Form 4: Carnival PLC: CFO & CAO David Bernstein Reports Acquisition of Trust Shares and Restricted Stock Units

David Bernstein, CFO & CAO of Carnival PLC, reports the acquisition of trust shares and time-based restricted stock units (TBS RSUs) related to Carnival Corporation common stock.

Summary

• David Bernstein, the CFO & CAO of Carnival PLC, filed a Form 4 disclosing changes in beneficial ownership.
• On April 16, 2025, Bernstein acquired 73,774 trust shares at $0, bringing his total direct ownership to 252,597 trust shares.
• These trust shares are beneficial interests in the P&O Princess Voting Trust and are paired with Carnival Corporation common stock.
• Bernstein also acquired time-vested restricted stock units (TBS RSUs) under the Carnival Corporation 2020 Stock Plan.
• These RSUs represent a hypothetical interest in Carnival Corporation common stock and will vest in April 2026, 2027, and 2028 on a pro-rata basis.
• The number of RSUs was determined by dividing the grant value by the average closing prices of Carnival Corporation common stock over 10 consecutive trading days ending on the date of grant.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine disclosure of stock ownership changes by an executive. The acquisition of shares and RSUs could be seen as a positive signal, but it's not a major event.

Positives

• The acquisition of trust shares and RSUs by a key executive could be interpreted as a sign of confidence in the company's future performance.

Future Outlook

The TBS RSUs will vest on a 3-year pro-rata basis in April 2026, 2027 and 2028 and may only be settled in shares.

Industry Context

Executive stock ownership is a common practice in publicly traded companies to align management's interests with those of shareholders. Grants of restricted stock units are a typical component of executive compensation packages.

Comparison to Industry Standards

• Executive compensation packages, including stock options and restricted stock units, are common across the cruise line industry.
• Companies like Royal Caribbean and Norwegian Cruise Line also utilize similar equity-based compensation plans for their executives.
• The vesting schedules and grant values are generally benchmarked against peer companies to ensure competitiveness in attracting and retaining talent.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it signals confidence from a key executive.

Key Dates

Keywords

Carnival PLC, David Bernstein, CFO, CAO, Form 4, Trust Shares, Restricted Stock Units, Beneficial Ownership, P&O Princess Voting Trust, Carnival Corporation, Stock Plan