Document:

Exhibit 10.19

 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT,
MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

AMENDMENT
TO ALLIANCE AND LICENSE AGREEMENT

 

1.       Date. As of 20 November 2014.

 

2.       Parties.

 

	 	a.	National Geographic Society (“NGS”)	b.	Lindblad Expeditions, Inc. (“Lindblad”)
	 	 	1145 Seventeenth Street, NW	 	96 Morton Street
	 	 	Washington, DC 20036-4688	 	New York, NY 10014
	 	 	Contact:  	 	Contact:  
	 	 	Tel:	 	Tel:
	 	 	Email:  	 	Email:  

 

3.      Purpose. This is the FIRST
amendment (the “Amendment”) to that Agreement dated as of December 21, 2011, between the Parties set forth above (the
“Agreement”). The purpose of this Amendment is to reflect the understanding of the parties in so far as it modifies
the terms of the Agreement. The parties agree that the Amendment has a retroactive effective date of 1 August 2013.

 

4.      Amendment. The Parties desire to
modify the Agreement as follows:

 

		a.	Parties. The Parties desire to DELETE the following language:

 

(2)Lindblad Expeditions, Inc.
(“Lindblad”)

 

and REPLACE it with the following language:

 

(2)Lindblad Expeditions, Inc.
including its wholly owned subsidiaries (“Lindblad”)

 

		b.	Definitions. The Parties desire to DELETE the definition of “NG-Branded Ships” in Section 1. DEFINITIONS
in its entirety and REPLACE it with the following, that became effective with NGE/Lindblad Trip departures on or after 14 March
2014:

 

(1)NG-Branded Ships:
Any ship owned by Lindblad that operates under the name “National Geographic” and is approved by NG. As of the Effective
Date, NG has approved the following six (6) NG-Branded Ships:  National Geographic Endeavour, National Geographic Explorer,
National Geographic Islander, National Geographic Orion, National Geographic Sea Bird, and National Geographic Sea Lion.

 

    	 

    	 

    

 

AMENDMENT TO ALLIANCE
AND LICENSE AGREEMENT 

 

[*] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

		c.	Marketing/Promotion. The Parties desire to DELETE the first sentence of sub-Section (a) in Section 5. MARKETING/PROMOTION
in its entirety and REPLACE it with the following, effective with NGE/Lindblad Trip departures on or after 14 March 2014:

  

NGS hereby grants to Lindblad a non-exclusive
license to use the Licensed Property for the advertising and promotion of Lindblad Trips in the United States, its territories
and possessions, and a non-exclusive license to use the Licensed Property for the advertising and promotion of Lindblad Trips in
Australia and New Zealand (collectively, the “Territory”).

 

		d.	Representatives. The Parties desire to DELETE section 10 and replace it with the following:

 

In order to facilitate the operation
of this Agreement in a manner consistent with both parties’ educational mission and reputation for quality, Lindblad shall
name a staff member as the designated NGS representative for the alliance between Lindblad and NGS. Lindblad shall pay NGS a sum
each year sufficient to cover 50% of salary, bonus, benefits and other related costs for the Director of Lindblad Programs. In
addition Lindblad will pay NGS a sum each year to cover 25% of salary, bonus, benefits, and other related costs for the Vice President
of Programming and Operations. Each of these positions will reside at NGS offices. NGS agrees to review bonus goals in advance
with Lindblad. NGS will invoice Lindblad on the first date of each calendar quarter; however, NGS may invoice Lindblad for the
initial payment within thirty days (30) of such staff person’s hire date. In the event the staff person’s employment
ends or is terminated during a quarter and there is a gap before NGS fills the position. NGS will reflect such change in its next
invoice. NGS will consult with Lindblad prior to filling such position to ensure that the person hired for the position is acceptable
to both parties. The parties shall mutually agree on the annual amount [*] for such staff position, with [*] in accordance with
NGS employment policies.

 

		e.	Non-Competition. The Parties desire to DELETE the word “Territory” in last sentence of sub-Section (b)
in Section 12. NON-COMPETITION in its entirety and REPLACE it with “the United States, its territories, possessions,
and protectorates, including Puerto Rico,” effective with NGE/Lindblad Trip departures on or after 14 March 2014

 

		f.	Terms of Payment. The Parties desire to ADD to the end of sub-Section (a) in Section 14 in TERMS OF PAYMENT
the following:

 

Lindblad will not be required to pay
a royalty when discounts of [*] or more are made to Lindblad’s Friends and Family, NGS Staff or Travel Agent bookings.

 

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AMENDMENT TO ALLIANCE AND LICENSE
AGREEMENT

 

		g.	Reports and Records. The Parties desire to INSERT a new subsection (b) into section 15. Quarterly Reporting Australia
/ New Zealand as follows:

 

(b) At the beginning of each
calendar year, Lindblad will provide NGE with a summary chart outlining the AUS$ to US$ conversion rates applicable to all programs
marketed in Australia. The chart will contain a list of all programs and the price of each cabin category available for sale. The
conversion rates shall be set at the time each program is priced for the Australian market and this pricing will be provided upon
request. In the event Lindblad fails to provide the summary chart to NGE at the beginning of the calendar year the AUS$ to US$
conversion rate will be the conversion rate in effect on the date NGE first promoted the NGE/Lindblad Trip.

 

The current subsection (b) will now become sub-section
(c)

 

		h.	Donation Process for the LEX/NG Fund. The parties desire to ADD to a new sub-section (e) to the end of section 16 as
follows:

 

(e) In order to securely transfer
guest donations and credit card information, Lindblad Expeditions will implement by 31 January 2015, a process for collecting and
transmitting credit card information for donations directly from the ship to NGS merchant accounts. Lindblad will also implement
by 31 January 2015, a process to transfer guest donation information (less credit card information) to the Lindblad corporate office
in order to accurately add guest donation history to guest records.

 

5.       Governing Law. This Amendment shall
be construed in accordance with and shall be governed by the law of the District of Columbia applicable to agreements made and
to be performed in the District of Columbia and shall be construed without regard to any presumption or any other rule requiring
construction against the party causing the Amendment to be drafted. Each party hereby agrees to submit to the exclusive in personam
jurisdiction of the courts of the District of Columbia located in the City of Washington, and to follow the dispute resolution
procedure outlined in the Agreement.

 

6.       Severability. If any provision of
this Amendment is invalid or unenforceable, the balance of this Amendment shall remain in effect.

 

7.       Full Force and Effect. Except as
amended hereby, the Agreement shall continue in full force and effect in accordance with the provisions thereof in effect on the
date of execution and delivery of this Amendment.

 

8.       Counterpart Execution; Facsimile Execution.
This Amendment may be executed in any number of counterparts with the same effect as if all of the parties had signed the same
document. In place of the transmittal of original documents, and where permitted by applicable law, such executions may be transmitted
to the other parties by facsimile, portable document format (pdf) or similar electronic image-based format (collectively, “Facsimile”)
and such Facsimile execution shall have the full force and effect of an original signature. All fully executed counterparts, whether
original executions or Facsimile executions or a combination, shall be construed together and shall constitute one and the same
Amendment. Neither party will repudiate the meaning of an electronic signature(s) or claim an electronic signature(s) is not legally
binding.

 

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AMENDMENT
TO ALLIANCE AND LICENSE AGREEMENT

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment
as of the Date first above written.

 

	NATIONAL GEOGRAPHIC SOCIETY  	LINDBLAD EXPEDITIONS, INC.
	 	 	 	 	 
	By:		 	By:	
	 	 	 	 	 
	Name:	Scott Kish	 	Name:	Sven Lindblad
	 	 	 	 	 
	Title:	Vice President	 	Title:	Founder

 

 

4EXHIBIT
10.20

 

Execution Version

 

SECOND AMENDMENT
TO

ALLIANCE AND LICENSE AGREEMENT

 

This Second Amendment to Alliance and License Agreement (the “Second
Amendment”) is made and entered into as of this 9th day of March, 2015 by and between National Geographic Society, a
District of Columbia non-profit corporation (“NGS”), and Lindblad Expeditions, Inc., a New York corporation,
including its wholly owned subsidiaries (collectively, “Lindblad”).

 

W I
T N E S S E T H:

 

WHEREAS, NGS and Lindblad are parties
to that certain Alliance and License Agreement, dated as of December 12, 2011, and amended November 20, 2014 (the “License
Agreement”);

 

WHEREAS, Lindblad proposes to enter into
the Merger Agreement (as defined below), as a result of which Lindblad will undergo a change of control, as described in Section
22(b)(ii) of the License Agreement, and the company surviving the Mergers (as defined in the Merger Agreement) will succeed to
all of the rights and obligations under the License Agreement;

 

WHEREAS, Section 22(b)(ii) of the License
Agreement provides NGS the right to terminate the License Agreement in the case of a change of control in Lindblad and the License
Agreement provides that no assignment, including a transfer of the beneficial ownership or control of fifty percent (50%) or more
of Lindblad’s common stock, may be made by one party except with the prior consent of the other party; and

 

WHEREAS, NGS and Lindblad wish for the
License Agreement to remain in force between NGS and the Surviving Company following consummation of such transactions in order
to continue their broad strategic alliance to further each organizations’ individual goals of helping people explore the
world and inspiring people to care about the planet;

 

NOW, THEREFORE, in consideration of the
premises, the covenants contained herein and other good and valuable consideration, the sufficiency of which is hereby acknowledged,
the parties, intending to be legally bound, hereby agree as follows:

 

1.            Definitions.

 

(a)         Capitalized terms and other terms contained
and used in this Second Amendment that are not specifically defined herein shall have the meanings ascribed to them in the License
Agreement. The capitalized terms and other terms contained and used this Second Amendment and which are defined below shall have
the respective meanings ascribed to them as follows and shall be deemed incorporated into the License Agreement as if set forth
therein:

 

(i)            “Acquiror” means Capitol
Acquisition Corp. II, a Delaware Corporation.

 

(ii)          “Argo Expeditions”
means Argo Expeditions, LLC, a Delaware limited liability company.

 

    	 

    	 

    

 

(iii)         “Control” means having
the power to direct the affairs of a Person by reason of any of the following: (i) having the power to elect or appoint, through
ownership, membership or otherwise, either directly or indirectly, a majority of the governing body of such Person, (ii) owning
or controlling the right to vote a majority of the number of the shares of voting stock or other voting interests of such Person,
or (iii) having the right to direct the general management of the affairs of such Person by contract or otherwise. A “change
in Control”, “a change of Control” or similar phrases means that a Person or group (as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act)), other than S. Lindblad or any Person Controlled
by S. Lindblad, obtains Control after the Transaction Closing Date.

 

(iv)          “Designated Successor”
means at such time as S. Lindblad is no longer in a senior management role at Lindblad and the Acquiror, the individual appointed
to serve as his successor by either (i) S. Lindblad, or (ii) members of the board of directors of the Acquiror who were appointed
by S. Lindblad or were elected by the affirmative vote of the Acquiror’s stockholders including S. Lindblad, in each case
in consultation with NGS.

 

(v)            “Initial Merger” means
the merger of Argo Merger Sub, Inc., a Delaware corporation, with and into Lindblad, immediately following which the separate corporate
existence of Argo Merger Sub, Inc. will cease and Lindblad will continue as the surviving corporation in such merger (the “Interim
Corporation”).

 

(vi)          “Lindblad Parties”
means S. Lindblad and the other holders of issued and outstanding shares of Lindblad immediately prior to the effective time of
the Initial Merger.

 

(vii)         “Merger Agreement”
means that certain Agreement and Plan of Merger, dated as of March 9, 2015, by and among Acquiror, Argo Expeditions, Argo Merger
Sub, Inc. and Lindblad.

 

(viii)        “Person” means any
human being, organization, general partnership, limited partnership, corporation, limited liability company, joint venture, trust,
business trust, association, governmental entity or other legal entity.

 

(ix)            “S. Lindblad” means
Sven Lindblad, a resident of the State of New York, and the beneficial and record owner of 70.42% of the issued and outstanding
shares of equity interests in Lindblad as of immediately prior to consummation of the Transaction.

 

(x)            “Subsequent Merger”
means the merger of the Interim Corporation with and into Argo Expeditions, immediately following which, the separate corporate
existence of the Interim Corporation will cease and Argo Expeditions will continue as the surviving entity in such merger (the
“Surviving Company”) and will change its name to “Lindblad Expeditions, LLC”.

 

(xi)          “Tour Operator Agreement”
means that certain Tour Operator Agreement entered into as of December 12, 2011, and amended as of November 20, 2014, between NGS
and Lindblad, as amended as of the date hereof and as may be subsequently amended at any time and from time to time.

 

    	2

    	 

    

  

(xii)          “Transaction” means
the transactions, including the Initial Merger and the Subsequent Merger, contemplated by the Merger Agreement; provided,
that the term “Transaction” shall only apply if (A) the Transaction Closing Date occurs on or before June 30, 2015;
(B) the Surviving Company is the successor to all assets, rights and liabilities of Lindblad; (C) the assets, rights and liabilities
of Lindblad immediately prior to the Subsequent Merger constitute all or substantially all of the assets, rights and liabilities,
as applicable, of the Surviving Company immediately following the Subsequent Merger; and (D) immediately following the Transaction
Closing Date (1) the Lindblad Parties collectively own, directly or beneficially, no less than 40% of the issued and outstanding
shares of common stock, par value $0.0001 per share, of Acquiror, (2) S. Lindblad owns, directly or beneficially, no less than
25% of such issued and outstanding shares of common stock, (3) the following individuals serve as senior executive officers of
Acquiror in the office corresponding to such individual’s name: S. Lindblad - Chief
Executive Officer, Ian Rogers - Chief Financial Officer and Chief Operating Officer and
Trey Byus - Chief Expedition Officer; and (4) S. Lindblad and two individuals appointed
by him serve as members of the board of directors of Acquiror, which individuals, together with S. Lindblad, represent a majority
of the members of the board of directors of Acquiror.

 

(xiii)         “Transaction Closing Date”
means “Closing Date” as defined in Section 2.3 of the Merger Agreement.

 

(xiv)         “Transfer” means
a sale, assignment, transfer, conveyance, gift, devise or any other disposition.

 

(b)          The definitions in this Section 1 shall
apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” All references to “party” and “parties”
shall be deemed references to the parties to this Second Amendment unless the context shall otherwise require. All references to
Sections shall be deemed references to Sections of this Second Amendment, unless the context shall otherwise require. The terms
“this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Second Amendment
as a whole and not to any particular Section or other portion hereof and include any agreement supplemental hereto. The conjunction
“or” shall be understood in its inclusive sense (and/or). The division of this Second Amendment into Sections and the
insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Second
Amendment.

 

2.            Amendments.
As of the Second Amendment Effective Date, without any further actions of the parties, the License Agreement shall be, and
hereby is, amended as follows:

 

(a)          Section 3 of the License Agreement shall
be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

3.            TERM. This Agreement commences as
of the Effective Date and expires December 31, 2025 (the “Term”). This Agreement applies to any Lindblad Trips scheduled
to occur during the period of time commencing on January 1, 2012, and continuing through December 31, 2025. The Agreement may
be terminated prior to its scheduled expiration pursuant, but without limitation, to the provisions of the Section with the heading
TERMINATION. The Term may be extended if both parties agree in a written amendment to this Agreement signed by both
parties.

 

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(b)          Section 5 of the License Agreement shall
be amended by adding a new paragraph (h) thereto which shall read in its entirety as follows:

 

(h)            Lindblad hereby gives NGS the right, exercisable
by NGS in its sole discretion, to have each ship acquired by Lindblad from and after January 1, 2015, to be operated during the
Term under the name “National Geographic,” with each such ship, for the avoidance of doubt, being thereafter an NG-Branded
Ship and subject to the terms hereof

 

(c)          Section 11 of the License Agreement shall
be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

11.            LINDBLAD COMMUNICATION. Consistent
with and only to the extent permitted by (i) applicable law, including without limitation rules and regulations promulgated by
the U.S. Securities and Exchange Commission, and (ii) the rules of any applicable securities exchange, including without limitation
Nasdaq, Lindblad shall update NGS promptly, and in any event will update NGS no less frequently than quarterly and no later than
fifteen days following the filing of its quarterly report on Form 10-Q for the quarter then ended, such update to include a discussion
of (a) the performance of Lindblad’s obligations under the Agreement or the Tour Operator Agreement, (b) the Licensed Property,
(c) the rights or benefits of NGS under the Agreement or the Tour Operator Agreement and (d) any change in the business plan of
Lindblad or the Acquiror or the occurrence of any event that, in either case, is reasonably likely to have a material effect on
(1) the business that is the subject of this Agreement or the Tour Operator Agreement or (2) NGS’ promotion of the NGE/Lindblad
Trips. NGS agrees that any information disclosed by Lindblad under this Section 11 shall be maintained in confidence in accordance
with the provisions of Section 24(d).

 

(d)          Subsection (b) of Section 14 of the License
Agreement shall be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

(b)            Royalty Term. Royalties shall begin with
the first Lindblad Trip departing on or after January 1, 2012 and continue through the last Lindblad Trip departing on or before
December 31, 2025.

 

(e)          Paragraph (ii) of Section 22(b) of the
License Agreement shall be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

(ii)            Ownership or Management Change. If any of
Lindblad or the Acquiror experiences a change of Control, which, for the purposes hereof, shall include if S. Lindblad or
the Designated Successor is no longer in a senior management role (which may include executive chairmanship) at Lindblad and the
Acquiror. Notwithstanding the foregoing, this Section 22(b)(ii) will be of no further force and effect upon the termination of
employment of the Designated Successor as a result of his or her death, disability, retirement or voluntary resignation.

 

    	4

    	 

    

 

(f)           Subsection (d) of Section 24 of the License
Agreement shall be deleted in its entirety and the following provisions shall be inserted in lieu thereof:

 

(d)           Confidentiality.

 

(i)            Confidentiality of
Agreement. Subject to the immediately following sentence, each party agrees to keep the terms and conditions of this Agreement
confidential, and will not disclose such terms and conditions to any third party. Notwithstanding the foregoing, NGS acknowledges
and agrees that (A) Acquiror may refer to the Agreement, and include a summary description thereof, in its proxy statement to be
filed with the U.S. Securities and Exchange Commission and disseminated to Acquiror stockholders in connection with the solicitation
of Acquiror stockholder approval for the Transaction, (B) Lindblad or the Acquiror may file a copy of this Agreement and summaries
of the terms hereof with the U.S. Securities and Exchange Commission or other governmental authority as reasonably required to
comply with applicable law or the rules of a nationally recognized securities exchange and (C) during the period beginning on the
date hereof and ending on December 31, 2015, Lindblad or the Acquiror may describe in investor marketing materials, such as roadshow
presentations or confidential investment memoranda, certain aspects of Lindblad’s relationship with NGS limited to exclusivity,
term and the Option, and the summary description included in the proxy statement, and shall have the right to use NGS logos and
trademarks in connection therewith; provided, that such use conforms to the requirements for the use of NGS logos and trademarks
set forth at www.ngsbrands.com. Lindblad or the Acquiror shall be entitled to file a copy of the Agreement and summaries thereof
pursuant to clause (A) or (B) above, provided that it has requested confidential treatment of the commercial terms and other sensitive
terms hereof to the extent such confidential treatment is reasonably available to Lindblad or the Acquiror, as the case may be.
In the event of any such filing, within a reasonable time period prior to such filing deadline, and in any event no later than
five (5) business days prior thereto, Lindblad or the Acquiror shall provide NGS with a copy of this Agreement and related filings
marked to show provisions for which confidential treatment will be sought, as well as any summaries or descriptions hereof, and
Lindblad and the Acquiror, as the case may be, will use its reasonable efforts to incorporate all of NGS’ reasonable comments
to the extent consistent with the legal requirements and the rules of any nationally recognized securities exchange governing disclosure
of material agreements and material information to be publicly filed. In making any such determinations, Lindblad and/or the Acquiror
shall be entitled to rely on the advice of counsel, which may include in-house counsel. With respect to the material to be disclosed
pursuant to clause (C) above and the use of the NGS logos and trademarks, Lindblad or the Acquiror, as the case may be, shall provide
to NGS a representative example of the disclosure to be made regarding the information to be disclosed and the use of the NGS logo
or trademark, as the case may be, for NGS’ review and approval, which approval shall not be unreasonably withheld, conditioned
or delayed, and Lindblad and the Acquiror shall be allowed thereafter to use such material in substantially the same form in other
material without first seeking NGS’ approval.

 

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(ii)            Confidential Information
of the Other Party. Subject to the provisions of the immediately following clause (iii), each party agrees to maintain in confidence,
and neither to disclose to any third party nor to use for any purpose except those covered by this Agreement all information relating
to the other party’s (or its affiliates’) schedules, creations, business plans, costs, names, marketing plans, licensing
plans, research or other information relating to the planning, production, licensing or distribution of the other party’s
products or services, and other information disclosed in the course of performance of this Agreement of a nature which a reasonable
person would consider confidential.

 

(iii)            Exceptions. Notwithstanding
the foregoing, a party (“receiving party”) may make disclosure (A) if the prior written consent of the other party
(“disclosing party”) has been obtained; (B) on a need-to-know basis to its own attorneys, accountants, consultants
and agents who are aware of the terms of this Section headed Confidentiality; (C) as may be required by applicable law,
including regulations promulgated by applicable security exchanges, or ordered by a court of competent jurisdiction, after giving
the disclosing party notice to the extent permitted by law and practicable and allowing such party to assist in resisting or limiting
such disclosure, provided that the foregoing shall not in any way limit the provisions of the immediately preceding clause (i);
(D) as may be necessary in order to protect the receiving party’s rights hereunder; (E) to the extent such information is
already in the public domain other than due to a breach by the receiving party; (F) to the extent the receiving party can establish
that it knew such information prior to disclosure by the disclosing party, received such information from a third party not known
to owe a duty of confidentiality to the disclosing party, or independently developed such information; or (G) to the extent necessary
for the receiving party to enforce its rights under this Agreement or the Tour Operator Agreement.

 

3.            Assignment; Consent to Transaction.

 

(a)            Effective as of the Second Amendment Effective
Date, NGS’ right to terminate the License Agreement under Section 22(b)(ii) of the License Agreement, as amended by this
Second Amendment, due to a change of Control of Lindblad is hereby waived solely as such right relates to the Transaction. The
waiver set forth in the foregoing sentence shall be limited precisely as written and relates solely to the provisions of Section
22(b)(ii) of the License Agreement in the matter and to the extent described in the foregoing, and nothing in this Section 3(a)
shall be deemed to constitute a waiver by NGS of compliance with respect to any other term, provision or condition of the License
Agreement, except as expressly provided herein. Except as expressly provided herein, nothing contained in this Section 3(a) shall
be deemed or construed to amend, supplement or modify the License Agreement (including the provisions of Section 22(b)(ii) thereof)
or otherwise affect the rights and obligations of any party thereto, all of which remain in full force and effect.

 

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(b)            In accordance with Section 24(b) of the
License Agreement, effective as of the Second Amendment Effective Date, NGS hereby consents to the Transaction, including the assignment
of the License Agreement to the Surviving Company in connection therewith, and NGS hereby acknowledges and agrees that neither
the Initial Merger nor the Subsequent Merger, so long as consummated as part of the Transaction, will constitute a breach, default
or termination event under Section 24(b) of the License Agreement.

 

(c)            The parties hereby acknowledge and agree
that immediately following the Transaction Closing Date for all purposes of the Agreement “Lindblad” shall refer to
Lindblad Expeditions LLC, the company surviving the consummation of the transactions contemplated by the Subsequent Merger.

 

4.            Reaffirmation of License Agreement.
Except as expressly provided herein, the License Agreement is not amended, modified or affected by this Second Amendment,
and the License Agreement and the obligations of the parties thereunder are hereby ratified and confirmed by NGS and Lindblad
in all respects.

 

5.            Effective Date of the Second Amendment.
This Second Amendment shall be effective on the Transaction Closing Date (the “Second Amendment Effective Date”),
provided, however, that the parties hereto acknowledge and agree that Section 24(d) of the License Agreement as amended
by Section 2(f) above shall govern the rights and obligations of the parties with respect to the disclosure of confidential information
in connection with all disclosures made by Lindblad or Acquiror in connection with seeking the approval of the stockholders of
Acquiror for the Transaction, provided, further, that the modified economic terms described in this Second Amendment shall
not take effect until June 1, 2015. In the event that the Transaction fails to occur, then this Second Amendment shall be void
ab initio and have no force or effect.

 

6.            Miscellaneous.

 

(a)            The validity, performance, construction
and effect of this Second Amendment shall be governed by and construed under the laws of the District of Columbia, without giving
effect to any choice of law principles that would require the application of the laws of a different jurisdiction.

 

(b)            For purposes of judicial resolution, the
parties each hereby irrevocably consent to the exclusive jurisdiction of the state and federal courts located in the District of
Columbia and further hereby expressly waive any objections to the venue of said courts and the service of process and other legal
documents and pleadings by any method approved by said courts.

 

(c)            The parties agree, in any dispute relating
to this Second Amendment, to follow the dispute resolution procedure outlined in Section 24(i) of the License Agreement.

 

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(d)            This Second Amendment shall be construed
without regard to any presumption or any other rule requiring construction against the party causing this Second Amendment to be
drafted.

 

(e)            This Second Amendment amends the terms
of the License Agreement as expressly provided above as of the Second Amendment Effective Date, and, as of the Second Amendment
Effective Date, the License Agreement, as so amended, along with the Second Amendment, sets forth the complete, final and exclusive
agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties
hereto with respect to the subject matter of the License Agreement and supersedes, as of the Second Amendment Effective Date, all
prior and contemporaneous agreements and understandings between the Parties with respect to the subject matter of the License Agreement.
The foregoing sentence shall not affect the validity, performance, construction or effect of the Tour Operator Agreement.

 

(f)            The Second Amendment may be modified,
supplemented or amended only by a written instrument executed by the parties.

 

(g)            This Second Amendment shall inure to the
benefit of, and be binding upon, the parties and their respective permitted successors and assigns. Nothing contained in this Second
Amendment, express or implied, is intended to confer upon any Person other than the parties and their respective permitted successors
and assigns, any rights or remedies under or by reason of this Second Amendment.

 

(h)            This Second Amendment may be executed
in any number of counterparts with the same effect as if all of the parties had signed the same document. In place of the transmittal
of original documents, and where permitted by applicable law, such executions may be transmitted to the other parties by facsimile,
portable document format (pdf) or similar electronic image-based format (collectively, “Facsimile”) and such
Facsimile execution shall have the full force and effect of an original signature. All fully executed counterparts, whether original
executions or Facsimile executions or a combination, shall be construed together and shall constitute one and the same agreement.

 

7.            Conditions Precedent. Each and every
provision of this Agreement shall be contingent and become effective only upon the execution and delivery by S. Lindblad of an
Option Agreement (the “Option”) granting to NGS the right to purchase from S. Lindblad, for a per share exercise
price equal to ten dollars ($10.00), five percent (5%) of the issued and outstanding shares of Acquiror’s common stock,
par value $0.000l per share, as of the Transaction Closing Date, which, for purposes hereof, will take into account all outstanding
options, warrants and other securities convertible into, or exchangeable for, shares of the Acquiror’s capital stock (other
than (i) options granted to employees of Acquiror or the Surviving Company under employee stock option plan(s) of the Acquiror
or the Surviving Company, as the case may be, (ii) 10,000,000 warrants to purchase Acquiror common stock included in the Acquiror
units issued by Acquiror in its initial public offering, (iii) 5,600,000 warrants purchased by the Acquiror’s sponsors in
a private placement and (iv) up to 1,250,000 shares of Acquiror common stock held in escrow pursuant to that certain Stock Escrow
Agreement, dated as of May 10, 2013, among Acquiror, Continental Stock Transfer & Trust Company, as escrow agent and the sponsors
of Acquiror party thereto, that are subject to forfeiture as set forth therein, provided, that the number of shares subject
to the Option shall be increased to reflect five percent (5%) of the foregoing shares if the condition to the release of such
shares from escrow is satisfied). The Option shall become effective and exercisable upon the Transaction Closing Date. For a period
of five (5) years commencing on the Transaction Closing Date, NGS shall not Transfer any of the shares of Acquiror’s common
stock purchasable upon exercise of the Option in accordance with the terms thereof (such shares, the “Option Shares”);
provided, however, that the foregoing restriction shall lapse as to a percentage of the Option Shares equal to the
quotient (expressed as a percentage) obtained by dividing (x) the number of shares issued to S. Lindblad in connection with the
Transaction that are Transferred by S. Lindblad prior to the fifth (5th) anniversary of the Closing Date by (y) the number of
shares issued to S. Lindblad in connection with the Transaction. In connection with the Transaction, the Option Shares shall be
put into escrow. The Option Agreement will include a binding commitment by Acquiror to cooperate with any request made by NGS
to remove any restrictive legend from the share certificates representing the shares of Acquiror common stock it purchases from
S. Lindblad pursuant to the Option Agreement and otherwise facilitate the private or public sale of any such shares by NGS on
a securities exchange or otherwise, in each case subject to applicable law. For the avoidance of doubt, the Option shall be the
same Option as in Section 7 of that certain Second Amendment, dated as of the date hereof, to the Tour Operator Agreement.

 

[signatures on following page]

 

    	8

    	 

    

 

IN WITNESS WHEREOF, this Second Amendment
to Alliance and License Agreement has been executed by the parties, all as of the date first above written.

 

	 	LINBLAD EXPEDITIONS, INC.
	 	 	 
	 	By:  	
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	NATIONAL GEOGRAPHIC SOCIETY
	 	 	 
	 	By:  	
	 	 	Name:
	 	 	Title:

 

[Signature Page to Second Amendment to
Alliance and License Agreement]

 

    	9

    	 

    

 

IN WITNESS WHEREOF, this Second Amendment
to Alliance and License Agreement has been executed by the parties, all as of the date first above written.

 

	 	LINBLAD EXPEDITIONS, INC.
	 	 	 
	 	By:  	
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	NATIONAL GEOGRAPHIC SOCIETY
	 	 	 
	 	By:  	
	 	 	Name: Declan Moore
	 	 	Title: Chief Media Officer

 

[Signature Page to Second Amendment to
Alliance and License Agreement]

 

 

10

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