Form 4: Carnival PLC Executive Lars Ljoen Acquires Restricted Stock Units

Chief Maritime Officer Lars Jakob Ljoen acquired 21,435 restricted stock units in Carnival PLC, vesting over three years.

Summary

• Lars Jakob Ljoen, Chief Maritime Officer of Carnival PLC, reported a transaction on April 16, 2025.
• He acquired 21,435 Trust Shares related to the P&O Princess Voting Trust at a price of $0.
• These Trust Shares are linked to Carnival Corporation common stock due to a dual-listed company transaction in 2003.
• Ljoen also received 21,435 time-vested restricted stock units (TBS RSUs) under the Carnival Corporation 2020 Stock Plan.
• These RSUs will vest pro-rata in April 2026, 2027, and 2028 and can only be settled in shares.
• The number of RSUs was determined based on the average closing price of Carnival Corporation common stock over 10 trading days.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices and aligns executive interests with company performance.

Positives

• The grant of restricted stock units aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.

Future Outlook

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

Industry Context

This filing is a routine disclosure of executive compensation in the form of stock grants, which is a common practice in publicly traded companies to incentivize and retain key personnel.

Comparison to Industry Standards

• Stock grants and restricted stock units are a standard component of executive compensation packages in the cruise line industry, similar to practices at Royal Caribbean Cruises and Norwegian Cruise Line Holdings.
• Vesting schedules of three years are also typical to ensure long-term commitment.

Stakeholder Impact

• The stock grant could have a slightly dilutive effect on existing shareholders.
• The grant incentivizes the executive to improve company performance, which benefits shareholders, employees, and customers.

Key Dates

Keywords

Carnival PLC, Lars Ljoen, restricted stock units, TBS RSUs, Trust Shares, beneficial ownership, Form 4, insider trading