<SEC-DOCUMENT>0000884887-18-000046.txt : 20180511
<SEC-HEADER>0000884887-18-000046.hdr.sgml : 20180511
<ACCEPTANCE-DATETIME>20180511165436
ACCESSION NUMBER:		0000884887-18-000046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180508
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180511
DATE AS OF CHANGE:		20180511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL CARIBBEAN CRUISES LTD
		CENTRAL INDEX KEY:			0000884887
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				980081645
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11884
		FILM NUMBER:		18827658

	BUSINESS ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132
		BUSINESS PHONE:		3055396000

	MAIL ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA HOLDINGS INC
		DATE OF NAME CHANGE:	19920424
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">UNITED STATES</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WASHINGTON, D.C. 20549</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FORM 8-K</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CURRENT REPORT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Pursuant To Section 13 or 15(d) of The Securities Exchange Act of 1934</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Date of report (Date of earliest event reported): May 8, 2018</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">ROYAL CARIBBEAN CRUISES LTD.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">1050 Caribbean Way, Miami, Florida</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Emerging growth company</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt">&#9744;</font></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; LINE-HEIGHT: 11.4pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</div>

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<div style="FONT-WEIGHT: bold">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;</font>As previously reported on Form 8-K filed with the Securities and Exchange Commission on March&#160;20, 2018, Royal Caribbean Cruises Ltd. (the "Company") announced that Adam Goldstein would be transitioning from his role as President and Chief Operating Officer of the Company to Vice Chairman of the Company.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">On May 8, 2018, the Company and Mr. Goldstein entered into an amendment to his employment agreement, providing, among other things, that (i) Mr. Goldstein will assume the role of Vice Chairman of the Company effective as of May 16, 2018, (ii) from May 16, 2018 through December 31, 2018, Mr. Goldstein will receive base compensation of $500,000 per annum, and thereafter will receive base compensation of $250,000 per annum, and (iii) for the calendar year 2018, Mr. Goldstein will receive bonus compensation prorated for the period he served in the role of President and Chief Operating Officer.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">The amendment also provides that subject to the following exception, Mr. Goldstein will not be entitled to the severance otherwise payable under his employment agreement upon a termination event. If, however, Mr. Goldstein's employment is terminated "without cause" (as defined in his employment agreement) on or prior to February 28, 2019, he will be entitled to a payment of $4,000,000.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 72pt">The foregoing description of Mr. Goldstein's employment and compensation arrangements set forth in the amendment to his employment agreement is qualified in its entirety by reference to the full text of the amendment, which is filed as an exhibit to this report on Form 8-K.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Item 9.01<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;</font>Financial Statements and Exhibits.</div>

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<div><a href="exh101form8k20180508.htm">Exhibit 10.1 &#8211;&#160;Amendment to Employment Agreement, dated May 8, 2018, of Adam Goldstein</a></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">May 11, 2018</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>/s/&#160; Bradley H. Stein</u></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Senior Vice President, General Counsel &amp; Secretary</div>
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<TYPE>EX-10.1
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">Exhibit 10.1</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 20.5pt">Royal Caribbean Cruises Ltd.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">tel: 305.539.6000</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">Miami, Fl 33132.2096 USA</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 10.25pt">www.royalcaribbean.com</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">May 8, 2018</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">Adam M. Goldstein</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">Dear Adam:</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">This letter reflects the terms of your new role with Royal Caribbean Cruises Ltd. (the "Company") and amends your Employment Agreement accordingly.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt; TEXT-INDENT: 18pt">1.<font id="TRGRRTFtoHTMLTab" style="TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;</font><font style="FONT-WEIGHT: bold"><u>Position</u></font>.&#160; On May 16, 2018, you will transition from your current role of President and Chief Operating Officer to that of Vice Chairman of the Company reporting to the Company's Chairman and Chief Executive Officer ("CEO").&#160; In such capacity, your duties and responsibilities will be those designated by the CEO.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt; TEXT-INDENT: 18pt">2.<font id="TRGRRTFtoHTMLTab" style="TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;</font><font style="FONT-WEIGHT: bold"><u> Compensation and Fringe Benefits</u></font>.&#160; Your Compensation and Fringe Benefits are amended as follows:</div>

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<div><font style="FONT-STYLE: italic"><u>Base Compensation</u></font>:&#160; From May 16<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">th</sup>, 2018 through December 31, 2018, your Base Compensation will be $500,000 per annum.&#160; Thereafter, and for the duration of your term of employment, your Base Compensation will be fixed at $250,000 per annum.</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; WIDTH: 914px; VERTICAL-ALIGN: top; align: right"><font style="FONT-STYLE: italic"><u>Bonus Compensation</u></font>.&#160; For the calendar year 2018 you shall receive Bonus Compensation determined based on your current role as President and Chief Operating Officer but the amount will be prorated for the four and a half-month period you will be serving in that role.&#160; Thereafter, your bonus will be zero.</td>
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<div><font style="FONT-STYLE: italic"><u>Equity and Long-Term Incentive Awards</u></font>.&#160; You shall retain any equity grants held by you as of May 15, 2018, subject to the terms and conditions of the plans or agreements under which such equity grants were awarded.&#160; For the sake of clarity, this includes the Performance Stock Units where the number of shares will vary depending on the Company's performance.</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; WIDTH: 23px; VERTICAL-ALIGN: top; align: right">(d)&#160;&#160; </td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; WIDTH: 915px; VERTICAL-ALIGN: top; align: right"><font style="FONT-STYLE: italic"><u>Fringe Benefits</u></font>.&#160; You will be entitled to the same fringe benefits as other employees of the Company.</td>
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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">3.<font id="TRGRRTFtoHTMLTab" style="TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-WEIGHT: bold"><u>Termination Event</u></font>.&#160; Subject to the following exception, you shall not be entitled to any compensation otherwise payable under Section 8 of your Employment Agreement upon a Termination Event.&#160;&#160; If your employment is terminated Without Cause on or prior to February 28, 2019, you shall be entitled to payment of $4,000,000.&#160; Payment shall be made in two equal installments of $2,000,000.&#160; The first installment shall be paid within ten days of your termination</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">and the second installment shall be paid on the first anniversary of your termination; provided, however, that if such payment dates would result in an impermissible acceleration or deferral of amounts previously payable pursuant to Section 8 of your Employment Agreement (prior to this amendment)&#160; by reason of Section 409A of the Internal Revenue Code and the regulations promulgated thereunder ("Section 409A"), such payment dates shall be modified to the minimum extent necessary to avoid the imposition of taxes and penalties under Section 409A.&#160; In consideration of such payments, you shall, as a condition to your receipt of such amounts, execute a general release in the form contemplated under Section 8(F)(B) of your Employment Agreement.&#160;&#160; Nothing in this Paragraph 3 shall preclude your right upon a Termination Event to (i) payment of any accrued benefits or obligations owed to you; (ii) other than as set forth in Paragraph 2 above, benefits (if any) provided in accordance with applicable plans, programs and arrangements of Company or as required by law; and (iii) any outstanding equity grant(s) held by you at the time of such termination as governed by the agreement or plan pursuant to which such grant(s) was issued.</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">Sincerely,</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt"><u>/s/ Laura Miller</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">Laura Miller</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">SVP, Chief Human Resources Officer</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">Royal Caribbean Cruises LTD</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">AGREED</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt"><u>/s/ Adam M. Goldstein</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt">ADAM M. GOLDSTEIN</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 14.75pt"><font style="FONT-WEIGHT: bold">Date: </font>5/8/18</div>

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