This excerpt taken from the CCL 10-Q filed Apr 2, 2009.
Carnival Corporation Supplemental Executive Retirement Plan (the Plan) is hereby amended as follows, effective December 31, 2008, unless otherwise stated (additions bold-underlined, deletions struck-through):
Specified Employee means a Participant who, as of the date of such Participants Termination of Employment, is a key employee (as defined under Code Section 416(i)) of the Company. A Participant is a key employee if the Participant is a key employee at any time during the twelve (12) month period ending on the specified employee identification date. For purposes of determining Specified Employees, the specified employee identification date shall be December 31 and the definition of compensation shall be the amount to be reported as wages, tips, or other compensation in Box 1 on the Participants Form W-2 for income tax purposes for the Plan Year, including amounts that are not currently includible in the Participants gross income by reason of the application of Sections 125 or 132(f) of the Code, and excluding any severance pay paid during such Plan Year. This definition of compensation is not taken into account for purposes of calculating benefits under the Plan, and is used solely for purposes of identifying Specified Employees.
Plan Benefits. The annual benefit under this Plan to which an eligible Participant or his or her Beneficiary shall be entitled shall be determined as follows:
The Participants Primary Social Security Amount (as defined in the Retirement Plan) at the social security retirement age (determined without regard to such Participants election to receive social security benefits prior to social security retirement age).
This excerpt taken from the CCL 8-K filed Oct 19, 2007.
Carnival Corporation Supplemental Executive Retirement Plan (the "Plan") is hereby amended as follows effective, January 1, 2007 (additions bolded, deletions struck-through):
Notwithstanding the foregoing, if a Participant elects his distribution to be made or commenced in accordance with paragraph (3) above, and such date falls before the Participant’s Termination of Employment, the Participant’s distribution shall be made or commenced in accordance with paragraph (1) above. Notwithstanding the foregoing, subject to the approval of the Company, a Participant may change his form and timing election applicable to his benefit, provided that such request to change is made at least twelve (12) consecutive months prior to the date on which such distribution would have otherwise been made on or commenced. Solely with respect to amounts accrued under the Plan which are subject to Code Section 409A (generally, amounts accrued on and after January 1, 2005) the request for change in timing of the payment shall be deferred for a period of not less than 5 years from the date such payment would otherwise have been paid (or, in the case of installment payments, 5 years from the date the first amount was scheduled to be paid). Solely for purposes of elections as to the form and timing of distributions from the Plan of Section 409A Deferrals, the Plan shall allow Participants to make changes to such elections in 2007 as permitted by the transition relief contained in IRS Notice 2006-79 and the applicable Section 409A Treasury Regulations. If a Participant dies before commencement of distribution of Participant’s Benefits under the Plan, such Benefits shall be paid in a lump sum to the Participant’s Beneficiary, using the same actuarial assumptions as in the Retirement Plan. If a Participant dies after commencement of distribution of his or her Benefits under the Plan, the Participant’s Benefits shall be paid to the Participant’s Beneficiary in accordance with the Participant’s election.