If I elect the Euro pay option, what about premiums and other items of compensation that are now calculated in U.S. Dollars?
The Euro conversion option only applies to an officer’s daily or hourly compensation (including overtime), vacation percentage and SARB (Sailing Assignment Return Bonus), OIP (Officer Incentive Plan) and SOIP (Senior Officer Incentive Plan) bonuses. All other compensation, including premiums and other incentives, will continue to be calculated in U.S. dollars. If the premium or incentive is based on performance or work during a specific cruise, your premium or incentive will be converted to Euros based on the foreign exchange rate that is in effect on the last day of the cruise (or, if that is not a business day, on the previous business day). If the other compensation is not based on your performance or work during a specific cruise, your other compensation will be converted to Euros based on the foreign exchange rate in effect at the time of payment of your monthly compensation. At the end of the month, the Euros will be paid to you by one of the two methods described in the next que
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