<SEC-DOCUMENT>0001104659-21-085841.txt : 20210625
<SEC-HEADER>0001104659-21-085841.hdr.sgml : 20210625
<ACCEPTANCE-DATETIME>20210625172152
ACCESSION NUMBER:		0001104659-21-085841
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210625
DATE AS OF CHANGE:		20210625
EFFECTIVENESS DATE:		20210625

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-257442
		FILM NUMBER:		211049028

	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>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2120601d1_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange Commission
on June&nbsp;25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No.&nbsp;333-_______</P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>ROYAL
CARIBBEAN CRUISES LTD.</B></FONT><FONT STYLE="font-size: 24pt"><BR>
</FONT>(Exact name of registrant as specified in its charter)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 65%">
  <TR>
    <TD STYLE="vertical-align: top; width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Republic of Liberia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-0081645</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1050
Caribbean Way, Miami, Florida 33132</B></FONT><FONT STYLE="font-size: 10pt"><BR>
</FONT>(Address of principal executive offices) (Zip Code)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>ROYAL
CARIBBEAN CRUISES LTD.<BR>
1994 Employee Stock Purchase Plan</B></FONT><BR>
(Full title of the plan)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>R. Alexander Lake</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Senior
Vice President, Chief Legal Officer and Secretary<BR>
Royal Caribbean Cruises Ltd.<BR>
1050 Caribbean Way<BR>
Miami, Florida 33132</B></FONT><BR>
(Name and address of agent for service)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(305)
539-6000</B></FONT><BR>
(Telephone number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company,&rdquo; and "emerging growth company" in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 66%; padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated filer </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 15pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Title of</TD><TD STYLE="border-top: Black medium double; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black medium double; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black medium double; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Proposed</TD><TD STYLE="border-top: Black medium double; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black medium double; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Proposed
    Maximum</TD><TD STYLE="border-top: Black medium double; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black medium double; text-align: center; font-size: 10pt"><B>Amount of</B></TD><TD STYLE="border-top: Black medium double; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Securities
    to be</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount to be</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum
    Offering </TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Aggregate Offering</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Registration</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Registered</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Registered (1)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Price
    Per Share (2)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Price (2)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> Fee</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; border-bottom: Black medium double">Common Stock, par value $.01 per share</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%; border-bottom: Black medium double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 14%; border-bottom: Black medium double">1,500,000 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares</FONT></TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 14%; border-bottom: Black medium double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85.73</FONT></TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 14%; border-bottom: Black medium double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$128,595,000</FONT></TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 14%; border-bottom: Black medium double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$14,029.71</FONT></TD><TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; border-bottom: Black medium double">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1)&#8239;&#8239;&#8239; This Registration Statement registers
an additional 1,500,000 shares of common stock, par value $.01 per share (&ldquo;Common Stock&rdquo;), for issuance under the Royal Caribbean
Cruises Ltd. 1994 Employee Stock Purchase Plan, as amended (the &ldquo;Plan&rdquo;). In addition, pursuant to Rule&nbsp;416 promulgated
under the Securities Act of 1933, as amended, this Registration Statement covers an indeterminate amount of additional shares of Common
Stock which may be issued under the Plan as a result of any stock split, stock dividend, recapitalization or other similar transaction
effected without the receipt of consideration which results in an increase in the number of outstanding shares of Common Stock.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#8239;&#8239;&#8239;&#8239;&#8239;Estimated
solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(h)&nbsp;under the Securities Act of 1933, as
amended. The price is based upon the average of the high and low prices of the Common Stock as reported on the New York Stock
Exchange on June&nbsp;22, 2021, of $86.94 and $84.52, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXPLANATORY NOTE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Royal Caribbean Cruises Ltd.
(the &ldquo;Company&rdquo;) has filed this registration statement on Form&nbsp;S-8 (this &ldquo;Registration Statement&rdquo;) to register
under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), the offer and sale of 1,500,000 additional shares of its common
stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), under the Royal Caribbean Cruises Ltd. 1994 Employee Stock Purchase
Plan (the &ldquo;Plan&rdquo;). The increase in shares reserved for issuance under the Plan was approved by the shareholders of the Company
on June&nbsp;2, 2021 and was effective as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to General Instruction
E to Form&nbsp;S-8, the contents of the Company&rsquo;s prior registration statements on Form&nbsp;S-8 related to the Plan filed on November&nbsp;19,
1993 (File No.&nbsp;33-71956) and <A HREF="https://www.sec.gov/Archives/edgar/data/884887/000088488715000031/forms820150224.htm">February&nbsp;24, 2015 (File No.&nbsp;333-202263)</A> are incorporated herein by reference and made part
of this Registration Statement, except as amended hereby, and this Registration Statement is only required to include those items specified
by such instruction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 3.</B></TD><TD><B>Incorporation of Documents by Reference.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The contents of the following
documents, which have previously been filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;),
are hereby incorporated in this Registration Statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">The Company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000088488721000006/rcl-20201231.htm">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020, filed with the Commission on February&nbsp;26, 2021</A>, including the portions of the Company&rsquo;s <A HREF="https://www.sec.gov/Archives/edgar/data/884887/000104746921001010/a2243209zdef14a.htm">proxy statement for its 2021 Annual Meeting of Shareholders</A> incorporated by reference therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000088488721000011/rcl-20210331.htm">The Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended March&nbsp;31, 2021, filed with the Commission on April&nbsp;29, 2021;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Current Reports on Form&nbsp;8-K filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921003890/tm212989d1_8k.htm">January&nbsp;13,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921005056/tm212989d2_8k.htm">January&nbsp;19,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921025274/tm217061d1_8k.htm">February&nbsp;18,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921026708/tm217504d1_8k.htm">February&nbsp;23,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921031570/tm217938d6_8k.htm">March&nbsp;3,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921034995/tm219385d1_8k.htm">March&nbsp;11,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921037158/tm219688d1_8k.htm">March&nbsp;16,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921039073/tm219688d2_8k.htm">March&nbsp;19,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921038733/tm219688d3_8k.htm" STYLE="-sec-extract: exhibit">March 19, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921040754/tm2110734d1_8k.htm">March&nbsp;24,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921041577/tm2110734d2_8k.htm">March&nbsp;25,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921043963/tm2111279d2_8k.htm">March&nbsp;30,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921045601/tm2111279d1_8k.htm">April&nbsp;1,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921048157/tm2112566d1_8k.htm">April&nbsp;8,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921076400/tm2118412d1_8k.htm">June&nbsp;3,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921081199/tm2119734d1_8k.htm">June&nbsp;15,
                                                                2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921081639/tm2119864d1_8k.htm">June&nbsp;16,
                                                                2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/884887/000110465921085119/tm2120589d1_8k.htm" STYLE="-sec-extract: exhibit">June 24, 2021</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">The description of the Company&rsquo;s Common Stock set forth under the caption &ldquo;Description of
Registrant&rsquo;s Securities to be Registered&rdquo; in the Company&rsquo;s Registration Statement on Form&nbsp;8-A filed with the Commission
on April&nbsp;15, 1993.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each document filed by the
Company pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, after the date hereof
and prior to the filing of a post-effective amendment hereto which indicates that all shares of Common Stock being offered pursuant to
this Registration Statement have been sold or which deregisters all shares of Common Stock then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such document except that the
portion of any document &ldquo;furnished&rdquo; but not &ldquo;filed&rdquo; shall not be incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified
or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such prior statement. Any such
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 5.</B></TD><TD><B>Interests of Named Experts and Counsel.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal matters with
respect to the offering of the shares of Common Stock registered hereby have been passed upon by R. Alexander Lake, Senior Vice President,
Chief Legal Officer and Secretary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 8.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The documents listed hereunder
are filed or incorporated by reference as exhibits hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 88%; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Number</U></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description of Document</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/884887/000095014409002488/g18145exv3w1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884887/000095014409002488/g18145exv3w1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated Articles of Incorporation of the Company, as amended (composite) (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Registration Statement on Form&nbsp;S-3, File No.&nbsp;333-158161, filed with the Commission on March&nbsp;23, 2009).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="https://www.sec.gov/Archives/edgar/data/884887/000088488718000091/exh31form8k20181204.htm">4.2</A></P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.75pt"></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884887/000088488718000091/exh31form8k20181204.htm">Amended and Restated By-Laws of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on December&nbsp;6, 2018).</A></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2120601d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="tm2120601d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of R. Alexander Lake, Senior Vice President, Chief Legal Officer and Secretary of the Company</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2120601d1_ex23-1.htm">23.1</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.75pt"></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A HREF="tm2120601d1_ex23-1.htm">Consent of PricewaterhouseCoopers LLP,&nbsp;Independent Registered Certified Public Accounting Firm</A></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2120601d1_ex5-1.htm">23.2</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.75pt"></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A HREF="tm2120601d1_ex5-1.htm">Consent of R. Alexander Lake (included in Exhibit&nbsp;5.1 to this Registration Statement)</A></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2120601d1_ex24-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2120601d1_ex24-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="tm2120601d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2120601d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1994 Employee Stock Purchase Plan, as amended</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Miami, State of Florida, on June&nbsp;25, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Royal Caribbean Cruises Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ JASON T. LIBERTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jason T. Liberty</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities
and as of the dates indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <tr>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; width: 29%; vertical-align: bottom; border-top-style: none; border-right-style: none; padding: 0in; border-left-style: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; width: 2%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; width: 43%; vertical-align: bottom; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; padding: 0in; border-left-style: none"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; width: 2%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; width: 22%; vertical-align: bottom; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; padding: 0in; border-left-style: none"><FONT STYLE="font-size: 10pt">Date</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-transform: uppercase; border-bottom: windowtext 1pt solid; padding: 0in; text-align: center; font-size: 10pt; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">/<FONT STYLE="text-transform: lowercase">s</FONT>/
    Richard D. Fain</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director, Chairman and Chief</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Richard D. Fain</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Executive Officer (Principal Executive Officer)</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; padding-top: 0in; padding-right: 0in; padding-bottom: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">/s/
    JASON T. LIBERTY</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Jason T. Liberty</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Financial Officer (Principal Financial Officer)</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">/s/
    HENRY L PUJOL</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Vice President and Chief</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Henry L. Pujol</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Accounting Officer</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">(Principal Accounting Officer)</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">John F. Brock</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Stephen R. Howe Jr.</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">William L. Kimsey</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0in; text-align: center; font-size: 10pt; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></td>
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: bottom; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0in; text-align: center; font-size: 10pt; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none; width: 43%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></td>
    <TD STYLE="padding: 0in; text-align: center; font-size: 10pt; vertical-align: bottom; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0in; text-align: center; font-size: 10pt; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none; width: 22%"><FONT STYLE="font-size: 10pt">Date</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: windowtext 1pt solid; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none; width: 29%"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; width: 43%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top; width: 22%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Amy C. McPherson</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: windowtext 1pt solid; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Maritza G. Montiel</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: windowtext 1pt solid; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Ann S. Moore</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: windowtext 1pt solid; padding: 0in; vertical-align: top; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Eyal M. Ofer</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></td></tr>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;*</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">William K. Reilly</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Vagn O. S&oslash;rensen</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid; padding: 0in; vertical-align: top">*<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Donald Thompson</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">*&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Arne Alexander Wilhelmsen</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding: 0in; vertical-align: top"><FONT STYLE="font-size: 10pt">June 25, 2021</FONT></TD></TR>
  </table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 3.5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 25.5%"><FONT STYLE="font-size: 10pt">/s/
    JASON T. LIBERTY</FONT></TD>
    <TD STYLE="width: 71%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Jason T. Liberty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Attorney-in-Fact</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2120601d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Royal Caribbean Cruises Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1050 Caribbean Way</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Miami, Florida 33132</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. Registration Statement on Form&nbsp;S-8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir or Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Senior Vice President, Chief Legal Officer
and Secretary of Royal Caribbean Cruises Ltd., a Liberian corporation (the &ldquo;Company&rdquo;),&nbsp;I have participated in the preparation
and filing by the Company of a Registration Statement on Form&nbsp;S-8 (the &ldquo;Registration Statement&rdquo;) for the registration
under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), of 1,500,000 shares of the Company&rsquo;s Common Stock, par value
$.01 per share (the &ldquo;Shares&rdquo;), to be offered to participants in the Royal Caribbean Cruises Ltd. 1994 Employee Stock Purchase
Plan, as amended on June&nbsp;2, 2021 (the &ldquo;Plan&rdquo;). This opinion is delivered in accordance with the requirements of Item&nbsp;601(b)(5)&nbsp;of
Regulation S-K promulgated under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In furnishing this opinion, and in my capacity
as an attorney admitted to practice law in the State of New York and as authorized house counsel in the State of Florida,&nbsp;I have
examined copies of the Registration Statement, the Articles of Incorporation and By-laws of the Company, as amended to date, the Plan,
and such other papers, documents and certificates of public officials as I have deemed necessary and relevant to provide a basis for the
opinions set forth below. In making such examinations,&nbsp;I have assumed the genuineness of all signatures and the authenticity of all
documents submitted to me as originals and the conformity with the originals of all documents submitted to me as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is limited to the laws of the Republic
of Liberia. In rendering this opinion,&nbsp;I have relied solely upon the Liberian Business Corporation Act of 1976 (Title 5 of the Liberian
Code of Laws Revised, effective January&nbsp;3, 1977, as amended), as contained in pamphlets and materials delivered to me by Liberian
International Ship&nbsp;&amp; Corporate Registry, LLC which, according to Liberian International Ship&nbsp;&amp; Corporate Registry, LLC
remains, to the best of their knowledge, in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis of and subject to the foregoing,&nbsp;I
am of the opinion that the Shares, if and when issued in accordance with the terms of the Plan and upon payment for the Shares in accordance
with the Plan, will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I hereby consent to the filing of this opinion
as an exhibit to the Registration Statement. In giving such consent,&nbsp;I do not thereby admit that I am in the category of persons
whose consent is required under Section&nbsp;7 of the Act or the Rules&nbsp;and Regulations of the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is limited to the matters stated
in this letter, and no opinions may be implied or inferred beyond the matters expressly stated in this letter. The opinions expressed
in this letter speak only as of its date. I do not undertake to advise you of any changes in the opinions expressed herein from matters
that might hereafter arise or be brought to my attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/
    R. ALEXANDER LAKE</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">R. Alexander Lake</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior Vice President, Chief Legal Officer and
    Secretary</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2120601d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-8 of Royal Caribbean Cruises Ltd. of our report dated February 26, 2021 relating to the financial statements,
and the effectiveness of internal control over financial reporting, which appears in Royal Caribbean Cruises Ltd.'s Annual Report on Form
10-K for the year ended December&nbsp;31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP<BR>
Miami, FL<BR>
June 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>tm2120601d1_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;24.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below hereby severally constitutes and appoints Richard D. Fain, Jason T. Liberty and
R. Alexander Lake, and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution
for him or her and in his or her name, place and stead, in any and all capacities to sign in his or her name this registration statement
on Form&nbsp;S-8 with respect to 1,500,000 shares of the common stock of Royal Caribbean Cruises Ltd. (the &ldquo;Company&rdquo;) issuable
pursuant to the Company&rsquo;s 1994 Employee Stock Purchase Plan and any and all amendments (including post-effective amendments) to
this registration statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite or necessary fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that each said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Power of Attorney may
be signed in any number of counterparts, each of which shall constitute an original and all of which, taken together, shall constitute
one Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">IN WITNESS WHEREOF, each
of the undersigned has hereunto set his or her hand as of June 25, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Richard D. Fain<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Chairman and Chief Executive Officer</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Richard D. Fain</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ John F. Brock<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">John F. Brock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Stephen R. Howe Jr.<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Stephen R. Howe Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ William L. Kimsey<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">William L. Kimsey</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Amy C. McPherson<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Amy C. McPherson</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Maritza G. Montiel<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Maritza G. Montiel</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 48%"> /s/ Ann S. Moore</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Ann S. Moore</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Eyal M. Ofer<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Eyal M. Ofer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ William K. Reilly<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">William K. Reilly</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Vagn O. S&oslash;rensen<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Vagn O. S&oslash;rensen</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Donald Thompson<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Director</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Donald Thompson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    /s/ Arne Alexander Wilhelmsen<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">Arne Alexander Wilhelmsen</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2120601d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ROYAL CARIBBEAN CRUISES LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1994 EMPLOYEE STOCK PURCHASE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">AS AMENDED AS OF JUNE 2, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Page</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 7%"><FONT STYLE="text-transform: uppercase">1.</FONT></TD><TD STYLE="font-size: 10pt; width: 83%"><FONT STYLE="text-transform: uppercase">PURPOSE</FONT></TD>
                                                                                                         <TD STYLE="font-size: 10pt; text-align: right; width: 10%"> <FONT STYLE="text-transform: uppercase">1</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                                                         <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">administration</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">1</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">eligibility</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">2</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">stock</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">grant of option</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">participation; payroll deductions and lump sum deposits</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">4</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">7.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">exercise of option </FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">8.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">employee's right to abandon option </FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">7</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">9.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">terms and conditions of options</FONT></TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">8</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                   <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">10.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">amendment of the plan </FONT></TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="text-transform: uppercase">14</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">11.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">effective date of plan </FONT></TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="text-transform: uppercase">14</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">12.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">absence of rights</FONT></TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">15</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">13.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">application of funds </FONT></TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="text-transform: uppercase">15</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">14.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase">miscellaneous</FONT></TD>
                                                                    <TD STYLE="font-size: 10pt; text-align: right"> <FONT STYLE="text-transform: uppercase">15</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ROYAL CARIBBEAN CRUISES LTD.<BR>
<U>1994 EMPLOYEE STOCK PURCHASE PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>1.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>PURPOSE</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Employee Stock Purchase
Plan (the &quot;Plan&quot;) is intended to encourage stock ownership by all eligible employees of Royal Caribbean Cruises Ltd. (the &quot;Company&quot;),
and of any of its &quot;subsidiary corporations&quot; (as defined in section 424(f)&nbsp;of the Internal Revenue Code of 1986, as amended
(the &quot;Code&quot;)) that are designated by the Company as participating employers, through the grant of stock options. It is intended
that options issued under this Plan shall constitute options issued under an &quot;employee stock purchase plan,&quot; within the meaning
of section 423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>2.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>administration</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan shall be administered
by the Company. The Company shall have the authority to establish and rescind, from time to time, such rules&nbsp;and regulations, not
inconsistent with the provisions of the Plan, for the proper administration of the Plan and options granted thereunder, and to make such
determinations and interpretations under or in connection with the Plan as it deems necessary or advisable, including the determination
of which subsidiary corporations (if any) will be participating employers in the Plan. In addition, the Company may correct any defect,
supply any omission and reconcile any inconsistency in this Plan or in any option granted hereunder in the manner and to the extent it
shall deem desirable. All such rules, regulations, determinations and interpretations shall be binding and conclusive upon the Company
and its subsidiary corporations, officers and employees (including former officers and employees) of the Company and any subsidiary corporation,
and upon their respective legal representatives, beneficiaries, successors and assigns and upon all other persons claiming under or through
any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may delegate any
or all of its administrative authority under this Section&nbsp;2 to one or more employees of the Company and/or to one or more third-party
administrators. Any employee to whom administrative authority is delegated, in the course of exercising such authority, shall be acting
in his capacity as an employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>3.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>eligibility</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as provided below in this paragraph (a)&nbsp;and in paragraph (b)&nbsp;below, each employee of the Company (or of a subsidiary corporation
designated by the Company as a participating employer) shall be granted an option as of the first business day on or after January&nbsp;1,
April&nbsp;1, July&nbsp;1 or October&nbsp;1 (the &quot;Grant Date&quot;) immediately following the commencement of his employment, and
as of each succeeding Grant Date, to purchase the Company's common stock, par value $0.01 (the &quot;Common Stock&quot;); provided such
employee shall not be granted an option on a Grant Date if (i)&nbsp;he is not still employed by the Company or a designated subsidiary
corporation as of such Grant Date, (ii)&nbsp;he is excluded from participation under paragraph (b)&nbsp;below, or (iii)&nbsp;he has received
his maximum options for the calendar year under Section&nbsp;9(e)&nbsp;or 9(k). The term of each option shall be three calendar months
(<U>i.e.</U>, January&nbsp;1 to March&nbsp;31, April&nbsp;1 to June&nbsp;30; July&nbsp;1 to September&nbsp;30, and October&nbsp;1 to December&nbsp;31)
(the &quot;Option Terms&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee will not be eligible to participate in the Plan if he is customarily employed by the Company or a designated subsidiary corporation
for not more than five months in any calendar year. In addition, in no event may an employee be granted an option if such employee, immediately
after the option is granted, owns stock possessing 5% or more of the total combined voting power or value of all classes of stock of
the Company or of its &quot;parent corporation&quot; (as defined in section 424(e)&nbsp;of the Code) (if any) or of a subsidiary corporation.
For purposes of determining stock ownership under this paragraph (b), the rules&nbsp;of section 424(d)&nbsp;of the Code (relating to
attribution of stock ownership) shall apply, and stock which the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">employee may purchase under outstanding options shall be treated as stock owned by
the employee. Finally, an employee will not be eligible to participate in the Plan unless he complies with the participation rules&nbsp;set
forth in Section&nbsp;6, including the requirement that he file a payroll deduction agreement or lump sum deposit agreement at the time
or times specified in Section&nbsp;6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>4.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>stock</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock subject to the options
shall be shares of the Company's authorized but unissued or reacquired Common Stock. The aggregate number of shares which may be issued
under options shall not exceed 2,800,000 shares of Common Stock; provided that such number shall be adjusted if required by Section&nbsp;9(h)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>5.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>grant of option</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Aggregate
Purchase Price of Shares Purchasable Under Option</U>. Subject to the limitation described in paragraph (c)&nbsp;below, each eligible
employee shall be granted, as of each Grant Date, an option to purchase up to that number of whole and fractional shares of Common Stock
which has an aggregate purchase price equal to $5,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Number
of Shares Purchasable Under Option</U>. Subject to the limitation described in paragraph (c)&nbsp;below, the number of shares actually
purchasable for an Option Term shall equal $5,000 divided by the price per share. The &ldquo;price per share&rdquo; shall be the greater
of (i)&nbsp;85% of the average of the per share &ldquo;fair market value&rdquo; (as determined under Section&nbsp;9(b)) as of the applicable
Grant Date plus the per share fair market value as of the last business day of each calendar month in the Option Term; or (ii)&nbsp;the
lesser of (A)&nbsp;85% of the per share fair market value as of the applicable Grant Date or (B)&nbsp;85% of the per share fair market
value as of the last business day of the Option Term (the &ldquo;Exercise Date&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitation
on Number of Shares Purchasable Under Option</U>. Notwithstanding paragraphs (a)&nbsp;and (b)&nbsp;above, the aggregate number of whole
and fractional shares purchasable under the option described in this Section&nbsp;5 shall not exceed the lesser of (i)&nbsp;150% of the
number of shares of Common Stock determined by dividing $5,000 by 85% of the per share fair market value as of the applicable Grant Date
or (ii)&nbsp;the limitations described in Sections 9(e)&nbsp;and 9(k).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>6.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>participation; payroll deductions and lump sum deposits</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
employee shall be notified of the terms of the Plan, of his eligibility to receive option grants under the Plan, and of his eligibility
to participate in the Plan by making payroll deductions or lump sum deposits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee from whose compensation the Company is not prohibited by law from taking payroll deductions may elect to participate in the Plan
by making payroll deductions (as a set dollar amount each pay, subject to the limits set forth in paragraph (d)&nbsp;below) for each Option
Term in which he is eligible to participate. Payroll deduction agreements must be received by the Senior Vice President, Chief HR Officer
(the &quot;Plan Coordinator&quot;), on or before the 15<SUP>th</SUP> calendar day of the last calendar month before the commencement of
an Option Term. Payroll deductions under an employee's payroll deduction agreement shall commence as of the first payroll period ending
in the Option Term first beginning after the employee's submission of his agreement, and shall continue from Option Term to Option Term
until the employee's employment terminates, subject to the employee's right to abandon his option for an Option Term under Section&nbsp;8.
Notwithstanding the preceding sentence, an employee may elect to begin or terminate his payroll deductions, or to increase or decrease
his rate of payroll deductions, for the immediately following Option Term by mailing or delivering a new payroll deduction agreement,
which must be received by the Plan Coordinator on or before the 15<SUP>th</SUP> calendar day of the last calendar month before the commencement
of such Option Term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee from whose compensation the Company is prohibited by law from taking payroll deductions, or any other employee who does not elect
to make payroll deductions, may participate in the Plan by making a lump sum deposit for any Option Term in which he is eligible to participate.
A lump sum deposit agreement, specifying the maximum dollar amount the employee intends to contribute for the Option Term, must be received
by the Plan Coordinator (or his delegate), on or before the 15<SUP>th</SUP> calendar day of the last calendar month before the commencement
of each Option Term for which the employee wishes to make a lump sum deposit. The lump sum deposit itself, equal to the maximum dollar
amount specified or any lesser amount (subject to the limits set forth in paragraph (d)&nbsp;below), must be received by the Plan Coordinator
on or before the 15<SUP>th</SUP> calendar day of the last calendar month in the Option Term. An employee who makes a lump sum deposit
for an Option Term before such 15<SUP>th</SUP> calendar day may subsequently elect to abandon his option for such Option Term under Section&nbsp;8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee from whose compensation the Company is not prohibited by law from taking payroll deductions may elect to make either payroll
deductions or a lump sum deposit, but not both, for a particular Option Term. The total payroll deductions or lump sum deposit for any
employee for an Option Term must equal at least $120. The maximum total payroll deductions or lump sum deposit for any employee for an
Option Term may not exceed $5,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
employee who has satisfied the eligibility requirements of Section&nbsp;3 but who has elected to abandon (or is deemed to have abandoned)
his option in accordance with Section&nbsp;8 for an Option Term, shall be granted an option in accordance with Section&nbsp;5 in subsequent
Option Terms, provided he continues to meet the eligibility requirements of Section&nbsp;3. However,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if such an employee is described
in paragraph (b)&nbsp;above, he must submit a new payroll deduction agreement under paragraph (b)&nbsp;above in order to begin payroll
deductions in a subsequent Option Term. If such an employee is described in paragraph (c)&nbsp;above, he must submit a new lump sum deposit
agreement under paragraph (c)&nbsp;above in order to make a lump sum deposit in a subsequent Option Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Electing
payroll deductions or making a lump sum deposit in any Option Term will not constitute a contract to purchase any of the option shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee who fails to participate in the Plan for an Option Term in the manner and within the time provided under this Section&nbsp;6
shall be deemed to have abandoned the option granted to him for such Option Term and shall have no further rights under the Plan for that
Option Term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>7.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>exercise of option</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the last business day
of an Option Term, unless the employee has abandoned his option in accordance with Section&nbsp;8 (or is deemed to have abandoned his
option under Section&nbsp;6(g)), each employee will be deemed to have exercised his option for such number of shares (including fractional
shares) of Common Stock as his accumulated payroll deductions or lump sum deposit shall be sufficient to pay for, subject to the limitations
of Sections 4, 5, 9(e)&nbsp;and 9(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>8.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>employee's right to abandon option</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any time during an Option Term, up to and including the 15<SUP>th </SUP>calendar day of the last calendar month of the Option Term, an
employee may elect to abandon his option and withdraw the payroll deductions (if any) or the lump sum deposit (if any) credited to his
account under the Plan by giving written notice to the Company. In order for such abandonment to be effective for the Option Term, the
employee's written notice must be received by the Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Coordinator on or before such day. All of such employee's payroll deductions or
the lump sum deposit credited to his account will be refunded to him (without interest) as soon as practicable after receipt of his notice
of withdrawal, and, in the case of an employee who had authorized payroll deductions, no further payroll deductions will be made from
his pay as of the first pay date occurring at least 10 business days after the Plan Coordinator receives the employee's written notice,
and for the remainder of that Option Term. (If the first pay date occurs fewer than 10 business days after the written notice of abandonment
is received, the scheduled deduction may be taken from the employee's pay for that period, but will be refunded to the employee, along
with his other accumulated deductions for the Option Term, in accordance with this paragraph (a).) The employee shall have no further
option or right of any nature at any subsequent time as to any shares so abandoned.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
employee's withdrawal from an Option Term will not have any effect upon his eligibility to participate in any subsequent Option Term,
or any similar plan which may hereafter be adopted by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>9.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>terms and conditions of options</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock options granted pursuant
to the Plan shall be subject to such conditions as the Company shall recommend, provided that all employees granted such options shall
have the same rights and privileges (except as otherwise required by applicable law), and provided further that such options shall comply
with and be subject to the terms and conditions set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Employee
Notification and Agreement</U>. Employees shall be notified (i)&nbsp;of the requirements they must meet to be granted options under the
Plan, (ii)&nbsp;about the terms and conditions of such options, and (iii)&nbsp;that any employee eligible to be granted options under
the Plan may request a copy of the Plan. An employee's agreement to the terms of an option will be</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">evidenced by his submission of a payroll
deduction agreement or a lump sum deposit agreement for an Option Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Option
Price</U>. The per share option price for an Option Term shall be determined as set forth in Section&nbsp;5(b). In making such determination,
during such time as the stock is listed upon an established stock exchange or exchanges, &quot;fair market value&quot; shall be deemed
to be the mean between the highest and lowest quoted selling prices on the Company&rsquo;s primary exchange on the day the option is granted,
on the day the option is exercised, or on one of the additional two business days used to calculate the average value under Section&nbsp;5(b),
as applicable. During such time as such stock is not listed upon an established stock exchange, the fair market value per share on such
days shall be determined by the Company by a method sanctioned by the Code, or rules&nbsp;and regulations thereunder. The fair market
value per share on any day is to be determined in accordance with Treas. Reg. &sect;&sect; 1.421-7(e)&nbsp;and 20.2031-2. Subject to the
foregoing, the Company shall have full authority and be fully protected in fixing the option price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Medium
and Time of Payment</U>. The option price shall be payable in United States dollars upon the exercise of the option and shall be payable
only by accumulated payroll deductions or a lump sum deposit made in accordance with Section&nbsp;6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Term
of Option</U>. No option may be exercised after the end of the Option Term in which the option was granted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Accrual Limitation</U>. No option shall permit the right of an employee to purchase stock under all employee stock purchase plans, intended to
qualify under section 423 of the Code, of the Company and its parent corporation (if any) and subsidiary corporations to accrue at a rate
which exceeds $25,000 in fair market value of such stock (determined at the time options are granted) for each calendar year in which
the option is outstanding at any time. (The</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">maximum number of shares
of Common Stock an employee may purchase under options under this Plan for the first Option Term in a calendar year for which the employee
receives an option is determined by dividing (i)&nbsp;$25,000 by (ii)&nbsp;the per share fair market value of Common Stock on the Grant
Date of such Option Term. The maximum number of shares of Common Stock the employee may purchase under options under this Plan for any
succeeding Option Term in a calendar year is determined by dividing (i)&nbsp;$25,000 by (ii)&nbsp;the per share fair market value of
Common Stock on the Grant Date of such Option Term, and then subtracting from the quotient the total number of shares of Common Stock
purchasable by the employee under options granted in the preceding Option Term(s)&nbsp;of the calendar year. Such total number of shares
purchasable shall be calculated as if the employee had elected for each preceding Option Term payroll deductions or a lump sum deposit
equal to $5,000, and shall be subject to the 150% limit on the number of shares purchasable set forth in Section&nbsp;5(c).) For purposes
of this paragraph&nbsp;(e), (i)&nbsp;the right to purchase stock under an option accrues when the option (or any portion thereof) first
becomes exercisable during the calendar year; (ii)&nbsp;the right to purchase stock under an option accrues at the rate provided in the
option but in no case may such rate exceed $25,000 of fair market value of such stock (determined at the time such option is granted)
for any one calendar year; and (iii)&nbsp;a right to purchase stock which has accrued under one option granted pursuant to the Plan may
not be carried over to any other option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination
of Employment</U>. An option under this Plan granted to an employee who ceases to be employed by the Company or a subsidiary corporation
during an Option Term for any reason (including disability or death) after the 15<SUP>th</SUP> calendar day of the last calendar month
of the Option Term, shall be exercised for such number of whole or fractional shares as the individual's accumulated payroll deductions
or lump sum deposit shall then be sufficient to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">pay for in full (subject to the restrictions in Sections 4, 5, 8, 9(e)&nbsp;and 9(k))
as of the end of such Option Term. If such an employee ceases to be employed by the Company or a subsidiary corporation during an Option
Term for any reason (including disability or death) on or before the 15<SUP>th</SUP> calendar day of the last calendar month of the Option
Term, such individual's option shall not be exercised, and his accumulated payroll deductions or lump sum deposit shall be refunded (without
interest) to him (or, in the event of his disability or death, to his or his estate's personal representative). No further grants of stock
options under this Plan shall be made on behalf of an individual described in this paragraph (f)&nbsp;unless and until such individual
again satisfies the eligibility requirements of Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8239;Whether an authorized leave
of absence for military or governmental service shall constitute termination of employment for purposes of the Plan shall be determined
by the Company subject to applicable law, which determination shall be final and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Nontransferability</U>.
Neither payroll deductions or a lump sum deposit credited to an employee's account nor any rights with regard to the exercise of an option
or to receive stock or a return of payroll deductions or a lump sum deposit under the Plan may be assigned, transferred, pledged, or otherwise
disposed of in any way by the employee other than by will or the laws of descent and distribution. Any such attempted assignment, transfer,
pledge or other disposition shall be without effect. Any option may be exercised during the employee's lifetime only by the employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Recapitalization</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to any required action by the stockholders, the number of shares of Common Stock provided for in Section&nbsp;4 and the number covered
by each outstanding option (and the price per share thereof in each such option), shall be proportionately adjusted for any</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">increase or
decrease in the number of issued shares of Common Stock of the Company resulting from a subdivision or consolidation of shares or the
payment of a stock dividend (but only on the Common Stock) or any other increase or decrease in the number of such shares affected, without
receipt of consideration by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to any required action by the stockholders, if the Company shall be the surviving corporation in any merger or consolidation, each outstanding
option shall pertain and apply to the securities to which a holder of the number of shares of Common Stock subject to the option would
have been entitled. A dissolution or liquidation of the Company or a merger or consolidation in which the Company is not the surviving
corporation, shall cause each outstanding option to terminate, provided that each employee granted an option under this Plan shall, in
such event, have the right immediately prior to such dissolution or liquidation, or merger or consolidation in which the Company is not
the surviving corporation, to exercise his option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event of a change in the Common Stock of the Company as presently constituted which is limited to a change of all of its authorized
shares with par value into the same number of shares with a different par value or without par value, the shares resulting from any such
change shall be deemed to be Common Stock within the meaning of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Company,
whose determination in that respect shall be final, binding and conclusive, provided that each option granted pursuant to this Plan shall
not be adjusted in a manner that causes the option to fail to continue to qualify as an option issued pursuant to an &quot;employee stock
purchase plan&quot; within the meaning of section 423 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as hereinbefore expressly provided in this paragraph (h), an employee shall have no rights by reason of any subdivision or consolidation
of shares of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock
of any class or by reason of any dissolution, liquidation, merger, or consolidation or spin-off of assets or stock of another corporation,
and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to the option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
grant of an option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer
all or any part of its business or assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rights
as a Stockholder</U>. An employee or a transferee of an option (as described in paragraph (f)&nbsp;above) shall have no rights as a stockholder
with respect to any shares covered by his option until, and only to the extent that, he exercises his option under the terms of the Plan.
No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions
or other rights for which the record date is prior to the date such option is exercised, except as provided in paragraph (h)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Purpose</U>. Each option under the Plan shall be granted on the condition that the purchase of stock thereunder shall be for investment
purposes and not with a view to resale or distribution, except that in the event the stock subject to such option is registered under
the Securities Act of 1933, as amended, or in the event a resale of such stock without such registration would otherwise be permissible,
such condition shall be inoperative if in the opinion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of counsel for the Company such condition is not required under the Securities Act
of 1933 or any other applicable law, regulation or rule&nbsp;of any governmental agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustment
in Number of Shares Exercisable</U>. If the aggregate number of shares purchased under options granted under the Plan exceeds the aggregate
number of shares of Common Stock specified in Section&nbsp;4, the Company shall make a pro rata allocation of the shares available for
distribution so that the limit of Section&nbsp;4 is not exceeded, and the balance of payroll deductions or the lump sum deposit credited
to the account of each participating employee shall be returned to him as promptly as possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Provisions</U>. The option agreements authorized under the Plan may contain such provisions as the Company shall deem advisable, provided
that no such provision may in any way be in conflict with the terms of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>10.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>amendment of the plan</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company's Board of Directors may, from time to time, with respect to any shares not subject to options, suspend, discontinue, revise or
amend the Plan in any respect whatsoever except that no such revision or amendment may permit the granting of options under this Plan
to persons other than employees of the Company, its parent corporation or a subsidiary corporation, or otherwise cause options issued
under it to fail to meet the requirements of section 423 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition, if he deems it advisable, the Chief Executive Officer of the Company may approve and execute an amendment(s)&nbsp;to the Plan
restricting the ability of an employee to make payroll deductions or a lump sum deposit in one or more Option Terms subsequent to an Option
Term in which the employee has abandoned his option under Section&nbsp;8, provided the amendment(s)&nbsp;are consistent with the requirements
for employee stock purchase plans under section 423 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
paragraph (a)&nbsp;above, the Plan may not, without the approval of a majority of the votes cast at a duly held stockholders' meeting
at which a quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the
Plan, be amended in any manner that will change the number of shares subject to the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>11.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>effective date of plan</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan will become effective
as of November&nbsp;19, 1993, subject, however, to approval of a majority of the votes cast at a duly held stockholders&rsquo; meeting
at which a quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the
Plan. If the Plan is not so approved, the Plan shall nevertheless be effective, but options issued under the Plan shall not constitute
options issued under an &ldquo;employee stock purchase plan,&rdquo; within the meaning of section 423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>12.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>absence of rights</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The granting of an option
to a person shall not entitle that person to continued employment by the Company or a subsidiary corporation or affect the terms and conditions
of such employment. The Company, its parent corporation (if any) and any subsidiary corporation shall have the absolute rights, in their
discretion, to terminate an employee's employment, whether or not such termination may result in a partial or total termination of his
option under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>13.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>application of funds</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The proceeds received by the
Company from the sale of Common Stock pursuant to options will be used for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><B>14.</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>miscellaneous</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each employee
participating in the Plan, including,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">without limitation, such employee's estate and the executors, administrators or trustees thereof,
heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Florida
law shall govern all matters relating to this Plan except to the extent it is superseded by United States federal law.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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