How do the new restricted share units for CCL’s General Counsel vest?

The 31,399 TBS RSUs vest on a 3-year pro‑rata basis in April 2027, April 2028, and April 2029. This means a portion of the award becomes exercisable each year over that three‑year schedule.

Carnival GC granted 31,399 restricted share units

Q: What did Carnival (CCL) General Counsel Enrique Miguez report on this Form 4?

Enrique Miguez reported receiving a grant of 31,399 time vested restricted share units of Carnival Corp Ltd. common shares under the 2020 Stock Plan, approved by the Compensation Committee as part of his equity compensation package.

Q: How many Carnival (CCL) shares does Enrique Miguez hold after this Form 4 grant?

Following the grant, Enrique Miguez holds 60,667.8118 common shares directly. In addition, he has 125,624 common shares indirectly through the Enrique Miguez Trust, as reported in the Form 4 filing.

Q: How was the number of 31,399 TBS RSUs for Carnival (CCL) General Counsel determined?

The Compensation Committee set a total grant value and converted it into TBS RSUs by dividing that value by the 20‑day average closing price of Carnival shares before the grant, then rounding down to the nearest whole share.

Carnival Corp Ltd. General Counsel Enrique Miguez received an equity grant of 31,399 common shares in the form of time vested restricted share units (TBS RSUs) under the company’s 2020 Stock Plan.

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Form Type

Rhea-AI Filing Summary

Carnival Corp Ltd. General Counsel Enrique Miguez received an equity grant of 31,399 common shares in the form of time vested restricted share units (TBS RSUs) under the company’s 2020 Stock Plan. The grant was approved by the Compensation Committee as a specified grant value converted into RSUs.

Each TBS RSU represents one common share, will accumulate dividend equivalents, and may only be settled in shares. The RSUs vest on a 3-year pro‑rata basis in April 2027, 2028 and 2029. After this grant, Miguez holds 60,667.8118 common shares directly and 125,624 common shares indirectly through the Enrique Miguez Trust.

Insider Trade Summary

Grant/Award: 31,399 shares

Grant/Award 2 txns

Insider MIGUEZ ENRIQUE

Role General Counsel

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	31,399	$0.00	$0.00
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 60,667.8118 shares (Direct); Common Shares — 125,624 shares (Indirect, Enrique Miguez Trust U/A/D December 19, 2025)

Footnotes (2)

F1. 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.
F2. 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: 31,399 shares Grant price per share: $0.0000 per share Direct holdings after grant: 60,667.8118 shares +2 more

5 metrics

RSU grant size 31,399 shares Time vested restricted share units granted to General Counsel

Grant price per share $0.0000 per share Reported transaction price for RSU grant

Direct holdings after grant 60,667.8118 shares Common shares directly owned post‑transaction

Indirect holdings via trust 125,624 shares Common shares held by Enrique Miguez Trust

Vesting schedule April 2027, 2028, 2029 3‑year pro‑rata vesting of TBS RSUs

Key Terms

time vested restricted share units, TBS RSUs, dividend equivalents, 2020 Stock Plan, +1 more

5 terms

TBS RSUs financial

"Each TBS RSU represents a hypothetical interest in one Carnival Corporation Ltd. common share."

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.

2020 Stock Plan financial

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

3-year pro-rata basis financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Carnival (CCL) General Counsel Enrique Miguez report on this Form 4?

Enrique Miguez reported receiving a grant of 31,399 time vested restricted share units of Carnival Corp Ltd. common shares under the 2020 Stock Plan, approved by the Compensation Committee as part of his equity compensation package.

What does each TBS RSU granted to the Carnival (CCL) General Counsel represent?

Each TBS RSU represents a hypothetical interest in one Carnival common share. The units will accumulate dividend equivalents over time and may only be settled in actual Carnival shares, rather than in cash or other consideration.

How many Carnival (CCL) shares does Enrique Miguez hold after this Form 4 grant?

Following the grant, Enrique Miguez holds 60,667.8118 common shares directly. In addition, he has 125,624 common shares indirectly through the Enrique Miguez Trust, as reported in the Form 4 filing.

How was the number of 31,399 TBS RSUs for Carnival (CCL) General Counsel determined?

The Compensation Committee set a total grant value and converted it into TBS RSUs by dividing that value by the 20‑day average closing price of Carnival shares before the grant, then rounding down to the nearest whole share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/12/2026 - 04:20 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^*

MIGUEZ ENRIQUE

(Last)

(First)

(Middle)

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)
	General Counsel

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⁾		31,399⁽²⁾	A	$0	60,667.8118	D
Common Shares								125,624	I	Enrique Miguez Trust U/A/D December 19, 2025

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/ Enrique Miguez	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