When will the restricted share units granted to Lars Jakob Ljoen at Carnival (CCL) vest?

The time-vested restricted share units will vest on a three-year pro-rata basis. Vesting occurs in April 2027, April 2028, and April 2029, subject to the terms of Carnival Corp Ltd.’s 2020 Stock Plan.

How were the number of Carnival (CCL) restricted share units for Lars Jakob Ljoen calculated?

The number of restricted units was set by dividing the grant’s total value by the 20-day average closing price of Carnival shares. The result was then rounded down to the nearest whole share to determine the 21,795-unit grant.

Do the Carnival (CCL) restricted share units for Lars Jakob Ljoen earn dividends?

Yes, the time-vested restricted share units accumulate dividend equivalents. These equivalents mirror dividends on Carnival Corp Ltd. common shares and are paid in connection with settlement, which can only occur in shares.

Carnival (CCL) Chief Maritime Officer awarded 21,795 time-vested RSUs

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Ljoen Lars Jakob reported acquisition or exercise transactions in this Form 4 filing.

Carnival Corp Ltd. Chief Maritime Officer Lars Jakob Ljoen received an equity compensation grant of 21,795 common-share-based restricted share units at no cash cost. These time-vested RSUs were granted under the 2020 Stock Plan and will vest on a three-year pro-rata schedule in April 2027, 2028 and 2029, accumulating dividend equivalents and settling only in shares. Following this award, Ljoen directly holds 71,870.7719 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ljoen Lars Jakob

Role Chief Maritime Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	21,795	$0.00	--

Holdings After Transaction: Common Shares — 71,870.772 shares (Direct, null)

Footnotes (1)

Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares. The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

Key Figures

RSU grant size: 21,795 units Grant price per share: $0.00 per share Post-grant holdings: 71,870.7719 shares +2 more

5 metrics

RSU grant size 21,795 units Time-vested RSUs granted on May 8, 2026

Grant price per share $0.00 per share Equity award, no cash purchase

Post-grant holdings 71,870.7719 shares Common shares directly held after transaction

Vesting schedule 3 years Pro-rata vesting in April 2027, 2028, 2029

Trading-day average 20 days Average closing prices used to determine RSU count

Key Terms

restricted share units, dividend equivalents, pro-rata basis, 2020 Stock Plan, +1 more

5 terms

dividend equivalents financial

"The TBS RSUs will accumulate dividend equivalents and may only be settled in shares."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

pro-rata basis financial

"The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029."

Allocation or distribution that gives each participant a share proportional to their existing ownership, stake or entitlement — like slicing a pie so everyone gets a piece matching how big their original slice was. For investors this matters because it determines how much of new shares, dividends, fees or obligations they receive, helps preserve or change ownership percentages, and directly affects dilution and voting power.

2020 Stock Plan financial

"Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan."

grant value financial

"The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices."

Form 4 Insider Transactions: What Each Field Means →

05/12/2026 - 04:19 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ljoen Lars Jakob

(Last)

(First)

(Middle)

C/O CARNIVAL CORPORATION

3655 N.W. 87TH AVENUE

(Street)

MIAMI

FLORIDA

33178

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Carnival Corp Ltd. [ CCL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Maritime Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	05/08/2026		A⁽¹⁾		21,795⁽²⁾	A	$0	71,870.7719	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Grant of time vested restricted share units ("TBS RSUs") made pursuant to the Carnival Corporation Ltd. 2020 Stock Plan. Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share. The TBS RSUs will vest on a 3-year pro-rata basis in April 2027, 2028 and 2029. The TBS RSUs will accumulate dividend equivalents and may only be settled in shares.

2. The grant was approved by the Compensation Committee as a total value to be received in the form of TBS RSUs. The number of TBS RSUs was determined by dividing the grant value by the average of the closing prices of a Carnival Corporation share over 20 consecutive trading days ending on the day before the grant, then rounding down to the nearest whole share.

	/s/ Lars Ljoen	05/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Carnival (CCL) executive Lars Jakob Ljoen report in this Form 4?

Lars Jakob Ljoen reported receiving 21,795 time-vested restricted share units as equity compensation. The grant carries no cash purchase price and is settled in Carnival Corp Ltd. common shares under the company’s 2020 Stock Plan.

Is the Lars Jakob Ljoen Form 4 for Carnival (CCL) an open-market stock purchase?

No, the Form 4 reflects an equity award, not an open-market purchase. Ljoen received 21,795 restricted share units at a stated price of $0.00 per share as part of his compensation package.

How many Carnival (CCL) shares does Lars Jakob Ljoen hold after this reported grant?

After the reported award, Lars Jakob Ljoen directly holds 71,870.7719 Carnival Corp Ltd. common shares. This total includes the impact of the new 21,795-share restricted unit grant disclosed in the Form 4.