This excerpt taken from the CUK DEF 14A filed Mar 2, 2007.
In February 2005, Costa entered into a service agreement with Mr. Foschi under which he acts as its chairman and chief executive officer. Mr. Foschis base salary is 915,000 (which may be subject to increases and includes non-competition compensation of 115,000 per year)), a guaranteed base bonus of 669,000 plus additional amounts based on the compounded year-over-year percentage increases
in consolidated net income of Costa from the base year (limited to an increase of 20% per year), and certain fringe benefits (including a company car and living accommodations). The service agreement also contains confidentiality provisions.
The original one-year term of Mr. Foschis service agreement is automatically renewed for an additional year unless either party provides the other with 60 days notice of an intention not to renew. If the agreement is terminated by Costa for reasons other than Mr. Foschis breach of his obligations under the agreement or because Mr. Foschi is revoked as a director of Costa for cause, or if Mr. Foschi resigns with cause under Italian law or as a result of a change of control of Costa, Mr. Foschi is entitled to a termination payment equal to his annual base salary, the annual non-competition compensation and a bonus equal to the bonus paid the year prior to termination (unless in the case of a change of control an alternative contractual arrangement is entered into with the new controlling group).
Additional long-term compensation information for the directors of Carnival plc for the financial year ended November 30, 2006 is included in Part I of the Carnival plc Directors Remuneration Report included in this proxy statement as the Report of the Compensation Committees and Part II of the Carnival plc Directors Remuneration Report, which is attached as Annex B to this proxy statement.