Back to News Menu         Cruise News for the Corporate Travel Professional           March 2016

More than 14 months have passed following the resignation of Kevin Sheehan as the president and CEO of Norwegian Cruise Line Holdings, but Norwegian’s recently-filed 2015 Annual Report sheds light on the executive’s severance package which was noted as an expense of $13.4 million.

Norwegian’s filing said the separation agreement with Sheehan included certain non-competition clauses. In addition, Sheehan gets all of his accrued and unpaid base salary, a previously approved bonus for fiscal year 2014, a one-time cash separation payment in an amount equal to his base salary and target bonus, and finally, a vesting portion of his outstanding unvested equity-based awards.

“This resulted in a total severance expense of $13.4 million of which $8.2 million was due to the acceleration of the equity-based awards which was recorded in the market, general and administration expensive in January 2015,” said Norwegian.

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