as selected by~~desired to be brought before the ~~Administrator~~meeting, the reasons for conducting such business at the meeting and any material interest of such Shareholder and beneficial owner, if any, in its sole discretion: earnings per share, cash flow (which means cash and cash equivalents derived from either net cash flow from operations or net cash flow from operations, financing and investing activities), share price, total shareholder return, gross revenue, revenue growth, operating income (before or after taxes), net earnings (before or after interest, taxes, depreciation and/or amortization), return on equity or on assets or on net investment or invested capital, cost containment or reduction, or any combination thereof. To qualify awards as performance-based under Section 162(m),such business, (B) the applicable Business Criterion (or Business Criteria, as the case may be) and specific performance formula, goal or goals (“targets”) must be established and approved by the Administrator during the first 90 daystext of the ~~performance period (and,~~proposal or business (including the text of any resolutions proposed for consideration) and (C) a description of all agreements, arrangements and understandings between such Shareholder and beneficial owner, if any, and any other person or persons (including their names) in connection with the ~~case~~proposal of ~~performance periods of less than one year,~~such business by such Shareholder;

(iii)

As to each person, if any, whom the Shareholder proposes to nominate for election or reelection to the Board, a Shareholder’s notice must, in ~~no event after 25% or more of~~addition to the ~~performance period has elapsed) and while performance~~matters set forth in paragraph (i) above, also set forth: (A) all information relating to such ~~target(s) remains substantially uncertain within the meaning~~person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section ~~162(m)~~14 of the ~~Code. The terms~~Exchange Act and the rules and regulations promulgated thereunder (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected) and (B) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the ~~Qualified Performance-Based Awards may specify the manner,~~past three years, and any other material relationships, between or among such Shareholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in ~~which performance targets shall~~concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including, without limitation all information that would be ~~adjusted~~required to ~~mitigate~~be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the ~~unbudgeted impact of material, unusual or nonrecurring gains~~Shareholder making the nomination and ~~losses, accounting changes or other items specified by~~any beneficial owner on whose behalf the ~~Administrator at the time of establishing the targets. The applicable performance measurement period may not be less than three months nor more than 10 years.~~

~~5.2.3Form of Payment; Maximum Qualified Performance-Based Award.~~ ~~Grants or awards under this Section 5.2 may be paid in cash or Ordinary Shares~~nomination is made, if any, or any ~~combination thereof. Qualifying Option~~affiliate or ~~SAR awards granted~~associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the nominee were a director or executive officer of such registrant; and

(iv)

With respect to each person, if any, ~~one participant in any one calendar year shall be subject~~whom the Shareholder proposes to nominate for election or reelection to the ~~limit~~Board, a Shareholder’s notice must, in addition to the matters set forth in ~~Section 4.2(b)~~paragraphs (i) and (iii) above, also include a completed and signed questionnaire, representation and agreement required by Bye-law 28. The ~~maximum number~~Company may require any proposed nominee to furnish such other information as may reasonably be required by the Company to determine the eligibility of ~~Ordinary Shares which may be subject~~such proposed nominee to Qualified Performance-Based Awards (including Qualified Performance-Based Awards payable in Ordinary Shares and Qualified Performance-Based Awards payable in cash where the amount of cash payable upon or following vestingserve as an independent director of the ~~award is determined~~Company or that could be material to a reasonable Shareholder’s understanding of the independence, or lack thereof, of such nominee.

(b)

For purposes of this Bye-law, “public announcement” shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Company with ~~reference~~the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

(c)

Notwithstanding the foregoing provisions of this Bye-law, a Shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the ~~fair market value of a Ordinary Share at such time)~~matters set forth in this Bye-law; provided, however, that any references in these Bye-laws to the Exchange Act or the rules promulgated thereunder are ~~granted~~not intended to and shall not limit the requirements applicable to nominations or proposals as to any one participant in any one calendar year shall not exceed 5,000,000 shares, either individually or in the aggregate, subject to adjustment as provided in Section 7.1. The aggregate amount of compensationother business to be ~~paid to any one participant in respect of all Qualified Performance-Based Awards payable only in cash (excluding cash awards covered by the preceding sentence~~considered

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~~where~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

pursuant to Bye-law 26. Nothing in this Bye-law shall be deemed to affect any rights (1) of Shareholders to request inclusion of proposals in the ~~cash payment is determined with reference~~Company’s proxy statement pursuant to Rule 14a-8 under the ~~fair market value of an Ordinary Share upon~~Exchange Act or ~~following the vesting~~(2) of the ~~award) and granted to that participant in~~holders of any ~~one calendar year shall not exceed $10,000,000. Awards that are cancelled during the year shall be counted against these limits to the extent required by Section 162(m)~~series of ~~the Code.~~

~~5.2.4Certification of Payment.~~ ~~Before any Qualified Performance-Based Award is paid~~Preference Shares if and to the extent provided for under law or these Bye-laws. Subject to Rule 14a-8 under the Exchange Act, nothing in these Bye-laws shall be construed to permit any Shareholder, or give any Shareholder the right, to include or have disseminated or described in the Company’s proxy statement any nomination of Director or Directors or any other business proposal.

28.

Submission of Questionnaire; Representation and Agreement

To be eligible to be a nominee for election or reelection as a Director, any person who has been proposed by a Shareholder (other than any Existing Holder) to be nominated pursuant to the procedures in Bye-law 27.1 or Bye-law 27.2 must deliver (in accordance with the applicable time periods prescribed for delivery of notice under Bye-law 27) to ~~qualify~~ the ~~award as performance-based compensation within~~Secretary at the ~~meaning of Section 162(m)~~principal executive offices of the ~~Code,~~Company a written questionnaire with respect to the ~~Administrator~~background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request), and a written representation and agreement (in the form provided by the Secretary upon written request) that such person (a) is not and will not become a party to (i) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a Director, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed to the Company or (ii) any Voting Commitment that could limit or interfere with such person’s ability to comply, if elected as a Director, with such person’s fiduciary duties under applicable law, (b) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a Director that has not been disclosed therein, and (c) in such person’s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a Director, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines of the Company.

29.

Existing Holders.

Notwithstanding Bye-laws 26 and 27, for any nominations or any other business to be properly brought before an annual or special general meeting by any Existing Holder, provided that the Secretary shall have first given the Existing Holder at least 30 days prior written notice of the date on which the Company proposes to distribute a proxy statement for such meeting to the Shareholders, the Existing Holder must ~~certify~~have given notice of its intent to bring such nomination or other business before the meeting in writing ~~that~~to the ~~performance target(s)~~Secretary at least 15 days prior to such proposed distribution date. Notwithstanding Bye-laws 26, 27 and 28, but subject to the terms of Applicable Law, any ~~other material~~Existing Holder shall be entitled to nominate or replace their designee for appointment, election or reelection as a Director pursuant to, and in accordance with the terms of, the ~~Qualified Performance-Based Award were~~Shareholders’ Agreement without compliance by such Shareholder with the terms of Bye-laws 26, 27 and 28.

30.

29. Electronic Participation and Security at Meetings

30.1

29.1 Shareholders may participate in ~~fact timely satisfied.~~

~~5.2.5Reservation of Discretion.~~ ~~The Administrator will have the discretion to determine the restrictions~~any general meeting by such telephonic, electronic or other ~~limitations~~communication facilities or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

30.2

29.2 The Board may, and at any general meeting, the chairman of such meeting may make any arrangement and impose any requirement or restriction it or he considers appropriate to ensure the ~~individual awards granted under this Section 5.2~~security of a general meeting including, without limitation, requirements for evidence of identity to be produced by those attending the ~~authority to reduce awards, payouts or vesting or to pay no awards, in its sole discretion, if~~meeting, the ~~Administrator preserves such authority at the time~~searching of ~~grant by language to this effect in its authorizing resolutions or otherwise.~~

~~5.2.6Expiration of Grant Authority.~~ ~~As required pursuant to Section 162(m) of the Code~~their personal property and the ~~regulations promulgated thereunder, the Administrator’s authority to grant new awards that are intended to qualify as performance-based compensation within the meaning~~restriction of Section 162(m) of the Code (other than a Qualifying Option or SAR) shall terminate upon the first meeting of the Company’s shareholders that occurs in the fifth year following the year in which the Company’s shareholders approve this Plan, subject to any subsequent extensionitems that may be ~~approved~~taken into the meeting place. The Board and, at any general meeting, the chairman of such meeting are entitled to refuse entry to a person who refuses to comply with any such arrangements, requirements or restrictions

31.

30. Quorum at General Meetings

31.1

30.1 At any general meeting two or more persons present in person and representing in person or by ~~shareholders.~~

~~5.3Award Agreements.~~ ~~Each award shall be evidenced by either (1) a written award agreement~~proxy in ~~a form approved by~~excess of 50% of the ~~Administrator and executed by~~total issued voting shares in the Company ~~by an officer duly authorized to act on its behalf, or (2) an electronic notice~~throughout the meeting shall form a quorum for the transaction of ~~award grant in a form approved by the Administrator and recorded by~~business, provided that if the Company (or its designee) in an electronic recordkeeping system used for the purpose of tracking award grants under this Plan generally (in each case, an “award agreement”), as the Administrator may provide and, in each case and if required by the Administrator, executed or otherwise electronically accepted or deemed accepted by the recipient of the award in such form and manner as the Administrator may require. The Administrator may authorizeshall at any officer of the Company (other than the particular award recipient) to execute any or all award agreements on behalf of the Company. The award agreement shall set forth the material terms and conditions of the award as established by the Administrator consistent with the express limitations of this Plan.time have only

~~5.4Settlements.~~ ~~Payment of awards may be in the form of cash, Ordinary Shares, other awards or combinations thereof as the Administrator shall determine, and with such restrictions as it may impose.~~

~~5.5Consideration for Ordinary Shares or Awards.~~ The purchase price (if any) for any award granted under this Plan or the Ordinary Shares to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods:

•

~~services rendered by the recipient of such award;~~

•

~~cash, check payable to the order of the Company, or electronic funds transfer;~~

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•

~~notice and third party payment in such manner as may be authorized by the Administrator;~~

•

~~the delivery of previously owned Ordinary Shares;~~

•

~~by a reduction in the number of shares otherwise deliverable pursuant to the award; or~~

•

subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards.

In no event shall any shares newly-issued by the Company be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable law. Ordinary Shares used to satisfy the exercise price of an option shall be valued at their fair market value on the date of exercise. The Company will not be obligated to deliver any shares unless and until it receives full

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one Shareholder, one Shareholder present in person or by proxy shall form a quorum for the transaction of business at any general meeting held during such time.

31.2

30.2 If within a half hour from the time appointed for the meeting a quorum is not present, then, in the case of a meeting convened on a requisition, the meeting shall be deemed cancelled and, in any other case, the meeting shall stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the Secretary may determine. Unless the meeting is adjourned to a specific date, time and place announced at the meeting being adjourned, fresh notice of the ~~exercise~~resumption of the meeting shall be given to each Shareholder entitled to attend and vote thereat in accordance with these Bye-laws.

32.

31. Chairman of General Meetings

The Board shall, by resolution, nominate one of the Directors to act as chairman at all general meetings at which such person is present. In the absence of any such nomination or ~~purchase price therefor~~the Director nominated, a chairman shall be appointed or elected by those present at the meeting and entitled to vote.

33.

32. Voting on Resolutions

33.1

32.1 Subject to the Act and these Bye-laws, any ~~related withholding obligations under Section 8.5~~question proposed for the consideration of the Shareholders at any general meeting shall be decided by the affirmative votes of a majority of the votes cast in accordance with these Bye-laws and ~~any other conditions to exercise or purchase have been satisfied. Unless otherwise expressly provided~~ in the ~~applicable award agreement,~~case of an equality of votes the ~~Administrator~~resolution shall fail.

33.2

32.2 No Shareholder shall be entitled to vote at a general meeting unless such Shareholder has paid all the calls on all shares held by such Shareholder.

33.3

32.3 At any general meeting a resolution put to the vote of the meeting shall, in the first instance, be voted upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject to these Bye-laws, every Shareholder present in person and every person holding a valid proxy at such meeting shall be entitled to one vote and shall cast such vote by raising his hand.

33.4

32.4 In the event that a Shareholder participates in a general meeting by telephone, electronic or other communication facilities or means, the chairman of the meeting shall direct the manner in which such Shareholder may atcast his vote on a show of hands.

33.5

32.5 At any ~~time eliminate~~general meeting if an amendment is proposed to any resolution under consideration and the chairman of the meeting rules on whether or ~~limit a participant’s ability to pay~~not the ~~purchase or exercise price~~proposed amendment is out of ~~any award or shares~~order, the proceedings on the substantive resolution shall not be invalidated by any ~~method other than cash payment to the Company.~~error in such ruling.

~~5.6~~33.6

~~Definition of Fair Market Value.~~32.6 ~~For purposes of this Plan, “fair market value” shall mean, unless otherwise determined or provided~~At any general meeting a declaration by the ~~Administrator~~chairman of the meeting that a question proposed for consideration has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a book containing the minutes of the proceedings of the Company shall, subject to these Bye-laws, be conclusive evidence of that fact.

34.

33. Power to Demand a Vote on a Poll

34.1

33.1 Notwithstanding the foregoing, a poll may be demanded by any of the following persons:

(a)

the chairman of such meeting; or

(b)

at least three Shareholders present in person or represented by proxy; or

(c)

any Shareholder or Shareholders present in person or represented by proxy and holding between them not less than one-tenth of the total voting rights of all the Shareholders having the right to vote at such meeting; or

(d)

any Shareholder or Shareholders present in person or represented by proxy holding shares in the ~~circumstances,~~Company conferring the ~~closing price (in regular trading) for~~right to vote at such meeting, being shares on which an ~~Ordinary Share~~aggregate sum has been paid up equal to not less than one-tenth of the total amount paid up on ~~the NASDAQ Stock Market (the “~~all such shares conferring such right.

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34.2

33.2 Where a poll is demanded, subject to any rights or restrictions for the ~~date~~time being lawfully attached to any class of shares, every person present at such meeting shall have one vote for each share of which such person is the holder or for which such person holds a proxy and such vote shall be counted by ballot as described herein, or in ~~question or, if no sales~~the case of ~~Ordinary Shares were reported on the Market on that date, the closing price (in regular trading) for an Ordinary Share on the Market for the next preceding day on~~a general meeting at which ~~sales of Ordinary Shares were reported on the Market. The Administrator may, however, provide with respect to~~ one or more ~~awards that~~Shareholders are present by telephone, electronic or other communication facilities or means, in such manner as the ~~fair market value shall equal the closing price (in regular trading) for an Ordinary Share on the Market on the last trading day preceding the date in question or the average~~chairman of the ~~high~~meeting may direct and ~~low trading prices~~the result of ~~an Ordinary Share on~~such poll shall be deemed to be the ~~Market~~resolution of the meeting at which the poll was demanded and shall replace any previous resolution upon the same matter which has been the subject of a show of hands. A person entitled to more than one vote need not use all his votes or cast all the votes he uses in the same way.

34.3

33.3 A poll demanded for the ~~date in question or the most recent trading day. If the Ordinary Shares are no longer listed or are no longer actively traded on the Market as~~purpose of electing a chairman of the ~~applicable date,~~meeting or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time and in such manner during such meeting as the ~~fair market value~~chairman (or acting chairman) of the ~~Ordinary Shares~~meeting may direct. Any business other than that upon which a poll has been demanded may be conducted pending the taking of the poll.

34.4

33.4 Where a vote is taken by poll, each person physically present and entitled to vote shall be furnished with a ballot paper on which such person shall record his vote in such manner as shall be determined at the ~~value~~meeting having regard to the nature of the question on which the vote is taken, and each ballot paper shall be signed or initialled or otherwise marked so as ~~reasonably~~to identify the voter and the registered holder in the case of a proxy. Each person present by telephone, electronic or other communication facilities or means shall cast his vote in such manner as the chairman shall direct. At the conclusion of the poll, the ballot papers and votes cast in accordance with such directions shall be examined and counted by a committee of not less than two Shareholders or proxy holders appointed by the chairman for the purpose and the result of the poll shall be declared by the chairman.

35.

34. Voting by Joint Holders of Shares

In the case of joint holders, the vote of the senior who tenders a vote (whether in person or by proxy) shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the ~~Administrator for purposes~~order in which the names stand in the Register of Shareholders.

36. 35. Instrument of Proxy

36.1

35.1 An instrument appointing a proxy shall be in writing in substantially the following form or such other form as the chairman of the ~~award~~meeting shall accept:

Proxy

• (the “Company”)

I/We, [insert names here], being a Shareholder of the Company with [number] shares, HEREBY APPOINT [name] of [address] or failing him, [name] of [address] to be my/our proxy to vote for me/us at the meeting of the Shareholders to be held on the [ ] day of [ ], 201[ ] and at any adjournment thereof. (Any restrictions on voting to be inserted here).

Signed this [ ] day of [ ], 201[ ]

Shareholder(s)

36.2

35.2 The instrument appointing a proxy must be received by the Company at the Registered Office or at such other place or in such manner as is specified in the ~~circumstances. The Administrator also may adopt~~notice convening the meeting or in any instrument of proxy sent out by the Company in relation to the meeting at which the person named in the instrument appointing a ~~different methodology for determining fair market value with respect~~proxy proposes to ~~one~~vote, and an instrument appointing a proxy which is not received in the manner so prescribed shall be invalid.

36.3

35.3 A Shareholder who is the holder of two or more ~~awards~~shares may appoint more than one proxy to represent him and vote on his behalf in respect of different shares.

36.4

35.4 The decision of the chairman of any general meeting as to the validity of any appointment of a proxy shall be final.

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37.

36. Representation of Corporate Shareholder

37.1

36.1 A corporation which is a Shareholder may, by written instrument, authorise such person or persons as it thinks fit to act as its representative at any meeting and any person so authorised shall be entitled to exercise the same powers on behalf of the corporation which such person represents as that corporation could exercise if it were an individual Shareholder, and that Shareholder shall be deemed to be present in person at any such meeting attended by its authorised representative or representatives.

37.2

36.2 Notwithstanding the foregoing, the chairman of the meeting may accept such assurances as he thinks fit as to the right of any person to attend and vote at general meetings on behalf of a ~~different methodology~~corporation which is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that fair market value for purposesa Shareholder.

38.

37. Adjournment of ~~one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date).~~

~~5.7~~ ~~Transfer Restrictions.~~General Meeting

~~5.7.1~~38.1

~~Limitations on Exercise and Transfer.~~37.1 ~~Unless otherwise expressly provided in (or pursuant to) this Section 5.7 or required by applicable law: (a) all awards are non-transferable~~The chairman of a general meeting may, with the consent of the Shareholders at any general meeting at which a quorum is present, and shall ~~not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; (b) awards shall be exercised only~~if so directed by the ~~participant;~~meeting, adjourn the meeting.

38.2

37.2 In addition, the chairman of a general meeting may adjourn the meeting to another time and ~~(c) amounts payable~~place without such consent or ~~shares issuable pursuant~~direction if it appears to ~~any award shall be delivered only to (or for the account of) the participant.~~him that:

~~5.7.2Exceptions.~~ The Administrator may permit awards to be exercised by and paid to, or otherwise transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to compliance with applicable federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests are held by the Eligible Person or by the Eligible Person’s family members).

~~5.7.3Further Exceptions to Limits on Transfer.~~ ~~The exercise and transfer restrictions in Section 5.7.1 shall not apply to:~~

(a)

~~transfers~~it is likely to ~~the Company (for example, in connection with the expiration~~be impracticable to hold or ~~termination~~continue that meeting because of the ~~award),~~number of Shareholders wishing to attend who are not present; or

(b)

the ~~designation~~unruly conduct of ~~a beneficiary~~persons attending the meeting prevents, or is likely to ~~receive benefits in~~prevent, the ~~event~~orderly continuation of the ~~participant’s death~~business of the meeting; or if the participant has died, transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution,

(c)

~~subject to any applicable limitations on ISOs, transfers~~an adjournment is otherwise necessary so that the business of the meeting may be properly conducted.

38.3

37.3 Unless the meeting is adjourned to a ~~family member (or former family member) pursuant~~specific date, place and time announced at the meeting being adjourned, fresh notice of the date, place and time for the resumption of the adjourned meeting shall be given to ~~a domestic relations order if approved or ratified by the Administrator,~~each Shareholder entitled to attend and vote thereat in accordance with these Bye-laws.

~~(d)~~39.

if38. Written Resolutions

39.1

38.1 Subject to these Bye-laws, anything which may be done by resolution of the ~~participant has suffered~~Company in a ~~disability, permitted transfers~~general meeting or ~~exercises~~by resolution of a meeting of any class of the Shareholders may, without a meeting, be done by written resolution in accordance with this Bye-law.

39.2

38.2 Notice of a written resolution shall be given, and a copy of the resolution shall be circulated to all Shareholders who would be entitled to attend a meeting and vote thereon. The accidental omission to give notice to, or the non-receipt of a notice by, any Shareholder does not invalidate the passing of a resolution.

39.3

38.3 A written resolution is passed when it is signed by, or in the case of a Shareholder that is a person, on behalf of, the ~~participant by his~~Shareholders who at the date that the notice is given represent not less than the minimum number of votes that would be required to authorize or ~~her legal representative, or~~take such action if the resolution was voted on at a meeting of Shareholders at which all Shareholders entitled to attend and vote thereat were present and voting.

~~(e)~~39.4

~~the authorization~~38.4 A resolution in writing may be signed in any number of counterparts

39.5

38.5 A resolution in writing made in accordance with this Bye-law is as valid as if it had been passed by the ~~Administrator~~Company in general meeting or by a meeting of ~~“cashless exercise” procedures~~the relevant class of Shareholders, as the case may be, and any reference in any Bye-law to a meeting at which a resolution is passed or to Shareholders voting in favour of a resolution shall be construed accordingly.

39.6

38.6 A resolution in writing made in accordance with ~~third parties who provide financing~~this Bye-law shall constitute minutes for the ~~purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and the express authorization~~purposes of the ~~Administrator.~~Act.

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39.7

38.7 This Bye-law shall not apply to:

(a)

a resolution passed to remove an Auditor from office before the expiration of his term of office; or

(b)

a resolution passed for the purpose of removing a Director before the expiration of his term of office.

39.8

38.8 For the purposes of this Bye-law, the effective date of the resolution is the date when the resolution is signed by, or in the case of a Shareholder that is a corporation whether or not a company within the meaning of the Act, on behalf of, the last Shareholder whose signature results in the necessary voting majority being achieved and any reference in any Bye-law to the date of passing of a resolution is, in relation to a resolution made in accordance with this Bye-law, a reference to such date.

40.

39. Directors Attendance at General Meetings

The Directors shall be entitled to receive notice of, attend, and be heard at any general meeting.

DIRECTORS AND OFFICERS

41.

40. Election of Directors

41.1

40.1 The Board of Directors shall be elected at the annual general meeting or at a special general meeting called for such purpose in accordance with the terms of these Bye-Laws;provided, however, that the appointment and election of Directors shall at all times be subject to the terms and conditions of the Shareholders’ Agreement.

41.2

40.2 As at the date of adoption of these Bye-laws, the Board shall consist of seven Directors and thereafterThe Board shall consist of such number of Directors being not less than seven but not more than eleven as shall be determined from time to time by resolution of the Board.

41.3

40.3 Where the number of persons validly proposed for re-election or election as a Director is greater than the number of Directors to be elected, the persons receiving the most votes (up to the number of Directors to be elected) shall be elected as Directors, and an absolute majority of the votes cast shall not be a prerequisite to the election of such Directors.

41.4

40.4 At any general meeting, but in any case, subject to the Shareholders’ Agreement, the Shareholders may authorise the Board to fill any vacancy in their number left unfilled at a general meeting.

41.5

40.5 A resolution for the appointment of two or more persons as Directors by a single resolution shall not be moved at any general meeting unless a resolution that it shall be so moved has first been agreed to by the meeting without any vote being given against it and any resolution moved in contravention of this position shall be void.

41.6

40.6 Notwithstanding the foregoing provisions of this Bye-law 401, a Director may also be appointed or elected pursuant to the special rights that may be designated by the Board in respect of any issued Preference Shares pursuant to Bye-law 2.

42.

41. No Share Qualification

A Director shall not be required to hold any shares in the capital of the Company by way of qualification.

43.

42. Term of Office of Directors

The Directors shall be classified, with respect to the time for which they shall hold their respective offices, by dividing them into three (3) classes, to be known as “Class I,” “Class II” and “Class III”, with each class to be apportioned as nearly equal in number as possible. Directors of Class I shall hold office until the next annual general meeting after the effectiveness of these Bye-laws, Directors of Class II shall hold office until the second annual general meeting after such effectiveness, and Directors of Class III shall hold office until the third annual general meeting after such effectiveness; provided, that the term of each Director shall continue until the election and qualification of a successor and be subject to such Director’s earlier death, resignation or removal. At each annual general meeting following such effectiveness, successors to the Directors of the class whose term of

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APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS

office expires at such annual meeting shall be elected to hold office until the third succeeding annual general meeting, so that the term of office of only one class of Directors shall expire at each annual general meeting. If the number of Directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Directors in each class as nearly equal as possible, and any additional Director of any class elected to fill a vacancy resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that class, but in no case will a decrease in the number of Directors shorten the term of any incumbent director.

44.

43. Removal of Directors

44.1

43.1 Subject to any provision to the contrary in these Bye-laws or the Shareholders’ Agreement, the Shareholders entitled to vote for the election of Directors may, at any general meeting convened and held in accordance with these Bye-laws, remove any one or more Directors, with or without cause by affirmative vote of at least a majority of the votes cast and in the event of an equality of votes the resolution shall fail, provided that the notice of any such meeting convened for the purpose of removing a Director shall contain a statement of the intention so to do and be served on such Director not less than 14 days before the meeting and at such meeting the Director shall be entitled to be heard on the motion for such Director’s removal. Notwithstanding the foregoing, with respect to the removal of a Director designated by an Existing Holder pursuant to the terms of the Shareholders’ Agreement, such Existing Holder may remove and replace any Director appointed by it at its sole election, with or without cause, in accordance with Section 6 of the Shareholders’ Agreement.

44.2

43.2 If a Director is removed from the Board under this Bye-law, except as otherwise provided in the Shareholders’ Agreement, the Shareholders may fill the vacancy at the meeting at which such Director is removed. In the absence of such election or appointment, the Board may fill the vacancy.

45.

44. Vacancy in the Office of Director

45.1

44.1 The office of Director shall be vacated if the Director:

(a)

is removed from office pursuant to Bye-law 434 or is prohibited from being a Director by law;

(b)

is or becomes bankrupt or insolvent;

(c)

is or becomes of unsound mind or a patient for any purpose of any statute or applicable law relating to mental health and the Board resolves that his office is vacated, or dies; or

(d)

resigns his office by notice to the Company.

45.2

44.2 Subject to Bye-laws 434.2, 445.3 and the terms of the Shareholders’ Agreement, any vacancy on the Board arising (i) in accordance with Bye-law 445.1, (ii) as a result of an increase in the number of Directors pursuant to Bye-law 401.2 or (iii) otherwise, may be filled only by a majority of the Directors then in office. Any Director of any class elected to fill a vacancy resulting from an increase in the number of Directors of such class shall hold office for a term that shall coincide with the remaining term of that class. Any Director elected to fill a vacancy not resulting from an increase in the number of Directors shall have the same remaining term as that of his or her predecessor.

45.3

44.3 Subject to the terms of the Shareholders Agreement, ifIf no quorum of Directors remains, the Shareholders in a general meeting shall have the power to appoint any person as a Director to fill a vacancy.

46.

45. Directors to Manage Business

The business of the Company shall be managed and conducted by the Board. In managing the business of the Company, the Board may exercise all such powers of the Company as are not, by the Act or by these Bye-laws, required to be exercised by the Company in general meeting.

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47.

46. Powers of the Board of Directors

The Board may:

(a)

appoint, suspend, or remove any manager, secretary, clerk, agent or employee of the Company and may fix their remuneration and determine their duties;

(b)

exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and may issue debentures, debenture stock and other securities whether outright or as security for any debt, liability or obligation of the Company or any third party;

(c)

appoint one or more Directors to the office of managing director or chief executive officer of the Company, who shall, subject to the control of the Board, supervise and administer all of the general business and affairs of the Company;

(d)

appoint a person to act as manager of the Company’s day-to-day business and may entrust to and confer upon such manager such powers and duties as it deems appropriate for the transaction or conduct of such business;

(e)

by power of attorney, appoint any company, firm, person or body of persons, whether nominated directly or indirectly by the Board, to be an attorney of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board) and for such period and subject to such conditions as it may think fit and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions so vested in the attorney;

(f)

procure that the Company pays all expenses incurred in promoting and incorporating the Company;

(g)

designate one or more committees, such committee or committees to have such name or names as may be determined from time to time by resolution adopted by the Board, and each such committee to consist of one or more Directors, which to the extent provided in said resolution or resolutions shall have and may exercise the powers of the Board as may be delegated to such committee in the management of the business and affairs of the Company; provided further that the meetings and proceedings of any such committee shall be governed by the provisions of these Bye-laws regulating the meetings and proceedings of the Board, so far as the same are applicable and are not superseded by directions imposed by the Board. A majority of all the members of any such committee may determine its action and fix the time and place of its meetings, unless the Board shall otherwise provide. The Board shall have power to change the members of any such committee at any time, to fill vacancies and to discharge any such committee, either with or without cause, at any time;

(h)

delegate any of its powers (including the power to sub-delegate) to any person on such terms and in such manner as the Board may see fit;

(i)

present any petition and make any application in connection with the liquidation or reorganisation of the Company;

(j)

in connection with the issue of any share, pay such commission and brokerage as may be permitted by law; and

(k)

authorise any company, firm, person or body of persons to act on behalf of the Company for any specific purpose and in connection therewith to execute any deed, agreement, document or instrument on behalf of the Company.

48.

47. Fees, Gratuities And Pensions

48.1

47.1 The ordinary remuneration of the Directors office for their services (excluding amounts payable under any other provision of these Bye-laws) shall be determined by the Board and each such Director shall be paid a fee (which shall be deemed to accrue from day to day) at such rate as may from time to time be determined by the Board. Each Director may be paid his reasonable travel, hotel and incidental expenses in attending and returning from meetings of the Board or committees constituted pursuant to

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these Bye-laws or general meetings and shall be paid all expenses properly and reasonably incurred by him in the conduct of the Company’s business or in the discharge of his duties as a Director. Any Director who, by request, goes or resides abroad for any purposes of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine, and such extra remuneration shall be in addition to any remuneration provided for by or pursuant to any other Bye-law.

48.2

47.2 In addition to its powers under Bye-law 478.1 the Board may (by establishment of or maintenance of schemes or otherwise) provide additional benefits, whether by the payment of gratuities or pensions or by insurance or otherwise, for any past or present Director or employee of the Company or any of its subsidiaries or any body corporate associated with, or any business acquired by, any of them, and for any member of his family (including a spouse and a former spouse) or any person who is or was dependent on him, and may (as well before as after he ceases to hold such office or employment) contribute to any fund and pay premiums for the purchase or provision of any such benefit.

48.3

47.3 No Director or former Director shall be accountable to the Company or the Shareholders for any benefit provided pursuant to this Bye-law and the receipt of any such benefit shall not disqualify any person from being or becoming a Director of the Company.

49.

48. Register of Directors and Officers

The Secretary shall establish and maintain a Register of the Directors and Officers of the Company as required by the Act. The Register of the Directors and Officers shall be open to inspection without charge at the Registered Office of the Company on every Business Day, subject to such reasonable restrictions as the Board may impose, so that not less than two hours in each Business Day be allowed for inspection. The Register of the Directors and Officers may, after notice has been given in accordance with the Act, be closed for any time or times not exceeding in the whole thirty days in each year.

50.

49. Appointment of Officers

The Board may appoint such officers (who may or may not be Directors) as the Board may determine.

51.

50. Appointment of the Observers

The Board shall designate the chief executive officer as a non-voting observer (the “CEO Observer”) to be present at all meetings of the Board and all committees thereof (other than the audit committee and executive sessions of the Board and any committee thereof). The Company shall give the CEO Observer the same notice and information with respect to meetings of the Board and all committees thereof (other than the audit committee and executive sessions of the Board and any committee thereof). The Board shall designate the TPG Observer as a non-voting observer to be present at all meetings of the Board and all committees thereof (other than the audit committee) and the TPG Observer shall have such other rights as provided in, and subject to the terms of, the Shareholders’ Agreement.

52.

51. Appointment of Secretary and Resident Representative

The Secretary and Resident Representative, if necessary, shall be appointed by the Board at such remuneration (if any) and upon such terms as it may think fit and any Secretary so appointed may be removed by the Board.

53.

52. Duties of Officers

The Officers shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Board from time to time.

54.

53. Duties of the Secretary

The duties of the Secretary shall be those prescribed by the Act together with such other duties as shall from time to time be prescribed by the Board.

55.

54. Remuneration of Officers

The Officers shall receive such remuneration as the Board may determine.

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56.

55. Conflicts of Interest

56.1

55.1 Any Director, or any Director’s firm, partner or any company with whom any Director is associated, may act in any capacity for, be employed by or render services to the Company and such Director or such Director’s firm, partner or company shall be entitled to remuneration as if such Director were not a Director. Nothing herein contained shall authorise a Director or Director’s firm, partner or company to act as Auditor to the Company.

56.2

55.2 A Director who is directly or indirectly interested in a contract or proposed contract or arrangement with the Company shall declare the nature of such interest as required by the Act.

56.3

55.3 Following a declaration being made pursuant to this Bye-law, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum for such meeting.

56.4

55.4 Subject to the Act and any further disclosure required thereby, a general notice to the Directors by a Director or officer declaring that he is a director or officer or has an interest in any business entity and is to be regarded as interested in any transaction or arrangement made with that business entity shall be sufficient declaration of interest in relation to any transaction or arrangement so made.

57.

56. Indemnification and Exculpation of Directors and Officers.

57.1

56.1 To the fullest extent permitted by the Act, a Director shall not be liable to the Company or its Shareholders for breach of fiduciary duty as a Director.

57.2

56.2 Without limitation of any right conferred by Bye-law 567.1, each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that such person is or was a Director, Officer or Resident Representative of the Company, or is or was serving at the request of the Company as a Director, Officer, Resident Representative, employee or agent of another company or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an “indemnitee”), whether the basis of such proceeding is alleged action in an official capacity while serving as a Director, Officer, Resident Representative, employee or agent or in any other capacity while serving as a Director, Officer, Resident Representative, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent authorized by the Act (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior thereto), against all expense, liability and loss (including attorneys’ fees, judgments, fines, amounts paid or to be paid in settlement, and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974) incurred or suffered by such indemnitee in connection therewith and such indemnification shall continue as to an indemnitee who has ceased to be a Director, Officer or Resident Representative and shall inure to the benefit of the indemnitee’s heirs, testators, intestates, executors and administrators and Affiliates; provided, however, except as provided in Bye-law 567.3 with respect to proceedings to enforce rights to indemnification, the Company shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) initiated by such indemnitee was authorized by the Board. The right to indemnification conferred in this Bye-law 567 shall be a contract right and shall include the right to be paid by the Company, the expenses incurred in defending any such proceeding in advance of its final disposition (hereinafter an “advancement of expenses”); provided, however, that, if the Act requires, an advancement of expenses incurred by an indemnitee in his capacity as a Director, Officer or Resident Representative shall be made only upon delivery to the Company of an undertaking (hereinafter an “undertaking”), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a “final adjudication”) that such indemnitee is not entitled to be indemnified for such expenses under this Bye-law or otherwise.

57.3

56.3 If a claim under Bye-law 567.2 is not paid in full by the Company within 60 days after a written claim has been received by the Company, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be 20 days, the indemnitee may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim. If successful in whole or in part in any

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such suit, or in a suit brought by the Company to recover an advancement of expenses pursuant to the terms of any undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (ii) in any suit by the Company to recover an advancement of expenses pursuant to the terms of an undertaking the Company shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met the applicable standard of conduct set forth in the Act. Neither the failure of the Company (including the Board, independent legal counsel, or the Shareholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the Company, nor an actual determination by the Company (including the Board, independent legal counsel or the Shareholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by the Company to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Bye-law or otherwise shall be on the Company.

57.4

56.4 The rights to indemnification and to the advancement of expenses conferred in this Bye-law 567 shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, from or through the Company, agreement, vote of Shareholders or disinterested Directors or otherwise.

57.5

56.5 The Company may purchase and maintain insurance, at its expense, to protect itself and any person who is or was a Director, Officer, Resident Representative, employee or agent of the Company or any person who is or was serving at the request of the Company as a director, officer, resident representative, employer or agent of another company, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under the Act.

58. Business Opportunities of the Company

58.1

Subject to any express agreement that may from time to time be in effect, (x) any Director or Officer who is also an officer, director, employee, managing director or other affiliate of either Apollo Management VI, L.P. or any of its affiliates (“Apollo”), and/or TPG Capital, L.P. or any of its affiliates (“TPG”) and/or Genting Hong Kong Limited or any of its affiliates (“Genting”) (collectively, the “Managers”) and (y) the Managers and their affiliates, may, and shall have no duty not to, in each case on behalf of the Managers or their affiliates (the persons and entities in clauses (x) and (y), each a “Covered Manager Person”), to the fullest extent permitted by applicable law, (i) carry on and conduct, whether directly or indirectly, including as a partner in any partnership, or as a joint venturer in any joint venture, or as an officer, director, stockholder or member of any corporation or company, or as a participant in any syndicate, pool, trust or association, any business of any kind, nature or description, whether or not such business is competitive with or in the same or similar lines of business as the Company, (ii) do business with any client, customer, vendor or lessor of any of the Company or its affiliates, and (iii) make investments in any kind of property in which the Company may make investments. To the fullest extent permitted by the Act, the Company hereby renounces any interest or expectancy of the Company to participate in any business of the Managers or their affiliates, and waives any claim against a Covered Manager Person and shall indemnify a Covered Manager Person against any claim that such Covered Manager Person is liable to the Company or its Shareholders for breach of any fiduciary duty solely by reason of such person’s or entity’s participation in any such business.

58.2

In the event that a Covered Manager Person acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (x) the Covered Manager Person, in his or her Apollo-related capacity or TPG-related capacity or Genting-related capacity, as the case may be, or Apollo or TPG or Genting, to the fullest extent permitted by applicable law, as the case may be, or its affiliates and (y) the Company, the Covered Manager Person shall not have any duty to offer or communicate information regarding such corporate opportunity to the Company. To the fullest extent permitted by the Act, the Company hereby renounces any interest or expectancy of the Company in such

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corporate opportunity and waives any claim against each Covered Manager Person and shall indemnify a Covered Manager Person against any claim, that such Covered Manager Person is liable to the Company or its Shareholders for breach of any fiduciary duty solely by reason of the fact that such Covered Manager Person (i) pursues or acquires any corporate opportunity for its own account or the account of any affiliate, (ii) directs, recommends, sells, assigns, or otherwise transfers such corporate opportunity to another person or (iii) does not communicate information regarding such corporate opportunity to the Company, provided, however, in each case, that any corporate opportunity which is expressly offered to a Covered Manager Person in writing solely in his or her capacity as an officer or Director shall belong to the Company.

58.3

Any person or entity purchasing or otherwise acquiring any interest in any shares in the capital of the Company shall be deemed to have notice of and to have consented to the provisions of this Bye-law 58.

58.4

This Bye-law 58may not be amended, modified or repealed without the prior written consent of each of the Managers.

MEETINGS OF THE BOARD OF DIRECTORS

59.

57. Board Meetings

The Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. A resolution put to the vote at a meeting of the Board shall be carried by the affirmative votes of a majority of the votes cast and in the case of an equality of votes the resolution shall fail.

60.

58. Notice of Board Meetings

A Director may, and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Board. Notice of a meeting of the Board shall be deemed to be duly given to a Director,and the CEO Observer and the TPG Observer if it is given to such Director or, the CEO Observer or the TPG Observer, as the case may be, orally (including in person or by telephone) or otherwise communicated or sent to such Director or, the CEO Observer or the TPG Observer, as the case may be, by post, electronic means or other mode of representing words in a visible form at such Director’s or, the CEO Observer’s or the TPG Observer’s, as the case may be, last known address or in accordance with any other instructions given by such Director or, the CEO Observer or the TPG Observer, as the case may be, to the Company for this purpose.

61.

59. Electronic Participation in Meetings

Directors and, the CEO Observer and the TPG Observer may participate in any meeting by such telephonic, electronic or other communication facilities or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

62.

60. Quorum at Board Meetings

Subject to the terms of the Shareholders’ Agreement, tThe quorum necessary for the transaction of business at a meeting of the Board shall be the presence of a majority of Directors on the Board from time to time.

63. 61. Board to Continue in the Event of Vacancy

The Board may act notwithstanding any vacancy in its number but, if and so long as its number is reduced below the number fixed by these Bye-laws as the quorum necessary for the transaction of business at meetings of the Board, the continuing Directors or Director may act for the purpose of (i) summoning a general meeting; or (ii) preserving the assets of the Company.

64.

62. Chairman to Preside

Unless otherwise agreed by a majority of the Directors attending, the Chairman of the Company, if there be one, shall act as chairman at all meetings of the Board at which such person is present. In the absence of the Chairman of the Company, a chairman shall be appointed or elected by the Directors present at the meeting.

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65.

63. Written Resolutions

A resolution signed by all the Directors, which may be in counterparts, shall be as valid as if it had been passed at a meeting of the Board duly called and constituted, such resolution to be effective on the date on which the last Director signs the resolution.

66.

64. Validity of Prior Acts of the Board

No regulation or alteration to these Bye-laws made by the Company in an annual general meeting or a special general meeting shall invalidate any prior act of the Board which would have been valid if that regulation or alteration had not been made.

CORPORATE RECORDS

67.

65. Minutes

The Board shall cause minutes to be duly entered in books provided for the purpose:

(a)

of all elections and appointments of Officers;

(b)

of the names of the Directors present at each meeting of the Board and of any committee appointed by the Board; and

(c)

of all resolutions and proceedings of annual general meetings and special general meetings of the Shareholders, meetings of the Board, meetings of managers and meetings of committees appointed by the Board.

68.

66. Place Where Corporate Records Kept

Minutes prepared in accordance with the Act and these Bye-laws shall be kept by the Secretary at the Registered Office of the Company.

69.

67. Form and Use of Seal

69.1

67.1 The Company may adopt a seal in such form as the Board may determine. The Board may adopt one or more duplicate seals for use in or outside Bermuda.

69.2

67.2 A seal may, but need not, be affixed to any deed, instrument, share certificate or document, and if the seal is to be affixed thereto, it shall be attested by the signature of (i) any Director, or (ii) any Officer, or (iii) the Secretary, or (iv) any person authorised by the Board for that purpose.

69.3

67.3 A Resident Representative may, but need not, affix the seal of the Company to certify the authenticity of any copies of documents.

ACCOUNTS

70.

68. Books of Account

70.1

68.1 The Board shall cause to be kept proper records of account with respect to all transactions of the Company and in particular with respect to:

(a)

all amounts of money received and expended by the Company and the matters in respect of which the receipt and expenditure relates;

(b)

all sales and purchases of goods by the Company; and

(c)

all assets and liabilities of the Company.

70.2

68.2 Such records of account shall be kept at the Registered Office of the Company, or subject to the Act, at such other place as the Board thinks fit and shall be available for inspection by the Directors during normal business hours.

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71.

69. Financial Year End

The financial year end of the Company may be determined by resolution of the Board and failing such resolution shall be 31st December in each year.

AUDITS

72.

70. Annual Audit

Subject to any rights to waive laying of accounts or appointment of an Auditor pursuant to the Act, the accounts of the Company shall be audited at least once in every year.

73.

71. Appointment of Auditor

73.1

71.1 Subject to the Act, at the annual general meeting or at a subsequent special general meeting in each year, an independent representative of the Shareholders shall be appointed by them as Auditor of the accounts of the Company.

73.2

71.2 The Auditor may be a Shareholder but no Director, Officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor of the Company.

74.

72. Remuneration of Auditor

Save in the case of an Auditor appointed pursuant to Bye-law 7880, the remuneration of the Auditor shall be fixed by the Company in a general meeting or in such manner as the Shareholders may determine. In the case of an Auditor appointed pursuant to Bye-law 7880, the remuneration of the Auditor shall be fixed by the Board.

75.

73. Duties of Auditor

75.1

73.1 The financial statements provided for by these Bye-laws shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards.

75.2

73.2 The generally accepted auditing standards referred to in this Bye-law may be those of a country or jurisdiction other than Bermuda or such other generally accepted auditing standards as may be provided for in the Act. If so, the financial statements and the report of the Auditor shall identify the generally accepted auditing standards used.

76.

74. Change to the Company’s Auditors

No change to the Company’s Auditors may be made save in accordance with the Act and until the same has been approved by a resolution of the Board and by a Resolution.

77.

75. Access to Records

The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto, and the Auditor may call on the Directors or Officers of the Company for any information in their possession relating to the books or affairs of the Company.

78.

76. Financial Statements

Subject to any rights to waive laying of accounts pursuant to the Act, financial statements as required by the Act shall be laid before the Shareholders in a general meeting. A resolution in writing made in accordance with Bye-law 389 receiving, accepting, adopting, approving or otherwise acknowledging financial statements shall be deemed to be the laying of such statements before the Shareholders in a general meeting.

79.

77. Distribution of Auditor’s Report

The report of the Auditor shall be submitted to the Shareholders in a general meeting.

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80.

78. Vacancy in the Office of Auditor

The Board may fill any casual vacancy in the office of the Auditor, such Auditor to act until the next annual general meeting.

VOLUNTARY WINDING-UP AND DISSOLUTION

81.

79. Winding-Up

If the Company shall be wound up the liquidator may, with the sanction of a Resolution, divide amongst the Shareholders in specie or in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any part of such assets in the trustees upon such trusts for the benefit of the Shareholders as the liquidator shall think fit, but so that no Shareholder shall be compelled to accept any shares or other securities or assets whereon there is any liability.

CHANGES TO CONSTITUTION

82.

80. Changes to Bye-laws

No Bye-law may be rescinded, altered or amended and no new Bye-law may be made save in accordance with the Act and until the same has been approved by a resolution of the Board and by a Resolution; provided,thatin no event shall any action be permitted to be taken pursuant to this Bye-law 82 that would affect any of the rights or obligations of any Existing Holder under the Shareholders’ Agreement without the prior written consent of such Existing Holder.

83.

81. Changes to the Memorandum of Association

No alteration or amendment to the Memorandum of Association may be made save in accordance with the Act and until same has been approved by a resolution of the Board and by a Resolution; provided, that in no event shall any action be permitted to be taken pursuant to this Bye-law 83 that would affect any of the rights or obligations of any Existing Holder under the Shareholders’ Agreement without the prior written consent of such Existing Holder.

84.

82. Discontinuance

The Board may exercise all the powers of the Company to discontinue the Company to a jurisdiction outside Bermuda pursuant to the Act.

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~~5.8~~APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS~~International Awards.~~ One or more awards may be granted to Eligible Persons who provide services to the Company or one of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to this Plan and approved by the Administrator.

~~EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS~~

~~6.1General.~~ The Administrator shall establish the effect of a termination of employment or service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is not an employee of the Company or one of its Subsidiaries and provides other services to the Company or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether the participant continues to render services to the Company or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated.

~~6.2Events Not Deemed Terminations of Service.~~ Unless the express policy of the Company or one of its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship shall not be considered terminated in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence authorized by the Company or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law or the Administrator otherwise provides, such leave is for a period of not more than three months. In the case of any employee of the Company or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the Company or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration of the term set forth in the applicable award agreement.

~~6.3Effect of Change of Subsidiary Status.~~ For purposes of this Plan and any award, if an entity ceases to be a Subsidiary of the Company a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the Company or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status, unless the Subsidiary that is sold, spun off or otherwise divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s award(s) in connection with the transaction.

~~ADJUSTMENTS; ACCELERATION~~

~~7.1Adjustments.~~ Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any reclassification, recapitalization, share split (including a share split in the form of a share dividend) or reverse share split; any merger, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Ordinary Shares; or any exchange of Ordinary Shares or other securities of the Company, or any similar, unusual or extraordinary corporate transaction in respect of the Ordinary Shares; then the Administrator shall equitably and proportionately adjust (1) the number and type of Ordinary Shares (or other securities) that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of Ordinary Shares (or other securities or property) subject to any outstanding awards, (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards, and/or (4) the securities, cash or other property deliverable upon exercise or payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards.

Unless otherwise expressly provided in the applicable award agreement, upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding paragraph or a sale of all or substantially all of the business or assets of the Company as an entirety, the Administrator shall equitably and proportionately adjust the performance standards applicable to any then-outstanding performance-based awards to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding performance-based awards.

~~A-9~~SCHEDULE I

[Attached Agreed Form Shareholders’ Agreement]

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It is intended that, if possible, any adjustments contemplated by the preceding two paragraphs be made in a manner that satisfies applicable U.S. legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code, Section 409A and Section 457A of the Code and Section 162(m) of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.

Without limiting the generality of Section 3.3, any good faith determination by the Administrator as to whether an adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons.

~~7.2Corporate Transactions—Assumption and Termination of Awards.~~ Upon the occurrence of any of the following: any merger, combination, consolidation, or other reorganization in connection with which the Company does not survive (or does not survive as a public company in respect of its Ordinary Shares); any exchange of Ordinary Shares or other securities of the Company in connection with which the Company does not survive (or does not survive as a public company in respect of its Ordinary Shares); a sale of all or substantially all the business, shares or assets of the Company in connection with which the Company does not survive (or does not survive as a public company in respect of its Ordinary Shares); a dissolution of the Company; or any other event in which the Company does not survive (or does not survive as a public company in respect of its Ordinary Shares); then the Administrator may make provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding share-based awards or the cash, securities or property deliverable to the holder of any or all outstanding share-based awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to holders of the Ordinary Shares upon or in respect of such event. Upon the occurrence of any event described in the preceding sentence, then, unless the Administrator has made a provision for the substitution, assumption, exchange or other continuation or settlement of the award or the award would otherwise continue in accordance with its terms in the circumstances: (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall become fully vested, all restricted shares then outstanding shall fully vest free of restrictions, and each other award granted under this Plan that is then outstanding shall become payable to the holder of such award; and (2) each award shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is so accelerated may be made contingent upon the actual occurrence of the event).

Without limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any change in control event defined in any applicable award agreement, the Administrator may, in its discretion, provide for the accelerated vesting of any award or awards as and to the extent determined by the Administrator in the circumstances.

The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the exercise or base price of the award.

In any of the events referred to in this Section 7.2, the Administrator may take such action contemplated by this Section 7.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of the award if an event giving rise to an acceleration and/or termination does not occur.

~~Without limiting the generality of Section 3.3, any good faith determination by the Administrator pursuant to its authority under this Section 7.2 shall be conclusive and binding on all persons.~~

~~A-10~~

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~~7.3Other Acceleration Rules.~~ [MISSING IMAGE: tv515149_pc1.jpg]

Signature [PLEASE SIGN WITHIN BOX] Date Signature (Joint Owners) Date TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY E76160-P22407 For Against Abstain ! ! ! ! ! ! ! ! ! 2. Approval, on a non-binding, advisory basis, of the compensation of our named executive officers 3. Approval of the amendment and restatement of our bye-laws to delete obsolete provisions 1a. Frank J. Del Rio 1b. Chad A. Leat 1c. Steve Martinez 1. Election of Class III Directors The ~~Administrator may override~~Board of Directors recommends you vote FOR the ~~provisions~~following: The Board of ~~Section 7.2~~Directors recommends you vote FOR proposals 2, 3 and 4. NORWEGIAN CRUISE LINE HOLDINGS LTD. Nominees: Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by ~~express provision~~authorized officer. 1d. Pamela Thomas-Graham ! ! ! ! ! ! ! ! ! For Against Abstain For Against Abstain 4. Ratification of the appointment of PricewaterhouseCoopers ! ! ! LLP (“PwC”) as our independent registered public accounting firm for the year ending December 31, 2019 and the determination of PwC’s remuneration by our Audit Committee NORWEGIAN CRUISE LINE HOLDINGS LTD. 7665 CORPORATE CENTER DRIVE MIAMI, FL 33126 Vote 24 Hours a Day, 7 Days a Week by Internet, Telephone or Mail. VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Daylight Time the day before the meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Daylight Time the day before the meeting date. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the ~~award agreement and may accord any Eligible Person a right~~postage-paid envelope we have provided or return it to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any ISO accelerated in connection with an event referred to in Section 7.2 (or such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the accelerated portion of the option shall be exercisable as a nonqualified option under the Code.

~~7.4Discretion to Accelerate.~~ The Minimum Vesting Requirement shall not limit or restrict the Administrator’s discretion to accelerate the vesting of any award in circumstances it determines to be appropriate (whether in connection with a transaction, termination of employment or for any other reason).

~~OTHER PROVISIONS~~

~~8.1Compliance with Laws.~~ This Plan, the granting and vesting of awards under this Plan, the offer, issuance and delivery of Ordinary Shares, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable laws, rules and regulations (including but not limited to state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. The person acquiring any securities under this Plan will, if requested by the Company or one of its Subsidiaries, provide such assurances and representations to the Company or one of its Subsidiaries as the Administrator may deem necessary or desirable to assure compliance with all applicable legal and accounting requirements.

~~8.2No Rights to Award.~~ No person shall have any claim or rights to be granted an award (or additional awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary.

~~8.3No Employment/Service Contract.~~ Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Company or one of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Company or one of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement.

~~8.4Plan Not Funded.~~ Awards payable under this Plan shall be payable in shares or from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset (including Ordinary Shares, except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or one of its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company.

~~8.5Tax Withholding.~~ Upon any exercise, vesting, or payment of any award, or upon the disposition of Ordinary Shares acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, the Company or one of its Subsidiaries shall have the right at its option to:

~~(a)~~

require the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment of at least the minimum amount of any taxes which the Company or one of its Subsidiaries may be required to withhold with respect to such award event or payment; or

~~A-11~~Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

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~~(b)~~

~~deduct from any amount otherwise payable~~E76161-P22407 Important Notice Regarding the Availability of Proxy Materials for the Annual General Meeting to Be Held on June 13, 2019: Our Proxy Statement and our 2018 Annual Report to Shareholders are available electronically at www.nclhltdinvestor.com or at www.proxyvote.com. NORWEGIAN CRUISE LINE HOLDINGS LTD. PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 13, 2019 The undersigned hereby appoints Mark A. Kempa and Faye Ashby, and each of them, as proxies for the undersigned, each with full power of substitution and with the authority in ~~cash (whether related~~each to act in the ~~award or otherwise)~~absence of the other, to represent and to vote on behalf of the ~~participant (or~~undersigned all the ~~participant’s personal representative or beneficiary, as the case may be) the minimum amount~~ordinary shares of ~~any taxes~~Norwegian Cruise Line Holdings Ltd. which the ~~Company or one~~undersigned is entitled to vote if personally present at the Annual General Meeting of ~~its Subsidiaries may be required to withhold with respect to such award event or payment.~~

~~In any case where a tax is required~~Shareholders, to be withheld in connection with the delivery of Ordinary Shares under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rulesheld on June 13, 2019, and subject to such conditions as the Administrator may establish, that the Company reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy the minimum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the minimum whole number of shares required for tax withholding under applicable law to the extent the Company determines that withholding at any ~~greater level would result~~postponement or adjournment thereof, upon the proposals listed on the reverse side and all other matters coming before the meeting. The proposals listed on the reverse side are described in ~~an award otherwise classified~~the Proxy Statement for the Annual General Meeting of Shareholders, which is being furnished to all shareholders of record as ~~an equity award under ASC Topic 718 being classified as a liability award under ASC Topic 718.~~

~~8.6Effective Date, Termination and Suspension, Amendments.~~

~~8.6.1Effective Date.~~ ~~This Plan was originally effective as~~ of ~~January 7, 2013, the date of its original approval by the Board (the “Effective Date”). This amended version of this Plan is effective as of March 31, 2016, the date this amended version of this Plan was approved by the Board (the “Amendment Date~~”). This Plan shall be submitted for and subject to shareholder approval no later than twelve months after the Amendment Date. Unless earlier terminated by the Board and subject to any extension that may be approved by shareholders, this Plan shall terminate at the close of business on April 1, 2019. This proxy, when properly signed and returned, will be voted in the ~~day~~manner directed herein by the undersigned shareholder. If this proxy is properly signed and returned but no direction is given, this proxy will be voted “FOR” each of the nominees named in Proposal 1 and “FOR” each of Proposals 2, 3 and 4. Whether or not direction is made, each of the proxies is authorized to vote in his or her discretion on such other business as may properly come before the ~~tenth anniversary~~Annual General Meeting of the Amendment Date. After the termination of this Plan either upon such stated expiration date or its earlier termination by the Board, no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan.

~~8.6.2Board Authorization.~~ ~~The Board may, at any time, terminate or, from time to time, amend, modify or suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan.~~

~~8.6.3Shareholder Approval.~~ ~~To the extent then required by applicable law~~Shareholders or any ~~applicable listing agency~~postponement or ~~required under Sections 162, 422 or 424 of the Code~~adjournment thereof. YOUR VOTE IS IMPORTANT! PLEASE COMPLETE, DATE, SIGN AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE. IF YOU CHOOSE TO VOTE THESE ORDINARY SHARES BY TELEPHONE OR INTERNET, YOU DO NOT NEED TO RETURN THIS PROXY CARD. Continued and to ~~preserve the intended tax consequences of this Plan, or deemed necessary or advisable by the Board, any amendment to this Plan shall~~ be ~~subject to shareholder approval.~~

~~8.6.4Amendments to Awards.~~ Without limiting any other express authority of the Administrator under (but subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitationssigned on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment or other action that would constitute a repricing of an award is subject to the limitations set forth in Section 3.2.

~~8.6.5Limitations on Amendments to Plan and Awards.~~ No amendment, suspension or termination of this Plan or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the participant or obligations of the Company under any award granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.

~~8.7Privileges of Share Ownership.~~ Except as otherwise expressly authorized by the Administrator, a participant shall not be entitled to any privilege of share ownership as to any Ordinary Shares not actually delivered to and held of record by the participant. Except as expressly required by Section 7.1 or otherwise expressly provided by the Administrator, no adjustment will be made for dividends or other rights as a shareholder for which a record date is prior to such date of delivery.

~~A-12~~reverse side

~~TABLE OF CONTENTS~~

~~8.8Governing Law; Construction; Severability.~~

~~8.8.1Choice of Law.~~ ~~This Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with the laws of Bermuda.~~

~~8.8.2Severability.~~ ~~If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect.~~

~~8.8.3Plan Construction.~~

~~(a)~~

~~Rule 16b-3~~. It is the intent of the Company that the awards and transactions permitted by awards be interpreted in a manner that, in the case of participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum extent compatible with the express terms of the award, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. Notwithstanding the foregoing, the Company shall have no liability to any participant for Section 16 consequences of awards or events under awards if an award or event does not so qualify.

~~(b)~~

~~Section 162(m)~~. Options and SARs granted to employees of the Company or one of its Subsidiaries with an exercise or base price not less than the fair market value of an Ordinary Share at the date of grant that are approved by a committee composed solely of two or more outside directors (as this requirement is applied under Section 162(m) of the Code) shall be deemed to be intended as performance-based compensation within the meaning of Section 162(m) of the Code unless such committee provides otherwise at the time of grant of the award.

~~8.9Captions.~~ Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.

~~8.10Share-Based Awards in Substitution for Options or Awards Granted by Other Company.~~ Awards may be granted to Eligible Persons in substitution for or in connection with an assumption of employee options, SARs, restricted shares or other share-based awards granted by other entities to persons who are or who will become Eligible Persons in respect of the Company or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Company or one of its Subsidiaries, directly or indirectly, of all or a substantial part of the shares or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect only adjustments giving effect to the assumption or substitution consistent with the conversion applicable to the Ordinary Shares in the transaction and any change in the issuer of the security. Any shares that are delivered and any awards that are granted by, or become obligations of, the Company, as a result of the assumption by the Company of, or in substitution for, outstanding awards previously granted by an acquired company (or previously granted by a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Company or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted against the Share Limit or other limits on the number of shares available for issuance under this Plan.

~~8.11Non-Exclusivity of Plan.~~ Nothing in this Plan shall limit or be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to Ordinary Shares, under any other plan or authority.

~~8.12No Corporate Action Restriction.~~ The existence of this Plan, the award agreements and the awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Company or any Subsidiary, (b) any merger, amalgamation, consolidation or change in the ownership of the Company or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference shares ahead of or affecting the capital shares (or the rights thereof) of the Company or any Subsidiary, (d) any dissolution or liquidation of the Company or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Company or any Subsidiary, or (f) any other corporate act or proceeding by the Company or any

~~A-13~~

~~TABLE OF CONTENTS~~

Subsidiary. No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Company or any employees, officers or agents of the Company or any Subsidiary, as a result of any such action.

~~8.13Other Company Benefit and Compensation Programs.~~ Payments and other benefits received by a participant under an award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided by the Company or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or commitments under any other plans or arrangements of the Company or its Subsidiaries.

~~8.14Clawback Policy.~~ The awards granted under this Plan are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any Ordinary Shares or other cash or property received with respect to the awards (including any value received from a disposition of the shares acquired upon payment of the awards).

~~A-14~~

~~TABLE OF CONTENTS~~

		How to Vote in Advance
		Your vote is important. Please vote as soon as possible by one of the methods shown below. Be sure to have your proxy card, voting instruction form or Notice of Internet Availability of Proxy Materials in hand:
					By telephone — You can vote your shares by calling the number provided in your proxy card or voting instruction form
					By Internet — You can vote your shares online at www.proxyvote.com
					By mail — Complete, sign, date and return your proxy card or voting instruction form in the postage-paid envelope provided

~~Proposal~~	~~Board’s Voting~~ ~~Recommendation~~	~~Page~~ ~~Reference~~	~~2016 Annual~~ ~~General~~ ~~Meeting of~~ ~~Shareholders~~ ~~Time and date:~~ ~~May 19, 2016~~ ~~9:00 a.m. (Miami time)~~ ~~Place:~~ ~~Pullman Miami, 5800~~ ~~Blue Lagoon Drive,~~ ~~Miami, Florida 33126~~ ~~Record Date:~~ ~~March 14, 2016~~
~~1. Election of Class III directors~~	✓ ~~FOR~~ ~~EACH NOMINEE~~	16
~~2. Approval, on a non-binding, advisory basis, of the compensation of our named executive officers~~	✓ ~~FOR~~	55
3. Ratification of the appointment of PricewaterhouseCoopers LLP (“PwC”) as our independent registered certified public accounting firm for the year ending December 31, 2016 and the determination of PwC’s remuneration by the Audit Committee of the Board of Directors	✓ ~~FOR~~	57
~~4. Approval of an amendment to the Company’s 2013 Performance Incentive Plan (the “Plan”), including an increase in the number of shares availablefor grant under the Plan~~	✓ ~~FOR~~	60

	~~Current Number of Board Members~~			9
	~~Number of Independent Board Members~~			6
	~~Independent Board Chairman~~			~~Yes~~
	~~Fully Independent Committees~~			~~Yes~~
	~~Independent Directors Meet Regularly in Executive Session~~			~~Yes~~
	~~All Directors Attended at Least 75% of Meetings Held~~			~~Yes~~
	~~Shareholder Ability to Call Special Meetings~~			~~Yes~~
	~~Shareholder Ability to Act by Written Consent~~			~~Yes~~
	~~Majority Voting for Directors~~			~~Yes~~
	~~Board Risk Oversight~~			~~Yes~~
	~~Code of Conduct for Directors, Officers and Employees~~			~~Yes~~
	~~Annual Vote on Named Executive Officer Compensation~~			~~Yes~~
	~~Poison Pill~~			No

		~~Page~~
~~2015 SUMMARY COMPENSATION TABLE~~	DATE AND TIME	PLACE	RECORD DATE
	Thursday, June 13, 2019 9:00 a.m. (Eastern Time)	Pullman Miami 5800 Blue Lagoon Drive Miami, Florida 33126	April 1, 2019

				Travel, leisure & entertainment industries			5/10
				Executive leadership			9/10
				Global operations & strategy			6/10
				Financial			6/10
				Public company			5/10
				Maritime			3/10
				Sales & marketing			3/10

	PROXY SUMMARY	~~Page~~ 1
~~GENERAL INFORMATION~~					1

~~Who May Vote~~			1
~~Requirements to Attend the Annual General Meeting~~			2
~~How to Vote~~			2
~~How Your Shares Will Be Voted~~			3
~~Matters to be Presented~~			3
~~Quorum~~			4
~~Vote Necessary to Approve Proposals~~			4
~~Revoking a Proxy~~			4
~~Presentation of Financial Statements~~			5
~~Terms Used in this Proxy Statement~~			5
~~CORPORATE GOVERNANCE~~			6
~~Corporate Governance Guidelines~~			6
~~Director Independence~~			6
~~Committees of the Board and Meetings~~			6
~~Board Leadership Structure~~			9
~~Board Role in Risk Oversight~~			9
~~Family Relationships~~			10
~~Code of Ethics~~			10
~~Contacting Members of the Board of Directors~~			10
~~SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT~~			11
~~SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE~~			15
PROPOSAL 1 — ELECTION OF DIRECTORS			167
	General			167
	Directors Standing for Election			178
	Board Recommendation			1810
	Directors Continuing in Office			1811
~~DIRECTOR COMPENSATION~~
	CORPORATE GOVERNANCE	15
	Shareholder Engagement	15
	Governance and Compensation Enhancements	16
	Board Diversity	17
	Board of Directors	17
	Board Committees	18
	The Nomination Process	20
	Director Independence	21
	Board and Committee Evaluations	21
	Board Risk Oversight	22
	Our Culture	23
	Succession Planning	24
	Hedging, Pledging and Short Sale Prohibitions	24
	Code of Ethical Business Conduct	24
	Corporate Governance Materials	24
	Communicating with the Board	25

	DIRECTOR COMPENSATION	26
	2018 Director Compensation Program	26
	2018 Director Compensation	27

	PROPOSAL 2 — ADVISORY APPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS	29
	Board Recommendation	29

	EXECUTIVE COMPENSATION	30
	Compensation Discussion and Analysis	30

	COMPENSATION COMMITTEE REPORT	41

	EXECUTIVE COMPENSATION TABLES	42
	2018 Summary Compensation Table	42
	Grants of Plan-Based Awards in 2018 Table	44
	Outstanding Equity Awards at December 31, 2018 Table	46
	Option Exercises and Stock Vested in 2018 Table	47
	Employment Agreements for NEOs — Salary and Annual Cash Incentive Opportunity	48
	Potential Payments Upon Termination or Change in Control	49
	Compensation Committee Interlocks and Insider Participation	53

	Pay Ratio Disclosure	53
	Equity Compensation Plan Information	54

	PROPOSAL 3 — AMENDMENT AND RESTATEMENT OF BYE-LAWS	55
	Board Recommendation	55

	PROPOSAL 4 — RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	56
	Board Recommendation	56

	AUDIT COMMITTEE REPORT	57

	SHARE OWNERSHIP INFORMATION	58
	Security Ownership of Certain Beneficial Owners and Management	58
	Section 16(a) Beneficial Ownership Reporting Compliance	60

	CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS			2461
	Review and Approval of Related Party Transactions			2461
	Relationships and Transactions			2461
~~Transactions with Genting HK, Apollo and TPG~~
	24ABOUT THE ANNUAL GENERAL MEETING AND VOTING	62
	~~The Shareholders’ Agreement~~Who may vote?	62
	What do I do if I am a shareholder of record?	62
	What do I do if I am a beneficial owner?	62
	What are the requirements to attend the Annual General Meeting?	62
	How do I vote?	63
	How will my shares be voted?	64
	What matters will be presented?	64
	What constitutes a quorum?	64
	What is the vote required for proposals on the agenda?	65
	Can I revoke a proxy?	65
	Presentation of Financial Statements	66
	Terms Used in this Proxy Statement	66
	Solicitation of Proxies	66
	Delivery of Documents to Shareholders Sharing an Address	66
	Annual Report on Form 10-K	67
	Important Information and Dates Related to the 2020 Annual General Meeting	67

	25APPENDIX A — NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
~~EXECUTIVE COMPENSATION~~A-1

	30APPENDIX B — PROPOSED AMENDED AND RESTATED BYE-LAWS
~~Compensation Discussion and Analysis~~B-1			30
~~Executive Compensation Program Elements~~			34
~~Other Elements of Compensation~~			41
~~Compensation Committee Report~~			42
~~COMPENSATION OF EXECUTIVE OFFICERS~~			43

		43		BOARD RECOMMENDATION
	~~Description of Employment Agreements for Current NEOs — Salary and Annual Cash Bonus Opportunity~~		44Election of four Class III directors		FOR each director nominee
	~~GRANTS OF PLAN-BASED AWARDS IN 2015 TABLE~~		47Approval, on a non-binding, advisory basis, of the compensation of our named executive officers		FOR
	~~OUTSTANDING EQUITY AWARDS AT DECEMBER 31, 2015 TABLE~~		48Approval of amendment and restatement of our bye-laws to delete obsolete provisions		FOR
	~~OPTION EXERCISES AND STOCK VESTED IN 2015 TABLE~~		49
~~2015 NONQUALIFIED DEFERRED COMPENSATION TABLE~~ Ratification of the appointment of PricewaterhouseCoopers LLP (“PwC”) as our independent registered public accounting firm for the year ending December 31, 2019 and the determination of PwC’s remuneration by our Audit Committee		50
~~POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL~~		51
~~Estimated Severance and Change in Control Payments and Benefits~~ FOR		53
~~PROPOSAL 2 — ADVISORY APPROVAL OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS~~		55
~~Board Recommendation~~		56
~~PROPOSAL 3 — RATIFICATION OF PRINCIPAL INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM~~		57
~~Board Recommendation~~		58
~~AUDIT COMMITTEE REPORT~~		59
~~PROPOSAL 4 — AMENDMENT TO 2013 PERFORMANCE INCENTIVE PLAN~~		60
~~General~~		60
~~Key Features of the Plan~~		61
~~Summary Description of the Plan~~		61
~~U.S. Federal Income Tax Consequences of Awards Under the Plan~~		66
~~Specific Benefits Under the Plan~~		67
~~Potential Dilution~~		67
~~Aggregate Equity Awards Previously Granted Under the Plan~~		69
~~Equity Compensation Plan Information~~		70
~~Vote Required for Approval of Amendment to 2013 Performance Incentive Plan~~		71
~~Board Recommendation~~		71
~~DEADLINE FOR RECEIPT OF SHAREHOLDER PROPOSALS FOR THE 2017 ANNUAL GENERAL MEETING OF SHAREHOLDERS~~		72
~~SOLICITATION OF PROXIES~~		72
~~DELIVERY OF DOCUMENTS TO SHAREHOLDERS SHARING AN ADDRESS~~		73
~~ANNUAL REPORT ON FORM 10-K~~		73
~~APPENDIX A — PROPOSED AMENDED AND RESTATED 2013 PERFORMANCE INCENTIVE PLAN~~		~~A-1~~

				Independent Board chairperson
				Fully independent Board committees
				Focus on Board refreshment, with 3 of 10 directors appointed in the last 3 years
				Board is 30% female and 60% diverse
				Independent directors meet regularly in executive session
				All directors attended at least 75% of meetings held
				Shareholder ability to call special meetings
				Shareholder ability to act by written consent
				Majority voting for directors
				Robust Board risk oversight process
				Annual Board and committee self-evaluations
				Annual vote on named executive officer compensation
				Share ownership policy for directors and executive officers
				Comprehensive clawback policy
				Prohibition on hedging and short sales of NCLH securities by directors and senior officers
				Prohibition on pledging of NCLH shares by directors and senior officers(1)
				No poison pill

		IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL GENERAL MEETING TO BE HELD ON JUNE 13, 2019
		The Notice of Annual General Meeting of Shareholders, this Proxy Statement and our 2018 Annual Report are available on our website at www.nclhltdinvestor.com. The information that appears on our website is not part of, and is not incorporated by reference into, this Proxy Statement. You can also view these materials at www.proxyvote.com by using the 16-digit control number provided on your proxy card or Notice of Internet Availability of Proxy Materials (the “Notice of Internet Availability”).
					As permitted by the U.S. Securities and Exchange Commission (“SEC”), we are furnishing proxy materials to our shareholders primarily over the Internet. We believe that this process expedites shareholders’ receipt of these materials, lowers the costs of our Annual General Meeting and reduces the environmental impact of mailing printed copies.
		We are mailing to each of our shareholders, other than those who previously requested electronic or paper delivery, a Notice of Internet Availability containing instructions on how to access and review the proxy materials, including the Notice of Annual General Meeting of Shareholders, this Proxy Statement and our 2018 Annual Report, on the Internet. The Notice of Internet Availability also contains instructions on how to receive a paper copy of the proxy materials and a proxy card or voting instruction form. If you received a Notice of Internet Availability by mail or our proxy materials by e-mail, you will not receive a printed copy of the proxy materials unless you request one. If you received paper copies of our proxy materials, you may also view these materials on our website at www.nclhltdinvestor.com or at www.proxyvote.com.

	FRANK J. DEL RIO President and Chief Executive Officer of our Company			Mr. Del Rio brings his extensive knowledge of the cruise industry, entrepreneurial spirit and command of the day-to-day operations of our Company to our Board. He has served as an executive in the cruise industry for over 25 years and was responsible for the successful integration of our Company and Prestige. Under his leadership, our Company has grown to a fleet of 26 ships and has achieved significant milestones including the successful introduction of five new vessels to our fleet and the introduction of our latest private island destination, Harvest Caye, Belize. During his time at the helm of our Company, we also ordered additional ships for our fleet, bringing the total on order to eleven, and broke ground on a new, dedicated terminal for our Company at PortMiami. Mr. Del Rio was appointed to the Board pursuant to his employment agreement and provides a vital link between our Board and our management team. Experience • President and Chief Executive Officer, NCLH: January 2015 – Present • Founder, Oceania Cruises and Chief Executive Officer, Prestige (or its predecessor): October 2002 – September 2016 • Co-Chief Executive Officer, Executive Vice President and Chief Financial Officer, Renaissance Cruises: 1993 to April 2001 Education • B.S. in Accounting, University of Florida
	Age: 64 Director Since: August 2015 Favorite Destination: Capri

	CHAD A. LEAT Former Vice Chairman of Global Banking, Citigroup Inc.			Mr. Leat brings to our Board financial and strategic expertise from his nearly 30-year career on Wall Street in capital markets and banking. His significant tenure as an executive with global responsibilities and related risk-oversight responsibilities informs his work as the Chairperson of our Audit Committee. His extensive knowledge of finance provides him with unique insights to our Company’s strategic planning and finances. Additionally, his position on other audit committees enhances his understanding of accounting, internal controls and procedures for financial reporting, risk management oversight and other audit committee functions. Experience • Retired in 2013 as Vice Chairman of Global Investment Banking, Citigroup Inc. • Global Head of Loans and Leveraged Finance, Citigroup Inc.: 1998 until 2005 • Joined Salomon Brothers in 1997 as a partner in High Yield Capital Markets, which became Citigroup Inc. in 1998 • Began his career on Wall Street at The Chase Manhattan Corporation in its Capital Markets Group in 1985 where he ultimately became the head of its Syndications, Structured Sales and Loan Trading businesses Current Public Company Boards • Chairman of the Audit Committee, TPG Pace Holdings Corp. (NYSE:TPGH) Past Public Company Boards • Chairman of the Audit Committee, TPG Pace Energy Holdings Corp. • Chairman of the Audit Committee, Pace Holdings Corp. • Global Indemnity plc Current Private Company Boards • Chairman, MidCap Financial, PLC, a middle-market direct commercial lending business • Chairman, J. Crew Operating Corp. Past Private Company Boards • Chairman of the Audit Committee, BAWAG P.S.K. • Chairman, HealthEngine LLC Education • B.S., University of Kansas
	Age: 63 Director Since: November 2015 Independent Director Committees: • Audit (Chair) • Compensation Favorite Destination: Cuba

	STEVE MARTINEZ Senior Partner, Private Equity and Head of Asia Pacific, Apollo			Mr. Martinez provides our Board with insights gained throughout his over 20-year career analyzing and investing in public and private companies. Through his tenure on our Board and participation in the diligence of Apollo’s prior investments in both our Company and Prestige, Mr. Martinez has gained a significant understanding of the cruise industry and the fundamentals of our operations. He also has significant experience serving on other boards. Experience • Senior Partner, Private Equity and Head of Asia Pacific, Apollo, one of the world’s largest alternative investment managers: 2000 – Present • Member of the Mergers and Acquisitions department, Goldman, Sachs & Co., with responsibilities in merger structure negotiation and financing • Bain & Company Tokyo, advised U.S. corporations on corporate strategies in Japan Past Public Company Boards • Rexnord Corporation • Hughes Telematics • Goodman Global • Allied Waste Industries • Hayes-Lemmerz International Current Private Company Boards • Ventia Services Group Pty Limited, an Australian operations and facilities management services company • Clix Capital, an India-based financial services firm • Veritable Maritime, an owner of crude oil tankers Past Company Boards • Nine Entertainment Corporation, an Australia-based television broadcast and media company • Jacuzzi Brands • Prestige (prior to the Acquisition) Education • M.B.A., Harvard Business School • B.A., University of Pennsylvania • B.S., Wharton School of Business, University of Pennsylvania
	Age: 50 Director Since: January 2008 Favorite Destination: Mediterranean

	PAMELA THOMAS-GRAHAM Founder and Chief Executive Officer, Dandelion Chandelier LLC			Ms. Thomas-Graham provides our Board with experience cultivated over 20 years of serving in executive leadership roles. She also offers expertise in marketing, brand management and human capital development. From her significant tenure as a public company director, she is also able to share with our Board insights gained from her experience overseeing corporate governance, financial reporting and controls, risk management, business strategies and operations of other companies. Ms. Thomas-Graham was identified for consideration by our Nominating and Governance Committee to serve as a director through an independent director on our Board. Experience • Founder and Chief Executive Officer, Dandelion Chandelier LLC, a private digital media enterprise focused on global luxury: August 2016 – Present • Chair, New Markets, Credit Suisse Group AG, a global financial services company: October 2015 to June 2016 • Chief Marketing and Talent Officer, Head of Private Banking & Wealth Management New Markets, and member of the Executive Board, Credit Suisse: January 2010 to October 2015 • Managing director in the private equity group at Angelo, Gordon & Co.: 2008 to 2009 • Group President, Liz Claiborne, Inc.: 2005 to 2007 • Chairman, President, and Chief Executive Officer, CNBC: 2001 to 2005 • Executive Vice President, NBCUniversal • President and Chief Executive Officer, CNBC.com • Began her career at McKinsey & Company, a global consulting firm, in 1989, and became the firm’s first African-American female partner in 1995 Current Public Company Boards • The Clorox Company (NYSE: CLX), Lead Independent Director and member of the Nominating Corporate Governance and Corporate Responsibility Committee • The Bank of N.T. Butterfield & Son Limited (NYSE: NTB), member of Audit and Nominating and Governance Committees Current Private Company Boards • Peloton Interactive, Inc. Education • J.D., Harvard University • M.B.A., Harvard University • B.A. in Economics, Harvard University
	Age: 55 Director Since: April 2018 Independent Director Committees: • Audit • TESS Favorite Destination: Alaska

	DAVID M. ABRAMS Head of Investments and Strategy, Harris Blitzer Sports and Entertainment			Mr. Abrams shares over 20 years of experience in sports and entertainment, private equity, finance and investment banking with our Board. His expertise includes developing new businesses, financial strategy and the credit markets. Experience • Head of Investments and Strategy, Harris Blitzer Sports and Entertainment, which owns the Philadelphia 76ers, the New Jersey Devils, the Prudential Center and esports franchise, Dignitas: January 2019 – Present • Senior Managing Director, Cerberus European Capital Advisors, LLP, a private investment firm: January 2016 to March 2018 • Partner, Apollo, and founder of the Apollo European Principal Finance Fund franchise, which he ran from 2007 until 2015 • Controlling shareholder of Keemotion SPRL, a leading sports technology company with operations in the U.S. and Europe: January 2015 – Present • Co-Managing Partner of the Scranton/Wilkes-Barre RailRiders, the AAA-Affiliate of the New York Yankees: November 2014 – Present • Managing Director, Leveraged Finance Group, Credit Suisse, based in London and New York: 1996 through 2007 • Founder and Head of the Specialty Finance Investment business, Credit Suisse, which included investing in non-performing loans portfolios and distressed assets: 2004 through 2007 • Founding member and Co-Head, Global Distressed Sales and Trading Group, Credit Suisse (and its predecessor Donaldson, Lufkin & Jenrette, Inc.): 1996 through 2004 • Associate/Vice President, Argosy Group, a boutique corporate restructuring firm • Analyst, Investment Banking Division, Bear Stearns & Co.: 1989 Current Private Company Boards • Keemotion SPRL Education • B.S. in Economics, Wharton School of Business, University of Pennsylvania
	Age: 52 Director Since: April 2014 Independent Director Committees: • Nominating & Governance (Chair) Favorite Destination: Hawaii

	JOHN W. CHIDSEY Former Chairman and Chief Executive Officer, Burger King			Mr. Chidsey contributes an in-depth understanding of the opportunities and demands of running a multi-national corporation to our Board. Through his legal, finance and accounting background and his leadership roles at Burger King and Cendant, he developed skills that provide insight into the unique logistical demands of the cruise industry. His experience with public company leadership roles helps him align our Board with what our shareholders value most. Experience • Burger King Holdings, Inc., Chief Executive Officer: April 2006 – October 2010 • Burger King Holdings, Inc., President and Chief Financial Officer: September 2005 – April 2006 • Burger King Holdings, Inc., President, North America: June 2004 – September 2005 • Burger King Holdings, Inc., Executive Vice President, Chief Administrative and Financial Officer: March 2004 – June 2004 • Cendant: Chairman and Chief Executive Officer of the Vehicle Services Division, a $5.9 billion division, which included Avis Rent A Car, Budget Rent A Car Systems, PHH and Wright Express, and the Financial Services Division, a $1.4 billion division, which included Jackson Hewitt; Senior Vice President, Preferred Alliances: 1996 – 2003 • Pepsi (beginning 1992): various senior leadership roles including Director of Finance, Pepsi-Cola Eastern Europe; Chief Financial Officer, PepsiCo World Trading Co., Inc. Current Public Company Boards • Brinker International Inc. (NYSE: EAT) • Encompass Health Corporation (formerly HealthSouth) (NYSE: EHC) Past Public Company Boards • Burger King Holdings, Inc., Chairman of the Board Current Private Company Boards • TopTech Holdings, LLC (executive board member), a provider of a comprehensive, cloud-based technology platform • Instawares Holding Company • Talon Aerolytics Current Academic Boards • Board of Trustees, Davidson College Education • M.B.A. in Finance and Accounting, Emory University • J.D., Emory University • B.A., Davidson College
	Age: 56 Director Since: April 2013 Independent Director Committees: • Compensation (Chair) • Audit Favorite Destination: Scandinavia

	RUSSELL W. GALBUT Managing Principal, Crescent Heights			For over 33 years, Mr. Galbut has been active in the urban mixed-use real estate sector, which has included fostering relationships with complementary retail, hospitality, and food and beverage brands. Mr. Galbut provides our Board with unique insights into complex development projects such as our new facility at PortMiami, private island destinations, port development projects and design and hotel operations for our newbuild ships. Experience • Managing Principal, Crescent Heights, a leading urban real estate firm, specializing in the development, ownership, and operation of architecturally distinctive, mixed-use high-rises in major cities across the United States: 1989 – Present Current Academic Boards • The Dean’s Advisory Board, Cornell University School of Hotel Administration Past Private Company Boards • Prestige (prior to the Acquisition) Education • J.D., University of Miami School of Law • Degree in Hotel Administration, Cornell University School of Hotel Administration
	Age: 66 Chairperson of our Board Director Since: November 2015 Independent Director Committees: • Compensation Favorite Destination: Alaska

	ADAM M. ARON Chief Executive Officer and President, AMC Entertainment Holdings, Inc.			Mr. Aron has 39 years of experience managing companies operating in the travel, leisure and entertainment industries. He provides our Board with, among other skills, valuable insight and perspective on the travel and leisure operations of our Company. Experience • Chief Executive Officer and President, AMC Entertainment Holdings, Inc., a theatrical exhibition company: January 2016 – Present • Chief Executive Officer, Starwood Hotels and Resorts Worldwide, Inc., on an interim basis: February 2015 – December 2015 • Chairman and Chief Executive Officer, World Leisure Partners, Inc., a personal consultancy for travel and tourism, high-end real estate development and professional sports: since 2006 • Chief Executive Officer, Philadelphia 76ers: 2011 to 2013 • Chief Executive Officer, Vail Resorts, Inc.: 1996 to 2006 • President and Chief Executive Officer, Norwegian Cruise Line: 1993 to 1996 • Senior Vice President, Marketing, United Airlines: 1990 to 1993 • Senior Vice President, Marketing, Hyatt Hotels Corporation: 1987 to 1990 Current Public Company Boards • AMC Entertainment Holdings, Inc. (NYSE: AMC) Past Public Company Boards • Starwood Hotels and Resorts Worldwide, Inc.: August 2006 – December 2015 • Vail Resorts, Inc., Chairman: 1996 – 2006 Current Advisory Boards • The Council on Foreign Relations Past Private Company Boards and Organizations • Prestige (prior to the Acquisition) • Young Presidents’ Organization • Business Executives for National Security Education • M.B.A., Harvard Business School • B.A., Harvard College
	Age: 64 Director Since: January 2008 Favorite Destination: Portofino

	STELLA DAVID Former Chief Executive Officer, William Grant & Sons Limited			Ms. David has extensive experience running multi-national corporations and has significant expertise in marketing and branding. As the leader of William Grant & Sons Limited, she was responsible for the significant growth of the business, in particular their premium and luxury brands, and for leading the company’s expansion into new markets. In addition, Ms. David also has extensive experience as a director and is able to share the knowledge she has gained regarding corporate governance and risk management with our Board. Experience • Interim Chief Executive Officer, C&J Clark Limited, an international shoe manufacturer and retailer: June 2018 – April 2019 • Chief Executive Officer, William Grant & Sons Limited, an international spirits company: August 2009 until March 2016 • Various positions at Bacardi Ltd. over a fifteen-year period, including Senior Vice President and Chief Marketing Officer: 2005 through 2009; and Chief Executive Officer of the U.K., Irish, Dutch and African business: 1999 to 2004 Current Private Company Boards • Bacardi Limited: June 2016 – Present • C&J Clark Limited: March 2012 – Present • HomeServe Plc: November 2010 – Present Past Company Boards • Nationwide Building Society: 2003 to 2010 Education • Degree in Engineering, Cambridge University
	Age: 56 Director Since: January 2017 Independent Director Committees: • Nominating & Governance • TESS Favorite Destination: The next cruise I take.

	MARY E. LANDRY Former U.S. Coast Guard Rear Admiral			Ms. Landry developed a strong background in marine safety, risk management and government policy over the course of her 35-year career with the U.S. government, including service on the White House National Security Council and active duty in the U.S. Coast Guard. She brings expertise regarding the maritime operations of our Company and deep insight into our risk mitigation, preparedness, resilience and cybersecurity strategies to our Board. Experience • White House National Security Council, Special Assistant to the President and Senior Director for Resilience Policy: 2013 – 2014 • Various active duty positions with the U.S. Coast Guard, including: Director, Incident Management Preparedness Policy: 2012 – 2015; Commander, Eighth Coast Guard District: 2009 – 2011, where she oversaw operations for a region including 26 states with over 10,000 active, reserve, civilian, and auxiliary personnel under her command; Director of Governmental and Public Affairs: 2007 – 2009; various tours from 1980 – 2007, which culminated in her advancement to Rear Admiral Current Industry Boards • United States Automobile Association (USAA) • SCORE Association Education • National Security Fellowship, Harvard University • M.A. in Marine Affairs, University of Rhode Island • M.A. in Management, Webster University • B.A. in English, University of Buffalo • National Association of Corporate Directors, Board Leadership Fellow • Holds the CERT Certificate in Cybersecurity Oversight
	Age: 62 Director Since: June 2018 Independent Director Committees: • TESS (Chair) • Nominating & Governance Favorite Destination: Mediterranean

Chairperson: Russell W. Galbut Number of Board Meetings in 2018 Board and Committee Meeting Attendance Annual General Meeting Attendance	Our Board believes its current leadership structure best serves the objectives of our Board’s oversight of management, our Board’s ability to carry out its roles and responsibilities on behalf of our shareholders, and our overall corporate governance. Our Board and each of its committees are currently led by independent directors, with our President and Chief Executive Officer separately serving as a member of our Board. Our Board believes that participation of our President and Chief Executive Officer as a director, while keeping the roles of President and Chief Executive Officer and Chairperson of the Board separate, provides the proper balance between independence and management participation at this time. By having a separate Chairperson of the Board, we maintain an independent perspective on our business affairs, and at the same time, through the President and Chief Executive Officer’s participation as a director, our Board maintains a strong link between management and our Board. We believe this leadership structure promotes clear communication, enhances strategic planning, and improves implementation of corporate strategies. Our current leadership structure is:

	• Frank J. Del Rio	President, Chief Executive Officer and Director
	• Russell W. Galbut*	Chairperson of the Board
	• Chad A. Leat*	Chairperson of the Audit Committee
	• John W. Chidsey*	Chairperson of the Compensation Committee
	• David M. Abrams*	Chairperson of the Nominating and Governance Committee
	• Mary E. Landry*	Chairperson of the TESS Committee
	* Independent Director Our Board periodically reviews the leadership structure of our Board and may make changes in the future.

~~Name~~	Chairperson: Russell W. Galbut Number of Board Meetings in 2018 Board and Committee Meeting Attendance Annual General Meeting Attendance		~~Title~~Our Board believes its current leadership structure best serves the objectives of our Board’s oversight of management, our Board’s ability to carry out its roles and responsibilities on behalf of our shareholders, and our overall corporate governance. Our Board and each of its committees are currently led by independent directors, with our President and Chief Executive Officer separately serving as a member of our Board. Our Board believes that participation of our President and Chief Executive Officer as a director, while keeping the roles of President and Chief Executive Officer and Chairperson of the Board separate, provides the proper balance between independence and management participation at this time. By having a separate Chairperson of the Board, we maintain an independent perspective on our business affairs, and at the same time, through the President and Chief Executive Officer’s participation as a director, our Board maintains a strong link between management and our Board. We believe this leadership structure promotes clear communication, enhances strategic planning, and improves implementation of corporate strategies. Our current leadership structure is:

			• Frank J. Del Rio	President, Chief Executive Officer and Director
		~~Walter L. Revell~~	• Russell W. Galbut*	~~Chairman~~Chairperson of the Board
			• Chad A. ~~Leat~~Leat*	~~Chairman~~Chairperson of the Audit Committee
			• John W. ~~Chidsey~~Chidsey*	~~Chairman~~Chairperson of the Compensation Committee
			• David M. ~~Abrams~~Abrams*	~~Chairman~~Chairperson of the Nominating and Governance Committee
			• Mary E. Landry*	Chairperson of the TESS Committee
			* Independent Director Our Board periodically reviews the leadership structure of our Board and may make changes in the future.

	Ordinary Shares Beneficially Owned
Name and Address (1)	Number		Percent
Apollo Holders(2)		36,103,782		15.9%
Star NCLC(3)		25,398,307		11.2%
T. Rowe Price Associates, Inc.(4)		20,140,661		8.9%
TPG Viking Funds(5)		5,329,834		2.3%
Steve Martinez(6)		—		—
Adam M. Aron		2,167		*
David M. Abrams		2,066		*
John W. Chidsey		8,287		*
Walter L. Revell		12,666		*
F. Robert Salerno		6,543		*
Chad A. Leat		5,000		*
Russell W. Galbut		420,697		*
Frank J. Del Rio(7)		703,490		*
Kevin M. Sheehan(8)		1,083,094		*
Wendy A. Beck(9)		481,588		*
Andrew Stuart(10)		491,351		*
Jason M. Montague(11)		65,805		*
Robert Binder		—		—
All current directors and current executive officers as a group (16 persons)(12)		2,331,034		1.0%

	Chairperson: John W. Chidsey	~~Percentage Ownership~~ Number of Meetings in ~~Genting HK~~			2018
~~Golden Hope Limited (“GHL”)~~Other Committee Members ~~(a)~~• Galbut • Leat		Compensation Committee			Primary Responsibilities The principal duties and responsibilities of our Compensation Committee are to: • provide oversight of the planning, design and implementation of our overall compensation and benefits strategies and to approve (or recommend that our Board approve) changes to our executive compensation plans, incentive compensation plans, equity-based plans and benefits plans;	~~53.67~~ %•	establish and administer incentive compensation, benefit and equity-related plans;	• establish corporate goals, objectives, salaries, incentives and other forms of compensation for our President and Chief Executive Officer and our other executive officers;
~~Genting Malaysia Berhad~~• provide oversight of and review the performance of our President and Chief Executive Officer and other executive officers; and • review and make recommendations to our Board with respect to the compensation and benefits of our non-employee directors. Our Compensation Committee is also responsible for reviewing the “Compensation Discussion and Analysis” and for preparing the Compensation Committee Report included in this Proxy Statement. Our Compensation Committee considers recommendations of our President and Chief Executive Officer in reviewing and determining the compensation, including equity awards, of our other executive officers. In addition, our Compensation Committee has the power to appoint and delegate matters to a subcommittee comprised of at least one member of our Compensation Committee. Our Compensation Committee does not currently intend to delegate any of its responsibilities to a subcommittee. Our Compensation Committee is authorized to retain compensation consultants to assist in the review and analysis of the compensation of our executive officers. As further described under “Executive Compensation — Compensation Discussion and Analysis”, our Compensation Committee engaged Frederic W. Cook & Co., Inc. (“~~GENM”~~FW Cook”)~~(b)~~ to advise it regarding the amount and types of compensation that we provide to our executive officers, how our compensation practices compared to the compensation practices of other companies and to advise on matters related to our incentive compensation structures. Our Compensation Committee has assessed the independence of FW Cook and concluded that its engagement of FW Cook did not raise any conflict of interest.			~~16.87~~%	Independence All Compensation Committee members are considered independent under applicable NYSE rules and satisfy the additional independence requirements specific to Compensation Committee membership under the NYSE listing standards.

	Chairperson: Mary E. Landry New for 2019 Other Committee Members • David • Thomas-Graham			~~Current Term Expiration Date~~		TESS Committee
~~Class I~~	Primary Responsibilities The principal duties and responsibilities of our TESS Committee are to: • oversee matters, initiatives, reporting and public communications related to corporate social responsibility and sustainability;	• oversee our programs and policies related to technology and innovation, cybersecurity, data protection and privacy; and	~~David M. Abrams ♦~~ • ~~John W. Chidsey ♦~~ ~~Russell W. Galbut ♦~~	oversee our policies regarding safety, security, environmental and climate-related matters.	~~2017 Annual General Meeting~~
~~Class II~~			~~Adam M. Aron~~ ~~F. Robert Salerno ♦~~ ~~Walter L. Revell ♦~~		~~2018 Annual General Meeting~~
~~Class III~~			~~Steve Martinez~~ ~~Frank J. Del Rio~~ ~~Chad A. Leat ♦~~		~~2016 Annual General Meeting~~ Independence All TESS Committee members are considered independent under applicable NYSE rules.

Type of Retainer or Fee	Amount
Annual Retainer		$	100,000
Out-of-Country Meeting Attendance		$	10,000(1)
Chairperson of the Board		$	50,000
Chairperson of the Audit Committee		$	30,000
Chairperson of the Compensation Committee		$	20,000
Chairperson of the Nominating and Governance Committee		$	20,000
Chairperson of the TESS Committee		$	20,000
Audit Committee Member Retainer(2)		$	15,000

Name(1)	Fees Earned or Paid in Cash ($)		Stock Awards ($)(2)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total ($)
Walter L. Revell		144,222		99,938		—		—		—		—		244,160
John W. Chidsey		108,679		74,954		—		—		—		—		183,633
Tan Sri Lim Kok Thay(3)		—		—		—		—		—		—		—
David Chua Ming Huat(4)		—		—		—		—		—		—		—
Steve Martinez		—		—		—		—		—		—		—
Adam M. Aron		—		—		—		—		—		—		—
Karl Peterson(5)		—		—		—		—		—		—		—
Kevin Crowe(6)		—		—		—		—		—		—		—
F. Robert Salerno		153,679		49,969		—		—		—		—		203,648
Robert Seminara(7)		—		—		—		—		—		—		—
David M. Abrams		70,000		120,758		—		—		—		—		190,758
Russell W. Galbut		13,859		—		—		—		—		—		13,859
Chad A. Leat		18,016		—		—		—		—		—		18,016
Kevin C. Jones(8)		—		—		—		—		—		—		—
Blondel So King Tak(9)		—		—		—		—		—		—		—

Name(1)	Fees Earned or Paid in Cash ($)		Stock Awards ($)(2)(3)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)	All Other Compensation ($)	Total ($)
David M. Abrams(4)		120,000	139,983	—	—	—	—	259,983
Adam M. Aron		120,000	139,983	—	—	—	—	259,983
John W. Chidsey(4)		165,000	139,983	—	—	—	—	304,983
Stella David(4)		100,000	139,983	—	—	—	—	239,983
Russell W. Galbut(4)		156,511	139,983	—	—	—	—	296,494
Mary E. Landry		63,022	81,658	—	—	—	—	144,680
Chad A. Leat(4)		160,000	139,983	—	—	—	—	299,983
Steve Martinez		—	—	—	—	—	—	—
Walter L. Revell		87,967	274,949	—	—	—	—	362,916
Pamela Thomas-Graham		99,299	104,988	—	—	—	—	204,287

Name	Unvested RSUs		Unvested Restricted Shares
David M. Abrams		4,366	429
Adam M. Aron		2,547	—
John W. Chidsey		4,366	—
Stella David		4,366	—
Russell W. Galbut		4,366	—
Mary E. Landry		1,541	—
Chad A. Leat		4,366	—
Steve Martinez		—	—
Walter L. Revell		—	—
Pamela Thomas-Graham		1,850	—

	2015
Name	Percentage of Adjusted EPS and Adjusted ROIC Goal Achieved		Adjusted EPS Payout (% of Base Salary)		Adjusted ROIC Payout (% of Base Salary)		Total Maximum Annual Cash Bonus (% of Base Salary)
Frank J. Del Rio		95%		40%		10%		50%
		100%		80%		20%		100%
		102.5%		130%		20%		150%
		105%		180%		20%		200%
Wendy A. Beck		95%		30%		7.5%		37.5%
		100%		60%		15%		75%
		102.5%		97.5%		15%		112.5%
		105%		135%		15%		150%
Andrew Stuart		95%		30%		7.5%		37.5%
		100%		60%		15%		75%
		102.5%		97.5%		15%		112.5%
		105%		135%		15%		150%
Jason M. Montague		95%		30%		7.5%		37.5%
		100%		60%		15%		75%
		102.5%		97.5%		15%		112.5%
		105%		135%		15%		150%
Robert Binder		95%		30%		7.5%		37.5%
		100%		60%		15%		75%
		102.5%		97.5%		15%		112.5%
		105%		135%		15%		150%

Name	Auto ($)(1)		Contributions to SERP ($)(2)		Contributions to SMRSP ($)(3)		401(k) Employer Match ($)(4)		MERP Premium ($)(5)		Severance ($)(6)		Accrued Vacation Payout ($)(7)		CEO Benefits ($)(8)		Other Benefits ($)(9)		Total ($)
Frank J. Del Rio		24,000		—		—		12,975		8,688		—		—		82,000		12,988		140,651
Kevin M. Sheehan		592		—		—		12,571		50,573		3,255,000		299,984		—		1,073		3,619,793
Wendy A. Beck		14,400		—		—		—		12,996		—		—		—		2,196		29,592
Andrew Stuart		17,388		106,900		11,575		12,975		12,996		—		—		—		2,274		164,108
Jason M. Montague		18,000		—		—		12,975		12,996		—		—		—		3,950		47,921
Robert Binder		—		—		—		—		—		—		—		—		22,506		22,506

Name	Grant Date		Compensation Committee Approval Date (If Different than Grant Date)		Estimated Potential Payouts Under Non-Equity Incentive Plan Awards(1)						Estimated Future Payouts Under Equity Incentive Plan Awards		All Other Stock Awards: Number of Shares of Stock or Units(3)		All Other Option Awards: Number of Securities Underlying Options(4)		Exercise or Base Price of Option Awards		Grant Date Fair Value of Stock and Option Awards(5)
Name	Grant Date				Threshold ($)		Target ($)		Maximum ($)		Target (#)		(#)		(#)		($/Sh)		($)
Frank J. Del Rio(6)
2015 Annual Cash Bonus		1/1/2015		—		918,750		1,837,500		3,675,000		—		—		—		—		—
Option Awards – Time-based		8/4/2015		—		—		—		—		—		—		625,000		59.43		15,175,000
Option Awards – Share Appreciation		8/4/2015		—		—		—		—		208,333(2)		—		—		59.43		2,577,083
RSU Awards – Time-based		8/4/2015		—		—		—		—		—		150,000		—		—		8,914,500
PSU Awards – Share Appreciation		8/4/2015		—		—		—		—		50,000(2)		—		—		—		1,361,815
Wendy A. Beck
2015 Annual Cash Bonus		1/1/2015		—		234,318		468,637		937,274		—		—		—		—		—
Option Awards		7/1/2015		4/28/2015		—		—		—		—		—		50,000		56.19		1,018,385
Andrew Stuart
2015 Annual Cash Bonus		1/1/2015		—		235,437		470,875		941,749		—		—		—		—		—
Option Awards		4/28/2015		—		—		—		—		—		—		100,000		50.17		2,030,533
Jason M. Montague
2015 Annual Cash Bonus		1/1/2015		—		243,750		487,500		975,000		—		—		—		—		—
Option Awards		2/2/2015		—		—		—		—		—		—		60,000		43.76		1,161,548
Option Awards		7/1/2015		4/28/2015		—		—		—		—		—		50,000		56.19		1,018,385
Robert Binder
2015 Annual Cash Bonus		1/1/2015		—		47,260		94,521		189,041		—		—		—		—		—

Name	Plan Name		Executive Contributions in FY 2015 ($)		Registrant Contributions in FY 2015 ($)(1)		Aggregate Earnings in FY 2015 ($)(2)		Aggregate Withdrawals/ Distributions ($)(3)		Aggregate Balance at End FY 2015 ($)
Andrew Stuart		SERP		—		106,900		5,754		106,900		441,641
Andrew Stuart		SMRSP		—		11,575		1,119		11,575		85,870

Name	Voluntarily Termination or Termination for Cause ($)	Death, Disability or Retirement ($)		Termination Without Cause or Good Reason ($)		Change in Control Termination ($)
Frank J. Del Rio
Severance Payment	—		—		9,253,799		—
Insurance Continuation	—		—		30,181		—
Equity Acceleration	—		2,197,500(2)		17,580,000(1)		—
Miscellaneous Benefit Continuation	—		—		148,000		—
Gross-Up Payment	—		—		—		—
Wendy A. Beck
Severance Payment	—		—		1,783,595		1,783,595
Insurance Continuation	—		—		31,425		31,425
Equity Acceleration	—		—		—		1,612,750(3)

	Total Fees Year Ended December 31,
	2015			2014(1)
	(in thousands)
Audit fees		$	5,155		$	4,311
Audit-related fees			1,336			2,007
Tax fees			264			459
All other fees			2			2
Total		$	6,757		$	6,779