Exhibit 10.1


 


Employment
Agreement


 


This
Employment Agreement (this “Agreement”), dated as of July 22, 2016, is made by and between Lindblad Expeditions
Holdings, Inc., a Delaware corporation (together with any successor thereto, the “Company”) and Craig Felenstein
(“Executive”) (collectively Executive and the Company are referred to herein as the “Parties”).


 


RECITALS


 


	A.	It
                                         is the desire of the Company to assure itself of the services of Executive effective
                                         as of the Effective Date (as defined below) and thereafter by entering into this Agreement.



 


	B.	Executive
                                         and the Company mutually desire that Executive provide services to the Company on the
                                         terms herein provided.



 


AGREEMENT


 


NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto
agree as follows:


 


1.           Employment.


 


(a)        General.
Effective as of the Effective Date, the Company shall employ Executive for the period and in the position set forth in this Section 1,
and subject to the other terms and conditions herein provided.


 


(b)        Employment
Term. The term of employment under this Agreement (the “Term”) shall be for the period beginning on September
6, 2016 (the “Effective Date”), and ending on the fourth anniversary thereof, subject to earlier termination
as provided in Section 3. The Term shall automatically renew for additional twelve (12) month periods unless no later
than sixty (60) days prior to the end of the applicable Term either Party gives written notice of non-renewal to the other, in
which case Executive’s employment will terminate at the end of the then-applicable Term, subject to earlier termination
as provided in Section 3.


 


(c)        Position
and Duties. Executive shall serve as the Chief Financial Officer of the Company, with such responsibilities, duties and authority
normally associated with such position and as may from time to time be assigned to Executive by the Chief Executive Officer of
the Company or by the Board of Directors of the Company or an authorized committee thereof (in any case, the “Board”)
consistent with Executive’s position as Chief Financial Officer of the Company. Executive shall report directly to the Chief
Executive Officer of the Company. Executive’s principal place of employment shall be at the Company’s executive offices
in New York, New York. Executive shall devote substantially all of Executive’s working time and efforts to the business
and affairs of the Company (which shall include service to its subsidiaries) and shall not engage in outside business activities
(including serving on outside boards or committees) without the consent of the Board, provided that Executive shall be permitted
to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in charitable, religious, civic,
community, industry or trade organizations or associations, and (iii) serve on the board of directors of not-for-profit or
tax-exempt organizations, in each case, subject to compliance with this Agreement and provided that such activities do not materially
interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive agrees to observe
and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case as amended from
time to time, as set forth in writing, and as delivered or made available to Executive (each, a “Policy”).


 






     

     


    

 


2.            Compensation
and Related Matters.


 


(a)        Annual
Base Salary. During the Term, Executive shall receive a base salary at a rate of $400,000 per annum, which shall be paid in
accordance with the customary payroll practices of the Company and its subsidiaries and shall be pro-rated for partial years of
employment. Such annual base salary shall be reviewed (and may be increased but not decreased) from time to time by the Board
or the Compensation Committee of the Board (the “Compensation Committee”) (such annual base salary, as it may
be increased from time to time, the “Annual Base Salary”).


 


(b)       Annual
Bonus. During the Term and beginning with calendar year 2016, Executive will be eligible to participate in an annual incentive
program established by the Board or the Compensation Committee. Executive’s annual bonus compensation under such incentive
program (the “Annual Bonus”) shall be initially targeted at a cash amount of 75% of his Annual Base Salary
(the “Target Bonus”), with the expectation that the Annual Bonus will scale upward and downward based on individual
and/or actual Company performance, as reasonably determined by the Board or the Compensation Committee. Beginning with calendar
year 2017, the Target Bonus shall be subject to adjustment, as determined by the Board or the Compensation Committee, on account
of any increased equity incentive opportunities; provided, however, that no such adjustment may reduce the Target Bonus to below
a targeted cash amount of 65% of the Annual Base Salary without prior written approval by Executive. The payment of any Annual
Bonus pursuant to the incentive program shall be subject to all applicable performance determinations as may be made annually
by the Board or the Compensation Committee, and Executive’s continued employment with the Company through the date of payment;
provided, however, that if Executive’s employment terminates due to death, Disability, without Cause, or for Good Reason
pursuant to Sections 3(a)(i), (ii), (iv), or (vi), the Company shall pay to Executive (or Executive’s
estate, if applicable), a pro-rated portion of the Annual Bonus to which Executive would have been entitled had Executive’s
employment not so terminated, based on the number of days Executive was employed during such year, subject to (except in the event
of Executive’s death) Executive’s execution and non-revocation of a Release (as defined below). The Annual Bonus,
if any, shall be paid to Executive no later than seventy-five (75) days following the end of the calendar year to which the Annual
Bonus relates. Any Annual Bonus earned for calendar year 2016 shall be pro-rated based on the number of days from March 31, 2016
through and including December 31, 2016 (i.e., 276 days); provided, however, that any such Annual Bonus shall not be less than
50% of Executive’s Annual Base Salary (as such Annual Base Salary shall be pro-rated for his partial year of employment
in 2016).


 


(c)        Equity
Compensation.


 


(i)         On
or as soon as reasonably practicable following the Effective Date, Executive will be granted 40,000 restricted shares of the Company’s
common stock (the “Restricted Shares”), pursuant to the terms of the Company’s 2015 Long-Term Incentive
Plan (the “LTIP”) and a separate restricted stock agreement that will be entered into with Executive. The Restricted
Shares shall vest in equal installments on the first four anniversaries of the Effective Date, subject to continued employment
on the applicable vesting date and the terms of the restricted stock agreement, and shall not be subject to any performance-based
or other conditions (except as set forth in the LTIP or the restricted stock agreement); provided, however, that if Executive’s
employment terminates due to death, Disability, without Cause, or for Good Reason pursuant to Sections 3(a)(i), (ii),
(iv) or (vi) prior to the fourth anniversary of the Effective Date, then the portion of the Restricted Shares scheduled
to vest on the next regular anniversary vesting date shall vest and become non-forfeitable as of immediately prior to the Date
of Termination (and any remaining unvested Restricted Shares shall be forfeited). Notwithstanding the foregoing or any other provision
in this Agreement or the restricted stock agreement covering the Restricted Shares to the contrary: (x) upon a Change in Control
(as defined in the LTIP) prior to full vesting of the Restricted Shares, the value of the unvested amount of the Restricted Shares
shall be retained in Executive’s favor under comparable terms as Executive had prior to such Change in Control (which retention
may be in the form of stock, cash, or a combination thereof); and (y) if Executive’s employment terminates without Cause
or for Good Reason pursuant to Section 3(a)(iv) or (vi), in either event within one year following the occurrence
of a Change in Control, then 100% of the then unvested Restricted Shares (or the comparable equivalent as provided for in (x)
above) shall accelerate and vest and become non-forfeitable as of immediately prior to the Date of Termination. For the avoidance
of doubt, with respect to the Restricted Shares, in the event of any conflict or inconsistency between the terms of this Agreement
and the terms of the restricted stock agreement covering such Restricted Shares, the terms of this Agreement shall control.


 






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(ii)         In
addition, on or as soon as reasonably practicable following the Effective Date, Executive will be granted an option (the “Option”)
to purchase 200,000 shares of the Company’s common stock, pursuant to terms of the LTIP and a separate stock option agreement
that will be entered into with Executive. The Option shall vest in equal installments on the first four anniversaries of the Effective
Date, subject to continued employment on the applicable vesting date and the terms of the stock option agreement, and shall not
be subject to any performance-based or other conditions (except as set forth in the LTIP or the stock option agreement); provided,
however, that if Executive’s employment terminates due to death, Disability, without Cause, or for Good Reason pursuant
to Sections 3(a)(i), (ii), (iv) or (vi) prior to the fourth anniversary of the Effective Date, then
the portion of the Option scheduled to vest on the next regular anniversary vesting date shall vest and become exercisable as
of immediately prior to the Date of Termination (and any remaining unvested portion of the Option shall be forfeited). Notwithstanding
the foregoing or any other provision in this Agreement or the stock option agreement covering the Option to the contrary, if a
Change in Control (as defined in the LTIP) occurs prior to full vesting of the Option and unvested stock options remain outstanding
following, or are assumed by the acquiror in, such transaction, and if Executive’s employment terminates without Cause or
for Good Reason pursuant to Section 3(a)(iv) or (vi), in either event within one year following the occurrence of
a Change in Control, then 100% of the then unvested Option shall accelerate and vest and become exercisable as of immediately
prior to the Date of Termination. For the avoidance of doubt, with respect to the Option, in the event of any conflict or inconsistency
between the terms of this Agreement and the terms of the stock option agreement covering such Option, the terms of this Agreement
shall control. The per share exercise price of the Option will be equal to the fair market value of the shares on the date of
grant.


 


(iii)       In
addition, during the Term, Executive will be eligible to participate in and may receive additional awards under any of the Company’s
equity incentive award plans and programs as in effect from time to time, with any new equity incentive grants made in the sole
discretion of the Board or Compensation Committee and with the expectation that Executive will receive an annual equity incentive
grant under such equity incentive award plans or programs of the Company. The grant date fair value of Executive’s annual
equity incentive grant shall be initially targeted at 100% of his Annual Base Salary, it being understood that all equity incentive
grants are made in the sole discretion of the Board or Compensation Committee and may vary year-to-year based on benchmarking,
performance or other considerations as may be determined by the Board or Compensation Committee in its discretion. The grant date
fair value of Executive’s first annual equity incentive grant shall be pro-rated based on the number of days between March
31, 2016 and the grant date of such equity incentive grant.


 






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(d)      Benefits.
During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements (including perquisite
and fringe benefit arrangements) maintained for executives of the Company (including standard health and welfare benefits and
a 401(k) plan), consistent with the terms thereof, and as such plans, programs and arrangements may be amended from time to time.
In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in
Section 4 of this Agreement. During the Term, Executive shall be entitled to four (4) weeks paid vacation per year
in accordance with the Company’s Policies.


 


(e)        Business
Expenses. The Company shall reimburse Executive for all reasonable travel and other business expenses incurred by Executive
in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy
and in compliance with Section 12(m).


 


(f)        Key
Person Insurance. At any time during the Term, the Company and its subsidiaries shall have the right to insure the life of
Executive for the Company’s and its subsidiaries’ sole benefit. The Company shall have the right to determine the
amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such insurance
by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing
all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company
or broker shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no
financial obligation in connection with assisting the Company to obtain such insurance policy (including by executing any required
document), and shall have no interest in any such policy.


 


3.            Termination.


 


Executive’s
employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this Agreement under
the following circumstances:


 


(a)        Circumstances.


 


(i)        Death.
Executive’s employment hereunder shall terminate upon Executive’s death.


 


(ii)        Disability.
If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.


 


(iii)      Termination
for Cause. The Company may terminate Executive’s employment for Cause, as defined below.


 


(iv)      Termination
without Cause. The Company may terminate Executive’s employment without Cause, which shall include a termination of
Executive as a result of the Company not renewing the Term pursuant to Section 1.


 


(v)       Resignation
from the Company without Good Reason. Executive may resign Executive’s employment with the Company for any reason other
than for Good Reason (as defined below) or for no reason, which shall include a termination of Executive as a result of Executive
not renewing the Term pursuant to Section 1.


 


(vi)      Resignation
from the Company for Good Reason. Executive may resign Executive’s employment with the Company for Good Reason (as defined
below).


 






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(b)       Notice
of Termination. Any termination of Executive’s employment by the Company or by Executive under this Section 3
(other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other Party (i) indicating
the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and
(iii) specifying a Date of Termination which, except in the case of a termination pursuant to Section 3(a)(iii), shall
be at least forty-five (45) days following the date of such notice (a “Notice of Termination”); provided, however,
that the Company may, in its sole discretion, instruct Executive to remain off the Company’s premises and perform no Company
functions from the date of such Notice of Termination through the Date of Termination, but only to the extent that the Company
pays Executive full compensation and benefits during such period. The failure by the Company to set forth in the Notice of Termination
any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude
the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder.


 


(c)      Company
Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed
in Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of
Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any vacation
time that has been accrued but unused in accordance with the Company’s Policies; (iii) any reimbursements owed to Executive
pursuant to Section 2(e); and (iv) any amount accrued and arising from Executive’s participation in, or benefits
accrued under, any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms
and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”).
Except as otherwise expressly required by law (e.g., COBRA), as specifically provided herein, or in a separate written
agreement governing any of Executive’s equity-related compensation, all of Executive’s rights to salary, severance,
benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s employment
hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole
and exclusive remedy shall be to receive the payments and benefits described in this Section 3(c) and Section 4,
as applicable, along with the rights provided under the fourth sentence of Section 2(b) and the vesting acceleration provisions
in Sections 2(c)(i) and (ii).


 


(d)       Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries.


 


4.             Severance
Payments.


 


(a)       Termination
for Cause, or Termination Upon Death, Disability or Resignation from the Company without Good Reason. If Executive’s
employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to
Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(v) for Executive’s
resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits,
except as provided in Section 2(c) (with respect to the Restricted Shares and the Option upon termination due to death
or Disability) and Section 3(c).


 






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(b)        Termination
without Cause or Resignation from the Company for Good Reason. If Executive’s employment terminates without Cause pursuant
to Section 3(a)(iv) or pursuant to Section 3(a)(vi) for Executive’s resignation from the Company for Good
Reason, then, subject to Executive signing on or before the 21st day following the Date of Termination, and not revoking
during any subsequent revocation period contained therein, a release of claims substantially in the form attached as Exhibit
A to this Agreement (the “Release”), and Executive’s continued compliance with Sections 6 and
7, Executive shall receive, in addition to payments and benefits set forth in Section 3(c), (i) an amount equal to
his Annual Base Salary, multiplied by a fraction, the numerator of which is equal to the number of months in the Severance Period
and the denominator of which is 12, payable in the form of salary continuation in regular installments during the Severance Period,
at the same time and in the same manner as the Annual Base Salary would have been paid had Executive remained in active employment
during the Severance Period, in accordance with the Company’s normal payroll practices, (ii) if Executive timely elects
continued medical, dental or vision coverage under one or more of the Company’s group medical, dental or vision plans pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), then the Company shall
directly pay, or reimburse Executive for, the COBRA premiums for Executive and Executive’s covered dependents under such
plans during the period commencing on the Date of Termination and ending at the end of the Severance Period, and (iii) accelerated
vesting of the Restricted Shares and the Option solely to the extent expressly provided under Section 2(c) above. Notwithstanding
the foregoing, if the Company determines that it cannot provide the COBRA benefit required by the foregoing subclause (ii) without
potentially violating applicable law (including Section 2716 of the Public Health Service Act) or incurring an excise tax, the
Company shall in lieu thereof provide to Executive a monthly payment in an after-tax amount equal to the monthly COBRA premium
that Executive would be required to pay to continue Executive’s and Executive’s covered dependents’ group health
coverage in effect on the Date of Termination, which amount shall be based on the premium for the first month of COBRA coverage.
For purposes of this Section 4(b), the “Severance Period” shall mean:  six (6) months if the
Date of Termination occurs prior to the two-year anniversary of the Effective Date; nine (9) months if the Date of Termination
occurs on or after the two-year anniversary of the Effective Date but prior to the three-year anniversary of the Effective Date;
or twelve (12) months if the Date of Termination occurs on or after the three-year anniversary of the Effective Date.


 


(c)       Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 4 through 10 and Section
12 will survive the termination of Executive’s employment and the expiration or termination of the Term.


 


5.            Parachute
Payments.


 


(a)       It
is the objective of this Agreement to maximize Executive’s net after-tax benefit if payments or benefits provided under
this Agreement are subject to excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations
and guidance promulgated thereunder (the “Code”). Notwithstanding any other provisions of this Agreement, in
the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including
the payments under Section 4(b) hereof, being hereinafter referred to as the “Total Payments”), would
be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then the Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments shall be subject to
the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of
federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase out
of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii)
the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local
income and employment taxes on such Total Payments and the amount of the Excise Tax to which Executive would be subject in respect
of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable
to such unreduced Total Payments).


 






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(b)        The
Total Payments shall be reduced by the Company in the following order: (i) reduction of any cash severance payments otherwise
payable to Executive that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction of
any other cash payments or benefits otherwise payable to Executive that are exempt from Section 409A, but excluding any payments
attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Company’s common
stock that is exempt from Section 409A, (iii) reduction of any other payments or benefits otherwise payable to Executive on a
pro-rata basis or such other manner that complies with Section 409A, but excluding any payments attributable to the acceleration
of vesting and payments with respect to any equity award with respect to the Company’s common stock that are exempt from
Section 409A, and (iv) reduction of any payments attributable to the acceleration of vesting or payments with respect
to any other equity award with respect to the Company’s common stock that are exempt from Section 409A.


 


(c)        All
determinations regarding the application of this Section 5 shall be made by an accounting firm with experience in performing
calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company and acceptable
to Executive (“Independent Advisors”), a copy of which report and all worksheets and background materials relating
thereto shall be provided to Executive. For purposes of determining whether and the extent to which the Total Payments will be
subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived
at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code
shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of the Independent
Advisors, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including
by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be
taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3)
of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or
benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections
280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including related
fees and expenses incurred in any later audit) shall be borne solely by the Company.


 


6.           Competition;
Non-disparagement. Executive acknowledges that Executive has been provided with Confidential
Information (as defined below) and, during the Term, the Company from time to time will provide Executive with access to Confidential
Information. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s provision of
Confidential Information, and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential
Information, the Company and Executive agree, subject to the Company’s timely compliance with its payment obligations hereunder
to Executive, to the following provisions against unfair competition, which Executive acknowledges represent a fair balance of
the Company’s rights to protect its business and Executive’s right to pursue employment:


 


(a)       Executive
shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any equity interest
in, interview for a potential employment or consulting relationship with or manage, provide services to or operate any person,
firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder,
consultant or otherwise) that engages in any business which directly competes with any portion of the Business (as defined below)
anywhere in the world. Nothing herein shall prohibit Executive from being a passive owner of not more than 5% of the outstanding
equity interest in any entity that is publicly traded, so long as Executive has no active participation in the business of such
entity.


 






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(b)        Except
in furtherance of his duties hereunder during the Term, Executive shall not, at any time during the Restriction Period, directly
or indirectly, (i) solicit any customers, clients or suppliers of the Company or (ii) solicit, with respect to hiring, any employee
or independent contractor of the Company or any person employed or engaged by the Company at any time during the 12-month period
immediately preceding the Date of Termination; provided, that a solicitation pursuant to general recruitment advertising
that is not directed at the employees or exclusive consultants of the Company shall not be deemed to be a breach of this provision.


 


(c)       In
the event the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable by
reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive
in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over
the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action.


 


(d)       As
used in this Section 6, (i) the term “Company” shall include the Company and its direct and indirect
subsidiaries; (ii) the term “Business” shall mean the business of the Company, as such business is conducted
as of the Effective Date or may be expanded or altered by the Company during the Term, in any case that represents more than 10%
of the Company’s gross annual revenues, and shall include any type of marine-based expeditions; and (iii) the term “Restriction
Period” shall mean the period beginning on the Effective Date and ending on the date 24 months following the Date of
Termination.


 


(e)       Each
Party to this Agreement (which, in the case of the Company, shall include its officers and the members of the Board) agrees, during
the Term and thereafter, to refrain from Disparaging (as defined below) the other Party and its affiliates. Nothing in this paragraph
shall preclude any Party from making truthful statements that are reasonably necessary to comply with applicable law, regulation
or legal process, or to defend or enforce a Party’s rights under this Agreement. For purposes of this Agreement, “Disparaging”
means making remarks, comments or statements, whether written or oral, that impugn the character, integrity, reputation or abilities
of the person or entity being disparaged.


 


7.            Nondisclosure
of Proprietary Information.


 


(a)        Except
in connection with the faithful performance of Executive’s duties hereunder or pursuant to Section 7(c) or (e), Executive
shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish,
or use for Executive’s benefit or the benefit of any person, firm, corporation or other entity (other than the Company)
any confidential or proprietary information or trade secrets of or relating to the Company (including business plans, business
strategies and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights and applications
therefor, ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes, methods,
developments, source code, modifications, technology, techniques, data, programs, other know-how or materials, owned, developed
or possessed by the Company, whether in tangible or intangible form, information with respect to the Company’s operations,
processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers,
marketing methods, costs, prices, contractual relationships, regulatory status, prospects and compensation paid to employees or
other terms of employment) (collectively, the “Confidential Information”), or deliver to any person, firm,
corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential
Information. The Parties hereby stipulate and agree that, as between them, any item of Confidential Information is important,
material and confidential and affects the successful conduct of the businesses of the Company (and any successor or assignee of
the Company). Notwithstanding the foregoing, Confidential Information shall not include any information that has been published
in a form generally available to the public or is publicly available or has become public knowledge prior to the date Executive
proposes to disclose or use such information, provided that such publishing or public availability or knowledge of the Confidential
Information shall not have resulted from Executive directly or indirectly breaching Executive’s obligations under this Section
7(a) or any other similar provision by which Executive is bound, or from any third-party known by Executive to be breaching
a provision similar to that found under this Section 7(a). For the purposes of the previous sentence, Confidential Information
will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been
separately published, but only if material features comprising such information have been published or become publicly available.


 






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(b)      Upon
termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company all
correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any
other documents or property concerning the Company’s customers, business plans, marketing strategies, products, property
or processes, provided that Executive may retain his compensation-related information, personal journal and rolodex, address book,
appointment book, calendar and/or contact list.


 


(c)       Notwithstanding
Section 7(a), Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the
earliest practicable notice thereof, shall, as much in advance of the return date as practicable, make available to the Company
and its counsel the documents and other information sought and shall assist such counsel at Company’s sole expense in resisting
or otherwise responding to such process, in each case to the extent permitted by applicable laws or rules.


 


(d)      As
used in this Section 7 and Section 8, the term “Company” shall include the Company and its direct
and indirect subsidiaries.


 


(e)      Nothing
in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena or court
order (subject to the requirements of Section 7(c) above), (ii) disclosing information and documents to Executive’s
attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice, (iii) disclosing Executive’s
post-employment restrictions in this Agreement in confidence to any potential new employer, or (iv) retaining, at any time, Executive’s
personal correspondence, Executive’s personal contacts and documents related to Executive’s own personal benefits,
entitlements and obligations.


 


8.            Inventions.


 


All
rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) related to
the business of the Company, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that
Executive may discover, invent or originate during Executive’s period of service with the Company or its subsidiaries or
its or their predecessors, either alone or with others and whether or not during working hours or by the use of the facilities
of the Company (“Inventions”), shall be the exclusive property of the Company. Executive shall promptly disclose
all Inventions to the Company, shall execute at the request of the Company any assignments or other documents the Company may
deem reasonably necessary to protect or perfect its rights therein, and shall assist the Company, upon reasonable request and
in all instances at the Company’s sole expense, in obtaining, defending and enforcing the Company’s rights therein.
Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s behalf any assignments
or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.


 






    	 	9	 



     


    

 


9.           Injunctive
Relief.


 


It
is recognized and acknowledged by Executive that a breach of the covenants contained in Sections 6, 7 and 8 could cause
irreparable damage to Company and its goodwill, the exact amount of which may be difficult or impossible to ascertain, and that
the remedies at law for any such breach may be inadequate. Accordingly, Executive agrees that in the event of a breach of any
of the covenants contained in Sections 6, 7 and 8, in addition to any other remedy which may be available at law or in
equity, the Company will be entitled to seek specific performance and injunctive relief without the requirement to post bond.


 


10.          Assignment
and Successors.


 


None
of the Company’s rights or obligations may be assigned or transferred by the Company, except that the Company shall assign
its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of
the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive
and their respective successors, assigns, legal representatives, executors, administrators, heirs, distributees, devisees, and
legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than
Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the
foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select
and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written
notice thereof to the Company.


 


11.         Certain
Definitions.


 


(a)       Cause.
The Company shall have “Cause” to terminate Executive’s employment hereunder upon Executive’s:


 


(i)        willful
misconduct and mismanagement by Executive that is materially injurious to the Company;


 


(ii)        refusal
in any material respect to carry out or comply with any lawful and reasonable directive of the Board consistent with the terms
of this Agreement;


 


(iii)      conviction,
plea of no contest, or plea of nolo contendere for any felony;


 


(iv)      unlawful
use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its subsidiaries’)
premises while performing Executive’s duties and responsibilities under this Agreement;


 


(v)       commission
of an act of fraud, embezzlement, willful misappropriation, willful misconduct, or breach of fiduciary duty, in any case that
results in material harm to the Company or any of its affiliates;


 


(vi)      material
violation of any provision of this Agreement or a material Policy; or


 


(vii)     willful
or prolonged, and unexcused, absence from work (other than by reason of Executive’s disability due to physical or mental
illness).


 






    	 	10	 



     


    

 


For
purposes of this definition, an action or inaction is only “willful” if it is done or omitted by Executive without
a good faith belief that such action or inaction is in the best interests of the Company.


 


Notwithstanding
the foregoing, no termination for Cause will have occurred unless and until the Company has: (a) provided Executive, within thirty
(30) days of the Company first becoming aware of the facts or circumstances constituting Cause, written-notice stating with specificity
the applicable facts and circumstances underlying such finding of Cause; and (b) provided Executive with an opportunity to
cure the same within thirty (30) days after the receipt of such notice. Any termination for Cause must occur within ninety (90)
days of the Company first becoming aware of the facts or circumstances constituting Cause.


 


(b)        Date
of Termination. “Date of Termination” shall mean (i) if Executive’s employment is terminated by Executive’s
death, the date of Executive’s death; and (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii)
– (vi), the date indicated in the Notice of Termination.


 


(c)        Disability.
“Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan
for the Company’s employees and covering Executive, “disability” as defined in such long-term disability plan
for the purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability
plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which,
if Executive qualified for such disability benefits, would provide coverage for the longest period of time. The determination
of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under
the long-term disability plan. At any time no such long-term disability plan is in effect, Disability shall mean Executive’s
inability to perform, with or without reasonable accommodation, the essential functions of Executive’s position hereunder
for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined
by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative,
with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive to submit to a reasonable
medical examination at the Company’s sole expense for the purpose of determining Disability shall be deemed to constitute
conclusive evidence of Executive’s Disability.


 


(d)        Good
Reason. Executive’s resignation will be for “Good Reason” if Executive resigns following the occurrence
of any of the following events: (i) a material decrease in Executive’s Annual Base Salary (from the highest level in
effect during the Term); (ii) a material diminution in Executive’s authority, duties or responsibilities, including
a requirement that the Executive report on a permanent basis to any individual other than the Company’s principal executive
officer or the Board; (iii) a relocation of the location at which Executive is required primarily to perform his services for
the Company outside of the greater New York City area; or (iv) any other action or inaction that constitutes a material breach
by the Company of this Agreement. Notwithstanding the foregoing, no Good Reason will have occurred unless and until Executive
has:  (a) provided the Company, within ninety (90) days of Executive’s first knowledge of the occurrence
of the facts and circumstances underlying the Good Reason event, written-notice stating with specificity the applicable facts
and circumstances underlying such finding of Good Reason; and (b) provided the Company with an opportunity to cure the same
within thirty (30) days after the receipt of such notice.


 


12.         Miscellaneous
Provisions.


 


(a)        Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of the State of New York without reference to the principles of conflicts of law of the
State of New York or any other jurisdiction, and where applicable, the laws of the United States. Any suit brought hereon shall
be brought in the state or federal courts sitting in the Borough of Manhattan within the City of New York, the Parties hereby
waiving any claim or defense that such forum is not convenient or proper. Each Party hereby agrees that any such court shall have
in personam jurisdiction over it and consents to service of process in any manner authorized by New York law.


 






    	 	11	 



     


    

 


(b)        Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.


 


(c)        Notices.
Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage
prepaid, as follows:


 


(i)         If
to the Company, the Chief Executive Officer or the General Counsel at its headquarters,




 


and
copies to:


 


Latham
& Watkins LLP


555
Eleventh Street, N.W.


Washington,
DC 20004


Attention:
Paul Sheridan and Adam Kestenbaum


 


(ii)        If
to Executive, at the last address that the Company has in its personnel records for Executive, with copies to:


 


Moses
& Singer LLP


405
Lexington Avenue


New
York, New York 10174 


Attention:
Jeffrey M. Davis


 


(iii)      At
any other address as any Party shall have specified by notice in writing to the other Party.


 


(d)       Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or email shall be deemed effective for all purposes.


 


(e)       Entire
Agreement. The terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect
to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral. The Parties further
intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence
whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.


 


(f)        Certain
Indemnity Rights; D&O Coverage. During and after the Term, and thereafter, with respect to actions matters which arose
during the Term, the Company shall (i) provide Executive with directors’ and officers’ liability insurance coverage
at least as favorable as that applicable to any then-current executive officer or director of the Company, and (ii) indemnify
Executive and his legal representatives to the fullest extent permitted by the laws of the State of Delaware against all damages,
costs, expenses and other liabilities reasonably incurred or sustained by Executive or his legal representatives in connection
with any suit, action or proceeding to which Executive or his legal representatives may be made a party by reason of Executive
being or having been a director or officer of the Company or any of its subsidiaries, or having served in any other capacity or
taken any other action purportedly on behalf of or at the request of the Company or any of its subsidiaries.


 






    	 	12	 



     


    

 


(g)      Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized representative of the Company. By an instrument in writing similarly executed, Executive or a duly authorized
representative of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement
that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate
as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided
herein or by law or in equity.


 


(h)       No
Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to
act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.


 


(i)         Construction.
This Agreement shall be deemed drafted equally by both Parties. Its language shall be construed as a whole and according to its
fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the
plural; (b) “any,” “all,” “each,” or “every” means “any and all,”
and “each and every”; (c) “includes” and “including” are each “without limitation”;
(d) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here”
refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (e) all pronouns and
any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
entities or persons referred to may require.


 


(j)         Arbitration.
Any controversy, claim or dispute arising out of or relating to this Agreement shall be settled solely and exclusively by a binding
arbitration process administered by JAMS/Endispute in New York, New York. Such arbitration shall be conducted in accordance with
the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following exceptions if in conflict: (a) one arbitrator
who is a retired judge shall be chosen by JAMS/Endispute; (b) the Company will pay the expenses and fees of the arbitrator, together
with other expenses of the arbitration incurred or approved by the arbitrator; and (c) arbitration may proceed in the absence
of any Party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given to such
Party. Each Party shall bear its own attorney’s fees and expenses; provided that the arbitrator may assess the prevailing
Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award. The Parties agree to abide
by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final
and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity;
provided, however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief
or specific performance as provided in this Agreement. This dispute resolution process and any arbitration hereunder shall be
confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process
without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision
or an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable,
the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance
with its then-existing rules as modified by this subsection. In such event, all references herein to JAMS/Endispute shall mean
AAA. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual
property rights by court action instead of arbitration.


 






    	 	13	 



     


    

 


(k)       Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically
as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible
and be legal, valid and enforceable, provided that the economic benefit to any Party is not diminished by such replacement.


 


(l)        Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges which the Company is required to withhold.


 


(m)      Section
409A.


 


(i)        General.
The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.


 


(ii)       Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this
Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable
upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service”
with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below,
any such compensation described in Section 4(b) shall not be paid, or, in the case of installments, shall not commence
payment, until the thirtieth (30th) day following Executive’s Separation from Service (the “First Payment Date”).
Any installment payments that would have been made to Executive during the thirty (30) day period immediately following Executive’s
Separation from Service but for the preceding sentence shall be paid to Executive on the First Payment Date and the remaining
payments shall be made as provided in this Agreement.


 


(iii)       Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of
Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent
delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive
prior to the earlier of (A) the expiration of the six-month period measured from the date of Executive’s Separation
from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the expiration
of the applicable Section 409A delay period, all payments deferred pursuant to the preceding sentence shall be paid in a lump
sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement
shall be paid as otherwise provided herein.


 






    	 	14	 



     


    

 


(iv)       Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, (A) any such reimbursements
payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense
was incurred, provided that Executive submits Executive’s reimbursement request promptly following the date the expense
is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent
year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Executive’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.


 


(v)       Installments.
Executive’s right to receive any installment payments under this Agreement, including any salary continuation payments
that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.
Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration
or deferral would not result in additional tax, interest or penalties pursuant to Section 409A.


 


13.         Executive
Acknowledgement.


 


Executive
acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this
Agreement freely based on Executive’s own judgment.


 


[Signature
Page Follows]


 






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IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written.


 


	 	COMPANY
	 	 	 
	 	By:  	/s/
    Sven-Olof Lindblad
	 	 	Name:
    Sven-Olof Lindbad
	 	 	Title:
    President & CEO
	 	 	 
	 	EXECUTIVE
	 	 
	 	By:  	/s/
    Craig Felenstein
	 	 	Craig
    Felenstein


 


[Signature
Page to Employment Agreement]


 






     

     


    

 


EXHIBIT
A


 


Separation
Agreement and Release


 


This
Separation Agreement and Release (this “Agreement”) is made by and between Craig Felenstein (“Executive”)
and Lindblad Expeditions Holdings, Inc. (the “Company”) (collectively, referred to as the “Parties”
or individually referred to as a “Party”). Capitalized terms used but not defined in this Agreement shall have
the meanings set forth in the Employment Agreement (as defined below).


 


WHEREAS,
the Parties have previously entered into that certain Employment Agreement, dated as of July __, 2016 (the “Employment
Agreement”); and


 


WHEREAS,
in connection with Executive’s termination of employment with the Company effective ________, 20__, the Parties wish to
resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that Executive may have
against the Company and any of the Releasees, as defined below, including, but not limited to, any and all claims arising out
of or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates,
but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with (i) Executive’s
ownership of vested equity securities, (ii) Executive’s right to indemnification or directors’ and officers’
liability insurance pursuant to contract or applicable law or, (iii) Executive’s rights under this Agreement or under the
Employment Agreement that expressly survive by its terms ((i) through (iii), collectively, the “Retained Claims”).


 


NOW,
THEREFORE, in consideration of the severance payments described in Section 4(b) of the Employment Agreement, which, pursuant to
the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration
of the mutual promises made herein, the Company and Executive hereby agree as follows:


 


1.         Severance
Payments; Salary and Benefits. The Company agrees to provide Executive with the severance payments described in Section 4(b)
of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement.
In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company
shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject
to and in accordance with the terms thereof.


 


2.        Release
of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents settlement
in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and any of
their current and former officers, directors, equity holders, managers, employees, agents, investors, attorneys, shareholders,
administrators, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor
corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of any
of Executive’s heirs, family members, executors, agents, and assigns, other than with respect to the Retained Claims, hereby
and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue,
any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known
or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts,
facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation:


 


(a)        any
and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its
direct or indirect subsidiaries and the termination of that relationship;


 






    	 	A-1	 



     


    

 


(b)       except
as provided in the Employment Agreement, any and all claims relating to, or arising from, Executive’s right to purchase,
or actual purchase of any shares of stock or other equity interests of the Company or any of its subsidiaries, including, without
limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate
law, and securities fraud under any state or federal law;


 


(c)       any
and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation;
breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent
or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;


 


(d)       any
and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil
Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990;
the Equal Pay Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the
Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002;


 


(e)       any
and all claims for violation of the federal or any state constitution; and


 


(f)       any and all claims arising out of any other laws and regulations relating to employment or employment discrimination.


 


Executive
agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release does not release claims that cannot be released as a matter of law, including, but not
limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that Executive’s release of claims herein bars Executive
from recovering such monetary relief from the Company or any Releasee), claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company’s
group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation
of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s
right under applicable law and any Retained Claims. This release further does not release claims for breach of Section 3(c) or
Section 4(b) of the Employment Agreement or any rights you may have in your capacity as an equityholder in the Company.


 


3.         Acknowledgment
of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights
Executive may have under the Age Discrimination in Employment Act of 1967 (the “ADEA”), and that this waiver
and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights
or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that
the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled.
Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult
with an attorney prior to executing this Agreement; (b) Executive has 21 days within which to consider this Agreement; (c) Executive
has 7 days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the
Chief Executive Officer or General Counsel of the Company; (d) this Agreement shall not be effective until after the revocation
period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination
in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for
doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company
in less than the 21 day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen
to waive the time period allotted for considering this Agreement.


 






    	 	A-2	 



     


    

 


4.          Severability.
In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or
is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue
in full force and effect without said provision or portion of provision.


 


5.         No
Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company.


 


6.        Governing
Law; Notice; Counterparts; Dispute Resolution. This Agreement shall be subject to the provisions of Sections 12(a), (c), (d)
and (j) of the Employment Agreement.


 


7.        Effective
Date. If Executive has attained or is over the age of 40 as of the date of Executive’s termination of employment, then
Executive has seven days after Executive signs this Agreement to revoke it and this Agreement will become effective on the eighth
day after Executive signed this Agreement, so long as it has not been revoked by Executive before that date (the “Effective
Date”). If Executive has not attained the age of 40 as of the date of Executive’s termination of employment, then
the Effective Date shall be the date on which Executive signs this Agreement.


 


8.          Voluntary
Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress
or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s
claims against the Company and any of the other Releasees to the extent set forth in this Agreement. Executive acknowledges that:
(a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company
that are not specifically set forth in this Agreement; (c) Executive has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; (d) Executive understands
the terms and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and
binding effect of this Agreement.


 


[Signature
Page Follows]


 






    	 	A-3	 



     


    

 





IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.


 


	 	EXECUTIVE
		 	 
	 	 
	Dated:                             	Craig Felenstein
	 	 	 
	 	COMPANY
	 	 
	Dated:                              	By:	 
	 	 	Name:
	 	 	Title:



 


 


 A-4