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NCLH acted to secure Frank Del Rio's continued leadership at a critical time for the company

Three more years for NCLH chief Frank Del Rio

Norwegian Cruise Line Holdings extended President and CEO Frank Del Rio's contract through 2023.

Del Rio's prior employment agreement had been set to expire at the end of 2020, and NCLH acted to secure his continued leadership at a critical time for the company, according to a filing.

Del Rio will receive a base salary of $1.8m. Any reduction will continue to apply for so long as it applies to the company's other executive officers, the filing said.

Beginning with the 2021 fiscal year, Del Rio will be eligible for an annual bonus for achieving certain performance objectives. The annual target will equal 200% of his base salary, and for fiscal years 2022 and 2023, the maximum annual bonus payable for outperformance will be 400% of his base salary.

RSUs

In addition, Del Rio was granted a restricted share unit award with a grant date fair value of $6m. These RSUs will cliff vest on the third anniversary of the grant date. Del Rio is also entitled to an inducement cash award equal to $2.8m payable by Dec. 31 this year.

Performance and time-based RSUs are part of the new contract, too. Del Rio will be entitled to annual RSU awards in 2021, 2022 and 2023 that have a grant date value of not less than $10m. At least 60% of each grant will be subject to performance-based vesting requirements.

The NCLH chief will continue to receive the same car and other personal benefits as provided in his prior contract.

2019 compensation valued at $18m

Del Rio's total 2019 compensation was valued at $18m.

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