SUBOTNICK STUART 4

What Happened

• Stuart Subotnick, a non-executive director of Carnival Corporation (CCL), was granted 7,712 unrestricted shares on 2026-05-08 as board compensation under the Carnival Corporation Ltd. 2020 Stock Plan (reporting code A). The grant was valued by the board at $210,000 (footnote F2).
• To cover tax withholding associated with the grant, 616 shares were withheld on 2026-05-11 at $26.38 per share (code F), totaling $16,250. A separate small open-market sale of 0.213 shares at $25.22 on 2026-05-11 generated about $5 (code S). The grant itself shows an acquisition at $0 reported value (standard for awards).

Key Details

• Transaction dates and amounts:
  • 2026-05-08: Award of 7,712 unrestricted shares (A). Grant value approved: $210,000 (F2).
  • 2026-05-11: 616 shares withheld for taxes at $26.38/share = $16,250 (F).
  • 2026-05-11: 0.213 shares sold at $25.22 = ~$5 (S).
• Shares owned after transaction: Not disclosed in the filing.
• Relevant footnotes:
  • F1/F2: Unrestricted director award under the 2020 Stock Plan; number of shares set by dividing $210,000 by the 20-day average closing price and rounding down.
  • F3: Grant total includes shares from the dividend reinvestment feature.
  • F4: 616 shares were withheld to cover taxes.
• Timeliness: Form filed 2026-05-12. The filing reports transactions from 05-08 and 05-11 and appears timely under the Form 4 reporting window.

Context

• This was a compensation award to a non-executive director, not a market purchase—such grants are routine board compensation and do not by themselves signal personal buying conviction.
• The withholding of shares to cover taxes (code F) and the sale of a fractional share (code S) are standard administrative actions related to the grant.