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Norwegian Cruise Line Holdings Enters into Employment and Equity Award Agreements with President and CEO

NCLH
  • Norwegian Cruise Line Holdings Ltd. (NCLH) announced an employment agreement & restricted share unit award for John W. Chidsey, its President & Chief Executive Officer, on March 26, 2026.
  • Mr. Chidsey was appointed to the role on February 12, 2026, bringing extensive experience in leading global consumer-facing businesses.
  • His employment agreement includes an annual base salary of $1,715,000 & a 2026 annual bonus fixed at $2.9 million, which is below his 175% target of base salary.
  • A one-time inducement award of 2,139,892 restricted share units was granted with an intended total value of approximately $48 million.
  • The equity award is "front-loaded" to cover four years, with no additional equity grants planned until 2030.
  • The grant consists of 1,172,638 performance share units (PSUs) valued at ~$28.8 million (60%) & 967,254 restricted share units (RSUs) valued at ~$19.2 million (40%).
  • RSUs will vest in four equal annual installments starting March 1, 2026.
  • PSUs will cliff vest after four years only if the absolute total shareholder return compounded annual growth rate (TSR CAGR) targets are met, ranging from 0% vesting below 5% TSR CAGR to 200% vesting at 20% or more.
  • The award was approved by the Compensation Committee outside of the company's standard equity incentive plan under NYSE Rule 303A.08.
  • NCLH operates three cruise brands with 35 ships, nearly 75,000 berths, & plans to add 16 ships by 2037.