Exhibit 10.1
AMENDMENT TO THE
ROYAL CARIBBEAN CRUISES
LTD.
SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN
WHEREAS , Royal Caribbean Cruises Ltd. (the
“Company”) currently maintains the Royal Caribbean
Cruises Ltd. Supplemental Executive Retirement Plan (the
“Plan”); and
WHEREAS , the Plan reserves to the Board of Directors
(the “Board”) the authority to amend the Plan;
and
WHEREAS , the Company has determined that it is
desirable to amend the Plan to (i) reflect the new contribution
formula under the Royal Caribbean Cruises Ltd. et al Retirement
Plan effective January 1, 2009; and (ii) eliminate the compensation
cap limitations imposed by section 401(a)(17) of the Internal
Revenue Code for determining benefits under the Plan effective
January 1, 2009.
NOW, THEREFORE, IT IS
RESOLVED that, the Plan
is hereby revised, effective January 1, 2009, in the following
particulars:
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1.
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Article 3 is amended to read as
follows:
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ARTICLE 3
PLAN BENEFITS AND
VESTING
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3.1
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Plan Benefits
. The purpose of the Plan is to
provide Participants with the Company contributions that they would
have received under the Retirement Plan, but for the reductions
contained in section 401(a)(17) of the Code beginning January 1,
1994. The IRS is expected to issue an indexed maximum compensation
rate under section 401(a)(17) of the Code, determined without
regard to the reduction to $150,000 through 1996, on account of a
grandfather provision for collectively bargained plans. For
instance, this amount in 1994 is $242,280 for collectively
bargained plans. As indexed, this amount shall be referred to as
the “Grandfathered Limit”. Effective January 1, 2009,
the Plan will provide Participants with the Company profit sharing
contributions that they would have received under the Retirement
Plan, but for the reductions contained in section 401(a)(17) of the
Code.
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Effective with the Plan Year that
begins January 1, 1994, the Plan benefit for each Pa
