Form 4: Carnival PLC Director Acquires Trust Shares in Stock Plan Grant

Director Stuart Subotnick acquired 11,117 trust shares of Carnival PLC through a grant under the Carnival Corporation 2020 Stock Plan.

Summary

• On April 16, 2025, Stuart Subotnick, a director of Carnival PLC, acquired 11,117 trust shares.
• These shares were granted under the Carnival Corporation 2020 Stock Plan.
• The grant was part of a $195,000 allocation approved by the Board of Directors, distributed as unrestricted shares.
• The number of shares was determined by dividing the grant value by the average closing price of Carnival Corporation common stock over ten trading days, rounded down.
• These trust shares are related to the P&O Princess Voting Trust and are paired with Carnival Corporation common stock following the dual listed company transaction in 2003.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and ongoing governance process. The sentiment is neutral to slightly positive as it shows alignment of director and shareholder interests.

Positives

• The grant of shares to the director aligns their interests with those of the shareholders.
• The stock plan incentivizes directors to contribute to the company's success.

Industry Context

This filing is a routine disclosure related to director compensation and stock ownership, common in publicly traded companies. It reflects standard practices for aligning director interests with shareholder value through equity-based compensation.

Comparison to Industry Standards

• Equity grants to non-executive directors are a common practice among publicly listed companies, including competitors like Royal Caribbean Cruises and Norwegian Cruise Line Holdings.
• The specific value and structure of the grant ($195,000 in unrestricted shares) would need to be benchmarked against peer companies to determine if it is above, below, or in line with industry standards.
• Companies like Disney and Marriott International also utilize stock plans to compensate and incentivize their directors.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with company performance.
• The director benefits from the equity grant, incentivizing them to contribute to the company's success.

Key Dates

Keywords

Carnival PLC, Stuart Subotnick, Director, Trust Shares, Stock Plan, Beneficial Ownership, SEC Form 4