Document:

Exhibit 10.17

 

INVESTMENT
SUBSCRIPTION

AND REGISTRATION RIGHTS AGREEMENT

 

THIS INVESTMENT SUBSCRIPTION AND REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is entered into as of the 8th day of July, 2015, by and among Capitol
Acquisition Corp. II, a Delaware corporation (the “Company”), and the undersigned parties listed under Investors
on the signature page hereto (each, an “Investor” and collectively, the “Investors”).

 

WHEREAS, on the date hereof, the Company,
Argo Expeditions, LLC, a Delaware limited liability company (“LLC Sub”), Argo Merger Sub, Inc., a Delaware corporation
(“Merger Sub”) and Lindblad Expeditions, Inc. (“Lindblad”) are entering into that certain
Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, subject to the terms and conditions
thereof, Merger Sub, an indirect, wholly owned subsidiary of the Company and a direct wholly owned subsidiary of LLC Sub, will
merge with and into Lindblad pursuant to the Initial Merger (as defined in the Merger Agreement) to form the Interim Corporation
(as defined in the Merger Agreement), and such Interim Corporation shall merge with and into LLC Sub in the Subsequent Merger (as
defined in the Merger Agreement) to form the Surviving Company (as defined in the Merger Agreement) as a wholly-owned subsidiary
of the Company;

 

WHEREAS, pursuant to the Merger Agreement,
each Investor is receiving, among other things, the shares of Common Stock (the “Shares”) set forth next to
such Investors’ s name on the signature pages hereto in exchange for the common stock in Lindblad held by such Investor immediately
prior to the First Effective Time (as defined in the Merger Agreement); and

 

WHEREAS, as a condition to the Company
delivering such Shares to each Investor and to memorialize certain rights relating to the registration of Shares held by the Investors,
the Investors and the Company desire to enter into this Agreement on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.                DEFINITIONS. The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business Combination”
means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar type of transaction, of one or more businesses or entities.

 

“Closing Date”
has the meaning given such term in the Merger Agreement.

 

“Commission”
means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act.

 

    	 

    	 

    

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company.

 

“Company” is
defined in the preamble to this Agreement.

 

“Company Related Party”
is defined in Section 2.5(g).

 

“Contractual Obligation”
means with respect to any Person, any provision of any security issued by such Person or any provision of any agreement, lease
of real or personal property, undertaking, contract, indenture, mortgage, deed of trust or other instrument to which such Person
is a party or by which it or any of its property is bound.

 

“Demand Registration”
is defined in Section 3.1.1.

 

“Demanding Holder”
is defined in Section 3.1.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Existing Registration Rights
Agreement” is defined in Section 7.1.

 

“Form S-3” is
defined in Section 3.3.

 

“Governmental Authority”
means any government, governmental, regulatory or administrative agency, quasi-governmental agency, department, bureau, office,
commission, tribunal, arbitrator, authority or instrumentality or court of competent jurisdiction, whether international, foreign,
provincial, domestic, federal, state or local or any political or other subdivision, department or branch or official of the foregoing.

 

“Immediate Family Member”
means, with respect to any Person, (a) the spouse, former spouse, child, step-child, sibling, niece, nephew, parent, grandparent
or any lineal descendent (whether by blood or adoption) of such Person, or a parent, grandparent or any lineal descendent (whether
by blood or adoption) of such Person’s spouse, (b) any corporation, partnership or limited liability company all or substantially
all of the equity interests in which are owned by a person described in clause (a) above, or (c) a trust, custodial account or
guardianship administered primarily for the benefit of a person described in clause (a) above.

 

“Indemnified Party”
is defined in Section 5.3.

 

“Indemnifying Party”
is defined in Section 5.3.

 

“Investor” is
defined in the preamble to this Agreement.

 

“Investor Indemnified Party”
is defined in Section 5.1.

 

“Lindblad” is
defined in the Recitals.

 

    	2

    	 

    

 

“LLC Sub” is
defined in the Recitals.

 

“Maximum Number of Shares”
is defined in Section 3.1.4.

 

“Merger Agreement”
is defined in the Recitals.

 

“Merger Sub”
is defined in the Recitals.

 

“Misstatement”
is defined in Section 4.1.13.

 

“Notices” is
defined in Section 7.3.

 

“Permitted Transferee”
means with respect to any Investor, (i) any corporation, partnership or limited liability company all or substantially all of the
equity interests in which are owned, directly or indirectly, by such Investor, or (ii) any Immediate Family Member of such Investor.

 

“Person” means
any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company,
Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

 

“Piggy-Back Registration”
is defined in Section 3.2.1.

 

“Pro Rata” is
defined in Section 3.1.4.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing and
filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registrable Securities”
mean (i) all of the shares of Common Stock beneficially owned or held by Investors and (ii) any warrants, shares of capital stock
or other securities of the Company issued as a dividend or other distribution with respect to, or in exchange for or in replacement
of, any shares of Common Stock described in clause (i). As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend
restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require
registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) the Registrable Securities
are freely saleable under Rule 144 without volume limitations.

 

“Registration Statement”
means a registration statement filed by the Company with the Commission in compliance with the Securities Act and the rules and
regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8, or their
successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity).

 

    	3

    	 

    

 

“Requirements of Law”
means, with respect to any Person, the provisions of any organizational or governing documents of such Person, and any law, treaty,
rule, regulation, right, privilege, qualification, license or franchise, order, judgment, or determination, in each case, of an
arbitrator or a court or other Governmental Authority, in each case, applicable to or binding upon such Person or any of its property
(or to which such Person or any of its property is subject) or applicable to any or all of the transactions contemplated by, or
referred to in, this Agreement.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

 

“Transfer” means
any direct or indirect sale, transfer, assignment, conveyance, pledge or other encumbrance or disposition.

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

2.                REPRESENTATIONS AND WARRANTIES OF INVESTORS

 

Each Investor hereby represents and warrants
to the Company as of the date hereof and the Closing Date (as defined in the Merger Agreement) as follows:

 

2.1             
Residence. Each Investor is a citizen of the country of his, her or its residence set forth opposite such Investor’s
name on Schedule A.

 

2.2             
Noncontravention. The Investor's execution, delivery and performance of this Agreement and consummation of the transactions
contemplated hereby and thereby, including, without limitation, the receipt of the Shares by the Investor, will not violate any
Requirements of Law applicable to the Investor, or result in a breach or default under any of the Contractual Obligations of the
Investor, or under any order, writ, judgment, injunction, decree, determination or award of any Governmental Authority, in each
case applicable to the Investor or the Investor's properties, except in each case, for such breach, violation or default as would
not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor
to consummate the transactions contemplated herein

 

2.3             
Governmental Authorization; Third Party Consent. No approval, consent, compliance, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirements of Law in effect
on the date hereof or on the Closing Date, and no lapse of a waiting period under any Requirements of Law in effect on the date
hereof or on the Closing Date, is required by such Investor in connection with the execution, delivery or performance by the Investor
of this Agreement.

 

    	4

    	 

    

 

2.4             
Binding Effect. This Agreement has been duly executed and delivered by the Investor and constitutes a valid and legally
binding obligation of the Investor, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium, arrangement, fraudulent transfer or other similar law affecting creditors’ rights generally,
and subject to principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair
dealing, election of remedies, estoppel and other similar doctrines affecting the enforceability of agreements generally, regardless
of whether considered in a proceeding in equity or at law.

 

2.5             
Securities Law Representations.

 

(a)              The Investor is (i) acquiring the Shares for investment for the Investor's own account, not as a nominee or agent, and not with
the view to, or for resale in connection with, any distribution thereof, (ii) an "accredited investor" within the meaning
of Regulation D, Rule 501(a), promulgated under the Securities Act, and (iii) sophisticated in financial matters and able to evaluate
the risks and benefits of the investment in the Company, and is able to bear the economic risks of an investment in the Company
for an indefinite period and could afford a complete loss of such investment. For purposes of the foregoing clause (ii), the Investor
is an "accredited investor" if such Investor is natural person (A) with individual net worth (or joint net worth with
spouse) in excess of $1 million or (B) with individual income (without including any income of the Investor's spouse) in excess
of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably expects
to reach the same income level in the current year. For purposes of the foregoing clause (A), "net worth" means the excess
of total assets at fair market value, including automobiles and other personal property but excluding the value of the primary
residence of such natural person (and including property owned by a spouse other than the primary residence of the spouse), over
total liabilities; provided, that the amount of any mortgage or other indebtedness secured by the Investor's primary residence
should not be included as a "liability," except to the extent (x) the fair market value of the residence is less than
the amount of such mortgage or other indebtedness or (y) such indebtedness existing on the date of the acceptance of the Investor's
subscription for the Shares exceeds the indebtedness that existed 60 days preceding such date and such indebtedness was not as
a result of the acquisition of the Investor's primary residence.

 

(b)              The Investor has been granted the opportunity to ask questions of, and receive answers from, representatives of the Company concerning
the Company and to obtain any additional information that the Investor deems necessary to verify the accuracy of the information
so provided.

 

(c)              The Investor understands and agrees that the Shares are being acquired by the Investor in a transaction not involving any public
offering within the meaning of the Securities Act, in reliance on an exemption therefrom. The Investor understands that the Shares
have not been and will not be approved or disapproved by the Securities and Exchange Commission or by any other federal, state
or foreign agency, and that no such agency has passed on the accuracy or adequacy of disclosures made to the Investor by the Company.
No federal, state or foreign governmental agency has passed on or made any recommendation or endorsement of the Shares or an investment
in the Company.

 

    	5

    	 

    

 

(d)              The Investor understands and acknowledges that the Shares have not been, and, except as set forth in Section 3 of this Agreement,
will not be, registered under the Securities Act, or the securities laws of any state or foreign jurisdiction and, unless the Shares
are so registered, they may not be offered, sold, transferred or otherwise disposed of except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities laws of any
state or foreign jurisdiction. The Investor agrees not to, directly or indirectly, offer, sell, transfer, pledge, hypothecate or
otherwise dispose of the Shares unless the Shares have been so registered or an exemption from the requirement of registration
is available under the Securities Act and any applicable state or foreign securities laws. The Investor further acknowledges and
agrees that his or its ability to dispose of the Shares will be subject to restrictions. The Investor recognizes that the Investor
may be unable to sell or dispose of his or its interest in the Company indefinitely subject to the terms of this Agreement and
must continue to bear the economic risk of the investment in the Company.

 

(e)              The Investor has been advised that and consents to the placement of a restrictive legend in the following form (or one to substantially
similar effect) on the certificates representing the Shares:

 

"THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("ACT"), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SAID
LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF."

 

"THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER."

 

(f)               The Investor acknowledges and agrees that it is responsible for its own taxes relating to this Agreement, and will bear and pay
any transfer, property, documentary, sales, use, stamp, registration or other similar taxes imposed in connection with the issuance,
purchase and sale and/or receipt of the Shares pursuant to this Agreement.

 

(g)              The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor's own advisors as to the financial,
tax, legal, regulatory and related matters concerning an investment in the Shares and on that basis understands the financial,
legal, tax, regulatory and related consequences of an investment in the Shares, and believes that an investment in the Shares is
suitable and appropriate for the Investor and the Investor has made its own investment decision with respect to an investment in
the Shares.

 

2.6             
Broker's, Finder's or Similar Fees. There are no brokerage commissions, finder's fees or similar fees or commissions
payable in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with the Investor
or any action taken by the Investor.

 

    	6

    	 

    

 

3.                REGISTRATION RIGHTS.

 

3.1             
Demand Registration.

 

3.1.1          
Request for Registration. At any time and from time to time on or after the date that is one year after the date hereof,
the holders of a majority-in-interest of all Shares covered by this Agreement held by the Investors or their transferees, may make
a written demand for registration under the Securities Act of all or part of their Shares (a “Demand Registration”);
provided, that, any such Demand Registration must be for not less than $50,000,000 of Acquiror Common Stock in the aggregate. Any
demand for a Demand Registration shall specify the number of Shares proposed to be sold and the intended method(s) of distribution
thereof. The Company will within 10 days of the Company’s receipt of the Demand Registration notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration,
a “Demanding Holder”) shall so notify the Company within ten (10) days after the receipt by the holder of the
notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included
in the Demand Registration, subject to Section 3.1.4 and the provisos set forth in Section 4.1.1. The Company shall not be obligated
to effect more than an aggregate of two (2) Demand Registrations under this Section 3.1.1.

 

3.1.2       
   Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has
been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop
order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such
Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter affirmatively elect
to continue the offering and notify the Company in writing, but in no event later than five (5) days of such election; provided,
further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has
been filed is counted as a Demand Registration or is terminated.

 

3.1.3       
   Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company
as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand
Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable
Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion
of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing
to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form
with the Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand
Registration.

 

    	7

    	 

    

 

3.1.4          
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering, in good faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of
Registrable Securities which the Demanding Holders desire to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested
pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds
the maximum dollar amount or maximum number of shares that can be sold in such offering without significantly adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company
shall include in such registration: (i) the Registrable Securities as to which Demand Registration has been requested by the Demanding
Holders (pro rata in accordance with the number of shares that each such Demanding Holder has requested be included in such registration,
regardless of the number of shares held by each such Demanding Holder (such proportion is referred to herein as "Pro Rata"))
that can be sold without exceeding the Maximum Number of Shares; (ii) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), the Registrable Securities of holders exercising their rights to register their Registrable
Securities pursuant to Section 3.2; (iii) to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (i) and (ii), the shares of Common Stock or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; and (iv) to the extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other securities for the account of other persons that the
Company is obligated to register pursuant to written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Shares.

 

3.1.5          Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw
prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in this Section 3.1.

 

3.2             
Piggy-Back Registration.

 

3.2.1          
Piggy-Back Rights. If at any time the Company proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for stockholders of the Company for their account (or by the Company and by stockholders
of the Company including, without limitation, pursuant to Section 3.1), other than a Registration Statement (i) filed in connection
with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s
existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities
as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities
in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request
in writing within ten (10) days following receipt of such notice (a “Piggy-Back Registration”). The Company
shall, in good faith, cause such Registrable Securities to be included in such registration and shall use its best efforts to cause
the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof.
All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves
an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters
selected for such Piggy-Back Registration.

 

    	8

    	 

    

 

3.2.2           Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of
Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has
been demanded pursuant to separate written contractual arrangements with persons or entities other than the holders of Registrable
Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 3.2, and the shares
of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration
rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a)              if the registration is undertaken for the Company’s account: (A) the shares of Common Stock or other securities that the
Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number
of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if any, comprised
of Registrable Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C)
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common
Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and

 

(b)              if the registration is a “demand” registration undertaken at the demand of persons or entities other than the holders
of Registrable Securities, (A) the shares of Common Stock or other securities for the account of the demanding persons that can
be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), collectively the shares of Common Stock or other securities comprised of Registrable Securities,
Pro Rata, as to which registration has been requested pursuant to the terms hereof, as applicable, that can be sold without exceeding
the Maximum Number of Shares; (C) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A) and (B), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (D) to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number
of Shares.

 

    	9

    	 

    

 

3.2.3       
   Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 4.3.

 

3.2.4           Unlimited Piggy-Back Registration Rights. For purposes of clarity, any registration effected pursuant to Section 3.2 hereof
shall not be counted as a registration pursuant to a Demand Registration effected under Section 3.1 hereof.

 

3.3             
Registrations on Form S-3. Separate and apart from the Demand Registration rights granted to the Investors in Section 3.1.1,
the holders of Registrable Securities may at any time and from time to time, request in writing that the Company register the resale
of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be available at such
time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request
through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice of the proposed
registration to all other holders of Registrable Securities, and each holder of Registrable Securities who thereafter wishes to
include all or a portion of such holder’s Registrable Securities in such registration shall so notify the Company, in writing,
within ten (10) days after the receipt by the holder of the notice from the Company, and, as soon as practicable thereafter but
not more than twelve (12) days after the Company’s initial receipt of such written request for a registration, effect the
registration under the Securities Act of all of such holder’s or holders’ Registrable Securities as are specified in
such request, together with all of the Registrable Securities or other securities of the Company, if any, of any other holder or
holders joining in such request; provided, however, that the Company shall not be obligated to effect any such registration
pursuant to this Section 3.3 if: (i) Form S-3 is not available for such offering; or (ii) the holders of the Registrable Securities,
together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected
pursuant to this Section 3.3 shall not be counted as Demand Registrations effected pursuant to Section 3.1.

 

4.                REGISTRATION PROCEDURES.

 

4.1             
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant
to Section 3, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) or combination of methods of distribution thereof available to, and requested by, the holders of the
Registrable Securities as expeditiously as practicable, and in connection with any such request:

 

    	10

    	 

    

 

4.1.1          
Filing Registration Statement. The Company shall, as expeditiously as possible and in any event within forty-five (45) days
after receipt of a request for a Demand Registration pursuant to Section 3.1, prepare and file with the Commission a Registration
Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s)
of distribution thereof, and shall use its best efforts to cause such Registration Statement to become and remain effective for
the period required by Section 4.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by
the Chairman of the Board of Directors or President of the Company stating that, in the good faith judgment of the Board of Directors
of the Company, it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately
preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

 

4.1.2           Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in
such registration or legal counsel for any such holders may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such holders.

 

4.1.3          
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days
plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental
agency or court) or such securities have been withdrawn. Notwithstanding the foregoing, the Company shall use its reasonable best
efforts to cause any Registration Statement filed pursuant to Section 3.1 to remain continuously effective until the earlier of
(A) the sale pursuant to such Registration Statement of all of the Registrable Securities covered by such Registration Statement,
(B) the sale, transfer or other disposition pursuant to Rule 144 of all of the Registrable Securities covered by such Registration
Statement, (C) such time as the Registrable Securities covered by such Registration Statement that are not held by Affiliates of
the Company constitute two percent (2%) or less of the outstanding shares of Common Stock or (D) such time as all of the Registrable
Securities covered by such Registration Statement have been sold to the Company or any of its subsidiaries.

 

    	11

    	 

    

 

4.1.4          
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing,
and shall further notify such holders promptly and confirm such advice in writing in all events within two (2) business days of
the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment
to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order
(and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv)
any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto
or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus
so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that before filing with the Commission a Registration Statement
or prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish
to the holders of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with
a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their
legal counsel shall reasonably object.

 

4.1.5          
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities or securities exchanges, including the Nasdaq Capital Market,
as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be
necessary or advisable to enable the holders of Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph
or subject itself to taxation in any such jurisdiction.

 

    	12

    	 

    

 

4.1.6         
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which
are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the
holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such
registration statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable,
with respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of
such sale with such holder’s material agreements and organizational documents, and with respect to written information relating
to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement.

 

4.1.7         
Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the management of the Company shall cooperate fully in
any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration
Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with
Underwriters, attorneys, accountants and potential investors.

 

4.1.8          
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant
or other professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter,
all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them
to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
requested by any of them in connection with such Registration Statement.

 

4.1.9          
Opinions and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration
Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter
and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event
no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in
such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the
effect that the Registration Statement containing such prospectus has been declared effective and that no stop order is in effect.

 

4.1.10        Earnings Statement.
The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and make available
to its stockholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, beginning within three
(3) months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section
11(a) of the Securities Act and Rule 158 thereunder.

 

    	13

    	 

    

 

4.1.11         Listing.
The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated
or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority of the Registrable
Securities included in such registration.

 

4.1.12        Transfer Agent.
The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no
later than the effective date of the registration statement.

 

4.1.13         Misstatements.
The Company shall notify the holders at any time when a prospectus relating to such registration statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement,
as then in effect, includes an untrue statement of a material fact or an omission to state a material fact required to be stated
in a registration statement or prospectus, or necessary to make the statements therein in the light of the circumstances under
which they were made not misleading (a “Misstatement”), and then to correct such Misstatement.

 

4.2             
Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 4.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 3.3 hereof, upon any suspension
by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of
the ability of all “insiders” covered by such program to transact in the Company’s securities because of the
existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section 4.1.4(iv) or the restriction on the ability
of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company,
each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s possession,
of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

 

4.3             
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration
pursuant to Section 3.1, any Piggy-Back Registration pursuant to Section 3.2, and any registration on Form S-3 effected pursuant
to Section 3.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or
not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and fees
of any securities exchange on which the Common Stock is then listed; (ii) fees and expenses of compliance with securities or “blue
sky” laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of
the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses
(including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in
connection with the listing of the Registrable Securities as required by Section 4.1.11; (vi) Financial Industry Regulatory Authority
fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants
retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters requested
pursuant to Section 4.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection with such
registration; and (ix) the reasonable fees and expenses of one legal counsel selected by the holders of a majority-in-interest
of the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling stockholders and
the Company shall bear the expenses of the underwriter pro rata in proportion to the respective amount of shares each is selling
in such offering.

 

    	14

    	 

    

 

4.4             
Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the
Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments
and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section 3 and in connection with the Company’s obligation to comply with federal and applicable state securities laws.

 

4.5             
Requirements for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity
securities of the Company pursuant to a registration initiated by the Company hereunder unless such person (i) agrees to sell such
person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and
executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.

 

4.6             
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a registration statement or
prospectus contains a Misstatement, each of the holders shall forthwith discontinue disposition of Registrable Securities until
it has received copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to use its best efforts to prepare and file such supplement or amendment as soon as practicable after the time
of such notice), or until it is advised in writing by the Company that the use of the prospectus may be resumed. If the filing,
initial effectiveness or continued use of a registration statement in respect of any registration at any time would require the
Company to make an Adverse Disclosure (as defined below) or would require the inclusion in such registration statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt
written notice of such action to the holders, delay the filing or initial effectiveness of, or suspend use of, such registration
statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company
to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the holders agree
to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to any registration
in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the holders of the expiration
of any period during which it exercised its rights under this Section 4.6. “Adverse Disclosure” shall mean any public
disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal
financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any registration
statement or prospectus in order for the applicable registration statement or prospectus not to contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be
required to be made at such time if the registration statement were not being filed, and (iii) the Company has a bona fide business
purpose for not making such information public.

 

    	15

    	 

    

 

4.7             
Reporting Obligations. As long as any holder shall own Registrable Securities, the Company, at all times while it shall
be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any holder may reasonably request, all to the extent required from time to time to enable
such holder to sell shares of the Common Stock held by such holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request
of any holder, the Company shall deliver to such holder a written certification of a duly authorized officer as to whether it has
complied with such requirements.

 

5.                INDEMNIFICATION AND CONTRIBUTION.

 

5.1             
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of
Registrable Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and
agents, and each person, if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based
upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising
out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated
thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration;
and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred
by such Investor Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such
expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or
omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus,
or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing,
by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially
the same basis as that of the indemnification provided above in this Section 5.1.

 

    	16

    	 

    

 

5.2             
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that
any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such
selling holder, indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any), and
each other selling holder and each other person, if any, who controls another selling holder or such underwriter within the meaning
of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such
losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained
in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in
writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers,
and each other selling holder or controlling person for any documented out-of-pocket legal or other expenses reasonably incurred
by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s
indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually received by such selling holder. Each selling holder
of Registrable Securities shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter to the same extent as provided in the foregoing with
respect to indemnification of the Company.

 

5.3             
Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or
liability or any action in respect of which indemnity may be sought pursuant to Section 5.1 or 5.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action;
provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying
Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent
the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect
to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such
claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense
thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of
its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified
Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the
Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more
than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry
of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party
is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

    	17

    	 

    

 

5.4             
Contribution.

 

5.4.1          
If the indemnification provided for in the foregoing Sections 5.1, 5.2 and 5.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying
Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

5.4.2       
   The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5.4 were determined by
pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
in the immediately preceding Section 5.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim,
damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 5.4, no holder of Registrable Securities shall
be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees,
discounts, commissions or taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such
contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

5.5             
Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified
Party and shall survive the transfer of securities.

 

    	18

    	 

    

 

6.                UNDERWRITING AND DISTRIBUTION; TRANSFER RESTRICTIONS

 

6.1             
Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the
Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such rules may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Commission.

 

6.2             
Transfer Restrictions. Except for any Transfer following the date that is one year from the date hereof (after which there
will be no Transfer restrictions), each Investor shall not Transfer any Share without the prior written approval of the Company
(authorized by the unanimous consent of the board of directors of the Company); provided that any Investor may Transfer Shares
to a Permitted Transferee who agrees in writing to be bound by and subject to the terms and conditions set forth in this Section
6.2. The foregoing provisions of this Section 6.2 shall not apply to sales of Shares to be included in an offering pursuant to
Section 3. Each Investor agrees to execute and deliver such other agreements as may be reasonably requested by the Company that
are consistent with the foregoing or that are necessary to give further effect thereto. Any purported Transfer in violation of
the provisions of this Section 6.2 shall be null and void and shall have no force or effect.

 

7.                MISCELLANEOUS.

 

7.1             
Other Registration Rights. The Company represents and warrants that other than under that Registration Rights Agreement,
dated May 10, 2013, among the Company and the investors party thereto (“Existing Registration Rights Agreement”),
no person, other than a holder of the Registrable Securities, has any right to require the Company to register any shares of the
Company’s capital stock for sale or to include shares of the Company’s capital stock in any registration filed by the
Company for the sale of shares of capital stock for its own account or for the account of any other person. Further, the Company
represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms
and conditions, other than the Existing Registration Rights Agreement, and in the event of a conflict between any such agreement
or agreements (other than the Existing Registration Rights Agreement) and this Agreement, the terms of this Agreement shall prevail.

 

7.2             
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder
may not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the
holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction
with and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall
be binding upon and shall inure to the benefit of each of the parties and the permitted assigns of the Investor or holder of Registrable
Securities or of any assignee of the Investor or holder of Registrable Securities. The Investor and any Permitted Transferee or
permitted assigns may exercise the registration rights hereunder in such proportion (not to exceed the then-remaining rights hereunder)
as they shall agree among themselves. This Agreement is not intended to confer any rights or benefits on any persons that are not
party hereto other than as expressly set forth in Article 5, Section 6.2 and this Section 7.2. No assignment by any party hereto
of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the
Company shall have received (i) written notice of such assignment and (ii) the written agreement of the assignee to be bound by
the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).

 

    	19

    	 

    

 

7.3             
Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

	 	To the Company:
	 	 
	 	Capitol Acquisition Corp. II
	 	509 7th Street, N.W.
	 	Washington, D.C. 20004
	 	Attn: Mark D. Ein, Chief Executive Officer
	 	 
	 	with a copy to:
	 	 
	 	Latham & Watkins LLP
	 	555 Eleventh Street, N.W.
	 	Washington, DC  20004
	 	Attention: Paul Sheridan and Joseph Simei
	 	 
	 	 and
	 	 
	 	Graubard Miller
	 	The Chrysler Building
	 	405 Lexington Avenue
	 	New York NY 10174
	 	Attn: David Alan Miller, Esq.

 

To an Investor, to the address set forth on the
signature page hereto.

 

    	20

    	 

    

 

7.4             
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and
enforceable.

 

7.5             
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all
of which taken together shall constitute one and the same instrument. Facsimile signatures or signatures received as a .pdf attachment
to electronic mail shall be treated as original signatures for all purposes of this Agreement.

 

7.6             
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the
parties, whether oral or written.

 

7.7             
Modifications and Amendments. Upon the written consent of the Company (with unanimous consent of its board of directors)
and the holders of at least sixty-six and two-thirds percent (66-2/3%) of the Registrable Securities at the time in question, compliance
with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants
or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or
waiver hereof that adversely affects one holder of Registrable Securities, solely in its capacity as a holder of the shares of
Common Stock of the Company, in a manner that is materially different from the other holders of Registrable Securities (in such
capacity) shall require the consent of the holder so affected. No course of dealing between any holders of Registrable Securities
or the Company and any other party hereto or any failure or delay on the part of a holder of Registrable Securities or the Company
in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any holder of
Registrable Securities or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

7.8             
Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the
construction of any provision of this Agreement.

 

7.9             
Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right
to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such
party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach
or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained.
No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

 

    	21

    	 

    

 

7.10           Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed
or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce
its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce
any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of
the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter
available at law, in equity, by statute or otherwise.

 

7.11          
Governing Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws
of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect
to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

7.12          
Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	22

    	 

    

 

IN WITNESS WHEREOF, the parties have
caused this Investment Subscription and Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY 

	 	 
	 	CAPITOL
ACQUISITION CORP. II

	 	 	 
	 	By:	 
	 	 	
        Name:

	 	 	Title:

 

[Signature
Page to Investment Subscription and Registration Rights Agreement]

 

    	23

    	 

    

 

	 	INVESTORS

	 	 	 
	 	SVEN-OLOF LINDBLAD
	 	 	 
	 	By:	 
	 		Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

	 	IAN ROGERS
	 	 	 
	 	By:	 
	 		Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

	 	JOHANN KILLINGER
	 	 	 
	 	By:	 
	 		Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

	 	TREY BYUS
	 	 	 
	 	By:	 
	 		Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

    	24

    	 

    

 

	 	Talas
Shipping GmbH & Co. KG 

	 	 	 
	 	By:	 
	 		Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

	 	Two Mountain Ltd.
	 	 	 
	 	By:	 
	 	
         

        
	Name:

 

	 	Address:	 
	 	 	 
	 	 	 
	 	Facsimile:	 

 

    	25

    	 

    

 

Schedule A

 

Investor Place of Residence

 

	Investor	 	Country of Residence/Jurisdiction of Organization
	Sven-Olof Lindblad	 	United States
	Ian Rogers	 	United States
	Johann Killinger	 	Germany
	Trey Byus	 	United States
	Talas Shipping GmbH & Co. KG	 	Germany
	Two Mountain Ltd.	 	Marshall Islands

 

 

26Exhibit 10.18

 

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

 

ALLIANCE AND LICENSE
AGREEMENT

 

	
        National Geographic Society (“NGS”)

        1145 Seventeenth Street, NW

        Washington, DC 20036-4699
	
        Lindblad Expeditions, Inc. (“Lindblad”)

        96 Morton Street

        New York, NY 100114

        

	 	 
	Contact Person:	
        Contact Person: 

        

	 	 
	
        Tel. No.:

        

        Fax No.: 

        Email:
	
        Tel. No.:

        Fax No.:

        Email:

        

 

THIS ALLIANCE AND LICENSE AGREEMENT (“Agreement”)
is dated as of December 12, 2011 (the “Effective Date”), between:

 

(1)          National Geographic Society (“NGS”), and

 

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

 

WHEREAS, NGS is a tax-exempt membership educational
organization whose principal objective is “to inspire people to care about the planet” by promoting education and scientific
knowledge about geography, nature and the environment to its members and other interested parties;

 

WHEREAS, NGS in furtherance of its educational
and scientific mission, desires to provide its members with travel programs of educational, geographical and cultural value and
interest;

 

WHEREAS, Lindblad is an experienced operator
of high quality passenger expedition cruise ships and operates a fleet of NG-Branded Ships (defined below) in addition to other
non-”National Geographic” branded ships which it occasionally charters; and

 

WHEREAS, NGS and Lindblad wish 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 through this new Agreement; which replaces the current Agreement, dates October 3, 2006.

 

    	 

    	 

    

  

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

 

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

 

1.            DEFINITIONS.
All words appearing within the text of this Agreement with initial letter capitalized (except the first word of a sentence
and proper nouns) and all words appearing within underlined section captions with initial letter capitalized and within quotation
marks are specifically defined terms for purposes of this Agreement, the definitions for which are set below. Words that appear
within parentheses and quotation marks with initial letters capitalized are specifically defined terms for purposes of this Agreement
defined by the text immediately preceding the parentheses. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

All capitalized terms used herein and not otherwise defined in this
Agreement shall have the meanings set forth below:

 

(a)            Advertising
and Trip Materials: All advertising, promotional, publicity and consumer materials which are produced by or for Lindblad which
bear any of the Licensed Property (including, but not limited to, letters, brochures, advertisements, pre-trip materials, website
content and other marketing materials).

 

(b)            ATA:
Academic Travel Abroad, is the call center for NGE, responsible for maintaining the toll free number receiving all incoming calls.

 

(c)            Business
Day: Means the following five (5) days of the United States calendar week: Monday, Tuesday, Wednesday, Thursday and Friday,
but specifically excludes any said day listed above on which a United States holiday during which federal government offices are
closed in the United States occurs during the applicable calendar year of the Term.

 

(d)            Competing
Trip: Means a Lindblad Trip on a “river-going” ship where the parties mutually agree in writing in advance that
such trip will not be a NGE/Lindblad Trip and where NGE is promoting a substantially similar NGE Trip (that is not a NGE/Lindblad
Trip) to the same destination. Lindblad may promote the Competing Trips in its “Explorations” catalog; however Lindblad
may not use the Licensed Property in individual brochures promoting the Competing Trip. As of the Effective Date, the Lindblad
Trip to [*] Competing Trip.

 

(e)            Competitive
Cruise Ship: Any cruise ship marketed primarily to the United States market, operated by anyone other than Lindblad, having
a capacity [*] passengers.

 

(f)            Licensed
Content: Certain copyrights, photography, images, artwork, design and style elements owned by, or licensed to, NGS that NGS
may from time to time authorize Lindblad to use pursuant to this Agreement.

 

(g)            Licensed
Marks: [*] and those certain other trademarks, names, titles, logos and symbols owned by NGS that NGS may from time to time authorize
Lindblad to use pursuant to this Agreement. Lindblad agrees that the Licensed Marks must be used in strict conformance with the
National Geographic Brand/Design Identity Guidelines. Relevant portions of such guidelines and technical specifications for use of the Licensed
Marks, and master copies of the Licensed Marks are available at www.id.ngs.org.

 

    	2

    	 

    

 

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

  

(h)            Licensed
Property: Collectively, the Licensed Marks and Licensed Content.

 

(i)            Lindblad
Ships: Any ship owned by Lindblad, including NG-Branded Ships, or a ship chartered by Lindblad and approved pursuant to the
Section headed QUALITY CONTROLS AND PROCEDURES.

 

(j)            Lindblad
Trips: Any trip offered and operated by Lindblad, including (a) pre- or post-trip extensions, (b) trips on Lindblad Ships,
(c) any trip by charter companies that charter a Lindblad Ship, but excluding any trips by conveyance other than ship, unless specifically
identified and agreed in writing by NGE and Lindblad. Unless otherwise specifically stated, Lindblad Trips specifically include
NGE/Lindblad Trips. The parties also agree that Lindblad Trips include the trips offered and operated by Lindblad to Peru.

 

(k)            Net
Revenues: All monies and the fair market value of any other consideration received by Lindblad from Participants [*] (including,
without limitation, from [*]) in payment for all Lindblad Trips, including without limitation [*], [*]: (a) [*] and [*], including
[*]; (b) [*] of all kinds made by Participants including, without limitation[*] made in the [*]; (c) revenues from [*] by Lindblad
to Participants (other than NGE/Lindblad Trips’ Participants); (d) [*]; and (e) [*]. Lindblad shall recognize Net Revenue
in the month a Lindblad Trip departs, in accordance with accounting principles generally accepted in the United States.

 

(l)            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 five (5) NG-Branded Ships: National Geographic Explorer, National
Geographic Endeavour, National Geographic Islander, National Geographic Sea Lion, and National Geographic
Sea Bird.

 

(m)            NG
Expeditions Traveler and Inquirer Database: The database consisting of persons who have traveled with NG Expeditions, who are
booked to travel with NG Expeditions, who have been at any time waitlisted on NGE Trips, who have been booked at any time to travel
with NG Expeditions and have cancelled, or who have inquired about NG Expeditions at any time or who have responded to NG Expeditions
marketing activities at any time.

 

(n)            NGE:
National Geographic Expeditions, the travel program of the National Geographic Society marketed under the service mark “National
Geographic Expeditions.”

 

(o)            NGE/Lindblad
Trips: All Lindblad Trips, other than Competitive Trips, and promoted by NGE in its catalog, website and any other marketing
channel used by NGE.

 

(p)            NGE/Lindblad
Trip Participant: Any individual who travels on a NGE/Lindblad Trip and books through any NGE channel (e.g. NGE phone line,
NGE web site, etc.) or any individual who books through a Lindblad phone line, Lindblad website or a travel agent, and identifies
themselves or is identified as being sourced through NGE channels or promotions.

 

    	3

    	 

    

   

(q)            NGE
Trips: These are trips offered or operated by NGE. Unless otherwise specifically stated, NGE Trips include NGE/Lindblad Trips;
however, all NGE Trips other than NGE/Lindblad Trips are outside the scope of this Agreement.

 

(r)            NGS
Marketing Database: A database of names and related purchase and, where available, demographic information maintained by NGS,
in accordance with applicable privacy law, of NGS members, lapsed members and customers with mailing addresses in the United States
which is available to NG Expeditions for marketing and promotional purposes. The NGS Marketing Database excludes the NG Expeditions
Traveler and Inquirer Database and special databases that NGS maintains (e.g. for mission programs, development, etc.).

 

(s)            Notice:
Sending, in writing, all notices and the like, required under this Agreement, by a reputable private overnight delivery service
or by certified or registered mail, charges prepaid, to the Contact Person and the address of Lindblad and NGS as set forth on
page 1 of this Agreement, unless said address is later changed by Notice given to the other parties. In addition to the Contact
Person for NGS set forth on page 1 of this Agreement, a copy of any and all legal notices shall be sent by Notice to: National
Geographic Society, Law, Business & Governmental Affairs, 1145 17th Street, NW, Washington, DC 20036, Attention: Terrence B.
Adamson, Executive Vice President. Notice shall be deemed to be received and effective on the next Business Day following the day
on which Notice was deposited with a reputable overnight delivery service or two (2) Business Days after mailing by registered
or certified mail. For review and approval requests, notice may be given by email and will be considered delivered as of the date
sent (with confirmation of receipt) to the email address identified from time to time by the relevant party.

 

(t)            Other
Providers: Public and private carriage operators, hotels, ground operators, suppliers, tourist agencies, and other independent
contractors or vendors whose services are retained by Lindblad for the benefit of Participants.

 

(u)            Participant:
Any individual passenger who travels on a Lindblad Trip.

 

(v)            Quarter:
The term “Quarter” shall be the calendar quarters ending March 31, June 30, September 30 and December 31 of each calendar
year.

 

(w)            Royalty:
The percentage amounts specified in the Section headed TERMS OF PAYMENT that Lindblad shall pay to NGS.

 

(x)            Tour
Operator Agreement: A separate agreement of the same date as this Agreement between NGS and Lindblad for Lindblad’s provision
of services for the NGE/Lindblad Trips.

 

    	4

    	 

    

 

2.            PURPOSE.
NGS and Lindblad have set forth their agreement to collaborate with each other for their mutual benefit.

 

(a)            NGS
and Lindblad have an existing Agreement with an Effective Date of October 3, 2006 (“Existing Agreement”), and they
hereby desire to terminate the Existing Agreement and have the terms of this Agreement replace the Existing Agreement in its entirety.

 

(b)            Lindblad
acknowledges and agrees that: (i) all rights not specifically and expressly granted to Lindblad in this Agreement are reserved
to NGS; (ii) all usages of the Licensed Property pursuant to this Agreement shall inure to the benefit of NGS; (iii) Lindblad shall
not have proprietary rights of any nature in and to the Licensed Property and may use Licensed Property only during the Term on
or in connection with the Lindblad Trips strictly in accordance with the provisions of this Agreement; and (iv) Lindblad shall
not claim any proprietary rights in and to the Licensed Property and will not contest by legal proceedings or otherwise the validity
of the Licensed Property, the rights of NGS therein, or the validity of this Agreement or any part thereof

 

(c)            NGS
will use reasonable efforts to demonstrate support of the alliance created by this Agreement, by devoting sufficient resources
and priority to its specific obligations herein that they will be achieved in a prompt and a commercially reasonable manner. Specifically,
but without limitation, NGS acknowledges that “expedition travel” is by its nature subject to commercial risks and
uncertainties.

 

3.            TERM.
This Agreement commences as of the Effective Date and expires December 31, 2017 (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, 2017. 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 mutually agree in a written
amendment to this Agreement signed by both parties.

 

4.            LINDBLAD
TRIPS DEVELOPMENT, ADMINISTRATION AND OPERATION.

 

(a)            Lindblad
is responsible for all development, administration and operation of the Lindblad Trips and all associated expenses.

 

(b)            Lindblad
and NGE will work together to identify key strategic destinations, program enhancement opportunities, and NG Experts and to develop
marketing strategies and possible other areas of collaboration.

 

(c)            In
consultation with NGS, Lindblad will design and assemble each itinerary for each Lindblad Trip, and submit it to NGS for review
and comment. In developing the slate of Lindblad Trips for any calendar year, Lindblad will take into account considerations and
interest of NGE and its travelers.

 

(d)            Following
the process outlined in Section (c) above and in accordance with Exhibit A. Lindblad will provide a list of planned destinations
for the calendar year to NGS. NGS will review for possible enhancement opportunities, and will collaborate with Lindblad on which
enhancements to incorporate into the itineraries.

 

    	5

    	 

    

 

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

 

(e)            Lindblad
will hire, manage, and pay qualified staff necessary to operate each Lindblad Trip, including but not limited to the expedition
leader; naturalists and other experts; and local guides. Each staff shall have credentials reasonably qualifying such person to
provide substantive, informative, and educational talks to the Participants, and [*] stations each Lindblad Ship will have expertise
in the region that is the destination of the Lindblad Trip. Upon NGS’ request, Lindblad will provide NGS with biographical
information for any staff members, and if NGS has serious concerns about the use of a particular staff member, Lindblad agrees
to give substantial consideration to NGS’ views in making a decision about future use of the staff person.

 

5.            MARKETING
/ PROMOTION.

 

(a)           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 (collectively, the “Territory”). In the event Lindblad wishes
to use the Licensed Property in advertising and promotion directed at a specific region outside the Territory, NGS and Lindblad
may mutually agree in writing in advance. In addition, NGS hereby grants to Lindblad a non-exclusive license to use the Licensed
Property in association with the Lindblad Expeditions name, trademarks, service marks and logos in connection with promotional
and public relations communications in the Territory relating to Lindblad Trips departing during the Term to destinations worldwide,
subject to the terms, limitations and conditions of this Agreement. Notwithstanding the foregoing, Lindblad shall make no use of
the Licensed Property:

 

(i)            In
association with any third party trademark in any promotion or communication for the Lindblad Trips, except pursuant to approvals
granted pursuant to the Section headed QUALITY CONTROLS AND PROCEDURES.

 

(ii)          To
promote Lindblad Trips to persons domiciled outside the Territory except to persons who are on Lindblad’s mailing
list by virtue of being: past guests; waitlisted or cancelled guests; persons who have, at any time, inquired about Lindblad Trips;
or persons who have responded to Lindblad marketing activities targeted to the Territory. The parties acknowledge that such persons
as described under the exceptions in the foregoing sentence currently constitute and during the Term will constitute an insubstantial
percentage of Lindblad’s mailing list.

 

(b)          Lindblad
shall use commercially reasonable efforts, and [*], to sell, advertise, promote and support its sale of the Lindblad Trips throughout
the Term, unless specifically stated in the Tour Operator Agreement. Advertising and Trip Materials shall be subject to the review
and/or approval process set forth in the Section headed QUALITY CONTROLS AND PROCEDURES.

  

    	6

    	 

    

 

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

 

(c)           Lindblad
will showcase NGS as an institution on the NG-Branded Ships and on other Lindblad Ships operating NGE/Lindblad Trips and will make
every effort to ensure all on-board materials, as well as verbal and digital communications, will
reflect the Lindblad and NGS co-branding subject to the process set forth in the Section headed QUALITY CONTROLS AND PROCEDURES.
NGS and Lindblad will work together to identify opportunities for Lindblad or NGE to advertise in NGS media or for Lindblad to
sponsor NGS programs. Opportunities will be evaluated by Lindblad and decided upon entirely in the context of merit and desirability
to promote mutual goals.

 

(d)           NGS
and Lindblad will develop and mutually agree on a plan to sell NGS [*] in the stores onboard Lindblad Ships.

 

(e)           Lindblad
shall alert NGS of any media representatives (whether print, broadcast, internet, or any other kind) to be participating on or
within a Lindblad Trip, and obtain approval from NGS for any significant publicity activity arranged by or with the cooperation
of Lindblad featuring National Geographic elements including licensed content or National Geographic Experts

 

(f)           While
each organization operates separate and unique marketing programs, there exist media or platforms, such as Internet search campaigns,
where these efforts may overlap. In the event that such a circumstance arises, NGE and Lindblad will collaborate to efficiently
and effectively promote the Lindblad Trips in these media. The parties agree that Lindblad will defer to NGE with respect to any
name that includes “National Geographic” except for the names of the NG-Branded Ships.

 

(g)          NGE
and Lindblad agree that the terms set forth in Exhibit D identify and govern the existing terms for collaboration on the NGE loyalty
program for Lindblad Trips. In addition, NGE and Lindblad agree to work together to support other membership programs developed
by National Geographic. NGS grants to Lindblad a non-exclusive, non-transferable right and license to use the NGS Marketing Database
for the purpose of promoting, via mail, the sale of Lindblad Trips, subject to NGS approval of each use.

 

(i)            The
parties agree to work together to identify and execute means other than mail (such as email) whereby Lindblad Trips will be marketed
to the persons on such database, consistent with applicable law and subject to the restrictions which NGS imposes on use of its
e-mail database. Uses of the NGS Marketing Database described in the previous sentence shall be subject to all the terms of this
Agreement, and there shall be [*] for such uses.

 

    	7

    	 

    

  

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

 

(ii)          NGS
agrees to provide list selection assistance to Lindblad for the purpose of better selection and segmentation of the NGS Marketing
Database. Lindblad shall reimburse NGS for out-of-pocket costs incurred, in performing functions related to list selection. NGS
current charges are:

 

		●	To perform a merge/purge, the one-time set up fee for each mailing is approximately [*] and
                                                                  selection cost, subject to change, are (a) [*] per [*] names for lists up to [*] names, (b) [*] per [*] names for lists
                                                                  ranging                                                                   from [*] names through [*], and (c) [*] per [*]
                                                                  names for lists of more than [*] names.

 

		●	For statistical modeling, the cost is currently [*].

 

(iii)         Lindblad
acknowledges that the NGS Marketing Database shall remain the property solely and exclusively of NGS. Lindblad shall use the NGS
Marketing Database only as provided in this Agreement, and shall not disclose the contents of the NGS Marketing Database to any
third party, or permit any agent, employee, or contractor to do so. Lindblad agrees, after each and every use of the NGS Marketing
Database (i.e., a mailing or a sales analysis), to destroy any copies of the NGS Marketing Database and return to NGS or destroy
all unused mailing labels created from the NGS Marketing Database. Lindblad agrees to comply with all laws and regulations applicable
to the use of data, including but not limited to data and privacy laws.

 

6.            CUSTOMER
CONTACT.

 

(a)           For
Lindblad Trips:

 

(i)            Lindblad
will receive and process all customer requests for information and reservations for Lindblad Trips. Lindblad is responsible for
fulfillment of inquiries, reservations, including airline reservations, customer service, development and distribution of pre-trip
and post-trip materials, and all associated expenses.

 

(ii)          All
pre-trip materials for Lindblad Trips will be co-branded with the Licensed Property (including, but not limited to packing suggestions,
travel fact sheets, a reading list, emergency contact information and a final itinerary noting any revisions to published marketing
copy). Lindblad will submit all pre-trip materials to NGS for review before sending any pre-trip materials to Participants

 

(iii)         Lindblad
is continuing the development of an online system for the delivery of travel documents to Participants. Lindblad agrees to
collaborate with NGE to ensure that this online system meets NGE requirements with regard to data capture, data security,
click-thru links, and content elements and shall make no use of this system for NGE/Lindblad Trip Participants until NGE
provides its final written approval. Lindblad will manage post-trip administration for all Participants, including
distribution of evaluation forms to Participants, including all Lindblad/NGE Trip Participants. Upon request from NGS,
Lindblad will provide NGS with copies of evaluation forms 

completed by Participants on Lindblad Trips. During the
Term, Lindblad and NGE may collaborate on a program for electronic delivery of or on-line evaluations for Lindblad Trips. Lindblad
shall make no use of such an electronic evaluation process for NGE/Lindblad Trip Participants until NGS provides its final written
approval.

 

    	8

    	 

    

 

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

 

(b)           For
Lindblad Trips, Lindblad will provide the following National Geographic enhancements to the pre-trip materials provided to all
Participants.

 

(i)            NGE
and Lindblad will work together to develop a program to provide [*], such as a [*] as an added enhancement (to be received by one
Participant per household on all bookings on Lindblad Trips). This item will either be mailed to Participants in advance or waiting
in their cabin upon arrival. Lindblad and NGS will develop a mutually agreed plan and budget for [*] for each Lindblad Trip. NGS
will provide such materials to Lindblad at a [*] and Lindblad will be responsible for all costs to [*] deliver such materials to
Participants.

 

(ii)          Lindblad
will also cover expenses for a program in which all Participants (one per household) receive a [*] to the National Geographic magazine
[*]. NGS will provide these [*] to Lindblad for a [*] per subscription and invoice Lindblad no more frequently than monthly based
on actual redemptions.

 

(c)            In
collaboration with NGS, Lindblad will ensure that all customer contact staff and expedition staff receive a briefing and training
program on NGS, its mission and programs, with updates no less frequently than [*] during each year of the Term.

 

(d)            Lindblad
will perform invoicing and collect payments from Participants.

 

(e)            Lindblad
will promptly forward to NGS any significant complaint letters, calls and e-mails related to the administration and delivery of
any Lindblad Trip, as received, and will notify NGS of any significant problem impacting NGS or Lindblad, as soon as practicable
after Lindblad becomes aware of it.

 

7.           NGS
EXPERTS.

 

(a)            NGS
and Lindblad will collaborate on the identification of individuals whose services Lindblad may engage as NGS-associated experts
including photographers, researchers and other representatives (“NGS Experts”), as requested and available, to give
educational lectures on the Lindblad Trips. Specifically, NG and Lindblad will identify photographers to accompany all departures
aboard the National Geographic Explorer and all Lindblad Trips classified as “photo expeditions.” Each NGS Expert
shall have credentials reasonably qualifying such person to provide substantive, informative, and educational talks to the Participants,
and will have expertise in the region that is the destination of the Lindblad Trip or as a photographer, as appropriate. NGS and
Lindblad will work together to identify and approach potential NGS Experts.

 

    	9

    	 

    

 

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

 

(b)            Engagement
of NGS Experts shall be by a written contract between Lindblad and the NGS Expert, and Lindblad will provide NGS with a photocopy
of the contract that has been signed by both the NGS Expert and Lindblad prior to commencement of each Lindblad Trip featuring
a NGS Expert. In the event an NGS Expert cancels, NGS and Lindblad will coordinate to identify a suitable replacement.

 

(c)            Lindblad
agrees to pay [*] of any NGS Expert on each Lindblad Trip featuring a NGS Expert and to pay [*] of each NGS Expert, including [*].
The [*] for each NGS Expert shall be at the [*] set by NGE for NGE Trips [*] and include the travel day(s) listed in the itinerary
published, payable within 30 days of the completion of the Lindblad Trip. Lindblad will also pay the NGS Expert [*] Lindblad Trip
to cover [*], within 30 days of completion of the Lindblad Trip. Lindblad will also provide [*]equivalent to [*] per person at
[*] hosted by the NGS Expert. Each Expert will enjoy the same [*] privileges as Lindblad Expedition staff. Lindblad may, in its
sales literature (approved by NGS), refer to the planned participation of NGS Experts.

 

(d)            NGS
shall provide to Lindblad appropriate identifying materials (curriculum vitae, photograph, etc.), suitable for promotional
purposes, pre-approved by each NGS Expert, such that no review process beyond that set forth in the Section headed QUALITY
CONTROLS AND PROCEDURES will be necessary. Lindblad agrees to send the NGS Expert copies of all pre-trip materials sent
to the Participant

 

(e)            NGS
and Lindblad will work to identify opportunities to enable more of Lindblad’s experts to have some form of relationship with
NGS editorial, research and film divisions.

 

8.            GROUP
PARTICIPATION.

 

(a)            NGS
recognizes that Lindblad has a long history of working successfully with a number of organizations and affinity groups. NGS agrees
with offering space on Lindblad Trips to non-profit museums, historical societies, conservation groups, and university alumni associations.
With respect to other groups, Lindblad agrees not to offer space on Lindblad Trips to organizations whose mission is inconsistent
with the NGS mission or brand. In case of doubt, Lindblad shall discuss the matter in advance with NGS and if NGS holds a reasonable
opinion that such inconsistency exists, Lindblad agrees not to work with such organization.

 

(b)            It
is the parties’ general intention that except for specific Lindblad discount programs set forth in Exhibit B Lindblad Discount
Programs Currently In Place Beyond The General Discount Programs Offered In The Brochures and any loyalty programs offered by either
NGE or Lindblad, Lindblad pricing and special offers will be [*] for all Participants, whether groups or individuals, booking under
[*] circumstances. Lindblad agrees to use its best commercial judgment in applying this principle, with [*] and the [*] as primary
considerations.

 

    	10

    	 

    

 

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

  

9.            CHANGES
IN ITINERARY, AND TRIP CANCELLATIONS.

 

(a)            Lindblad
may change or cancel a Lindblad Trip to accommodate the needs, interests, health or safety of or in the event of changed circumstances
beyond the control of Lindblad that create a danger to Participants’ health and safety or threaten the successful completion
of the scheduled itinerary, subject to notifying NGS of significant changes as soon as practicable before or after such change.
In establishing itineraries and in determining whether to change or cancel an itinerary, Lindblad will act prudently in accordance
with its past and existing practices, with the safety and health of Participants and crew being the paramount concern and taking
into account all other relevant factors including Participant satisfaction concerns, reputation of the parties hereto, risk to
the Lindblad Ship, insurance matters, and commercial concerns.

 

(b)            If
NGS has good faith material concerns with respect to the safety, health or welfare of the Participants, Lindblad agrees to consult
with NGS and to give substantial consideration to NGS’ views prior to making a decision concerning any initial itinerary
or any cancellation or change of itinerary. Notwithstanding the foregoing, both parties agree that a Lindblad Trip will not be
operated in any destination where the U.S. State Department has a Travel Warning, or where travel by U.S. citizens is generally
prohibited by U.S. law. If such a Warning is issued prior to departure, Lindblad will determine whether to re-route the Lindblad
Trip, cut short the duration of the Lindblad Trip or cancel the departure, and notify NGS of the change.

 

(c)            In
the event a Travel Warning is issued for an area where a Lindblad Trip is in progress, Lindblad agrees to evacuate those Participants
as quickly as possible. Lindblad agrees to provide refunds to Participants in accordance with the applicable terms and conditions
provided to Participants. Notwithstanding the foregoing, in the event of a general act of terrorism or any other significant event
that causes booked Participants on a Lindblad Trip to have legitimate concerns about their individual safety, welfare, or ability
to enjoy their Lindblad Trip, and to request to cancel their participation, Lindblad agrees to consult with NGS and to give substantial
consideration to NGS’ views prior to making a decision concerning the Participants requests.

 

10.            REPRESENTATIVES.
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 two NGS staff persons who 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.

 

    	11

    	 

    

 

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

 

11.            LINDBLAD
COMMUNICATION. Within [*] of each Lindblad board meeting, Lindblad will provide NGS a summary of major decisions, situations,
issues, or actions related to or impacting Lindblad. [*].

 

12.            NON-COMPETITION.

 

(a)            During
the Term, Lindblad shall not enter into any agreements with Discovery Communications, Inc., or its affiliates or subsidiaries (“Discovery”)
other than the purchase of advertising on any Discovery media or the license of film or video that LEX captures and owns (“LEX
Media”) on a non-exclusive basis, as long as the LEX Media is non-branded, non-identifiable and excludes any footage of NGS
staff or experts or the NGS name or trademarks. Other than as set forth in the immediately preceding sentence, Lindblad shall make
no sale, transfer or otherwise provide any photography or other media (other than described above) created by or for Lindblad on
any of the Lindblad Trips to Discovery. Lindblad also agrees that it shall neither participate in any filming by or for Discovery,
nor permit any representatives of Discovery, or independent producers producing for Discovery, to work or film on location on board
any of the Lindblad Trips.

 

(b)            NGS
will not, during the Term, grant any third party the right to use the Licensed Property as the name (in whole or in part) of a
Competitive Cruise Ship; provided, however, NGS is under no restriction regarding (i) use of the Licensed Property in connection
with any products to be sold on or to Competitive Cruise Ships; (ii) any activities related to the NGS Credit Card program; (iii)
any activities related to a NGS membership program; or (iv) any agreements with a Competitive Cruise Ship with respect to advertising
by the Competitive Cruise Ship in NGS media (e.g., publications, nationalgeographic.com, television or the National Geographic
Channel). None of the restrictions on NGS in this Section apply to any marketing or promotional activities outside of the Territory
nor shall they be construed in any way whatsoever to limit any NGS editorial products.

 

(c)            To
avoid confusion in the marketplace, Lindblad agrees that it will not use the National Geographic / Lindblad Expeditions co-branded
presentation or any similar format in any marketing materials directed to any affinity group, tour operator, or other organization,
as of the Effective Date of this Agreement.

 

    	12

    	 

    

 

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

13.          [*]
                                         PASSAGE.

 

(a)            Lindblad
will make available to NGS, on a [*] basis, [*] cabins in each calendar year of the Term, with no more than [*] cabin per
any particular Lindblad Trip, unless otherwise mutually agreed in writing. Except as otherwise specified in the preceding
sentence, the timing and allotment of this [*] allowance will be on a mutually agreed basis. Of the [*] cabins described
above, any of such cabins that remain unused by NGS at the end of the year will be [*] cabins for the next year, and the
parties will mutually agree upon the timing and allotment of such [*] cabins. NGS may use up to [*] of its cabin allocations
for any land programs the parties may mutually agree to operate, with no more than [*] cabin equivalent allocations for any
[*] land Itinerary. In addition, Lindblad will make available to NGS, on a [*] basis, up to [*] cabins, subject to
availability of the cabins 120 days in advance of the departure date and mutual agreement on the timing.

 

(b)            As
mutually agreed, Lindblad will make available [*] cabin(s) on Lindblad Ships for NGS television, film, magazine, book or research
projects.

 

(c)            The
[*] cabins referenced in Section (a) are separate from, and incremental to, any cabins that may be provided by Lindblad
in Section (b) or to NGS Experts with whom Lindblad contracts to perform services on any Lindblad Trips.

 

14.          TERMS
OF PAYMENT.

 

(a)            Royalty
Payments. Lindblad shall pay NGS a Royalty equal to [*] from Lindblad Trips, excluding [*] from NGE/Lindblad Trip Participants
and [*] from a Competing Trip. Under no circumstance shall any [*] be subject to both a Royalty under this Agreement and an “NGS
Fee” specified in the Tour Operator Agreement.

 

(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, 2017.

 

(c)            Timing
of Payments. All Royalty Payments shall be made to NGS no later than thirty (30) days after the last day of each Quarter for
all Lindblad Trips departing during such Quarter. Simultaneously with such Payments, Lindblad shall submit its respective Reports
pursuant to this Agreement.

 

(d)            Payment
Instructions. All payments to NGS shall be made by check or wire transfer in United States dollars. Checks shall be made payable
to National Geographic Society and shall be sent by Lindblad to the following:

 

	National Geographic Expeditions
	Attn:  
	1145 Seventeenth Street, N.W.
	Washington, D.C. 20036

 

    	13

    	 

    

  

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

 

Payment by wire transfer shall be directed as follows:

 

	 	Bank Name:	 
	 	Address:	 
	 	 	 
	 	ABA#:	 
	 	Account Title:	National Geographic Society
	 	Account No.:	 
	 	Attention:	 
	 	Notation:	 
	 	 	 

At the time any wire transfer is initiated, Lindblad shall provide
written notice by email or fax to the NGS Contact Person identified on page 1 of this Agreement indicating that the payment is
being remitted.

 

(e)            Late
Payments. A finance charge of [*] per month shall be payable on any payment beginning as of the thirtieth (30th) day after
payment is due and continuing on the outstanding balance from time to time until paid in full. Such late payment charge, however,
shall not be assessed if and for so long as, Lindblad’s delay in payment is caused in material part by an Event of Force
Majeure (as such term is defined below).

 

(f)            Currency.
All Participant transactions relating to the Lindblad Trips shall be conducted in U.S. dollars.

 

15.          REPORTS
AND RECORDS.

 

(a)            Quarterly
Reporting. Lindblad shall render to NGS reports, duly certified by an officer of Lindblad to be true and accurate, for each
Quarter during the Term (the “Report”). The Report for each Quarter shall be delivered to NGS no later than thirty
(30) days after the last day of the Quarter. Each Report shall include the following information in a format acceptable to NGS:
For all Lindblad Trips departing during the Quarter: (i) the date and itinerary of each Lindblad Trip; (ii) the number of Participants,
including cancelled Participants; (iii) the invoiced price for each Participant, and the invoiced price related to any pre- or
post-trip extension(s); (iv) gross revenues from the Lindblad Trips on a per-trip basis during the Quarter as of the last day of
the Quarter, broken down by source of revenue; (v) a computation of the Royalty Payments due NGS as specified in the Section headed
Royalty Payments within the Section TERMS OF PAYMENT, above; and (vi) an itemization of all allowable deductions,
if any; and such other information concerning the operation of Lindblad Trips and relevant to the calculation of Royalty Payments
as requested by NGS.

 

    	14

    	 

    

 

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

 

(b)            Books
of Account; Audits. Lindblad shall keep full and accurate books of account and business records and copies of all documents
and other material relating to this Agreement at Lindblad’s principal office. Such books of account, business records, documents
and materials shall be open for audit or inspection, once per calendar year, by NGS’ authorized representatives, who shall
be at liberty to make copies thereof, during Lindblad’s regular business hours upon five (5) days Notice and shall remain
available for a period of [*] after delivery of the last Report due NGS hereunder. At NGS’ request, Lindblad shall provide
an authorized employee to assist in the examination of Lindblad’s records. All information revealed to NGS or its representatives
and auditors under this subsection shall be treated as confidential. If NGS should conduct an audit for any period of time, and
the [*] or computation of Royalty Payments due as shown by Lindblad’s Reports for any such period of time should be found
to be understated then: (i) within ten (10) days of Notice Lindblad shall pay the amount of the understatement of Royalty Payments
due NGS plus interest thereon for each day the correct payment was due NGS computed at an annual rate of [*] calculated on the
date on which payment is made to NGS; and (ii) if the amount of such understatement shall be more than [*] of the amount previously
reported to NGS, then within ten (10) days of Notice Lindblad shall pay to NGS the reasonable professional fees and direct out-of-pocket
expenses incurred in conducting such audit. The receipt or acceptance by NGS of any Reports furnished pursuant to this Agreement,
or the receipt or acceptance of any royalty payments made, or the fact that NGS has previously audited the periods covered by
such Reports, shall not preclude NGS from questioning their accuracy at any time. If any inconsistencies or mistakes are discovered
in such statements or payments, appropriate adjustments shall be made immediately by the parties.

 

16.          LINDBLAD/NGS
FUND FOR CONSERVATION, RESEARCH AND EXPLORATION. Lindblad and NGS will continue to support the “Lindblad / NGS Fund”
to support exploration, research and conservation projects pursuant to the agreement set forth in Exhibit E (“Lindblad /
NGS Fund Agreement”). The parties desire to amend the Lindblad / NGS Fund Agreement, as follows:

 

(a)           REPLACE
all reference to “License Agreement” with “Alliance and License Agreement.”

 

(b)           REPLACE
the last sentence in the second paragraph under Paragraph 1 with the following language:

 

Upon expiration or termination of the Alliance and License
Agreement, this Agreement shall terminate except that the Board shall continue to operate and NGS shall continue to administer
third party contributions (i.e. funds raised pursuant to Paragraph 3.1, below). Upon expiration or termination of this Agreement
NGS shall transfer all unspent or uncommitted Designated Royalties to it general fund to be dispersed as prioritized by NG Mission
Programs.

 

(c)           Establish
a maximum amount of [*] in the aggregate to be paid out from the Designated Royalty, (definition below) for grants in any calendar
year under the Lindblad / NGS Fund Agreement.

 

    	15

    	 

    

 

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

 

(d)          REPLACE
sub-Paragraph 3.3 of the Lindblad / NGS Fund Agreement with the following language:

 

		3.3	Under the terms of the Alliance and License Agreement and upon the receipt of the final royalty check for each calendar year,
NGS will designate to the LEX/NGS Fund [*] of the royalties paid by LEX (the “Designated Royalty”). The Designated
Royalty payment will begin with the calendar beginning January 1, 2011. NGS will continue to make a Designated Royalty payment
through December 31, 2015.

 

		3.4	Upon the receipt of the final deferred royalty payment as outlined in Alliance and License Agreement, NGS will make an additional
Designated Royalty payment to reflect the period from January 1, 2010 through December 31, 2010. No Designated Royalty will be
due for any period prior to January 1, 2010.

 

		3.5	The Designated Royalty shall be used for grants issued by the Fund, as well as expenses associated with administering the Fund.

 

		3.6	For purposes of clarification, if LEX fails to be current in payments at any time during the Term, no Designated Royalties
shall be due from NGS or shall accrue from such past due balances.

 

17.          QUALITY
CONTROLS AND PROCEDURES.

 

(a)            Warranty
of Quality. Lindblad represents and warrants that each Lindblad Trip will be [*], including but not limited to facilities,
maintenance, accommodations and programs, and shall provide a [*]. Lindblad further represents and warrants that it will take all
steps reasonably necessary to ensure the safety and enjoyment of all Participants, and that it will operate in compliance with
all applicable legal requirements, standards, laws, regulations and ordinances, in the United States and in each country in which
a Lindblad Trip is conducted. Given the complex nature of the travel business, and the multitude of factors beyond Lindblad’s
control that can influence the success of a Lindblad Trip, Lindblad cannot guarantee 100% customer satisfaction. There will on
occasion be complaints, the nature of which may be beyond the scope of Lindblad’s influence. However, Lindblad agrees to
respond to all reasonable Participant complaints, and strive for 100% customer satisfaction. In the unlikely event that a Participant
is dissatisfied with a Lindblad Trip for a discernable reason, and brings it to the attention of NGS, NGS and Lindblad will develop
a mutually agreed response, which may include a [*] Lindblad.

 

(b)            Inspection.
NGS or its representatives (e.g., inspectors or surveyors) shall have the right to inspect the Lindblad Ships, at sea or at
the shipyard, at any time once during each calendar year of the Term in order to ascertain compliance with the health, safety
and quality provisions of this Agreement. Such inspections may be announced in advance or may be unannounced, and shall not
interfere with the operation of the Lindblad Ship nor result in displacement of any Participants.

 

    	16

    	 

    

 

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

 

(c)          General
Procedures.

 

(i)            General.
Lindblad agrees to retain all materials relating to reviews in its files during the Term of this Agreement and for [*] thereafter.
NGS agrees to designate part of the job responsibilities of the staff persons described in the Section headed REPRESENTATIVES
to facilitate reviews and approvals.

 

(ii)          Timing
and Standard of Review. The parties mutually acknowledge and agree that (a) any material delays in the process of
preparing, approving, printing, and distribution of promotional materials are likely to have a material adverse effect on
bookings; and (b) Lindblad’s own proprietary marks, and the goodwill associated with them, are of long standing and of
sufficient value that Lindblad has full incentive, and Lindblad hereby agrees, to exercise its best efforts to assure that
all Advertising and Trip Materials are of high quality, accurate, and carefully reviewed for textual and factual correctness,
and will not risk any adverse associations to be connected with either Lindblad or NGS. Lindblad shall submit all materials
required to be submitted to NGS hereunder as well in advance of the date on which Lindblad desires to commence production
and/or use of the material as practicable, so that NGS shall have adequate time to independently evaluate and comment upon
the same. With each submission, Lindblad shall specify in writing a reasonable time period for NGS’ response. NGS will
use reasonable efforts to provide a response to Lindblad within the specified time frame. If Lindblad has not received any
response from NGS by the end of the specified time frame (or such other time frame that was agreed upon by the parties),
Lindblad will provide written notice by email to [*] or another NGS designee that a response is requested by the close of the
next business day. If Lindblad receives no response from NGS by the close of the next business day, Lindblad may go forward
and NGS shall have no right to disapprove such material thereafter. If, however, NGS believes that the initial time period
specified by Lindblad is not reasonable, NGS will promptly notify Lindblad thereof. If the parties cannot come to resolution
on the time period, and Lindblad follows the procedures outlined above and has not received a substantive response from NGS
on the submission, Lindblad may thereafter proceed to use the materials, but without prejudice to NGS’ right to
establish that the time period specified by Lindblad was unreasonable and was therefore a material breach of the Agreement by
Lindblad. Lindblad will make reasonable efforts to address NGS’ comments to NGS’ satisfaction. NGS shall have the
right to disapprove any materials submitted hereunder in writing if it determines that the materials in question would impair
the value and goodwill associated with the Licensed Marks or the Licensed Content by reason of (i) their use of materials or
content which are inconsistent with NGS’ public image or the image of the Licensed Property or are inaccurate or
which may in any way disparage or adversely affect NGS or its reputation; or (ii) their use of materials or content which are
unethical, immoral, or offensive to good taste (the standards set forth in (i) and/or (ii) constituting “Cause”).
In the event that Lindblad goes forward in spite of NGS’ disapproval, NGS shall have the right to terminate this
Agreement as provided in the Section (ii) headed TERMINATION.

 

    	17

    	 

    

 

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

 

(d)          Itineraries;
Advertising and Trip Materials.

 

(i)            In
accordance with the schedule in Exhibit A, Lindblad will present to NGS proposed Lindblad Trip itineraries for each calendar year
of the Term, including retail prices, for NGS’ review. In collaboration with Lindblad, NGS will review all Itineraries with
regional experts affiliated with NGS to solicit feedback on the itineraries and identify opportunities to add in special National
Geographic experiences. Lindblad will incorporate the special National Geographic experiences, where feasible and appropriate.
Lindblad will specify a reasonable time period for NGS to alert Lindblad of any material concerns relating to the Itineraries.
Lindblad will make reasonable efforts to address NGS’ concerns to NGS’ satisfaction. Additionally, Lindblad will notify
NGS of any changes in or refinements to a published Itinerary, and the process outlined above will apply.

 

(ii)          The
NGS and Lindblad co-branded presentation and mission statement is attached in Exhibit C NGS and Lindblad Mission Statement and
Co-Branding. NGS and Lindblad shall mutually agree on any changes to the co-branded style or mission statement for use in promoting
the association between NGS and Lindblad with respect to the Lindblad Trips. All uses of the Co-Branding on Advertising and Trip
Materials shall contain either the agreed upon NGS and Lindblad Mission Statement in its entirety or an alternate statement mutually
agreed by the parties. Lindblad agrees to follow the guidelines made available online on the National Geographic Brand/Design Identity
Guidelines website in the creation of all Advertising and Trip Materials. Lindblad will designate a person within its organization
to help ensure compliance with all guidelines.

 

(iii)         Lindblad
shall not use any of the Licensed Property in connection with any press releases relating to the Lindblad Trips without first receiving
the written approval of NGS. Lindblad shall not use any of the Licensed Property in connection with any magazine, newspaper, television,
radio, billboard or other advertisements (collectively, “Media Materials”) without first receiving the written approval
of NGS. Lindblad will submit Media Materials that use any of the Licensed Property to NGS for review in the manner provided in
Section (ii) of General Procedures, above. With regard to materials for the Lindblad Trips other than Media Materials
(e.g., brochures, newsletters, pre-trip materials, website content and other customer communications), Lindblad will submit such
materials that use any of the Licensed Property to NGS for review in the manner provided in Section (ii) of General Procedures,
above.

 

(iv)            Lindblad
will provide NGS, [*], with copies of all published Lindblad Trip brochures at the time of publication.

 

    	18

    	 

    

 

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

 

(e)            Maintenance
of Quality. With respect to materials that are required to be reviewed or approved by NGS hereunder, Lindblad agrees to maintain
the quality of such materials up to the specifications, quality, and finish of the sample of such item reviewed or approved by
NGS, and agrees not to change the item in any material respect without first submitting to NGS samples showing such proposed changes
and obtaining written approval of such samples by NGS. From time to time after it has commenced printing of Advertising and Trip
Materials, Lindblad, upon request, shall furnish [*] to NGS a reasonable number of random production samples of any Advertising
and Trip Materials specified by NGS in its request.

 

(f)            Costs
and Expenses. Lindblad shall bear the sole responsibility and expense for submission, preparation, protection, shipping, insurance
and storage of all artwork, designs, text, writings, lettering, drawings, samples, sound recordings, videos or similar materials
and all creative and manufacturing materials prepared by or for Lindblad with respect to the design or production of the Advertising
and Trip Materials.

 

(g)            Images;
Reimbursement for Artwork. If Lindblad requests NGS to furnish any photographs, artwork, transparencies, reproductions or other
such similar materials (collectively, “Artwork”) of the Licensed Property, Lindblad agrees to reimburse NGS, as applicable,
for its transparency reproduction, digital scanning, printing and other costs in supplying said Artwork. Lindblad agrees to reimburse
NGS for the full amount of each such Artwork expense within thirty (30) days of receipt of NGS’ invoice stating the cost
and nature of the expenditure. If Lindblad wishes to use photographs originating with NGS for the purposes of promoting the Lindblad
Trips, Lindblad shall so notify NGS, and NGS will provide Lindblad rights to use select photographs for the purpose of promoting
the Lindblad Trips [*] to Lindblad, provided that NGS has the right to license such photographs to Lindblad [*]. Lindblad will
be responsible for acquiring and clearing rights and ensuring that model releases have been secured, if necessary, for any such
photographs. All uses of such photographs will be subject to NGS review, and will include all appropriate photo credits, as directed
by NGS. Lindblad will be responsible for any incremental expenses related to rights acquisition for an image in cases where NGS
does not have the right to license it to Lindblad.

 

(h)            Return
of Artwork. All Artwork furnished to Lindblad by or on behalf of NGS shall remain the property of NGS or its respective owner,
and Lindblad shall, upon NGS request, promptly return all Artwork delivered to Lindblad. Lindblad agrees that it shall return all
Artwork in the same, undamaged condition as delivered by NGS.

 

    	19

    	 

    

  

18.          PROTECTION
OF LICENSED PROPERTY.

 

(a)            Recognition.
Lindblad acknowledges that the Licensed Property is famous throughout the world and has significant value for use in connection
with the sale of travel-related goods and services, and further that all of Lindblad’s uses of the Licensed Property under
this Agreement shall, as between Lindblad and NGS, inure to the benefit of NGS. Lindblad acknowledges that it is not acquiring
any interests or rights in the use of the Licensed Property apart from the license set forth in this Agreement. Lindblad shall
make no use the Licensed Property in any manner which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public
image or which may in any way disparage or adversely affect NGS or its reputation, nor shall Lindblad, or any of its agents or
employees, take any actions or conduct the operation of Lindblad’s business as it relates to the Lindblad Trips in any manner
which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public image or which may disparage NGS or its reputation.

 

(b)            Injunctive
Relief. Lindblad acknowledges and agrees that the Licensed Property possess a special, unique and extraordinary character that
makes difficult the assessment of the monetary damages that would be sustained as a result of the unauthorized use of the Licensed
Property. Lindblad recognizes that the unauthorized or unapproved use of the Licensed Property will cause immediate and irreparable
damage to NGS for which NGS would not have an adequate remedy at law. Therefore, Lindblad agrees that, in the event of said unauthorized
or unapproved use of the Licensed Property by Lindblad, in addition to such other legal and equitable rights and remedies as shall
be available to NGS, NGS shall be entitled to injunctive and other equitable relief without breach of the arbitration Sections
of this Agreement and without any abridgement of the powers of the arbitrators, without the necessity of proving damages or furnishing
a bond or other security.

 

(c)            Use
of Licensed Property; Ownership of Intellectual Property. Lindblad agrees not to use at any time during the Term or thereafter
any other trademark, brand name, trade name, symbol, logo, design, character or the like which is similar to or may be confused
with the Licensed Property. Lindblad will not take any action that will harm or prejudice the Licensed Property or NGS’ rights
therein in any way during the Term or thereafter. All copyright, trademark, trade dress or other intellectual property and proprietary
rights in the Advertising and Trip Materials arising from Lindblad’s use, adaptation or modification of the Licensed Property,
and any other intellectual property and proprietary rights in materials developed under this Agreement that employ the Licensed
Property and were developed for the first time by or for Lindblad for use in connection with the Advertising and Trip Materials
shall be for the benefit of and procured in the name of NGS, notwithstanding their creation by Lindblad or a third party on Lindblad’s
behalf, and shall hereby be deemed a work made for hire within the meaning of the United States Copyright Laws. Lindblad further
hereby assigns to NGS any and all rights, throughout the world and in perpetuity, in and to the materials described in the preceding
sentence, and Lindblad agrees to execute any documents necessary to perfect such assignments. All intellectual property and proprietary
rights in any film, video, still photography or other materials created by NGS or its agents, employees or contractors during any
Lindblad Trip remains the sole property of NGS. Notwithstanding the foregoing, Lindblad retains all rights to its own pre-existing
trademarks and trade names. All intellectual property and proprietary rights in any film, video, still photography or other materials
created by Lindblad or its agents, employees or contractors during or on any of the Lindblad Trips shall be the sole property of
Lindblad, subject, however, to all the provisions of this Agreement to the extent any use of the Licensed Property is employed
therein; and Lindblad shall have the right to protect its unfettered right to use such materials by editing out any or all Licensed
Property.

 

    	20

    	 

    

 

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

 

(d)            Corporate
Use. Lindblad shall identify itself in all relevant transactions as a licensee of, and separate legal entity from, NGS as opposed
to an integrated, divisional or consolidated part of NGS’ business. Lindblad shall not use any of the Licensed Property in
Lindblad’s name or in the name of any operating entity or business formed by Lindblad or in which Lindblad has a business
or financial interest, without the prior written consent of NGS. Lindblad shall not use or incorporate any of the Licensed Property
on or in connection with any business to business communications (boat leases, employment agreements, food services, etc.), business
cards, stationery items (except Lindblad to consumer material, specifically excluding Lindblad Travel Insurance brochure and any
correspondence solely related to Lindblad Travel Insurance), or other similar materials. Lindblad further agrees that it shall
not use or incorporate, in any manner or form, any of the Licensed Property as a domain name, nor shall Lindblad seek trademark,
copyright or domain name registration of the same, without the prior written consent of NGS.

 

(e)            Infringement.
Lindblad shall promptly advise NGS of any activity potentially infringing upon the Licensed Property and shall further promptly
provide Notice to NGS of all claims and potential claims of which it has notice or knowledge and all suits threatened or brought
against Lindblad involving the Licensed Property. Any decision with respect to the protection and defense of the Licensed Property
shall be solely in the discretion of NGS and Lindblad may not take any action with respect thereto without the prior written consent
of NGS. In no event shall Lindblad have the right, without NGS’ prior written consent, to acknowledge the validity of any
claim brought by any party in connection with the Licensed Property, to obtain or seek a license from such party, or to take any
action which might impair NGS’ ability to contest the claim. Lindblad shall cooperate with NGS with respect to actions described
in this Section which are taken by NGS. The expenses for Lindblad’s cooperation shall be subject to NGS’ prior approval
and shall be reimbursed by NGS.

 

(f)            Trademark
and Copyright Notices. Lindblad shall affix such copyright, trademark or other legal notice as shall be required by NGS and/or
as prescribed by law and any credits required by NGS on the Advertising and Trip Materials. Prior to affixing said copyright, trademark
or other legal notice or credit, Lindblad shall submit the desired content, form, location and size of each said notice for NGS’
review and approval as provided in the Section headed QUALITY CONTROLS AND PROCEDURES.

 

(g)            Trademark
Registration Maintenance. Lindblad shall, at NGS’ request and NGS’ expense, assist NGS in confirming, registering,
renewing or prosecuting the rights of NGS or its designee in the Licensed Property, in any country or with any government agency,
and Lindblad shall execute any required documents in this regard, including, but not limited to, providing NGS with all necessary
dates and other information sufficient to enable NGS or its designee to apply for and obtain copyright and trademark registrations.
Upon request, Lindblad shall provide NGS, [*],[*] of any Advertising and Trip Material for use as trademark and copyright registration
specimens.

 

    	21

    	 

    

 

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

 

19.          INSURANCE
OBLIGATIONS.

 

(a)            Lindblad
agrees to maintain, at its own expense, and on a current basis, the following liability insurance policies with coverage for each
Lindblad Trip as follows:

 

(i)            Commercial
General Liability with a minimum limit of [*] per occurrence and [*] in the aggregate;

 

(ii)          Workers’
Compensation insurance with a statutorily required limit and Employers’ Liability with a limit of [*];

 

(iii)         Watercraft
Liability including Protection and Indemnity and Maritime liability for [*] (if the Umbrella includes this coverage as an underlying
policy) or [*] (if the Umbrella does not) for all Lindblad-owned vessels. If vessel is leased, then vessel owner must provide proof
of P&I and Maritime Liability insurance;

 

(iv)          Standard
Travel Agents’ Professional Liability insurance (errors and omissions coverage) in the amount of at least [*] per occurrence
and in the aggregate;

 

(v)           Automobile
Liability insurance covering all Lindblad-owned, non-owned and hired vehicles with a [*]combined single limit;

 

(vi)          Umbrella
Liability insurance with a limit of [*] per occurrence and in the aggregate;

 

(vii)         Non-Owned
Aircraft Liability insurance with a limit of [*] per occurrence and in the aggregate. This requirement only applies if the Trip
includes the charter or hire of any aircraft.

 

Coverage consistent with the foregoing shall be maintained at all
times during the Term, and for a period of at least twelve (12) months thereafter.

 

(b)            Lindblad
agrees to maintain, at its own expense, and on a current basis, worker’s compensation insurance in the statutorily required
amount and employer’s liability insurance with a limit of [*]. If Lindblad cannot provide workers’ compensation insurance
to a NGS Expert, Lindblad agrees to include notice of this omission in the written contract (described in Section headed NGS
EXPERTS) between the NGS Expert and Lindblad.

 

(c)            It
is understood and agreed that the insurance limits stated above are minimum requirements, and the actual limits of any of the policies
in excess of the stated amounts shall not be withheld from NGS should the stated limits be exhausted. Lindblad shall maintain insurance
policies in form, amounts and with such companies as are reasonably acceptable to NGS and licensed to do business in the District
of Columbia. Such acceptance will not be unreasonably withheld.

 

    	22

    	 

    

 

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

 

(d)            Each
policy, with the exception of worker’s compensation and Protection and Indemnity, will be endorsed to list the “National
Geographic Society, its subsidiaries, trustees, directors, officers and employees” as an Additional Insureds. The Protection
and Indemnity policy will be covered by a “misdirected arrows” endorsement giving NGS similar protection. All policies
will state that NGS shall be given at least [*] advance written notice of cancellation. Lindblad agrees to have its insurance company
or companies provide NGS with a certificate of insurance evidencing the above-required insurance within thirty (30) days following
the Execution Date.

 

(e)            It
is understood and agreed that, with respect to services to be provided by Other Providers, Lindblad will act solely as an agent
of the Other Providers in selling such services to Participants. It is further understood and agreed that all Participants may
be subject to the terms and conditions of a contract with Other Providers covering services provided to the Participant. No responsibility
and liability is accepted or assumed by Lindblad or NGS, and Lindblad and NGS disclaim all responsibility and liability, for those
portions of any Lindblad Trip as to which liability and responsibility are governed by the conditions of the contract of carriage
or by contracts with Other Providers.

 

(f)          Lindblad
will specifically include the following highlighted language and this paragraph in any Terms and Conditions that it publishes or
distributes:

 

Responsibility and Other Terms & Conditions: Certain
other provisions, concerning among other things, limitations of Lindblad Expeditions’ and the National Geographic Society’s
liability for loss of property, injury, illness, or death during the voyage, will be provided to passengers on the ship’s
ticket sent prior to departure, and are also available on our website at (www.expeditions.com/shipsticket), or upon request. By
registering for this trip, the guest agrees to all such Terms & Conditions.

 

20.          COMPLIANCE
WITH LAWS AND REGULATIONS.

 

(a)            Lindblad
will ensure that its business practices and activities as they relate to the performance of this Agreement and the obligations
hereunder, including, but not limited to, the operation and promotion of the Lindblad Trips, shall be in material compliance with
all applicable legal requirements, standards, laws, regulations and ordinances, in the United States and in other applicable jurisdictions
in which the Lindblad Trips operate. Lindblad will ensure that the Lindblad Ships meet all applicable statutory, regulatory and
classification society health, safety and quality standards, including without limitation International Maritime Organization,
SOLAS, and Det Norske Veritas standards. Upon any final and non-appealable finding or determination that Lindblad’s business
practices or activities have violated any applicable labor laws or regulations, Lindblad shall take all necessary steps to correct
such violation, including without limitation, paying all applicable back wages found due to workers.

 

    	23

    	 

    

 

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

 

(b)        
  To the best of Lindblad’s knowledge, the Advertising and Trip Materials will not infringe the
patent or intellectual property rights or other rights of third parties.

 

21.          WARRANTIES;
INDEMNIFICATIONS; LIMITATIONS ON LIABILITY.

 

(a)            Representations
and Warranties. NGS represents and warrants that it has the right to enter into this Agreement and to convey to Lindblad the
rights granted herein, subject to the conditions and limitations set forth herein. Lindblad represents and warrants that it has
the right to enter into this Agreement and has the authority, capacity, finances and other qualifications to perform its obligations
hereunder. Lindblad further warrants that neither it nor any of its officers, directors and principals is (i) a party to any pending
or threatened litigation or government administrative proceeding or investigation which, if resolved adversely to Lindblad, would
have a material affect on Lindblad’s ability to perform its obligations under this Agreement, or which would make any of
the other warranties and representations made by Lindblad in this Agreement untrue, or (ii) currently involved, or has been involved
in the past, in any investigation or inquiry made by the Securities and Exchange Commission or any other domestic or foreign governmental
body or regulatory organization with authority to administer and/or enforce securities laws and/or regulations.

 

(b)            No
Representation as to Revenue; Duty to Inform. Lindblad agrees and acknowledges that Lindblad has independently evaluated its
business and its ability to utilize this Agreement in its business and to achieve the goals set by Lindblad for its business, and
that NGS has no responsibility or liability to Lindblad for any failure of Lindblad to exploit its rights under the Agreement in
accordance with Lindblad’s own expectations. Lindblad will notify NGS in the event that Lindblad discovers it will not be
able to fulfill its financial obligations to either NGS, booked guests or any other third parties within [*] of the financial obligations
due date.

 

(c)            Lindblad’s
Indemnifications. Lindblad agrees to indemnify and hold NGS, its subsidiaries and affiliates, and their respective officers,
directors, and employees, harmless from any liability, damages, loss, cost, expenses, and reasonable attorney’s fees which
NGS may hereafter incur, suffer, or be required to pay by reason of or in consequence of bodily injury, sickness, death, property
damage, or other loss arising out of Lindblad’s negligence or breach of its obligations, warranties or representations herein,
except to the extent that such liability, damages, loss, cost, or other expenses are occasioned in whole or in part or caused directly
or indirectly by any negligent act or omission of NGS, its subsidiaries, affiliates or their respective officers, directors, and
employees. Lindblad further agrees to indemnify and hold NGS, its subsidiaries and affiliates, and their respective officers, directors,
employees, and agents harmless from any and all loss, damage, liability, costs, or expenses, including reasonable attorney’s
fees, with respect to any claim arising from NGS’ use of any image(s) or other content provided by Lindblad or its affiliates
or agents to promote the Lindblad Trips.

 

    	24

    	 

    

 

(d)            NGS’
Indemnifications. NGS agrees to indemnify and hold Lindblad, its subsidiaries and affiliates, and their respective officers,
directors, and employees, harmless from any liability, damages, loss, cost, expenses, and reasonable attorney’s fees which
Lindblad may hereafter incur, suffer, or be required to pay by reason of or in consequence of bodily injury, sickness, death, property
damage, or other loss arising out of NGS’ negligence or breach of its obligations, warranties or representations herein,
except to the extent that such liability, damages, loss, cost, or other expenses are occasioned in whole or in part or caused directly
or indirectly by any negligent act or omission of Lindblad, its subsidiaries, affiliates or their respective officers, directors,
and employees. NGS further agrees to indemnify and hold Lindblad, its subsidiaries and affiliates, and their respective officers,
directors, employees and agents harmless from any and all loss, damage, liability, costs, or expenses, including reasonable attorney’s
fees, with respect to any claim that any Licensed Property, as used by Lindblad in compliance with all the terms of this Agreement,
infringes the intellectual property rights of any third party.

 

(e)           Indemnification
of Third-Party Claims. The following provisions shall apply to any claim subject to indemnification which is (A) a suit, action
or arbitration proceeding filed or instituted by any third party, or (B) any other form of proceeding or assessment instituted
by any government entity.

 

(i)            Notice
and Defense. The party or parties to be indemnified (whether one or more, the “Indemnified Party”) will give the
party from whom indemnification is sought (the “Indemnifying Party”) prompt Notice of any such claim, and the Indemnifying
Party will undertake the defense thereof by representatives chosen by it. Failure to give such Notice shall not affect the indemnifying
Party’s duty or obligations under this Section, except to the extent the Indemnifying Party is prejudiced thereby. So long
as the Indemnifying Party is defending any such claim actively and in good faith, the Indemnified Party shall not settle such claim.
The Indemnified Party shall make available to the Indemnifying Party or its representatives all records and other materials required
by them and in the possession or under the control of the Indemnified Party, for the use of the Indemnifying Party and its representatives
in defending any such claim, and shall in other respects give reasonable cooperation in such defense.

 

(ii)            Indemnified
Party’s Rights. Notwithstanding anything in this Section to the contrary, the Indemnifying Party shall obtain the written
consent of the Indemnified Party before the Indemnifying Party settles or compromises any claim or consents to the entry of any
judgment which fails to include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified
Party of a release from all liability in respect of such claim.

 

(f)            Limitation
Of Liability. EXCEPT FOR A CLAIM ARISING FROM A BREACH OF THE OBLIGATIONS WITH RESPECT TO CONFIDENTIAL INFORMATION AND FOR
PAYMENTS TO THIRD PARTIES PURSUANT TO THIS SECTION, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS, INCURRED BY EITHER PARTY, WHETHER IN AN ACTION
IN CONTRACT OR TORT, EVEN IF SUCH DAMAGES WERE FORESEEABLE OR IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    	25

    	 

    

 

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

 

22.          TERMINATION.

 

(a)         [*]
Termination by NGS. In addition to the termination rights stated elsewhere in this Agreement, NGS shall have the right to terminate
this Agreement [*], by giving Notice to Lindblad, in any of the following situations:

 

(i)            Default
in Payments. If Lindblad fails to timely make any Royalty Payments, NGS may terminate this Agreement [*]; provided, however,
that Lindblad shall have the opportunity to cure the [*] breach by Lindblad in any [*] period by making full payment to NGS within
[*] of receipt of Notice.

 

(ii)          Approvals.
If Lindblad publishes, distributes, or uses any press releases or any Media Materials which have not been approved as required
herein, or any other Advertising and Trip Materials which have been timely disapproved for Cause, or makes any use of the Licensed
Property not authorized under this Agreement, or if Lindblad knowingly conducts a Lindblad Trip subject to this Agreement in any
destination which at the time is prohibited under Section (b) of the Section headed CHANGES IN ITINERARY AND TRIP
CANCELLATIONS of this Agreement, NGS may terminate this Agreement [*].

 

(iii)         Insurance
Coverage. If Lindblad fails to comply with the terms of the Section headed INSURANCE AND LIABILITY, NGS may terminate
this Agreement [*]; provided, however, that Lindblad shall have the opportunity to cure such breach by providing documentation
to NGS establishing Lindblad’s compliance with the Section headed INSURANCE AND LIABILITY within [*] after
any lapse of (or initial failure to obtain) the requisite insurance coverage or other breach of the Section headed INSURANCE
AND LIABILITY.

 

(iv)          Force
Majeure. Should any Event of Force Majeure as defined in the Section Force Majeure in MISCELLANEOUS, below,
prevent any Lindblad Ship from operating Lindblad Trips for a period of more than [*].

 

(v)           Expiration
of Right to Terminate. In the case of the termination rights of NGS pursuant to the foregoing sub-Section (i) through
(iv) above, such termination rights shall expire, with respect only to the specific event triggering such right, at the
close of business on the [*] following the date on which NGS obtained actual knowledge of the occurrence of such triggering event,
except in cases where NGS has allowed Lindblad time to cure the default, but Lindblad thereafter does not cure the default, in
which case NGS shall retain its termination rights. Lindblad shall have the burden of proving the actual knowledge of NGS. The
expiration of any termination right with respect to any single specific triggering event shall not relieve Lindblad from any of
its obligations hereunder, nor shall such expiration constitute a waiver of any other rights or remedies available to NGS under
this Agreement or under applicable law.

 

    	26

    	 

    

 

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

 

(b)           Termination
by NGS Upon Notice to Lindblad. NGS may terminate this Agreement upon Notice to Lindblad as set forth below:

 

(i)            Insolvency.
In the event of Lindblad’s voluntary or involuntary insolvency, commission of an action of bankruptcy, adjudication of bankruptcy,
the filing of a petition for voluntary bankruptcy or similar proceeding, or an agreement between Lindblad and its creditors generally
(including trade creditors) is entered into providing for extension or composition of debt, or a receiver is appointed to administer
the assets of Lindblad, or the assets of Lindblad are liquidated, or any distress, execution or attachment is levied on any one
or more of the Lindblad Ships, NGS shall have the right to terminate this Agreement, by giving Notice to Lindblad. In the event
of the filing by any third party of a petition for involuntary bankruptcy of Lindblad, NGS shall have the right to terminate this
Agreement, by giving Notice to Lindblad, in the event such petition has not been dismissed within [*] after such filing.

 

(ii)          Ownership
or Management Change. If Lindblad experiences a change of control, where change of control means a party acquires a controlling
interest in Lindblad or a substantial portion of Lindblad’s assets during the Term or if Lindblad experiences a change in
management where Sven Lindblad is in no longer in a senior management role at Lindblad.

 

(iii)         Complaints.
Should NGS have credible evidence of a serious pattern or trend of Participant complaints, or if NGS determines in good faith that
NGS’ reputation or goodwill may be damaged due to its relationship with Lindblad, and if, after providing Lindblad with Notice
setting forth NGS’ basis for the Notice, Lindblad fails to address the issues set forth in the Notice within [*].

 

(c)            Termination
by Lindblad. In addition to the termination rights stated elsewhere in this Agreement, Lindblad shall have the right to terminate
this Agreement, by giving Notice to NGS, as follows: If the review procedures outlined in the Section headed Timing and Standard
of Review, of QUALITY CONTROLS AND PROCEDURES, General Procedures have resulted in a [*] in any calendar
year which (i) Lindblad reasonably believes are unreasonable determinations of Cause on the part of NGS, and (ii) have caused Lindblad
material expense or loss of revenue, then Lindblad may provide written Notice to NGS specifying its allegations. The parties shall
attempt in good faith to resolve the issues specified but, if no written evidence of resolution has been signed by both parties
within [*] after service of such Notice, then Lindblad shall have the right to terminate the Agreement by written Notice served
upon NGS within [*] after the next succeeding [*] by NGS within the same calendar year of any Lindblad submission which meet the
criteria established in (i) and (ii) above. If Lindblad fails to exercise the foregoing termination right, then it shall expire,
and any subsequent termination by Lindblad under this Section (c) may be based only on meeting the above standard for [*]occurring
thereafter.

 

    	27

    	 

    

 

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

 

(d)            Termination
Upon Thirty Days Notice. Should Lindblad or NGS commit a material breach of any of the terms, conditions or obligations of
this Agreement, other than as specified in foregoing Sections (a), (b), and (c), the non-breaching party may
terminate this Agreement upon [*] Notice. At the expiration of said [*], the non-breaching party may terminate the Agreement unless:
(i) prior to the expiration of said [*]the breach has been cured by the breaching party to the reasonable satisfaction of the non-breaching
party; or (ii) the breaching party obtains an extension of the [*] cure period in writing from the non-breaching party, because
the breach cannot be cured in [*] and the breaching party has commenced all reasonable efforts to cure said breach. If the breaching
party obtains such an extension, the non-breaching party retains the right to terminate the Agreement at the conclusion of the
extension period, unless the breach has been cured to the satisfaction of the non-breaching party.

 

(e)            Termination
for Failure to Achieve Growth Target. If, in any [*], Lindblad Expeditions’ Net Revenue growth is [*], NGS or Lindblad
has the right to terminate this agreement by providing [*] advance Notice of intent to terminate within [*] after NGS’ receipt
of [*] results.

 

(f)            Termination
of Related Agreement. If either party terminates the Tour Operator Agreement, such termination shall act as an effective termination
of this Agreement.

 

23.          RIGHTS
AND DUTIES AFTER TERMINATION OR EXPIRATION.

 

(a)            Effective
Date of Termination. The parties mutually acknowledge that termination of this Agreement prior to its scheduled expiration
may cause substantial unbudgeted expense, potentially material loss of revenue, and possible public relations difficulty for one
or both parties. It is therefore the intention of both parties that unless it is reasonably deemed necessary to avoid future damage
to the terminating party (which may include damage to its goodwill and reputation) or unless NGS terminates pursuant to Sections
(i) or (iii) of [*] Termination by NGS in TERMINATION, above, the process of termination by
Notice shall be allowed to occur over a period sufficient to allow for mitigation of these forms of injury. Any Notice of termination
of this Agreement shall specify an effective date of the termination, which date shall be on or after the operative date of termination.
The date on which a party gives Notice of termination for any reason stated in TERMINATION, above, is referred to
in this Section as the “Notice Date”; the effective date of termination specified in the Notice of termination is referred
to in this Section as the “Effective Date of Termination.”

 

(b)            Use
of Licensed Property. Following the Notice Date, Lindblad shall only be permitted to use the Licensed Property specifically
in connection with any Lindblad Trips with a departure date prior to the Effective Date of Termination. With respect to compliance
that involves physical modification or legal action (for example, changing the name of the NGS Ship, to the extent Licensed Property
must be physically and legally removed), Lindblad agrees to begin preparations immediately upon the Notice Date, with an eye to
compliance as of the Effective Date of Termination, and to prosecute diligently and complete
the process as soon as practicable, but in no event later than [*] after the Notice Date or on the Effective Date of Termination,
whichever occurs later.

 

    	28

    	 

    

 

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

 

(c)            Disposition
of Materials. Promptly after the Effective Date of Termination or the expiration of this Agreement, Lindblad shall return to
NGS any and all materials furnished hereunder to Lindblad by NGS, and shall promptly dispose of, by delivery to NGS or by destruction,
at NGS’ option, and [*] to NGS, all advertising, promotional matter and other written materials bearing the Licensed Property
which are then in its possession or subject to its control (other than Lindblad’s own file copies).

 

(d)            Publicity.
The parties agree to work together to develop means of communicating the termination of the Agreement to future Participants of
Lindblad Trips departing after the Effective Date of Termination, and to the public in general as deemed appropriate, in a manner
that is factual and that is designed to avoid, where possible, damage to either party’s reputation and goodwill. All such
communications shall be subject to mutual approval. For all Lindblad Trips that depart after the Effective Date of Termination
that were promoted using Licensed Property prior to the Notice Date, Lindblad shall include a notification, to be approved in advance
by NGS, in the pre-trip materials that the Lindblad Trip is no longer associated with NGS. Lindblad agrees to provide, in its terms
and conditions of passage for all Lindblad Trips promoted using Licensed Property, that termination of the Agreement shall not
constitute grounds for refunds or cancellation by Participants.

 

(e)            Royalties.
The Royalties provided for herein shall continue to apply to all departures through the Effective Date of Termination or expiration
of the Agreement, but shall not apply to later departures except in the event that Lindblad terminates in accordance with the Section
headed Growth in TERMINATION, Termination by NGS Upon Notice to Lindblad above or except in the event that
NGS terminates in accordance with Section Default in Payments in TERMINATION, [*] Termination by NGS
above, in which case Royalties will be due to NGS for any Participants who booked on or before the Notice Date on Lindblad Trips
departing after the Effective Date of Termination.

 

(f)            Additional
Obligations of Lindblad. In addition to the foregoing:

 

(i)            Lindblad
shall deliver to NGS the entire contents of any database that NGS has provided Lindblad within [*] of the Effective Date of Termination
or expiration of the Agreement;

 

(ii)          Lindblad
shall cancel all NGS Experts on Lindblad Trips departing after the Effective Date of Termination;

 

(iii)         All
rights and licenses herein granted to Lindblad shall cease and revert to NGS as of the Effective Date of Termination or expiration
of the Agreement; and, Lindblad will only have the right to use the Licensed Marks after the Notice Date to specifically promote
any Lindblad Trips which commence prior to the Effective Date of Termination;

 

    	29

    	 

    

  

(iv)          Lindblad
hereby warrants that it shall not use the Licensed Property in any manner which may, in NGS’ reasonable judgment, be inconsistent
with NGS’ public image or which may in any way disparage or adversely affect NGS or its reputation, nor shall Lindblad, or
any of its agents or employees, take any actions or conduct the operation of Lindblad’s business as it relates to the Lindblad
Trips in any manner which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public image or which may disparage
NGS or its reputation; and

 

(v)           Lindblad
shall promptly deliver all Artwork and confidential information provided to Lindblad by or on behalf of NGS, and materials in any
form to which NGS has ownership rights pursuant to this Agreement.

 

24.          MISCELLANEOUS.

 

(a)            Relationship.
This Agreement (and all its provisions) is a license only, and does not constitute a franchise. The parties intend and acknowledge
that their relationship created by this Agreement or otherwise is not subject to the franchise or other business opportunity laws
of any country or state and sub-division thereof. This Agreement shall not create nor be considered as constituting a partnership,
employer-employee relationship, joint venture, or agency. Neither the parties hereto nor any of their employees, representatives
or agents shall have the power or authority to bind or obligate any other party, except as explicitly set forth in this Agreement.

 

(b)            Assignment.
Without the prior written consent of the other party, which may be withheld for any reason or no reason, neither party may directly
or indirectly assign, transfer, sublicense or encumber any of its rights or obligations under this Agreement. For purposes of this
Agreement, an assignment of this Agreement will include, without limitation, the following: (i) a transfer or conveyance of the
beneficial ownership or control of fifty percent (50%) or more of Lindblad’s controlling stock; or (ii) the sale or transfer
of all or substantially all of a party’s assets. If either party attempts to assign, transfer, sublicense or otherwise encumber
any portion of this Agreement without the other’s prior written consent, such attempted grant, assignment, transfer, sublicense
or encumbrance shall be null and void and the non-transferring party shall have the right to terminate this Agreement immediately
by providing Notice to the other party.

 

(c)            Force
Majeure. Neither NGS nor Lindblad shall have any liability to the other for failure to perform or delay in performance of any
obligations under this Agreement or for any loss or damage due to delay, cancellation, or disruption caused in any manner by the
laws, regulations, acts or failure to act, demands, orders, or interpositions of any government or any subdivision or agent thereof,
or by acts of God, strikes, fire, flood, war, rebellion, terrorism, insurrection, sickness, quarantine, epidemics, theft, or any
other cause(s) beyond the reasonable control of either party whether similar or dissimilar to the foregoing (an “Event of
Force Majeure”); provided, however, that in no event shall Lindblad be excused from its payment obligations to NGS, regardless
of any Event of Force Majeure.

 

    	30

    	 

    

  

(d)            Confidentiality.

 

(i)            Confidentiality
of Agreement. 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.

 

(ii)          Confidential
Information of the Other Party. 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 or ordered by a court of competent jurisdiction, after giving the disclosing party notice and allowing such party to assist
in resisting or limiting such disclosure; (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; or (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.

 

(e)            Modifications
of Agreement; Remedies. No waiver or modification of the terms of this Agreement shall be valid unless in writing, signed by
both parties. Except as otherwise explicitly stated herein, failure by either party to enforce any rights under this Agreement
shall not be construed as a waiver of such rights, and a waiver by either party of a default in one or more instances shall not
be construed as a continuing waiver or as a waiver in other instances.

 

(f)            Invalidity
of Separable Provisions. If any term or provision of this Agreement is for any reason held by arbitrator(s) or order of a court
of competent jurisdiction to be invalid, such invalidity shall not affect any other term or provision, and this agreement shall
be interpreted as if such term or provision had never been contained in this Agreement; provided, however, that (i) where the provisions
of any law causing such invalidity may be waived, they are hereby waived by the parties to the full extent permitted by law, and
(ii) where the result of such invalidation would be effectively to deprive either party of a substantial portion of the consideration
to be received by such party hereunder, the parties agree to use commercially reasonable efforts to negotiate a valid amendment
to this Agreement that would restore the parties to the economic positions occupied under the original Agreement, failing which,
after thirty (30) days, the party prejudiced by such invalidation may terminate the Agreement by written notice to the other.

 

    	31

    	 

    

 

(g)            Survival.
Notwithstanding any other provision of this Agreement, the rights and obligations under Sections TERMS OF PAYMENT,
REPORTS AND RECORDS, PROTECTION OF LICENSED PROPERTY, INSURANCE OBLIGATIONS, COMPLIANCE
WITH LAWS AND REGULATIONS, WARRANTIES; INDEMNIFICATIONS; LIMITATIONS ON LIABILITY, RIGHTS AND DUTIES
AFTER TERMINATION OR EXPIRATION, MISCELLANEOUS shall survive the expiration or termination of this Agreement.

 

(h)            Governing
Law. This Agreement shall be governed in all respects, including validity, interpretation and effect, by the laws of the District
of Columbia, regardless of the place or places of its physical execution and performance, and without regard to the conflict of
law rules thereof. For purposes of judicial resolution, NGS and Lindblad 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.

 

(i)            Dispute
Resolution. Each party hereby agrees to attempt to settle any dispute relating to this agreement through non-binding mediation
at a mutually agreeable location in the District of Columbia within thirty days or as promptly as possible following notice of
the existence of such a dispute from one party to the other. In the event that good faith efforts to mediate do not resolve such
dispute, the parties agree to submit such dispute to binding arbitration under the rules of the American Arbitration Association
governing the resolution of commercial disputes at a mutually agreeable location in the District of Columbia. The result of such
arbitration shall be binding and enforceable in a court of competent jurisdiction. The parties may apply at any time to any state
or federal court located within the District of Columbia for a temporary restraining order, preliminary injunction, or other interim
or conservatory relief, as necessary, without breach of this arbitration agreement and without any abridgment of the powers of
the arbitrator(s).

 

(j)            Costs,
Expenses, and Attorneys’ Fees. In any action, including alternative dispute actions, by either party to collect any amount
due under this Agreement or to collect damages caused by any breach of this Agreement, the prevailing party shall be entitled to
recover its costs and expenses, including without limitation, reasonable attorneys’ fees.

 

(k)            Counterpart
Execution; Facsimile Execution. This Agreement 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.

 

(l)            Headings.
The paragraph and section headings of this Agreement are inserted only for convenience and shall not be construed as a part of
this Agreement.

 

    	32

    	 

    

 

(m)          Entire
Understanding. This Agreement contains the entire understanding of the parties with respect to its subject matter, and, for
Lindblad Trips departing on or after January 1, 2008, supersedes all prior agreements, understandings, representations, communications
and proposals, oral or written, relating to the subject matter hereof.

 

25.          EXHIBITS.

 

The following Exhibits are attached to and incorporated into this
Agreement:

 

	(a)            	Exhibit A.	
        NGE promotional Calendar

         

	(b)            	Exhibit B.	
        Lindblad Discount Programs Currently In Place Beyond The General
        Discount Programs Offered In The Brochures

         

	(c)            	Exhibit C.	
        NGS and Lindblad Mission Statement and Co-Branding

         

	(d)            	Exhibit D.	
        Lifelong Explorer Operations

         

	(e)            	Exhibit E.	
        Lindblad / NGS Fund Agreement

         

 

	NATIONAL GEOGRAPHIC SOCIETY   	 	LINDBLAD EXPEDITIONS, INC.
	 	 	 	 	 
	By: 		 	By: 	
	 	Authorized Representative	 	 	Authorized Representative
	 	 	 	 	 
	Print Name: 		 	Print Name:
	
	 	 	 	 	 
	Title:		 	Title: 	

 

    	33

    	 

    

  

EXHIBIT A

 

Product Development / Marketing Timeline

 

NGE and Lindblad agree to cooperate to meet the following schedule
in order to complete NGE marketing materials accurately and on time. This schedule may be amended by mutual agreement.

 

May Catalog

Promoting departures from September current year – May following year

Projected in home date of early May

 

		1.	September– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new vs.
repeat trips, NG enhancement opportunities, and customer preferences.

 

		2.	October– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	November– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures to
assign NG Experts.

 

		4.	December– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	February– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

July Catalog

Promoting departures from January – December following year (plus early season Antarctica)

Projected in home date of mid-July

 

		1.	Mid-November– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new
vs. repeat trips, NG enhancement opportunities and customer preferences.

 

		2.	Mid-December– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	Mid-January– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures
to assign NG Experts.

 

		4.	Mid-February– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	Early April– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

January Catalog

Promoting departures from April – January of the following year

Projected in home date of early January

 

		1.	Early June– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new vs.
repeat trips, NG enhancement opportunities and customer preferences.

 

		2.	Early July– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	Early August– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures
to assign NG Experts.

 

		4.	Mid-August– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	Mid-September– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

All future catalogs will follow a similar repeating pattern.

 

    	34

    	 

    

 

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

 

Exhibit B

 

Lindblad Discount Programs Currently In
Place Beyond

The General Discount Programs Offered In The Brochures

 

1.            Friends for Life Discounts. This is a [*] discount
given to [*] Friends for Life Members (“FFL Members”). These people became FFL Members by traveling between November,
2001 and April, 2002 after September 11th. Lindblad ran a promotion asking people to travel during these difficult times promising
FFL Members discounts in the future if they traveled with us during that time period.

 

2.            Friends for Life Enrollees Travel Credits and Discounts.
In 2003, Lindblad offered the FFL Members a further discount program if they advanced Lindblad certain funds. Depending on the
amount FFL Members advanced to Lindblad, FFL Members would receive different levels of future travel credits and discounts, [*]
FFL Members enrolled in the program at various levels.

 

The levels of enrollment were as follows.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*]a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

Lindblad books these annual travel credits and the additional discounts
as discounts off the cost of the Lindblad Trips.

 

3.            Participation Certificate Discounts. In 2002, Lindblad
sold [*] Participation Certificate notes (“Notes”) in amounts between [*] and [*] to past travelers of Lindblad. Each
Note had a term of [*] years with [*] amortization and paid interest of [*]: [*] in cash and [*] in travel credits on the Lindblad
Trips. Lindblad books the travel credits from the Notes as discounts off the cost of the Lindblad Trips. Lindblad has extended
the Notes through December 31, 2009.

 

4.            Friends and Family. When Lindblad has a bookings shortfall
on certain imminent, departures for Lindblad Trips, in order to add more revenue to a Lindblad Trip, Lindblad will often offer
a “Friends and Family” promotion. Lindblad makes the offer to a specific “Friends and Family,” list, and
the “Friends and Family” offer is unavailable to the general public. The Friends and Family promotion usually consists
of a special rate on it or a significant discount. Lindblad books the Friends and Family promotion as a discount off the cost of
the Lindblad Trips to which it applies.

 

    	35

    	 

    

 

EXHIBIT C

 

NGS and Lindblad Mission Statement and
Co-Branding

 

 

 

Lindblad Expeditions and National Geographic
have joined forces to inspire people to explore and care about the planet through expedition Travel. Our collaboration in exploration,
research, technology and conservation provides extraordinary travel experiences and disseminates geographic knowledge around the
globe.

 

    	36

    	 

    

 

Exhibit D

 

Lifelong Explorer (LLE) Enrollments

 

Enrollment Criteria

 

NGE’s Lifelong Explorer Program (“Program”)
enables guests to become eligible for discounts and other benefits upon the completion of their third NGE trip.

 

Below is a more detailed list of criteria for eligibility
in the program:

 

NGE 3x:

 

Any guest who travels 3x with NGE is automatically enrolled
in the Program.

 

Any combination of 3x Lindblad and NGE programs:

 

Guests who have traveled three times on any Lindblad Trips,
including at least one time as a Lindblad/NGE Trip Participant, will be eligible for membership in the Program.

 

3x Lindblad only when booking a non-NGE/Lindblad
Trip:

 

Once Lindblad confirms that they have traveled with Lindblad
at least 3 times, NGE will honor the discount on the Program and will enroll the guest in NGE’s Program.

 

3x Lindblad only when booking a Lindblad Trip:

 

Lindblad will provide the equivalent discount to the Participant
and enroll that individual in the Lindblad loyalty program.

 

Exclusions

 

If a guest who has traveled on a Lindblad Trip three or
more times took his or her first Lindblad Trip as part of either a charter or a group and has never traveled as a Lindblad/NGE
Trip Participant, that guest will be ineligible for membership in the LLE program.

 

    	37

    	 

    

 

Communication

 

As Lindblad and NGE share no data across the organizations, the
only way to handle these circumstances is through direct communication. Understanding the details of past guest travel history,
issued credits and donations to the Lindblad/NG Fund will require research by and sharing of research results between Lindblad
and NGE.

 

The standard process will be for a NGE-identified representative
to speak directly with a Lindblad-identified representative to investigate credit usage requests or understanding guest travel
history to qualify travelers for NGE’s LLE program.

 

NGS Fee

 

The process for handling LLE discounts is outlined in Section Obligations
of Lindblad, sub-Section Incentives 5.17 of the Tour Operator Agreement.

 

    	38

    	 

    

 

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

 

Exhibit E

 

Lindblad NGS Fund Agreement

 

AGREEMENT

 

This Agreement is entered into by National Geographic
Society (“NGS”) and Lindblad Expeditions, Inc. (“LEX”) as of __________ ___, 2007 (the “Effective
Date”).

 

WHEREAS, LEX has a long-standing commitment to
global conservation, research, exploration, and education and is a leader in the field of responsible tourism, and NGS is a nonprofit
membership educational organization dedicated to global conservation, research, exploration, and education; and

 

WHEREAS, LEX and NGS wish to work together toward
their shared goal of supporting global conservation and exploration by establishing a grant program on the terms set forth in this
Agreement:

 

THE PARTIES hereby agree:

 

		1.	Plan for Expansion and Administration of Fund

 

NGS has established the Lindblad/NGS Fund for Conservation,
Research and Exploration (the “Fund”) as set forth in the Alliance and License Agreement between NGS and LEX dated
as of October 3, 2006 (“License Agreement”). By this agreement, the parties agree to expand the sources of funding
for the Fund. The Fund will be derived primarily from two sources: (a) the Designated Royalty identified in the License Agreement;
and (b) donations from Participants on Lindblad Trips (as such terms are defined in the License Agreement). Upon mutual agreement
of the parties, NGS may also accept contributions or matching funds from third party organizations for the Fund. As further described
in this Agreement, the parties agree to apply the Fund toward grant-making activities, the purpose of which is to support conservation,
education and sustainable development projects. As of the Effective Date, [*] has been released from the Fund to support grants
for such purposes; after the Effective Date, all grants from the Fund will be awarded through an advisory board as outlined in
Section 2.

 

The Term of this Agreement shall be co-terminus with the
License Agreement and any extension or renewal of the License Agreement. Upon expiration or termination of the License Agreement,
this Agreement shall terminate except that the Board shall continue to operate, and NGS shall continue to administer funds, until
the Fund has been fully expended.

 

    	39

    	 

    

  

		2.	Grant-Making

 

NGS and LEX jointly agree to establish an advisory board
to the Fund committed to the cause of environmental and cultural stewardship. This advisory board (the “Board”) shall
consist of five (5) members and shall include Sven Lindblad. To accomplish the purposes of the Fund, the Board shall prepare a
plan of action for the Fund, identify and or call for grant proposals, and determine final grant recommendations at least once
annually. Final recommendations from the Board will be presented to the Executive VP of Missions of NGS for her review and approval.

 

		2.1	The structure of the Board will be as follows:

 

		a.	The President of LEX shall be a Board member and appoint one additional Board member. The President of LEX, Sven-Olof Lindblad
(“Lindblad”), will also be the founding Chairman of the Board.

 

		b.	The Executive VP of Mission Programs of NGS shall appoint two Board members.

 

		c.	The filth Board member shall be jointly appointed by the President of LEX and the Executive VP of Mission Programs of NGS.

 

		d.	Each Board member other than the President of LEX and the Executive VP of Mission Programs of NGS shall serve for a term of
two years and may be reappointed by the President of LEX and the Executive VP of Mission Programs of NGS, respectively, or in the
case of the fifth Board member by joint approval of the President of LEX and the Executive VP of Mission Programs of NGS to additional
terms.

 

		e.	The party who appoints a Board member may remove that member at any time, with or without cause.

 

		f.	The procedures outlined in this Section 2 shall supersede the project review process identified in Section 15(c) of the License
Agreement.

 

		2.2	Similar to all such grant programs operated by NGS, the administration of, and expenditures from, the Fund are subject to review
by NGS’s Board of Trustees.

 

		2.3	The Board shall from time to time adopt policies and procedures concerning meetings, voting, and actions taken by the Board.

 

		3.	Contributions

 

		3.1	LEX, in collaboration with NGS, shall plan and conduct fundraising efforts aboard each of its expedition ships to collect contributions
for the Fund. All fundraising activities aboard the ships will be directed to the Fund, and contributions solicited by LEX shall
be remitted directly to NGS. NGS shall review and approve, in advance and in writing, the form of all solicitations for the Fund.
The parties will establish a mutually agreeable process for transferring the contributions to the Fund.

 

    	40

    	 

    

  

		3.2	Third party contributions to the Fund received by NGS shall be restricted subject to the content of the third party solicitations.
It is the intention of the parties that funds solicited from third parties will not be subject to permanent restrictions on expenditure.

 

		3.3	Under the License Agreement, NGS agreed to designate to the Fund 10% or the royalties paid by LEX under that agreement (the
“Designated Royalty”). NGS agrees that the effective date of the Designated Royalties will be for royalties earned
beginning January 1, 2006. The Designated Royalty shall be used for grants issued by the Fund, as well as administrative expenses
associated with administering the Fund.

 

		4.	Reporting

 

		4.1	NGS shall report annually to LEX listing the names of the Fund grant recipients and the amount and purpose of awards and other
expenditures made through the Fund.

 

		4.2	NGS shall report quarterly to LEX the contributions to the Fund.

 

		5.	Administration.

 

NGS will be responsible for managing and administering
the Fund, including compliance with all repotting requirements.

 

		6.	Solicitation of Donors.

 

NGS will maintain n list of Participants on Lindblad Trips
who become donors to the Fund (the “Fund List”). NGS agrees that is will not use the Fund List to solicit additional
donations to NGS or its programs; provided that (a) NGS may use any other list (including its own database), which may contain
names that are also on the Fund List, to solicit donations, and (b) if a donor from the Fund List becomes a Grosvenor Council member
by virtue of the size of his or her donation, NGS may send any communications that accompany Grosvenor Council membership, however
NGS will not actively solicit an additional donation until one year after the initial donation, when NGS may contact that donor
to offer continued Grosvenor Council membership.

 

		7.	Governing Law.

 

This Agreement shall be governed in all respects, including
validity, interpretation and effect, by the laws of the District of Columbia, regardless of the place or places of its physical
execution and performance, and without regard to the conflict of law rules thereof. For purposes of judicial resolution, NGS and
LEX 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.

 

    	41

    	 

    

    

		8.	Dispute Resolution.

 

Each party hereby agrees to attempt to settle any dispute
relating to this agreement through non-binding mediation at a mutually agreeable location in the District of Columbia within thirty
days or as promptly as possible following notice of the existence of such a dispute from one party to the other. In the evens that
good faith efforts to mediate do not resolve such dispute, the parties agree to submit such dispute to binding arbitration under
the rules of the American Arbitration Association governing the resolution of commercial disputes at a mutually agreeable location
in the District of Columbia. The result of such arbitration shall be binding and enforceable in a court of competent jurisdiction.
The parties may apply at any time to any state or federal court located within the District of Columbia for a temporary restraining
order, injunction or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without
any abridgment of the powers of the arbitrator(s).

 

THE PARTIES have executed this Agreement as of
the date written above.

 

	Lindblad Expeditions, Inc.  	 	National Geographic Society
	 	 	 	 	 
	By:		 	By:	
	 	 	 	 	 
	Name:	Sven-Olof Lindblad	 	 Name:	Terry Garcia
	 	 	 	 	 
	Title:	President	 	Title:	Executive
    Vice President Mission Programs

 

 

42

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]