Jason Montague

About Jason Montague

Former President & CEO of Regent Seven Seas Cruises (Regent) under an employment term beginning September 16, 2016 and transitioned to Special Advisor roles for Oceania Cruises and Regent through December 31, 2024; currently serves as Chief Luxury Officer within NCLH’s luxury segment (Oceania Cruises and Regent) with public remarks and leadership tied to product innovation and fleet expansion in 2025 . Company performance over his recent advisory-to-leadership transition shows NCLH Adjusted EBITDA rebounded to $2,534 million in 2024 and total shareholder return (TSR) improved (2022: 20.96; 2023: 34.31; 2024: 44.05), framing pay-for-performance discussions and equity outcomes for senior leaders .

Past Roles

Organization	Role	Years	Strategic Impact
Regent Seven Seas Cruises (NCLH)	President & CEO	2016–2022 (employment term to 12/31/2023; role ended 12/31/2022)	Led ultra‑luxury brand; contract provided performance/equity vesting mechanics aligning exit with performance through term end .
NCLH (Oceania + Regent)	Special Advisor	2023–2024	Guided transition to new brand presidents; received retention and defined equity to ensure continuity .

External Roles

No external public company directorships disclosed in available filings for Montague.

Fixed Compensation

Multi‑year compensation history (as disclosed; 2022 includes transition-linked retention):

Metric	2020	2021	2022
Base Salary ($)	594,044	698,849	900,000
Target Annual Cash Incentive ($)	—	—	900,000 (100% of base)
Maximum Annual Cash Incentive ($)	—	—	1,800,000 (200% of base)
Non‑Equity Incentive Paid ($)	700,000	700,000	1,800,000
“Bonus” (Retention) Paid ($)	578,001	—	2,000,000 (transition agreement)
Stock Awards Grant‑date Fair Value ($)	4,435,454	2,158,701	1,895,383
All Other Compensation ($)	52,383	52,492	54,257
Total ($)	6,359,882	3,610,042	6,649,640

Special Advisor terms (effective 1/1/2023–12/31/2024):

Base salary $500,000 per year; one‑time 2023 equity award grant‑date fair value $1,000,000; retention bonus $2,000,000 paid; no 2023/2024 annual bonus eligibility; continued executive cruise privileges during and after term .

Performance Compensation

2022 annual and long‑term incentive structure applicable to Montague (aligned with NEO framework):

Annual Cash Incentive: target $900,000 (100% base), max $1,800,000; actual non‑equity incentive paid $1,800,000 for 2022 .
2022 PSUs: operational/financing metrics (no threshold); target required maintaining Classification Society/flag state rules and vessel certificates fleet‑wide through 12/31/2024; additional 100% of target PSUs if financing obtained for ≥50% of increases in original contract prices of Seven Seas Grandeur and the third Prima‑class vessel (half weighting per ship) .
2022 RSUs: for other NEOs vest in one installment March 2024; for Montague, awards granted after Feb 14, 2022 subject to full vesting of time‑based RSUs at end of term and performance‑based RSUs vesting based on performance through termination, contingent on release .

Incentive Type	Metric	Weighting	Target	Actual/Payout	Vesting
Annual Cash (2022)	Company annual plan	n/a	$900,000	$1,800,000 paid	Cash, paid for 2022
PSUs (2022 grant)	Fleet certification compliance	50% of equity (other NEOs)	Certificates maintained through 12/31/2024	Payout per Committee determination at cycle end; Montague’s performance‑based vesting through termination per amendment	3‑year performance + service
PSUs (2022 grant)	Financing for vessel contract price increases (Seven Seas Grandeur; third Prima)	Remaining PSU outcome	≥50% financing of increases (half weighting per ship)	Committee‑determined; amendment applies to Montague	3‑year performance + service
RSUs (2022 grant)	Time‑based vesting	50% of equity (other NEOs)	n/a	n/a	For Montague: full vesting at term end (post‑Feb 2022 awards), subject to release

Policies impacting incentives:

Clawback policy compliant with NYSE/SEC Dodd‑Frank 954, mandatory recovery on restatements and discretionary recovery for misconduct .
Hedging/short‑selling/pledging prohibited for senior officers and directors .

Equity Ownership & Alignment

Item	Value
Beneficial Ownership (4/3/2023)	405,616 shares; less than 1% of outstanding (424,159,140 shares outstanding)
Unvested Time‑based RSUs (12/31/2022)	12,322 units; market value $150,821
Unearned PSUs (12/31/2022)	44,652 units; payout value $546,540
Stock Options – Exercisable	40,000 @ $41.79 exp. 11/18/2024; 60,000 @ $43.76 exp. 2/1/2025; 50,000 @ $56.19 exp. 6/30/2025; 37,500 @ $50.31 exp. 2/28/2026
Ownership Guidelines (policy)	Brand Presidents/EVPs: 3× annual base salary; 50% net shares retained until compliant

Pledging prohibited; hedging/short sales disallowed for senior officers and directors, reducing alignment risk from collateralization strategies .

Employment Terms

Original Regent CEO agreement (Prestige Cruise Services LLC): severance equals 2× base salary (paid in installments over 12 months) upon termination without cause, resignation for good reason, or non‑renewal; conditioned on executing a general release; exclusive remedy/no duty to mitigate .
Amendment (Feb 14, 2022): for awards granted after Feb 2022, full vesting of unvested time‑based RSUs at term end (12/31/2023) and performance‑based RSUs vest based on performance through termination, subject to release; entitlement to any 2023 incentive bonus only if employed through 12/31/2023 .
Transition Agreements (Dec 13, 2022): Special Advisor through 12/31/2024; $500,000 base per year; payment of previously awarded $2,000,000 cash retention; one‑time 2023 equity grant (fair value $1,000,000); no annual bonus for 2023/2024; continued cruise privileges .

Performance & Track Record

As Chief Luxury Officer, public leadership and statements tied to product launches (Oceania Allura art experience and culinary christening in Miami) and roadmap execution (PressReader partnership) .
NCLH announced strategic luxury fleet growth: confirmed third Prestige‑Class vessel for Regent (delivery 2033) under Montague’s luxury leadership, reinforcing brand expansion thesis .
Company performance backdrop: Adjusted EBITDA improved from $1,916.4 million (2023) to $2,534.0 million (2024); TSR recovery vs peer group contextualizes incentive outcomes and retention awards used during recovery .

Investment Implications

Pay‑for‑performance alignment: Montague’s 2022 incentives emphasized operational readiness and financing milestones over pure GAAP metrics, appropriate for post‑pandemic recovery; 2022 non‑equity incentive paid at the maximum while stock awards were moderate, indicating emphasis on cash incentives and retention to secure continuity .
Vesting and selling pressure: Amendment accelerated vesting for post‑Feb 2022 time‑based RSUs at term end and tied performance equity to results through termination; combined with multiple option expirations (2024–2026), monitor potential selling windows around liquidity and tax events .
Alignment safeguards: Prohibitions on hedging/pledging and an enhanced clawback policy reduce governance red flags around personal leverage and misstatement risk .
Retention risk: Transition package (fixed pay, single equity grant, no annual bonuses in 2023/2024) bridged service continuity into 2025, followed by a senior luxury role; current role visibility suggests low near‑term attrition risk while luxury fleet expansion is underway .