Form 4: Carnival Corp CEO Joshua Weinstein Receives Stock Grant

Carnival Corporation's CEO, Joshua Weinstein, was granted restricted stock units (RSUs) under the company's 2020 Stock Plan.

Summary

• Joshua Weinstein, CEO of Carnival Corporation, received a grant of 168,119 restricted stock units (RSUs) on April 8, 2024.
• The RSUs were granted under the Carnival Corporation 2020 Stock Plan.
• Each RSU represents a hypothetical interest in one share of Carnival Corporation common stock.
• The RSUs will vest on a 3-year pro-rata basis in April 2025, 2026, and 2027.
• The RSUs will accumulate dividend equivalents and may only be settled in shares.
• The grant was approved by the Compensation Committees as a total value to be received in the form of RSUs.
• The number of RSUs was determined by dividing the grant value by the average of the closing prices of a share of Carnival Corporation common stock over a 10-business day period ending on the date of grant, then rounding down to the nearest whole share.
• Following the reported transaction, Weinstein beneficially owns 540,494.228 shares of common stock.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. It's a neutral-positive event.

Positives

• The grant of RSUs aligns the CEO's interests with those of the shareholders.
• The vesting schedule encourages long-term performance.

Future Outlook

The RSUs will vest over the next three years, incentivizing the CEO to drive long-term value for the company.

Industry Context

Stock grants are a common form of executive compensation in the cruise line industry, aligning management's interests with those of shareholders.

Comparison to Industry Standards

• Executive compensation packages, including stock grants, are common across the S&P 500 and similar companies such as Royal Caribbean Cruises and Norwegian Cruise Line Holdings.
• The vesting schedule of three years is a typical timeframe for RSU grants.

Stakeholder Impact

• Shareholders: The RSU grant aligns the CEO's interests with shareholder value creation.
• Employees: The grant could boost employee morale by demonstrating confidence in the company's leadership.

Key Dates