Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-10

Norwegian Cruise Line Holdings (NCLH)

Former CEO Harry Sommer was paid $13,752,560 in fiscal year 2025, ↑ up 7.3% from fiscal year 2024, the 30th percentile of its disclosed peer group (SEC filing 0001104659-26-052146 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,752,560 ↑
Harry Sommer total, FY2025
30th
CEO pay percentile vs peers
530:1
CEO-to-median pay ratio
85.95%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Harry Sommer (Former President and Chief Executive Officer), FY2025 total compensation $13,752,560 (base salary $1,300,000) [exec_comp, SEC accession 0001104659-26-052146, filed 2026-04-30]

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NCLH's next annual pay disclosure, estimated May 1, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Harry Sommer$1,300,000$0$9,499,960$0$2,880,800$0$71,800$13,752,560
Former President and Chief Executive Officer
David Herrera622,50002,299,9650686,65602,128,5245,737,645
Former President, Norwegian Cruise Line
Patrik Dahlgren975,00002,299,96501,080,300054,6124,409,877
Executive Vice President, Chief Vessel Operations and Newbuild Officer
Mark Kempa975,00002,299,96501,080,300054,1154,409,380
Executive Vice President and Chief Financial Officer
Jason Montague914,71202,299,96501,080,300065,2574,360,234
Chief Luxury Officer
Daniel Farkas750,00002,159,9680831,000057,4563,798,424
Executive Vice President, General Counsel, Chief Development Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Harry Sommer$13,752,560$12,811,659$8,864,592↑ +940,901
David Herrera5,737,6454,667,4842,701,547↑ +1,070,161
Patrik Dahlgren4,409,8774,866,8095,977,453↓ −456,932
Mark Kempa4,409,3805,981,5024,939,146↓ −1,572,122
Jason Montague4,360,234———
Daniel Farkas3,798,4245,249,0784,521,226↓ −1,450,654

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Data as of August 10, 2026 · Source: 0001104659-26-052146 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against NCLH
18 companies name NCLH as a compensation peer

Each company listed discloses NCLH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NCLH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Alex CruzLead Independent Director—
Brian P. MacDonaldIndependent Director—
David M. AbramsIndependent Director$339,999
Harry C. CurtisIndependent Director$359,999
John W. ChidseyChair of the Board$327,767
Jonathan Z. CohenIndependent Director—
Jos E. CilIndependent Director$359,999
Kevin A. LansberryIndependent Director—
Linda P. JojoIndependent Director$211,454
Mary E. LandryIndependent Director$359,999
Stella DavidIndependent Director$566,943
Stephen G. PagliucaIndependent Director—
Zillah Ellen Byng-ThorneIndependent Director$359,999
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Zillah Ellen Byng-ThorneDirector2026-05-07A4,452$18$79,379CommonForm 4 ↗
Zillah Ellen Byng-ThorneDirector2026-05-07A25,01518442,015CommonForm 4 ↗
Kevin A. LansberryDirector2026-05-07A11,40017196,992CommonForm 4 ↗
Brian P. MacDonaldDirector2026-05-11A15,00017248,100CommonForm 4 ↗
Jos E. CilDirector2026-05-18A5,0001576,250CommonForm 4 ↗
Jos E. CilDirector2026-05-19A10,00015149,100CommonForm 4 ↗
Jonathan Z. CohenDirector2026-05-20A30,00016474,900CommonForm 4 ↗
John W. ChidseyDirector2026-05-22A153,000162,504,610CommonForm 4 ↗
Stephen G. PagliucaDirector2026-06-01A695,0001812,621,200CommonForm 4 ↗
Stephen G. PagliucaDirector2026-06-02A685,0001812,371,100CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Patrik DahlgrenRSU2025-03-03——52,391—$1,149,982
Harry SommerRSU2025-03-03——216,400—4,749,980
Harry SommerPSU2025-03-03108,200216,400—432,8004,749,980
Mark KempaRSU2025-03-03——52,391—1,149,982
Mark KempaPSU2025-03-0326,19652,391—104,7821,149,982
Patrik DahlgrenPSU2025-03-0326,19652,391—104,7821,149,982
Daniel FarkasRSU2025-03-03——49,202—1,079,984
Daniel FarkasPSU2025-03-0324,60149,202—98,4041,079,984
David HerreraRSU2025-03-03——52,391—1,149,982
David HerreraPSU2025-03-0326,19652,391—104,7821,149,982
Jason MontagueRSU2025-03-03——52,391—1,149,982
Jason MontaguePSU2025-03-0326,19652,391—104,7821,149,982
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Patrik Dahlgren$1,149,982$1,149,982$050.0%
Harry Sommer4,749,9804,749,980050.0%
Mark Kempa1,149,9821,149,982050.0%
Daniel Farkas1,079,9841,079,984050.0%
David Herrera1,149,9821,149,982050.0%
Jason Montague1,149,9821,149,982050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Patrik DahlgrenRSU52,391—$1,169,367
Daniel FarkasRSU35,425—790,686
Mark KempaRSU52,391—1,169,367
Harry SommerRSU24,255—541,372
Mark KempaRSU22,017—491,419
Daniel FarkasPSU106,272—2,371,991
Patrik DahlgrenRSU15,042—335,737
Harry SommerPSU311,040—6,942,413
Harry SommerRSU216,400—4,830,048
Harry SommerPSU132,100—2,948,472
Mark KempaPSU104,782—2,338,734
Harry SommerRSU103,681—2,314,160
Daniel FarkasPSU98,404—2,196,377
Daniel FarkasRSU49,202—1,098,189
Harry SommerRSU22,017—491,419
Harry SommerPSU432,800—9,660,096
Patrik DahlgrenRSU35,597—794,525
Mark KempaPSU132,100—2,948,472
Daniel FarkasPSU132,100—2,948,472
Jason MontaguePSU104,782—2,338,734
Jason MontagueRSU52,391—1,169,367
Daniel FarkasRSU22,017—491,419
Patrik DahlgrenPSU104,782—2,338,734
Harry SommerPSU145,532—3,248,274
Mark KempaPSU109,900—2,452,968
Patrik DahlgrenPSU106,790—2,383,553
Mark KempaRSU36,634—817,671
05

Incentive-plan design — the Compensation Discussion & Analysis

We strive to be an employer of choice for individuals with the specific skill sets and experience required for the cruise industry. We seek to provide competitive compensation with an optimal mix of fixed and performance-based elements. We believe that clear, NCLH-level goals foster collaboration to achieve shared objectives. We believe our compensation program is designed to support a high-performance culture and alignment with shareholder interests.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)—
Independent consultantKorn Ferry
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-11233,387,44838,145,401647,16985.95%Passed
20252025-06-12266,135,3588,956,179856,08796.74%Passed
20242024-06-13210,475,93625,327,487641,36589.26%Passed
20232023-06-15106,490,93862,020,149865,59363.2%Passed
20222022-06-1622,794,418125,421,066784,98515.38%Failed
20212021-05-2019,698,59799,235,4171,264,65116.39%Failed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1185.95%a
20252025-06-1296.74%b
20242024-06-1389.26%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “For purposes of these proposals, abstentions and broker non-votes, if any, are not counted as votes cast and therefore will not be counted in determining the outcome of any of these proposals.”.

c. Approved under the standard stated in the filing — “For purposes of these proposals, abstentions and broker non-votes, if any, are not counted as votes cast and therefore will not be counted in determining the outcome of any of these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)530 : 1
CEO total compensation$13,752,560
Median employee compensation$25,954
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stella DavidIndependent · Nominating and Governance · Compensation · TESS$366,944$199,999$0$0$0$566,943
Mary E. LandryIndependent · Compensation (Chair) · TESS160,000199,999000359,999
Zillah Ellen Byng-ThorneIndependent · Audit · Nominating and Governance (Chair)160,000199,999000359,999
Harry C. CurtisIndependent · Audit · Compensation160,000199,999000359,999
Jos E. CilIndependent · Audit (Chair) · TESS160,000199,999000359,999
David M. AbramsIndependent · Audit · Nominating and Governance · TESS140,000199,999000339,999
John W. ChidseyEmployee director · Board Chair · Partial-year service144,444183,3230—0327,767
Linda P. JojoIndependent · Nominating and Governance · TESS (Chair) · Partial-year service78,132133,322000211,454
Harry SommerEmployee director · Not standing for re-election · Departed during FY000—00
Stephen G. PagliucaIndependent · Compensation (Chair) · Nominating and Governance · Partial-year service · Newly elected000000
Kevin A. LansberryIndependent · TESS · Partial-year service · Newly elected000000
Brian P. MacDonaldIndependent · Nominating and Governance · TESS · Partial-year service · Newly elected000000
Jonathan Z. CohenIndependent · Audit · Compensation · Partial-year service · Newly elected000000
Alex CruzIndependent · Lead Independent Director · Audit · Compensation · Partial-year service · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)40,000 / 40,000 / 40,000
Stock ownership guideline3x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,369,520
Equity awards (grant-date value)$1,516,639
All other compensation$0
Total cost of the board$2,886,159

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Norwegian Cruise Line Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Norwegian Cruise Line Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Darden Restaurants, Inc.2026Ricardo Cardenas$1,325,000$25,879,154$2,380,093$4,107,501$34,815,979
2Las Vegas Sands Corp.2025Robert Goldstein3,000,00018,448,32906,480,00031,109,661
3Hyatt Hotels Corporation2025Mark Hoplamazian1,410,41720,478,7492,562,4902,056,50026,699,762
4MGM Resorts International2025William Hornbuckle2,000,00010,052,75105,000,00025,329,156
5Penn Entertainment, Inc.2025Jay Snowden1,800,00014,249,9894,750,0042,984,40024,126,651
6Royal Caribbean Cruises Ltd.2025Jason Liberty1,396,15415,800,05705,129,60023,978,813
7Carnival Corporation & plc2025Josh Weinstein1,435,57711,961,02705,420,10018,887,776
8Caesars Entertainment, Inc.2025Thomas Reeg2,060,00011,991,46702,945,80017,199,029
9Southwest Airlines Co.2025Robert Jordan844,79213,075,07202,031,16016,587,882
10Travel + Leisure Co.2025Michael Brown1,331,75610,849,96203,331,30016,000,693
11Wynn Resorts, Limited2025Craig Billings2,000,0009,624,11003,433,75015,090,901
12Host Hotels & Resorts, Inc.2025James Risoleo1,100,0009,569,88003,697,10014,835,223
13Boyd Gaming Corporation2025Keith Smith1,850,0009,124,85803,700,00014,697,487
14Marriott Vacations Worldwide Corporation2025John Geller888,4625,599,9841,399,992014,344,132
15Norwegian Cruise Line Holdings2025Harry Sommer1,300,0009,499,96002,880,80013,752,560
16Alaska Air Group, Inc.2025Ben Minicucci847,6926,769,22201,632,7219,904,339
17Park Hotels & Resorts Inc.2025Thomas Baltimore Jr.1,100,0005,967,30702,661,5059,729,412
18Yum! Brands, Inc.2025Chris Turner1,020,2884,651,7631,400,0321,842,8629,130,462
19Spirit Airlines, Inc.2023Edward M. Christie III745,8332,912,479—1,134,5736,601,404
20JetBlue Airways Corporation2025Joanna Geraghty700,0003,249,99601,102,5005,191,318
21Vail Resorts, Inc.2025Robert Katz1,123,5881,405,6931,405,69303,952,230

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Norwegian Cruise Line Holdings110.8%PSU 50 · RSU 50NoKorn Ferry
Alaska Air Group, Inc.110.0%PSU 50 · RSU 50NoMeridian
Boyd Gaming Corporation100%PSU 60 · RSU 40NoExequity
Caesars Entertainment, Inc.71.5%RSU 50 · PSU 50Yes — relative total shareholder return (rTSR)Aon
Carnival Corporation & plc186.9%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Darden Restaurants, Inc.155%PSU 50 · Options 25 · RSU 25Yes — Relative TSRPearl Meyer
Host Hotels & Resorts, Inc.not disclosedPSU 60 · RSU 40Yes — Relative TSRPay Governance
Hyatt Hotels Corporation84%PSU 40 · SAR 30 · RSU 30NoKorn Ferry
JetBlue Airways Corporationnot disclosednot disclosedYes — Relative TSRPay Governance LLC
Las Vegas Sands Corp.108%RSU 100NoKorn Ferry
Marriott Vacations Worldwide Corporation67.27%PSU 50 · RSU 30 · Options 20NoExequity LLP
MGM Resorts International100%PSU 50 · RSU 50Yes — Relative TSRF.W. Cook
Park Hotels & Resorts Inc.138%PSU 60 · RSU 40Yes — Relative TSR vs. FTSE Nareit Lodging/Resorts IndexFerguson Partners Consulting L.P.
Penn Entertainment, Inc.66.3%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC
Royal Caribbean Cruises Ltd.183.2%PSU 51 · RSU 28NoMeridian
Southwest Airlines Co.119.48%RSU 50 · PSU 50NoMeridian Compensation Partners, LLC
Spirit Airlines, Inc.not disclosedRSU 50 · PSU 50not disclosedKorn Ferry
Travel + Leisure Co.142.8%PSU 50 · RSU 50NoAon
Vail Resorts, Inc.92%RSU 50 · Options 50not disclosedAon
Wynn Resorts, Limited256%not disclosedNoRadford
Yum! Brands, Inc.not disclosedPSU 50 · Options 25 · RSU 25Yes — TSR Relative to S&P 500 Consumer Discretionary IndexMeridian Compensation Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Norwegian Cruise Line Holdings in fiscal 2025?
As disclosed, Harry Sommer (Former President and Chief Executive Officer) was the highest-paid executive at Norwegian Cruise Line Holdings in fiscal 2025, with total compensation of $13,752,560.
How does Norwegian Cruise Line Holdings's chief executive pay compare to its disclosed peer group?
As disclosed, Harry Sommer's total compensation ranked at the 30th percentile of Norwegian Cruise Line Holdings's disclosed peer group.
What is Norwegian Cruise Line Holdings's CEO-to-median employee pay ratio?
As disclosed, Norwegian Cruise Line Holdings's CEO-to-median employee pay ratio was 530:1.
How did shareholders vote on Norwegian Cruise Line Holdings's executive compensation?
As disclosed, 85.95% of shareholders supported Norwegian Cruise Line Holdings's executive compensation in the latest say-on-pay vote.
How much does Norwegian Cruise Line Holdings spend in total on board compensation for fiscal 2025?
As disclosed, Norwegian Cruise Line Holdings reported total board compensation of $2,886,159 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Harry SommerDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 13,752,560. Filing ↗machine: r1 · c56 · span 938613–938623
2Section 01, David HerreraDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 5,737,645. Filing ↗machine: r13 · c56 · span 1017722–1017731
3Section 01, Patrik DahlgrenDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 4,409,877. Filing ↗machine: r7 · c56 · span 978173–978182
4Section 01, Mark KempaDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 4,409,380. Filing ↗machine: r4 · c56 · span 957812–957821
5Section 01, Jason MontagueDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 4,360,234. Filing ↗machine: r16 · c56 · span 1038128–1038137
6Section 01, Daniel FarkasDEF 14A2026-04-300001104659-26-052146Section “2025 Summary Compensation Table” · page 52. As printed: 3,798,424. Filing ↗machine: r10 · c56 · span 997342–997351
7Section 03, Patrik Dahlgren RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r12 · c56 · span 1218927–1218933
8Section 03, Harry Sommer RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r4 · c56 · span 1131548–1131555
9Section 03, Harry Sommer PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r4 · c56 · span 1131548–1131555
10Section 03, Mark Kempa RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r8 · c56 · span 1176529–1176535
11Section 03, Mark Kempa PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r8 · c56 · span 1176529–1176535
12Section 03, Patrik Dahlgren PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r12 · c56 · span 1218927–1218933
13Section 03, Daniel Farkas RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r16 · c56 · span 1263908–1263914
14Section 03, Daniel Farkas PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r16 · c56 · span 1263908–1263914
15Section 03, David Herrera RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r20 · c56 · span 1306443–1306449
16Section 03, David Herrera PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t51 · r20 · c56 · span 1306443–1306449
17Section 03, Jason Montague RSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t52 · r16 · c42 · span 1514515–1514521
18Section 03, Jason Montague PSUDEF 14A2026-04-300001104659-26-052146Section “Grants of Plan-Based Awards in 2025 Table” · grants of plan-based awards table. Filing ↗machine: t52 · r16 · c42 · span 1514515–1514521
19Section 07, pay ratioDEF 14A2026-04-300001104659-26-052146Section “CEO Pay Ratio”. As printed: 530 : 1. Filing ↗machine: span 1740682–1740690
20Section 08, Stella DavidDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 566,943. Filing ↗machine: t35 · r6 · c25 · span 653412–653562
21Section 08, Mary E. LandryDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 359,999. Filing ↗machine: t35 · r7 · c25 · span 657488–657638
22Section 08, Zillah Ellen Byng-ThorneDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 359,999. Filing ↗machine: t35 · r2 · c25 · span 635932–636082
23Section 08, Harry C. CurtisDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 359,999. Filing ↗machine: t35 · r5 · c25 · span 648751–648901
24Section 08, Jos E. CilDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 359,999. Filing ↗machine: t35 · r4 · c25 · span 644674–644824
25Section 08, David M. AbramsDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 339,999. Filing ↗machine: t35 · r1 · c25 · span 631371–631521
26Section 08, John W. ChidseyDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 327,767. Filing ↗machine: t35 · r3 · c25 · span 640009–640159
27Section 08, Linda P. JojoDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 211,454. Filing ↗machine: t35 · r8 · c25 · span 662063–662213
28Section 08, Harry SommerDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, Stephen G. PagliucaDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, Kevin A. LansberryDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, Brian P. MacDonaldDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, Jonathan Z. CohenDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
33Section 08, Alex CruzDEF 14A2026-04-300001104659-26-052146Section “Director Compensation”. As printed: 0. Filing ↗
34Section 02, Zillah Ellen Byng-Thorne 2026-05-07Form 42026-05-110001104659-26-058286Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Zillah Ellen Byng-Thorne 2026-05-07Form 42026-05-110001104659-26-058286Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Kevin A. Lansberry 2026-05-07Form 42026-05-110001104659-26-058839Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Brian P. MacDonald 2026-05-11Form 42026-05-120001104659-26-059407Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Jos E. Cil 2026-05-18Form 42026-05-190001104659-26-063829Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Jos E. Cil 2026-05-19Form 42026-05-190001104659-26-063829Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Jonathan Z. Cohen 2026-05-20Form 42026-05-210001104659-26-065152Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, John W. Chidsey 2026-05-22Form 42026-05-260001104659-26-066326Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Stephen G. Pagliuca 2026-06-01Form 42026-06-030001104659-26-070113Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Stephen G. Pagliuca 2026-06-02Form 42026-06-030001104659-26-070113Insider equity transaction reported since the proxy statement. Filing ↗
44Section 06, 2026 voteForm 8-K2026-06-160001104659-26-074589Item 5.07 · say-on-pay result. As reported: 85.95% (votes for as printed: 233,387,448). Filing ↗
45Section 06, 2025 voteForm 8-K2025-06-120001558370-25-008569Item 5.07 · say-on-pay result. As reported: 96.74% (votes for as printed: 266,135,358). Filing ↗
46Section 06, 2024 voteForm 8-K2024-06-140001558370-24-009204Item 5.07 · say-on-pay result. As reported: 89.26% (votes for as printed: 210,475,936). Filing ↗
47Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
48Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
49Section 09b board cost (computed)Computed——Cash 1,369,520 + equity 1,516,639 + all other 0 = 2,886,159, summed across the director compensation table rows.machine: formula: Σ = 2,886,159
50Darden Restaurants, Inc., Section 10b CEO totalDEF 14A2026-08-100001193125-26-342023CEO total compensation as printed in Darden Restaurants, Inc.'s own proxy. As printed: 34,815,979. Filing ↗machine: r4 · c18 · span 1947073–1947083
51Las Vegas Sands Corp., Section 10b CEO totalDEF 14A2026-04-010001300514-26-000031CEO total compensation as printed in Las Vegas Sands Corp.'s own proxy. As printed: 31,109,661. Filing ↗
52Hyatt Hotels Corporation, Section 10b CEO totalDEF 14A2026-04-020001104659-26-038759CEO total compensation as printed in Hyatt Hotels Corporation's own proxy. As printed: 26,699,762. Filing ↗machine: span 775055–775065
53MGM Resorts International, Section 10b CEO totalDEF 14A2026-03-270001193125-26-129074CEO total compensation as printed in MGM Resorts International's own proxy. As printed: 25,329,156. Filing ↗machine: span 1064000–1064010
54Penn Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-270001140361-26-016846CEO total compensation as printed in Penn Entertainment, Inc.'s own proxy. As printed: 24,126,651. Filing ↗machine: r2 · c25 · span 1628709–1628719
55Royal Caribbean Cruises Ltd., Section 10b CEO totalDEF 14A2026-04-170000884887-26-000017CEO total compensation as printed in Royal Caribbean Cruises Ltd.'s own proxy. As printed: 23,978,813. Filing ↗machine: r3 · c12 · span 2449115–2449125
56Carnival Corporation & plc, Section 10b CEO totalDEF 14A2026-02-270001104659-26-021074CEO total compensation as printed in Carnival Corporation & plc's own proxy. As printed: 18,887,776. Filing ↗machine: t207 · r1 · c36 · span 2027870–2027880
57Caesars Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-174058CEO total compensation as printed in Caesars Entertainment, Inc.'s own proxy. As printed: 17,199,029. Filing ↗machine: r3 · c23 · span 649787–649797
58Southwest Airlines Co., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127237CEO total compensation as printed in Southwest Airlines Co.'s own proxy. As printed: 16,587,882. Filing ↗machine: t263 · r2 · c39 · span 1219658–1219668
59Travel + Leisure Co., Section 10b CEO totalDEF 14A2026-04-100001361658-26-000019CEO total compensation as printed in Travel + Leisure Co.'s own proxy. As printed: 16,000,693. Filing ↗machine: r2 · c21 · span 1085495–1085505
60Wynn Resorts, Limited, Section 10b CEO totalDEF 14A2026-03-250001193125-26-124077CEO total compensation as printed in Wynn Resorts, Limited's own proxy. As printed: 15,090,901. Filing ↗machine: r4 · c29 · span 740637–740647
61Host Hotels & Resorts, Inc., Section 10b CEO totalDEF 14A2026-04-080001070750-26-000062CEO total compensation as printed in Host Hotels & Resorts, Inc.'s own proxy. As printed: 14,835,223. Filing ↗machine: r6 · c10 · span 2451418–2451428
62Boyd Gaming Corporation, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116798CEO total compensation as printed in Boyd Gaming Corporation's own proxy. As printed: 14,697,487. Filing ↗machine: r3 · c34 · span 359765–359775
63Marriott Vacations Worldwide Corporation, Section 10b CEO totalDEF 14A2026-03-260001193125-26-125219CEO total compensation as printed in Marriott Vacations Worldwide Corporation's own proxy. As printed: 14,344,132. Filing ↗machine: t253 · r5 · c34 · span 833147–833157
64Norwegian Cruise Line Holdings (subject), Section 10b CEO totalDEF 14A2026-04-300001104659-26-052146CEO total compensation as printed in Norwegian Cruise Line Holdings's own proxy. As printed: 13,752,560. Filing ↗machine: r1 · c56 · span 938613–938623
65Alaska Air Group, Inc., Section 10b CEO totalDEF 14A2026-03-300001193125-26-132048CEO total compensation as printed in Alaska Air Group, Inc.'s own proxy. As printed: 9,904,339. Filing ↗machine: t40 · r2 · c17 · span 1199860–1199869
66Park Hotels & Resorts Inc., Section 10b CEO totalDEF 14A2026-03-120001617406-26-000021CEO total compensation as printed in Park Hotels & Resorts Inc.'s own proxy. As printed: 9,729,412. Filing ↗
67Yum! Brands, Inc., Section 10b CEO totalDEF 14A2026-04-030001193125-26-142078CEO total compensation as printed in Yum! Brands, Inc.'s own proxy. As printed: 9,130,462. Filing ↗machine: r12 · c11 · span 2009186–2009195
68Spirit Airlines, Inc., Section 10b CEO totalDEF 14A2024-04-250001193125-24-114028CEO total compensation as printed in Spirit Airlines, Inc.'s own proxy. As printed: 6,601,404. Filing ↗
69JetBlue Airways Corporation, Section 10b CEO totalDEF 14A2026-04-020001158463-26-000041CEO total compensation as printed in JetBlue Airways Corporation's own proxy. As printed: 5,191,318. Filing ↗machine: r5 · c7 · span 2148744–2148753
70Vail Resorts, Inc., Section 10b CEO totalDEF 14A2025-10-300000812011-25-000221CEO total compensation as printed in Vail Resorts, Inc.'s own proxy. As printed: 3,952,230. Filing ↗machine: t169 · r3 · c15 · span 860012–860021
71Section 10a, Alaska Air Group, Inc. reciprocityDEF 14A—0001193125-26-132048Alaska Air Group, Inc. names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
72Section 10a, Boyd Gaming Corporation reciprocityDEF 14A—0001193125-26-116798Boyd Gaming Corporation's most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
73Section 10a, Caesars Entertainment, Inc. reciprocityDEF 14A—0001193125-26-174058Caesars Entertainment, Inc. names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
74Section 10a, Las Vegas Sands Corp. reciprocityDEF 14A—0001300514-26-000031Las Vegas Sands Corp.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
75Section 10a, MGM Resorts International reciprocityDEF 14A—0001193125-26-129074MGM Resorts International names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
76Section 10a, Park Hotels & Resorts Inc. reciprocityDEF 14A—0001617406-26-000021Park Hotels & Resorts Inc.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
77Section 10a, Royal Caribbean Cruises Ltd. reciprocityDEF 14A—0000884887-26-000017Royal Caribbean Cruises Ltd. names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
78Section 10a, Travel + Leisure Co. reciprocityDEF 14A—0001361658-26-000019Travel + Leisure Co.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
79Section 10a, Wynn Resorts, Limited reciprocityDEF 14A—0001193125-26-124077Wynn Resorts, Limited names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
80Section 10a, Southwest Airlines Co. reciprocityDEF 14A—0001193125-26-127237Southwest Airlines Co.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
81Section 10a, Darden Restaurants, Inc. reciprocityDEF 14A—0000950170-25-101699Darden Restaurants, Inc.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
82Section 10a, Penn Entertainment, Inc. reciprocityDEF 14A—0001140361-26-016846Penn Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
83Section 10a, Marriott Vacations Worldwide Corporation reciprocityDEF 14A—0001193125-26-125219Marriott Vacations Worldwide Corporation names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
84Section 10a, Vail Resorts, Inc. reciprocityDEF 14A—0000812011-25-000221Vail Resorts, Inc. names Norwegian Cruise Line Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
85Section 10a, JetBlue Airways Corporation reciprocityDEF 14A—0001158463-26-000041JetBlue Airways Corporation's most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
86Section 10a, Yum! Brands, Inc. reciprocityDEF 14A—0001193125-26-142078Yum! Brands, Inc.'s most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗
87Section 10a, Hyatt Hotels Corporation reciprocityDEF 14A—0001104659-26-038759Hyatt Hotels Corporation's most recent proxy was read; its disclosed peer group does not include Norwegian Cruise Line Holdings. Filing ↗

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