Document:

Exhibit 10.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

NEXIEN
BIOPHARMA, INC.

 

Warrant
Shares: 347,512

Date
of Issuance: January 18, 2022 (the “Issuance Date”)

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received (in connection with the funding of
that certain secured convertible promissory note dated January 18, 2022, in the original principal amount of $170,454 issued by the Company
(as defined below) to the Lender (as defined below) (the “Note”), Quick Capital, LLC, a Wyoming limited liability
company (the “Lender” and including any permitted and registered assigns, the “Holder”), is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time during the Exercise Period,
to purchase from NEXIEN BIOPHARMA, INC., a Delaware corporation (the “Company”), 347,512 shares of Common Stock (as
defined below) (the “Warrant Shares”) at the Exercise Price per share then in effect. The number of Warrant Shares
for which this Warrant may be exercised is subject to adjustment in accordance with the terms hereof. This Warrant is issued by the Company
as of the Issuance Date pursuant to the note purchase agreement dated January 18, 2022, between the Company and the Lender (the “Purchase
Agreement”).

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of this Warrant
or in Section 12 below. For purposes of this Warrant, the term “Exercise Price” shall mean $0.075 subject to
adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise Period” shall
mean the period commencing on the Issuance Date and ending on 5:00 p.m. eastern standard time on the three-year anniversary of such date.

 

    	 

     

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in
whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. On or before the second Trading
Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received the Exercise Notice,
which Exercise Notice must be received by the Company prior to 11 a.m., Miami, Florida time to count as received on such date, and upon
receipt by the Company of payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant
Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate Exercise Price” and together
with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire transfer of immediately available
funds (or by cashless exercise if permitted under the terms of this Warrant, in which case there shall be no Aggregate Exercise Price
provided), the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier to the address as specified in
the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. If this Warrant
is submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant is greater than the number
of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three business
days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase
the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with
respect to which this Warrant is exercised.

 

If
the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective Warrant
Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and such failure
shall be deemed an “Event of Default” under the Note. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion
of this Warrant is not delivered by the Warrant Share Delivery Date the Company shall pay to the Holder $2,000 per day, for each day
beyond the Warrant Share Delivery Date that the Company fails to deliver such Common Stock (unless such failure results from war, acts
of terrorism, an epidemic, or natural disaster). Such amount shall be paid to Holder in cash by the fifth day of the month following
the month in which it has accrued. The Company agrees that the right to exercise the Warrant is a valuable right to the Holder. The damages
resulting from a failure, attempt to frustrate, interference with such exercise right are difficult if not impossible to qualify. Accordingly,
the parties acknowledge that the liquidated damages provision contained in this Section 1(a) are justified.

 

    	2

     

    

 

If,
at any time during the Exercise Period, there is no effective registration statement of the Company covering the Holder’s immediate
resale of the Warrant Shares without any limitations, then the Holder may elect to receive Warrant Shares pursuant to a cashless exercise,
in lieu of a cash exercise, equal to the value of this Warrant determined in the manner described below (or of any portion thereof remaining
unexercised) by surrender of this Warrant and a Notice of Exercise, in which event the Company shall issue to Holder a number of shares
of Common Stock computed using the following formula:

 

	 	X
    =	Y
(A-B)	 
	 	 	A	 

 

	Where
    	 	X
    =	the
    number of Shares to be issued to Holder.
	 	 	 	 
	 	 	Y
    =	the
    number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 	 
	 	 	A
    =	the
    Market Price (at the date of such calculation).
	 	 	 	 
	 	 	B
    =	Exercise
    Price (as adjusted to the date of such calculation).

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance
of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay to the Holder otherwise entitled to such fraction
a sum in cash equal to the product resulting from multiplying the then-current fair market value of a Warrant Share by such fraction.

 

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(c)
Holder’s Exercise Limitations. The Company shall not affect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as
set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates (as such term is defined under
the Exchange Act), and any other persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or
any of its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company
(including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence,
for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it
being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in
the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination.

 

For
purposes of this Section 1(c), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the SEC,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or its transfer
agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the Company shall within two Trading
Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The limitations contained in this paragraph shall apply
to a successor Holder of this Warrant.

 

2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or
other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of
shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date,
to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing Sale Price of
the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined
in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator of which shall
be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and

 

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(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive
the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided, however, that
in the event that the Distribution is of shares of common stock of a company (other than the Company) whose common stock is traded on
a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”), then the
Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant Shares,
the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of shares
of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had the Holder exercised this
Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise
price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding clause (i) and
the number of Warrant Shares calculated in accordance with the first part of this clause (ii).

 

(b)
Stock Splits. If the Company, at any time while this Warrant is outstanding: (i) subdivides outstanding shares of Common Stock
into a larger number of shares, or (ii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise
of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any
adjustment made pursuant to this Section 2(b) shall become effective immediately after the effective date in the case of a subdivision
or combination.

 

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(c)
Anti-Dilution; Adjustments to Exercise Price. If the Company or any Subsidiary thereof, as applicable, at any time while this
Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or
issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities entitling any
person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including but not limited to under the Note),
at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such
issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued
shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive
shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred
for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced at the option of the
Holder and only reduced to equal the Base Share Price. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents
are issued. The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock
or Common Stock Equivalents subject to this Section 2(c), indicating therein the applicable issuance price, or applicable reset
price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For
purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(c), upon
the occurrence of any Dilutive Issuance, the Holder is entitled to receive such adjustment. Without duplication of any adjustment otherwise
provided for in Section 2 of this Warrant, the number of Common Stock issuable upon conversion of the Warrant shall, after the
Issuance Date, be subject to general anti-dilution adjustment such that upon any issuances of Common Stock by the Company (not in connection
with this Warrant), the number of Warrant Shares issuable under this Warrant shall be adjusted on such date by adding thereto the number
of shares of Common Stock which would maintain the Holder’s ownership percentage (if this Warrant was exercised) of the outstanding
Common Stock of the Company on a fully diluted basis as that percentage on the Issuance Date. The following issuances of Common Stock
by the Company shall not be Dilutive Issuances: Company’s issuance of shares of Common Stock to its executive officers pursuant
to the compensation arrangement described in the Borrower’s Form 10-K for the fiscal year ended June 30, 2021, Company’s
issuance of shares of Common Stock upon exercise of existing stock options, and Company’s issuance of shares of Common Stock upon
conversion or exercise, as the case may be, of existing convertible promissory notes and warrants.

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company
with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities, cash or property
and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of
shares of Common Stock of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any limitation
on exercise contained herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration.

 

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4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at
all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of
the Holder as set forth in this Warrant against impairment . Without limiting the generality of the foregoing, the Company (i) shall
not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in
effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding,
have authorized and reserved, free from preemptive rights, three times the number of shares of Common Stock issuable under the Warrant,
or as otherwise required under the Purchase Agreement, to provide for the exercise of the rights represented by this Warrant (without
regard to any limitations on exercise).

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall
not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as
to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

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(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring any
Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving
such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer may be effected
without registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify
the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon the
previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided, however,
that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions upon transfer
thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent further transfers which would be
in violation of Section 5 of the Securities Act and applicable state securities laws; and provided further that the prospective transferee
or purchaser shall execute the Assignment of Warrant attached hereto as Exhibit B and such other documents and make such representations,
warranties, and agreements as may be required solely to comply with the exemptions relied upon by the Company for the transfer or disposition
of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this
Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder will limit
its activities in respect to such transfer or disposition as are permitted by law.

 

(c)
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant under
the Purchase Agreement (registration rights, expenses, and indemnity).

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given
in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with prompt written
notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment
and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to the
holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation,
provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided
to the Holder.

 

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9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of the Company and the Holder.

 

10.
GOVERNING LAW; DISPUTE RESOLUTION. This Warrant shall be governed by and construed in accordance with the laws of the State of
Wyoming without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Warrant shall be brought only in the state courts of Miami, Florida, or in the federal courts located in the Southern
District of Florida. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR
IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. The prevailing party shall be entitled
to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Warrant or any
other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision
shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Warrant or any other Transaction Document by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

11.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein.

 

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12.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on
the Trading Market, as reported by the Trading Market, or, if the Trading Market begins to operate on an extended hours basis and does
not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., Miami, Florida time, as reported
by the Trading Market, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market
for such security as reported by the Trading Market, or (iii) if no last trade price is reported for such security by the Trading Market,
the average of the bid and ask prices of any market makers for such security as reported by the Trading Market. If the Closing Sale Price
cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(b)
“Common Stock” means the Company’s common stock, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

(c)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at
any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

(d)
“Market Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days prior to the
date of the respective Exercise Notice.

 

(e)
“OTC Markets” means OTCQX, OTCQB, OTC Pink, the OTC Bulletin Board.

 

(f)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Trading Market, (ii)
if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on
any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any business day.

 

(g)
“Trading Market” means the OTC Markets or any equivalent principal securities exchange or other securities market
on which the Common Stock is being traded or quoted.

 

**
signature page follows **

 

    	10

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

	 	NEXIEN
    BIOPHARMA, INC.
	 	 	 
	 	By:	/s/
    Richard Greenberg
	 	Name:	Richard
    Greenberg
	 	Title:	CEO
	 	 	 
	 	Agreed
    & Accepted:
	 	 
	 	Quick
    Capital, LLC
	 	 	 
	 	By:	/s/
    Eilon D. Natan
	 	Name:
    	Eilon
    D. Natan
	 	Title:	Managing
    Partner

 

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EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

 

The
Undersigned holder hereby exercises the right to purchase
_________________ of the shares of Common Stock (“Warrant Shares”) of NEXIEN BIOPHARMA, INC., a Delaware corporation (the
“Company”), evidenced by the attached copy of the Common Stock Purchase Warrant (the “Warrant”). Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

	1.	Form
    of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	☐	a
    cash exercise with respect to _________________ Warrant Shares; or
	 	 	 
	 	☐	by
    cashless exercise pursuant to the Warrant.

 

	2.	Payment
    of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in the sum
    of $___________________ to the Company in accordance with the terms of the Warrant.

 

	3.	Delivery
    of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms of
    the Warrant.

 

	Date:	 	 
	 	                 	 
	(Print
Name of Registered Holder)	 
	 	 	 
	By:		 
	Name:	 	 
	Title:	 	 

 

    	12

     

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

For
Value Received, the undersigned hereby sells, assigns,
and transfers unto ____________________ the right to purchase _______________ shares of common stock of NEXIEN BIOPHARMA, INC. , to which
the within Common Stock Purchase Warrant relates and appoints ____________________, as attorney-in-fact, to transfer said right on the
books of NEXIEN BIOPHARMA, INC. with full power of substitution and re-substitution in the premises. By accepting such transfer, the
transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

 

	Date:
    	 	 

 

	 	 
	(Signature)
    *	 
	 	 
	 	 
	(Name)	 
	 	 
	 	 
	(Address)	 
	 	 
	 	 
	(Social
    Security or Tax Identification No.)	 

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase Warrant
in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership,
trust or other entity, please indicate your position(s) and title(s) with such entity.

 

    	13Exhibit 10.1

 

Execution Version

 

LINDBLAD EXPEDITIONS, LLC

 

$360,000,000

6.750% Senior Secured Notes due 2027

 

Purchase Agreement

 

January 20, 2022

 

Citigroup Global Markets Inc.

As Representative of the Initial Purchasers

 

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

 

Ladies and Gentlemen:

 

Lindblad Expeditions, LLC, a limited liability company
organized under the laws of Delaware (the “Company”) and a wholly-owned subsidiary of Lindblad Expeditions Holdings, Inc.,
a corporation incorporated under the laws of Delaware (the “Parent”), proposes to issue and sell to the several parties named
in Schedule I hereto (the “Initial Purchasers”), for whom you (the “Representative”) are acting as representative,
$360,000,000 principal amount of its 6.750% Senior Secured Notes due 2027 (the “Notes”). The Notes are to be issued under
an indenture (the “Indenture”), to be dated as of the Closing Date (as defined below), among the Company, the Parent, the
subsidiaries of the Parent (other than the Company) listed on the signature pages hereto (the “Subsidiary Guarantors” and,
together with the Parent, the “Guarantors”), and Wilmington Trust, National Association, as trustee (in such capacity, the
 “Trustee”) and as collateral trustee (in such capacity, the “Collateral Trustee”) for the Securities (as defined
below). The Notes will be fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by Parent and the Subsidiary
Guarantors (collectively, the “Guarantees” and, together with the Notes, the “Securities”). The use of the neuter
in this Agreement shall include the feminine and masculine wherever appropriate.

 

The Securities will be secured by a perfected first-priority
lien, on a pari passu basis with the New Credit Facility (as defined below), by (i) (v) a first-priority statutory ship mortgage dated
as of the date such ship mortgage is executed and delivered (each, a “Statutory Mortgage”) and, where applicable, a related
deed of covenants to be dated as of the date such deed of covenant is executed and delivered (each, a “Deed of Covenants”
and, each Statutory Mortgage alone or together with its related Deed of Covenants, where applicable, a “Ship Mortgage”) on
each “Mortgaged Vessel” listed on Schedule VI hereto, (w) an assignment of insurance pertaining to each Mortgaged Vessel (each,
an “Assignment of Insurance”) with respect to (A) all insurances in respect of the relevant Mortgaged Vessel, whether heretofore,
now or hereafter effected, and all renewals of or replacements for the same, (B) all claims, returns of premium or other amounts and other
moneys and claims for moneys due and to become due under or in respect of the insurances, (C) all other rights of the relevant Guarantor
under or in respect of the insurances, and (D) any proceeds of any of the foregoing; (x) an assignment earnings pertaining to each Mortgaged
Vessel (each, an “Assignment of Earnings”) with respect to any requisition compensation or other compensation paid by any
governmental authority for the requisition of title, confiscation or compulsory acquisition, (y) an assignment of interests to be dated
as of the Closing Date pertaining to each Mortgaged Vessel in respect of all charterhire payable to the Company or the applicable Guarantor
in respect of charters and (z) an assignment of rights and interests to be dated as of the Closing Date pertaining to each Mortgaged Vessel
in respect of all warranty claims of the Company or applicable Guarantor under the shipbuilding contract to be dated as of the Closing
Date pertaining to each Mortgaged Vessel; (ii) a pledge of the shares of capital stock of the Subsidiaries of the Parent set forth on
Schedule V hereto, subject to certain limitations (the “Pledges”); (iii) a security interest in any material intellectual
property owned by the Parent and its Subsidiaries (the “Pledged IP”); and (iv) a pledge of substantially all other assets
of the Company, Parent and the Subsidiary Guarantors incorporated or organized under the laws of the United States of America, any State
thereof or the District of Columbia (collectively, the “U.S. Guarantors”) (the items specified in the foregoing clauses (i)
through (iv), subject to certain exceptions set forth in the Indenture and the Security Documents (as defined below), the “Collateral”,
and the security documents relating to such Collateral, including the Pledges, Ship Mortgages, Assignments of Insurance, Assignments of
Earnings and Pledged IP, the “Security Documents”). The Company, the Guarantors, the Trustee, the Collateral Trustee and the
administrative agent for the New Credit Facility will enter into a collateral trust agreement (the “Collateral Trust Agreement”)
setting forth the rights of the parties thereto to direct the Collateral Trustee in actions relating to the Collateral.

 

     

     

    

 

The Company intends to use the net proceeds from
the sale of the Securities to prepay in full all outstanding borrowings under the Credit Agreement, including the Term Facility, the Main
Street Loan and the Revolving Facility (each as defined in the Disclosure Package (as defined below) and the Final Memorandum (as defined
below)), and the unconditional discharge of all existing liens and security interest on the collateral in connection therewith. The Company
also intends to enter into a credit agreement on the Closing Date that will provide for a new senior secured revolving credit facility
(the “New Credit Facility”). The refinancing of the Credit Agreement, including the Term Facility, the Main Street Loan and
the Revolving Facility, and the establishment of the New Credit Facility, are collectively referred to as the “Bank Refinancing
Transactions.”

 

The Parent, the Company and the Subsidiary Guarantors
are collectively referred to herein as the “Lindblad Parties,” and each of the Parent, the Company and each Subsidiary Guarantor
is sometimes individually referred to herein as a “Lindblad Party.” This Agreement, the Indenture, the Securities, the Security
Documents and the Collateral Trust Agreement are collectively referred to as the “Transaction Documents.”

 

The sale of the Securities to the Initial Purchasers
will be made without registration of the Securities under the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder (the “Securities Act”) in reliance upon exemptions from the registration requirements of the Securities Act.

 

    	 	2	 

     

    

 

In connection with the sale of the Securities, the
Company has prepared a preliminary offering memorandum, dated January 20, 2022 (as amended or supplemented at the date thereof, including
any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final
offering memorandum, dated January 20, 2022 (as amended or supplemented at the Execution Time (as defined below), including any and all
exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary Memorandum
and the Final Memorandum sets forth certain information concerning the Company, the Guarantors and the Securities. The Company hereby
confirms that it has authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment
or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the contrary,
any references herein to the Preliminary Memorandum, the Disclosure Package and the Final Memorandum shall be deemed to refer to and include
any document incorporated by reference therein and any references herein to the terms “amend,” “amendment” or
 “supplement” with respect to the Preliminary Memorandum or Final Memorandum shall be deemed to refer to and include any information
filed under the Exchange Act (as defined below) filed after the date of such document and that is incorporated by reference therein.

 

As used in this Agreement, the “Disclosure
Package” shall mean (i) the Preliminary Memorandum, as amended or supplemented at the date and time that this Agreement is executed
and delivered by the parties hereto (the “Execution Time”), (ii) the final term sheet prepared pursuant to Section 5(b) hereto
and in the form attached as Schedule II hereto and (iii) any writings in addition to the Preliminary Memorandum that the parties expressly
agree in writing to treat as part of the Disclosure Package (“Issuer Written Information”).

 

1.     
Representations and Warranties. Each Lindblad Party, jointly and severally, represents and warrants to, and agrees
with, each Initial Purchaser as set forth below in this Section 1.

 

(a)  
The Preliminary Memorandum, at the date thereof, did not contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Execution
Time, on the Closing Date and on any settlement date, the Final Memorandum did not and will not (and any amendment or supplement thereto,
at the date thereof, at the Closing Date will not) contain any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, that the Lindblad Parties make no representation or warranty as to the information contained in or omitted from the Preliminary
Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished
in writing to the Lindblad Parties by or on behalf of the Initial Purchasers through the Representative specifically for inclusion therein,
it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information
described as such in Section 8(b) hereof.

 

(b)  
As of the Execution Time, (i) the Disclosure Package and (ii) each electronic road show, when taken together as a whole with the
Disclosure Package, (iii) any other General Solicitation (as defined below) by the Lindblad Parties, their respective affiliates (“Affiliates”),
as such term is defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”), or any person acting on
its or their behalf, when taken together as a whole with the Disclosure Package, does not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon
and in conformity with written information furnished to the Lindblad Parties by any Initial Purchaser through the Representative specifically
for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists
of the information described as such in Section 8(b) hereof.

 

    	 	3	 

     

    

 

(c)  
None of the Lindblad Parties, their respective Affiliates, or any person acting on their behalf has, directly or indirectly, made
offers or sales of any security, or solicited offers to buy, any security under circumstances that would require the registration of the
Securities under the Securities Act.

 

(d)  
None of the Lindblad Parties, their respective Affiliates, or any person acting on their behalf has: (i) engaged in any form of
general solicitation or general advertising (within the meaning of Regulation D) (each, a “General Solicitation”) in
connection with any offer or sale of the Securities, other than any General Solicitation in respect of which the Representative has given
its prior written consent; provided that the prior written consent of the Representative shall be deemed to have been given in respect
of the General Solicitation included in Schedule IV hereto or (ii) engaged in any directed selling efforts (within the meaning of Regulation
S under the Securities Act (“Regulation S”)) with respect to the Securities; and each of the Lindblad Party, its Affiliates
and each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S.

 

(e)  
The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Securities Act.

 

(f)   
The Parent is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange
Act.

 

(g)  
No registration under the Securities Act of the Securities is required for the offer and sale of the Securities to or by the Initial
Purchasers in the manner contemplated herein, in the Disclosure Package and the Final Memorandum. It is not necessary in connection with
the offer, sale and delivery of the Securities to the Initial Purchasers in the manner contemplated by this Agreement to qualify the Indenture
under the Trust Indenture Act of 1939, as amended.

 

(h)  
No Lindblad Party is, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof
as described in the Disclosure Package and the Final Memorandum will be, an “investment company” as defined in the Investment
Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (the “Investment Company Act”).

 

    	 	4	 

     

    

 

 

(i)   No Lindblad Party has paid or agreed to pay to any person any compensation for soliciting another to purchase any securities of
the Company (except as contemplated in this Agreement).

 

(j)   No Lindblad Party has taken, directly or indirectly, any action designed to or that has constituted or that might reasonably be
expected to cause or result, under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
(the “Exchange Act”) or otherwise, in stabilization or manipulation of the price of any security of the Company or the Parent
to facilitate the sale or resale of the Securities.

 

(k)  
Each of the Lindblad Parties has been duly incorporated or organized and is a validly existing corporation or other entity in good
standing under the laws of the jurisdiction in which it is chartered or organized with full corporate (or similar) power and authority
to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and
the Final Memorandum, and is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction
that requires such qualification.

 

(l)   All the outstanding shares of capital stock or other equity interests of the Parent and each subsidiary of the Parent have been
duly authorized and validly issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package
and the Final Memorandum, all outstanding shares of capital stock or other equity interests of the subsidiaries of the Parent are owned
by the Parent either directly or through wholly owned subsidiaries free and clear of any membership interest, stock or other relevant
equity interest, security interest, claim, lien or encumbrance.

 

(m) The statements in the Preliminary Memorandum
and the Final Memorandum under the headings “U.S. Federal Income Tax Considerations” and “Description of Notes”
fairly summarize the matters therein described in all material respects.

 

(n)  This Agreement has been duly authorized, executed and delivered by the Company and, when executed and delivered by the Company,
will constitute the legal, valid, binding and enforceable instrument of the Company (subject, as to the enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect
and to general principles of equity). As of the Closing Date, this Agreement will have been duly authorized, executed and delivered by
each Lindblad Party (other than the Company) and, when executed and delivered by each Lindblad Party (other than the Company), will constitute
the legal, valid, binding and enforceable instrument of such Lindblad Party (subject, as to the enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect
and to general principles of equity).

 

(o)  
As of the Closing Date, each of the Indenture, the Security Documents (other than those Security Documents that may be entered
into during a period following the Closing Date, as provided in the Indenture or any Security Document entered into as of the Closing
Date) and the Collateral Trust Agreement will have been duly authorized by the Lindblad Parties party thereto and, assuming due authorization,
execution and delivery thereof by the Trustee or the Collateral Trustee, as applicable, when executed and delivered by each Lindblad Party
party thereto, will constitute a legal, valid, binding instrument enforceable against such Lindblad Party in accordance with its terms
(subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting
creditors’ rights generally from time to time in effect and to general principles of equity).

 

    	 	5	 

     

    

 

(p)  
As of the Closing Date, the Securities will have been duly authorized by the Company and the Guarantors, respectively, and, when
executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers,
will have been duly executed and delivered by the Lindblad Parties and will constitute the legal, valid and binding obligations of the
Lindblad Parties entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles
of equity).

 

(q)  
 Each of the Company and the Guarantor owns or will own, as of the Closing Date, the Collateral in which it purports to grant a
security interest under the Security Documents, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim,
except for (i) the obligations arising under the Indenture and the Notes, (ii) any liens permitted under the Indenture or the relevant
Security Document, and (iii) as otherwise disclosed in the Preliminary Memorandum and the Final Memorandum. Upon (i) the pledge, assignment
and delivery to the Collateral Trustee of all relevant stock certificates and executed stock powers with respect to all securities that
are the subject of the Pledges to the Collateral Trustee and which are evidenced by a certificate, (ii) to the extent that a security
interest may be perfected in the Pledged IP by recording a security interest with the U.S. Patent and Trademark Office, the appropriate
recordations and filings with the U.S. Patent and Trademark Office, together with the filing financing statements, in form appropriate
for filing under the Uniform Commercial Code of the relevant jurisdiction, (iii) to the extent that a security interest may be perfected
in the Collateral by filing a financing statement pursuant to the Uniform Commercial Code of the relevant jurisdiction, the filing of
UCC-1 financing statements naming the Company or the applicable Guarantor, as the case may be, as “debtor” and the Collateral
Trustee as “secured party” and describing the Collateral in the appropriate filing offices, (iv) the recording of the respective
Statutory Mortgages with the applicable recordation authority in The Bahamas, the United States or Ecuador, as the case may be, and (v)
the giving of notice of the assignments contained in the Assignments of Earnings and the Assignments of Insurance, subject to value being
given, each security interest granted pursuant to the Security Documents is, and shall be, a legal, valid and perfected (to the extent
that such security interests can be perfected by the completion of the steps specified in clauses (i) through (v) hereof, as applicable)
security interest in the Collateral.

 

(r)   
(i) The Parent and its subsidiaries legally and beneficially own each of the passenger cruise vessels (each, a “Vessel”
and collectively, “Vessels”) owned by them free and clear of all liens and encumbrances, except such as are (A) permitted
under the Indenture, (B) securing the Notes and the Guarantees thereof, (C) described in the Preliminary Memorandum and the Final Memorandum
or (D) such as would not, individually or in the aggregate, have a Material Adverse Effect, and (ii) each Vessel is registered in the
name of the relevant subsidiary of the Parent that owns such Vessel under the laws, regulations and flag of the nation of its respective
registration.

 

    	 	6	 

     

    

 

(s)   
No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection
with the transactions contemplated herein, in the Indenture, in the Security Documents or in the Collateral Trust Agreement, except (i)
any filings or other registrations in connection with the Bank Refinancing Transactions and as necessary to perfect or confirm any security
interest created pursuant to the Security Documents and Collateral Trust Agreement and (ii) such as may be required under the blue sky
laws of any jurisdiction in which the Securities are offered and sold.

 

(t)    
None of the execution and delivery of the Transaction Documents, the issuance and sale of the Securities, or the consummation of
any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict with, result
in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of any Lindblad Party or any of
their respective subsidiaries pursuant to, (i) the charter or by-laws or comparable constituting documents of such Lindblad Party
or any of its respective subsidiaries; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement,
loan agreement or other agreement, obligation, condition, covenant or instrument to which any Lindblad Party or any of their respective
subsidiaries is a party or bound or to which its or their property is subject; or (iii) any statute, law, rule, regulation, judgment,
order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over any Lindblad Party or any of its or their respective subsidiaries or any of their properties, except, in the case of clause (ii)
or (iii) above, for any such conflicts, breaches, defaults and violations that would not, individually or in the aggregate, have a Material
Adverse Effect.

 

(u)  
The consolidated historical financial statements and schedules of the Parent and its consolidated subsidiaries included or incorporated
by reference in the Disclosure Package and the Final Memorandum present fairly the financial condition, results of operations and cash
flows of the Parent as of the dates and for the periods indicated comply as to form with the applicable accounting requirements of Regulation
S-X (as defined below) and have been prepared in conformity with generally accepted accounting principles in in the United States (“U.S.
GAAP”) applied on a consistent basis throughout the periods involved (except as otherwise noted therein) and the summary financial
data set forth under the caption “Summary Financial and Other Data” in the Preliminary Memorandum and the Final Memorandum
fairly present, in all material respects, on the basis stated in the Preliminary Memorandum and the Final Memorandum, the information
included or incorporated by reference therein.

 

(v)  
No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the
Parent or any of its subsidiaries or its or their property is pending or, to the knowledge of the Lindblad Parties, threatened that (i)
could reasonably be expected to have a material adverse effect on the performance of this Agreement, the Indenture or the consummation
of any of the transactions contemplated hereby or thereby or (ii) could reasonably be expected to have a material adverse effect on the
condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole,
whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”), except as set forth
in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto).

 

    	 	7	 

     

    

 

(w) Each of the Parent and its subsidiaries owns
or leases all such properties as are necessary to the conduct of its operations as presently conducted.

 

(x)  
None of the Lindblad Parties is in violation or default of (i) any provision of its charter or bylaws or comparable constituting
documents; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject; or (iii) any statute,
law, rule, regulation, judgment, order or decree applicable to any Lindblad Party of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over such Lindblad Party or any of its properties, as applicable.

 

(y)  
Marcum LLP, who have certified certain financial statements of the Parent and its consolidated subsidiaries and delivered their
report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Disclosure
Package and the Final Memorandum, are independent registered public accountants with respect to the Parent in accordance with local accounting
rules and within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Securities and Exchange
Commission (the “Commission”) and the Public Company Accounting Oversight Board (United States).

 

(z)  
There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid in connection
with the execution and delivery of the Transaction Documents or the issuance or sale of the Securities.

 

(aa)  Each Lindblad Party has filed all applicable tax returns that are required to be filed or has requested extensions thereof (except
in any case in which the failure so to file would not have a Material Adverse Effect and except as set forth in or contemplated in the
Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto)) and has paid all taxes required to be
paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except
for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect
and except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement
thereto) and, in all cases, for which reserves have been established in its financial statements in accordance with U.S. GAAP.

 

(bb)  No labor problem or dispute with the employees of the Parent or any of its subsidiaries exists or is threatened or imminent, and
the Lindblad Parties are not aware of any existing or imminent labor disturbance by the employees of any of Parent’s or its subsidiaries’
principal suppliers, contractors or customers, except as would not have a Material Adverse Effect and except as set forth in or contemplated
in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto).

 

    	 	8	 

     

    

 

(cc)   Neither the Company nor any Subsidiary Guarantor is currently prohibited, directly or indirectly, from paying any dividends to
the Parent, from making any other distribution on such subsidiary’s capital stock, from repaying to the Parent any loans or advances
to such subsidiary from the Parent or from transferring any of such subsidiary’s property or assets to the Parent or any other subsidiary
of the Parent, except as described in or contemplated in the Disclosure Package or the Final Memorandum (in each case, exclusive of any
amendment or supplement thereto).

 

(dd)  Each Lindblad Party is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts
as are prudent and customary in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring
the Lindblad Parties or their respective businesses, assets, employees, officers and directors are in full force and effect; the Lindblad
Parties are in compliance with the terms of such policies and instruments; there are no claims by any Lindblad Party under any such policy
or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; no Lindblad Party
has been refused any insurance coverage sought or applied for; and no Lindblad Party has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business at a cost that would not have a Material Adverse Effect except as set forth in or contemplated in
the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto).

 

(ee)   The Parent and its subsidiaries (i) possess all licenses, certificates, permits and other authorizations issued by all applicable
authorities necessary to conduct their respective businesses, and neither the Parent nor any of its subsidiaries has received any notice
of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated
in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto) and (ii) have obtained all such
governmental licenses, authorizations, consents, permits and approvals as may be required for the operation of each Vessel in compliance
with all applicable laws.

 

(ff) 
The Parent maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with U.S. GAAP and to maintain asset accountability; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets
is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Parent
maintains “internal control over financial reporting” (as such term is defined in Rule 13a-15(f) under the Exchange Act) and
such internal control over financial reporting is effective and the Parent and its subsidiaries are not aware of any material weakness
in their internal control over financial reporting, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum
(exclusive of any amendment or supplement thereto).

 

    	 	9	 

     

    

 

(gg)          
The Parent maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange
Act); such disclosure controls and procedures are effective.

 

(hh)          
The Lindblad Parties are (i) in compliance with any and all applicable laws and regulations relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”);
(ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses; and (iii) have not received notice of any actual or potential liability under any Environmental
Law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability
would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure
Package and the Final Memorandum (exclusive of any amendment or supplement thereto). Neither the Parent nor any of its subsidiaries has
been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended.

 

(ii) 
Except as would not, individually or in the aggregate, have a Material Adverse Effect, the minimum funding standard under Section
302 of the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (“ERISA”),
has been satisfied by each “pension plan” (as defined in Section 3(2) of ERISA) which has been established or maintained by
the Parent and/or one or more of its subsidiaries, and the trust forming part of each such plan which is intended to be qualified under
Section 401 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder is so qualified; each of the
Parent and its subsidiaries has fulfilled its obligations, if any, under Section 515 of ERISA; neither the Parent nor any of its subsidiaries
maintains or is required to contribute to a “welfare plan” (as defined in Section 3(1) of ERISA) which provides retiree or
other post-employment welfare benefits or insurance coverage (other than “continuation coverage” (as defined in Section 602
of ERISA)); each pension plan and welfare plan established or maintained by the Parent and/or one or more of its subsidiaries is in compliance
in all material respects with the currently applicable provisions of ERISA; and neither the Parent nor any of its subsidiaries has incurred
or could reasonably be expected to incur any withdrawal liability under Section 4201 of ERISA, any liability under Section 4062, 4063,
or 4064 of ERISA, or any other liability under Title IV of ERISA.

 

(jj) 
The subsidiaries listed on Annex A attached hereto are the only “significant subsidiaries” of the Parent (as defined
in Rule 1-02 of Regulation S-X under the Securities Act (“Regulation S-X”)).

 

(kk)  To the extent that information is required to be publicly disclosed under the U.K. Financial Services Authority’s Price Stabilising
Rules (the “Stabilizing Rules”) before stabilizing transactions can be undertaken in compliance with the safe harbor provided
under such Stabilizing Rules, such information has been adequately publicly disclosed (within the meaning of the Stabilizing Rules).

 

(ll) 
Neither Parent nor any of its subsidiaries or affiliates, or any director, officer, or employee thereof, nor, to the knowledge
of the Lindblad Parties, any agent or representative of the Lindblad Parties or of any of their subsidiaries or affiliates, has taken
or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment, giving or receipt
of money, property, gifts or anything else of value, directly or indirectly, to any government official (including any officer or employee
of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) in order
to influence official action, or to any person in violation of any applicable anti-corruption laws; (ii) the Lindblad Parties and each
of their subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted
and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws
and with the representations and warranties contained herein; and (iii) neither the Lindblad Parties nor any of their subsidiaries will
use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws. The Parent and
its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures designed to
promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

 

    	 	10	 

     

    

 

(mm) The operations of the Parent and its subsidiaries are and have been conducted at all times in compliance with all applicable financial
recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable
anti-money laundering statutes of jurisdictions where the Parent and each of its subsidiaries conduct business, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Lindblad Parties or any of their subsidiaries with respect to the Anti-Money Laundering Laws is
pending or, to the knowledge of the Parent, threatened.

 

(nn)  Neither the Parent nor any of its subsidiaries nor, to the knowledge of the Lindblad Parties, any director, officer, agent, employee
or affiliate of the Parent or any of its subsidiaries (i) is, or is controlled or 50% or more owned in the aggregate by or is acting on
behalf of, one or more individuals or entities that are currently the subject of any sanctions administered or enforced by the United
States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S.
Department of State or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the
European Union, a member state of the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions
authority (collectively, “Sanctions” and such persons, “Sanctioned Persons” and each such person, a “Sanctioned
Person”), (ii) is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions
that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a “Sanctioned
Country”) or (iii) will, directly or indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other individual or entity in any manner that would result in a violation of
any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity
participating in the offering, whether as underwriter, advisor, investor or otherwise).

 

    	 	11	 

     

    

 

(oo)   Neither the Parent nor any of its subsidiaries has engaged in any dealings or transactions with or for the benefit of a Sanctioned
Person, or with or in a Sanctioned Country, in the preceding five years, nor does the Parent or any of its subsidiaries have any plans
to engage in dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country.

 

(pp)   There is and has been no material failure on the part of the Parent or any of its directors or officers, in their capacities as
such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection
therewith (the “Sarbanes-Oxley Act”), including Section 402 relating to loans and Sections 302 and 906 relating to certifications.

 

(qq)  Neither the Parent nor any of its subsidiaries nor, to the knowledge of the Parent, any director, officer, agent, employee, Affiliate
or other person acting on behalf of the Parent or any of its subsidiaries is aware of or has taken any action, directly or indirectly,
that could result in a violation or a sanction for violation by such persons of the Foreign Corrupt Practices Act of 1977 or the U.K.
Bribery Act 2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations thereunder; and
the Parent and its subsidiaries have instituted and maintain policies and procedures to ensure compliance therewith. No part of the proceeds
of the offering will be used, directly or indirectly, in violation of the Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act
2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations thereunder.

 

(rr) 
The Parent and its subsidiaries have operated their business in compliance with all applicable privacy, data security and data
protection laws and regulations applicable to the receipt, collection, handling, processing, sharing, transfer, usage, disclosure and
storage of personally identifiable information, financial and other highly confidential information and data that the Parent or its subsidiaries
receive, collect, handle, process, share, transfer, use, disclose, or store in the operation of their respective businesses (collectively,
 “Personal and Device Data”), except where any failures to comply would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Parent and its subsidiaries have, and are in compliance with their, policies and procedures
designed to ensure the Parent and its subsidiaries comply in all material respects with such privacy, data security and data protection
laws. To the knowledge of the Parent, the Parent and its subsidiaries have not experienced any security incident that has resulted in
unauthorized third-party acquisition of, or access to, Personal and Device Data, except where any such incidents would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect or as set forth in or contemplated in the Disclosure Package
and the Final Memorandum (exclusive of any amendment or supplement thereto).

 

(ss) The Lindblad Parties are not, and have not been
at any point during the past five years, a “United States real property holding corporation” for U.S. federal income tax purposes.

 

    	 	12	 

     

    

 

(tt) 
The Parent and its subsidiaries own, possess, license or have other rights to use on reasonable terms, all patents, trade and service
marks, trade names, copyrights, domain names (in each case including all registrations and applications to register same), inventions,
trade secrets, technology, know-how, and other intellectual property, (collectively, the “Intellectual Property”) necessary
for the conduct of the Parent’s business as now conducted or as proposed in the Preliminary Memorandum and the Final Memorandum
to be conducted. Except as set forth in the Preliminary Memorandum and the Final Memorandum, (i) the Parent owns, or has rights to use
under license, all such Intellectual Property free and clear in all material respects of all adverse claims, liens or other encumbrances;
(ii) to the knowledge of the Parent, there is no material infringement by third parties of any such Intellectual Property; (iii) there
is no pending or, to the Parent’s knowledge, threatened action, suit, proceeding or claim by any third party challenging the Parent’s
or its subsidiaries’ rights in or to any such Intellectual Property, and the Parent is unaware of any facts which would form a reasonable
basis for any such claim; (iv) there is no pending or, to the Parent’s knowledge, threatened action, suit, proceeding or claim by
any third party challenging the validity, scope or enforceability of any such Intellectual Property, and the Parent is unaware of any
facts that would form a reasonable basis for any such claim; (v) there is no pending or, to the Parent’s knowledge, threatened action,
suit, proceeding or claim by any third party that the Parent or any subsidiary infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of any third party, and the Parent is unaware of any other fact which would form a
reasonable basis for any such claim; and (vi) to the knowledge of the Parent, there is no valid and subsisting patent or published patent
application that would preclude the Parent, in any material respect, from practicing any such Intellectual Property.

 

(uu)  Except as disclosed in the Preliminary Memorandum and the Final Memorandum, the Parent does not intend to use any of the proceeds
from the sale of the Notes hereunder to repay any outstanding debt owed to any affiliate of any Initial Purchaser.

 

(vv)  The Parent and each subsidiary incorporated or organized under the laws of the United States are citizens of the United States,
within the meaning of 46 U.S.C. §50501, eligible to own and operate marine vessels in the coastwise trade of the United States.

 

(ww)  Each vessel owned by the Parent or its subsidiaries that is registered under the United States flag is owned by a citizen of the
United States.

 

(xx)   Each Mortgaged Vessel (i) is owned and operated by a “Mortgaged Vessel Owning Subsidiary” listed on Schedule VI hereto,
(ii) is operated in all material respects in compliance with all applicable laws, judgments, orders, executive orders, decrees, ordinances,
rules, regulations, statutes or case law, (iii) is in a class with no material outstanding recommendations and (iv) is maintained in all
material respects in accordance with all requirements set forth in the Security Documents and Collateral Trust Agreement. Each Mortgaged
Vessel is covered by all such insurance as is required by the respective Mortgage with respect to such Mortgaged Vessel.

 

(yy)  On and immediately after the Closing Date, the Company and each Guarantor (after giving effect to the issuance and sale of the
Securities, the issuance of the Guarantees, the Bank Refinancing Transactions and the other transactions related thereto as described
in each of the Disclosure Package and the Final Memorandum) will be Solvent. As used in this paragraph, the term “Solvent”
means, with respect to a particular date and entity, that on such date (i) the fair value (and present fair saleable value) of the assets
of such entity is not less than the total amount required to pay the probable liability of such entity on its total existing debts and
liabilities (including contingent liabilities) as they become absolute and matured; (ii) such entity is able to realize upon its assets
and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of
business; (iii) assuming consummation of the issuance and sale of the Securities and the issuance of the Guarantees as contemplated by
this Agreement, the Disclosure Package and the Final Memorandum, such entity does not have, intend to incur or believe that it will incur
debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv) such entity is not engaged in any business or
transaction, and does not propose to engage in any business or transaction, for which its property would constitute unreasonably small
capital; and (v) such entity is not a defendant in any civil action that would result in a judgment that such entity is or would become
unable to satisfy

 

    	 	13	 

     

    

 

Any certificate signed by any officer of a Lindblad
Party and delivered to the Representative or counsel for the Initial Purchasers in connection with the offering of the Securities shall
be deemed a representation and warranty by such Lindblad Party, as to matters covered thereby, to each Initial Purchaser.

 

2.     
Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein
set forth, the Company agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase
from the Company and the Guarantors, at a purchase price of 98.250% of the principal amount thereof, plus accrued interest, if any, from
February 4, 2022 to the Closing Date, the principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule I
hereto.

 

3.     
Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City time,
on February 4, 2022, or at such time on such later date not more than three Business Days after the foregoing date as the Representative
shall designate, which date and time may be postponed by agreement between the Representative and the Company or as provided in Section 9
hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). As used herein,
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions
or trust companies are authorized or obligated by law to close in The City of New York. Delivery of the Securities shall be made to the
Representative for the respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through
the Representative of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the
account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless
the Representative shall otherwise instruct.

 

4.     
Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities have not been and will
not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit
of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act.

 

    	 	14	 

     

    

 

(b)  
Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the Company that:

 

(i)     it has not offered or sold, and will not offer or sell, any Securities within the United States or to, or for the account or benefit
of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement
of the offering and the date of the closing of the offering except:

 

		(A)	in the case of sales to those it reasonably believes to be “qualified institutional buyers” as permitted by Rule 144A
under the Securities Act or

 

		(B)	in accordance with Rule 903 of Regulation S;

 

(ii)    neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by
means of General Solicitation, other than any General Solicitation included in Schedule IV hereto;

 

(iii)   in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure that the
purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A;

 

(iv)   neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities;

 

(v)    it is an “accredited investor” (as defined in Rule 501(a) of Regulation D);

 

(vi)    it has complied and will comply with the offering restrictions requirement of Regulation S;

 

(vii)   at or prior to the confirmation of sale of Securities (other than a sale of Securities pursuant to Section 4(b)(i)(A) of this Agreement),
it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities
from it during the distribution compliance period (within the meaning of Regulation S) a confirmation or notice to substantially the following
effect:

 

“The Securities covered hereby have not been registered
under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”)
and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution
at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering,
except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Additional restrictions on the offer and
sale of the Securities are described in the offering memorandum for the Securities. Terms used in this paragraph have the meanings given
to them by Regulation S.”;

 

    	 	15	 

     

    

 

(viii)   it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”))
received by it in connection with the issue or sale of any Securities, in circumstances in which Section 21(1) of the FSMA does not apply
to the Company;

 

(ix)      it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
Securities in, from or otherwise involving the United Kingdom; and

 

(x)       it acknowledges that additional restrictions on the offer and sale of the Securities are described in the Disclosure Package and
the Final Memorandum.

 

5.     
Agreements. Each Lindblad Party, jointly and severally, agrees with each Initial Purchaser that:

 

(a)  
The Company will furnish to each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period
referred to in Section 5(c) below, as many copies of the materials contained in the Disclosure Package and the Final Memorandum and any
amendments and supplements thereto as they may reasonably request.

 

(b)  
The Company will prepare a final term sheet, containing solely a description of final terms of the Securities and the offering
thereof, in the form approved by you and attached as Schedule II hereto.

 

(c)  
The Lindblad Parties will not amend or supplement the Disclosure Package or the Final Memorandum other than by filing documents
under the Exchange Act that are incorporated by reference therein, without the prior written consent of the Representative; provided,
however, that prior to the completion of the distribution of the Securities by the Initial Purchasers (as defined by the Initial Purchasers),
the Lindblad Parties will not file any document under the Exchange Act that is incorporated by reference in the Disclosure Package or
the Final Memorandum unless, prior to such proposed filing, the Parent has furnished the Representative with a copy of such document for
its review and the Representative has not reasonably objected to the filing of such document. The Company will promptly advise the Representative
when any document filed under the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum shall
have been filed with the Commission.

 

    	 	16	 

     

    

 

(d)  
If at any time prior to the completion of the sale of the Securities by the Initial Purchasers (as determined by the Representative),
any event occurs as a result of which the Disclosure Package, any General Solicitation, or the Final Memorandum, as then amended or supplemented,
would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made or the circumstances then prevailing, not misleading, or if it should be necessary
to amend or supplement the Disclosure Package or the Final Memorandum to comply with applicable law, the Company will promptly (i) notify
the Representative of any such event; (ii) subject to the requirements of Section 5(c), prepare an amendment or supplement that will correct
such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or Final Memorandum
to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request.

 

(e)  
Without the prior written consent of the Representative, the Lindblad Parties have not given and will not give to any prospective
purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure
Package, the Final Memorandum or any other offering materials prepared by or with the prior written consent of the Representative.

 

(f)   
The Company will arrange, if necessary, for the qualification of the Securities for sale by the Initial Purchasers under the laws
of such jurisdictions as the Representative may designate (including Japan and certain provinces of Canada) and will maintain such qualifications
in effect so long as required for the sale of the Securities; provided that in no event shall the Company be obligated to qualify
to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to taxation or service
of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so
subject. The Company will promptly advise the Representative of the receipt by the Company of any notification with respect to the suspension
of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

 

(g)  
The Lindblad Parties will not, and will not permit any of their respective Affiliates to, resell any Securities that have been
acquired by any of them.

 

(h)  
None of the Lindblad Parties, their respective Affiliates, or any person acting on their behalf will, directly or indirectly, make
offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the
Securities under the Securities Act.

 

(i)    
None of the Lindblad Parties, their respective Affiliates, or any person acting on their behalf will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities; and each of them will comply with the offering restrictions
requirement of Regulation S.

 

(j)    
None of the Lindblad Parties, their Affiliates, or any person acting on their behalf will engage in any General Solicitation, other
than any General Solicitation in respect of which the Representative has given its prior written consent; provided that the prior written
consent of the Representative shall be deemed to have been given in respect of the General Solicitation included in Schedule IV hereto.

 

    	 	17	 

     

    

 

(k)  For so long as any of the Securities are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, the Company, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the
Exchange Act or it is not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange
Act, will provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such
restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4)
under the Securities Act. This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by
such holders, from time to time of such restricted securities.

 

(l)   The Lindblad Parties will cooperate with the Representative and use their best efforts to permit the Securities to be eligible
for clearance and settlement through The Depository Trust Company.

 

(m)  Each of the Notes will bear, to the extent applicable,
the legend contained in “Transfer Restrictions” in the Final Memorandum for the time period and upon the other terms stated
therein.

 

(n)  
The Lindblad Parties will not for a period of 90 days following the Execution Time, without the prior written consent of Citigroup
Global Markets Inc. (“Citigroup”) offer, sell, contract to sell, pledge, otherwise dispose of, or enter into any transaction
which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Lindblad Parties or their respective Affiliates or any person in privity with
the Lindblad Parties or any of their respective Affiliates), directly or indirectly, or announce the offering, of any non-convertible
or non-exchangeable debt securities issued or guaranteed by the Lindblad Parties (other than the Securities); provided, that the
foregoing shall not apply to commercial paper with maturity of less than one year.

 

(o)  
The Lindblad Parties will not take, directly or indirectly, any action designed to, or that has constituted or that might reasonably
be expected to, cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of
the Lindblad Parties to facilitate the sale or resale of the Securities.

 

(p)  
The Lindblad Parties agree to pay the costs and expenses relating to the following matters: (i) the preparation of the Transaction
Documents and the issuance of the Securities and the fees of the Trustee and Collateral Trustee; (ii) the preparation, printing or reproduction
of the materials contained in the Disclosure Package and the Final Memorandum and each amendment or supplement to either of them; (iii)
the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies
of the materials contained in the Disclosure Package and the Final Memorandum, and all amendments or supplements to either of them, as
may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the issuance and delivery
of the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (vi) the printing
(or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced)
and delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and
sale under the securities or blue sky laws of the several states, Japan, the provinces of Canada and any other jurisdictions specified
pursuant to Section 5(e) (including filing fees and the reasonable and documented fees and expenses of counsel for the Initial Purchasers
relating to such registration and qualification up to an aggregate of $15,000); (viii) the transportation and other expenses incurred
by or on behalf of Lindblad Parties’ representatives in connection with presentations to prospective purchasers of the Securities;
(ix) the fees and expenses of the Lindblad Parties’ accountants and the fees and expenses of counsel (including local and special
counsel) for the Lindblad Parties; (x) the fees and expenses incurred with respect to creating, documenting and perfecting the security
interests in the Collateral as contemplated by each Security Document and the Collateral Trust Agreement (including the related fees and
expenses of each counsel to the Initial Purchasers, including local counsel, for all periods prior to and after the Closing Date); and
(xi) all other costs and expenses incident to the performance by the Lindblad Parties of their obligations hereunder. The Lindblad Parties
agree to reimburse the Representative, on behalf of the Initial Purchasers, for all reasonable and documented fees, disbursements and
expenses of counsels for the Initial Purchasers incurred with respect to creating, documenting and perfecting the security interests in
the Collateral. It is understood that except as provided in this Section 5(p) and Section 8, the Initial Purchasers will pay their own
costs and expenses, including the fees and disbursements of their counsel.

 

    	 	18	 

     

    

 

6.     
Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase the
Securities shall be subject to the accuracy of the representations and warranties of the Lindblad Parties contained herein at the Execution
Time and the Closing Date, to the accuracy of the statements of the Lindblad Parties made in any certificates pursuant to the provisions
hereof, to the performance by the Lindblad Parties of their obligations hereunder and to the following additional conditions:

 

(a)  
The Company shall have requested and caused:

 

(i)     Skadden, Arps, Slate, Meagher & Flom LLP, United States counsel for the Company and the Guarantors, to furnish to the Representative
its opinion and negative assurance letters, each dated the Closing Date and addressed to the Representative, in form reasonably satisfactory
to the Representative and its counsel;

 

(ii)    Foley & Lardner LLP, special U.S. counsel for the Company and the Mortgaged Vessel Owning Subsidiaries owning U.S. flag Mortgaged
Vessels, to furnish to the Representative its opinion letter, dated the Closing Date and addressed to the Representative, in form reasonably
satisfactory to the Representative and its counsel;

 

(iii)   Snell & Wilmer LLP, special Nevada counsel for the Guarantors organized under the laws of the State of Nevada, to furnish to
the Representative its opinion letter, dated the Closing Date and addressed to the Representative, in form reasonably satisfactory to
the Representative and its counsel;

 

    	 	19	 

     

    

 

(iv)   Conyers Dill & Pearman LLP, special Cayman Islands counsel for the Company and the Guarantors organized under the laws of the
Cayman Islands, to furnish to the Representative its opinion letter, dated the Closing Date and addressed to the Representative, in form
reasonably satisfactory to the Representative and its counsel;

 

(v)    Quevedo & Ponce, special Ecuador counsel for the Guarantors organized under the laws of the Republic of Ecuador, to furnish
to the Representative its opinion letter, dated the Closing Date and addressed to the Representative, in form reasonably satisfactory
to the Representative and its counsel; and

 

(vi)   McKinney, Bancroft & Hughes, special Bahamas counsel for the Mortgaged Vessel Owning Subsidiaries owning Bahamian flag Mortgaged
Vessels, to furnish to the Representative its opinion letter, dated the Closing Date and addressed to the Representative, in form reasonably
satisfactory to the Representative and its counsel.

 

In rendering such opinions, (x) Skadden, Arps, Slate,
Meagher & Flom LLP may rely (A) as to matters involving the application of laws of any jurisdiction other than the jurisdiction of
incorporation of the Company or the Parent, the State of New York or the federal laws of the United States, to the extent they deem proper
and specified in such opinion letter, upon the opinion of other counsel of good standing whom they believe to be reliable and who are
satisfactory to counsel for the Initial Purchasers and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible
officers of the Lindblad Parties and public officials; and (y) Foley & Lardner LLP may rely upon as to matters of fact, to the extent
they deem proper, on certificates of responsible officers of the Lindblad Parties and public officials.

 

(b)  
The Representative shall have received from Shearman & Sterling LLP, United States counsel for the Initial Purchasers, such
opinion or opinions and negative assurance letter, each dated the Closing Date and addressed to the Representative, with respect to the
issuance and sale of the Securities, the Indenture, the Disclosure Package, the Final Memorandum (as amended or supplemented at the Closing
Date) and other related matters as the Representative may reasonably require, and the Company shall have furnished to such counsel such
documents as they request for the purpose of enabling them to pass upon such matters.

 

(c)  
The Parent shall have furnished to the Representative a certificate of the Parent, signed by (x) the chief executive officer and
(y) the principal financial or accounting officer of the Parent, dated the Closing Date, to the effect that the signers of such certificate
have carefully examined the Disclosure Package and the Final Memorandum and any supplements or amendments thereto, and this Agreement
and that:

 

(i)  the representations and warranties of each Lindblad Party in this Agreement are true and correct on and as of the Closing Date
with the same effect as if made on the Closing Date, and each Lindblad Party has complied with all the agreements and satisfied all the
conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and

 

    	 	20	 

     

    

 

(ii)   since the date of the most recent financial statements included or incorporated by reference in the Disclosure Package and the
Final Memorandum (exclusive of any amendment or supplement thereto), there has been no material adverse change in the condition (financial
or otherwise), prospects, earnings, business or properties of the Parent and its subsidiaries, taken as a whole, whether or not arising
from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum
(exclusive of any amendment or supplement thereto).

 

(d)  
At the Closing Date, the Company shall have furnished to the Representative a certificate, addressed to the Initial Purchasers,
of its Chief Financial Officer with respect to certain financial and other data contained in the Disclosure Package and the Final Memorandum,
providing “management comfort” with respect to such information, to the effect set forth in Exhibit A hereto.

 

(e)  
At the Execution Time and at the Closing Date, the Company shall have requested and caused Marcum LLP to furnish to the Representative
letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representative
and confirming that they are independent accountants within the meaning of the Exchange Act and the applicable published rules and regulations
thereunder and containing statements and information of the type ordinarily included in accountants’ “comfort letters”
to initial purchasers with respect to financial statements and certain financial information contained in the Disclosure Package and Final
Memorandum. All references in this Section 6(e) to the Disclosure Package and the Final Memorandum include any amendment or supplement
thereto at the date of the applicable letter.

 

(f)   
Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Disclosure Package (exclusive
of any amendment or supplement thereto) and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have
been (i) any change or decrease specified in the letter or letters referred to in paragraph (e) of this Section 6; or (ii) any change,
or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business
or properties of the Parent and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement
thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representative, so
material and adverse as to make it impractical or inadvisable to proceed with the offering, sale or delivery of the Securities as contemplated
in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto).

 

(g)  
The Notes shall be eligible for clearance and settlement through The Depository Trust Company.

 

    	 	21	 

     

    

 

(h)  
Subsequent to the Execution Time, there shall not have been any decrease in the rating of the Notes by any “nationally recognized
statistical rating organization” (as defined for purposes of Rule 3(a)(62) under the Exchange Act) or any notice given of any
intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the
possible change.

 

(i)    
Prior to the Closing Date, the Company shall have furnished to the Representative such further information, certificates and documents
as the Representative may reasonably request.

 

(j)    
The Company and the Guarantors shall have executed and delivered the Indenture, each Security Document (other than those Security
Documents that may be entered into following the Closing Date, as provided in the Indenture or any Security Document entered into as of
the Closing Date) and Collateral Trust Agreement, in each case, to the extent party thereto, in form and substance satisfactory to the
Representative and its counsel, and the Representative shall have received executed copies thereof.

 

(k)  
On the Closing Date, subject in all respects to the terms of the Indenture and the Security Documents and any applicable post-closing
delivery provisions specified therein, the Initial Purchasers shall have received (i) documents in form and substance reasonably satisfactory
to the Representative to the effect that all prior liens on the Mortgaged Vessels have been released or the mortgagees thereunder have
irrevocably authorized the release of such liens and (ii) the Ship Mortgages in respect of U.S. flag Mortgaged Vessels, in form and substance
reasonably satisfactory to the Representative, (iii) Assignments of Insurance, in form and substance reasonably satisfactory to the Representative,
(iv) Assignments of Earnings, in form and substance reasonably satisfactory to the Representative, and (v) all other Security Documents
required to be delivered on the Closing Date not listed in the foregoing clauses, in each case in respect of the U.S. Guarantors and in
form and substance reasonably satisfactory to the Representative.

 

(l)    
On the Closing Date, the Company shall have furnished to the evidence satisfactory to the Representative that the Bank Refinancing
Transactions shall have been consummated, or will be consummated substantially concurrently on the Closing Date, on the terms and conditions
described in each of the Disclosure Package and the Final Memorandum.

 

If any of the conditions specified in this Section 6
shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere
in this Agreement shall not be reasonably satisfactory in form and substance to the Representative and counsel for the Initial Purchasers,
this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date
by the Representative. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in
writing.

 

The documents required to be delivered by this Section 6
will be delivered at the office of counsel for the Initial Purchasers, at 599 Lexington Avenue, New York, New York 10022, on the Closing
Date.

 

    	 	22	 

     

    

 

7.   Reimbursement of Expenses. If the sale of the Securities provided for herein is not consummated because any condition
to the obligations of the Initial Purchasers set forth in Section 6 hereof is not satisfied, because of any termination pursuant
to Section 10 hereof or because of any refusal, inability or failure on the part of any Lindblad Party to perform any agreement herein
or comply with any provision hereof other than by reason of a default by any of the Initial Purchasers, the Lindblad Parties jointly and
severally agree to reimburse the Initial Purchasers severally through Citigroup on demand for all expenses (including reasonable and documented
fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities.

 

8.   Indemnification and Contribution. (a) Each Lindblad Party jointly and severally agrees to indemnify and hold harmless
each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls
any Initial Purchaser within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages
or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other
U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities
or actions in respect thereof arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained
in the Preliminary Memorandum, the Final Memorandum, any Issuer Written Information, any General Solicitation, or any other written information
used by or on behalf of the Lindblad Parties in connection with the offer or sale of the Securities, or in any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees
to reimburse each such indemnified party, as incurred, for any documented legal or other expenses reasonably incurred by it in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Lindblad
Parties will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum or the Final
Memorandum, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to
a Lindblad Party by or on behalf of any Initial Purchaser through the Representative specifically for inclusion therein. This indemnity
agreement will be in addition to any liability that the Lindblad Parties may otherwise have.

 

(b)  
Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless each Lindblad Party, each of their respective
directors, each of their respective officers, and each person, if any, who controls any Lindblad Party within the meaning of either the
Securities Act or the Exchange Act, to the same extent as the foregoing indemnity to each Initial Purchaser, but only with reference to
written information relating to such Initial Purchaser furnished to a Lindblad Party by or on behalf of such Initial Purchaser through
the Representative specifically for inclusion in the Preliminary Memorandum or the Final Memorandum (or in any amendment or supplement
thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. Each Lindblad Party
acknowledges that the statements set forth under the heading “Plan of Distribution”, (i) the first sentence of the eighth
paragraph related to market making activities and (ii) the tenth paragraph related to over-allotment, stabilizating transactions
and covering transactions in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing
by or on behalf of the Initial Purchasers for inclusion in the Preliminary Memorandum or the Final Memorandum or in any amendment or supplement
thereto.

 

    	 	23	 

     

    

 

(c)  
Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying
party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability
under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above.
The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the
indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case
the indemnifying party shall not thereafter be responsible for the reasonable and documented fees and expenses of any separate counsel,
other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth
below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying
party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party
shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable and documented
fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such
action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there
may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the
indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent
the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall
authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether
or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent:
(i) includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding
and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party.

 

(d)  
In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient
to hold harmless an indemnified party for any reason, the Lindblad Parties and the Initial Purchasers severally agree to contribute to
the aggregate losses, claims, damages and liabilities (including documented legal or other expenses reasonably incurred in connection
with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Lindblad
Parties and one or more of the Initial Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits
received by the Lindblad Parties on the one hand and by the Initial Purchasers on the other from the offering of the Securities. If the
allocation provided by the immediately preceding sentence is unavailable for any reason, the Lindblad Parties and the Initial Purchasers
severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of the Lindblad Parties on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted
in such Losses, as well as any other relevant equitable considerations. Benefits received by the Lindblad Parties shall be deemed to be
equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Initial Purchasers
shall be deemed to be equal to the total purchase discounts and commissions. Relative fault shall be determined by reference to, among
other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information provided by the Lindblad Parties on the one hand or the Initial Purchasers on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The
Lindblad Parties and the Initial Purchasers agree that it would not be just and equitable if contribution were determined by pro rata
allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding
the provisions of this paragraph (d), in no event shall any Initial Purchaser be required to contribute any amount in excess of the amount
by which the total purchase discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities
exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. The Initial Purchasers obligation to contribute pursuant to this paragraph (d) shall be several
in proportion to their respective purchase commitment set forth on Schedule I hereto and not joint. 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. For purposes of this Section 8, each person who controls an Initial Purchaser within the meaning
of either the Securities Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall
have the same rights to contribution as such Initial Purchaser, and each person who controls the Lindblad Parties within the meaning of
either the Securities Act or the Exchange Act and each officer and director of the Lindblad Parties shall have the same rights to contribution
as the Lindblad Parties, subject in each case to the applicable terms and conditions of this paragraph (d).

 

    	 	24	 

     

    

 

9.  Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of
the Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the
performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up
and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I
hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the
Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however,
that in the event that the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial Purchasers agreed
but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining
Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and
if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting
Initial Purchaser or the Lindblad Parties. In the event of a default by any Initial Purchaser as set forth in this Section 9, the
Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representative shall determine in order that
the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement
shall relieve any defaulting Initial Purchaser of its liability, if any, to the Lindblad Parties or any nondefaulting Initial Purchaser
for damages occasioned by its default hereunder.

 

10. 
Termination. This Agreement shall be subject to termination in the absolute discretion of the Representative, by
notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in
the Parent’s securities shall have been suspended by the Commission or the Nasdaq Stock Market LLC or trading in securities generally
on the New York Stock Exchange or Nasdaq Stock Market LLC shall have been suspended or limited or minimum prices shall have been established
on any such exchanges; (ii) a banking moratorium shall have been declared either by U.S. federal or New York State authorities; (iii)
there shall have occurred a material disruption in commercial banking or securities settlement or clearance services; or (iv) there
shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other
calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representative, impractical
or inadvisable to proceed with the offering, sale or delivery of the Securities as contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto).

 

11. 
Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and
other statements of each Lindblad Party or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Lindblad Parties
or any of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The
provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement.

 

12.   Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representative,
will be mailed, delivered or telefaxed to the Citigroup General Counsel (fax no.: (646) 291-1469) and confirmed to Citigroup at 388 Greenwich
Street, New York, New York 10013, Attention: General Counsel (with a copy to: Shearman & Sterling LLP, 599 Lexington Avenue, New York,
New York 10022, Attention: JD DeSantis); or, if sent to any Lindblad Party, will be mailed, delivered or telefaxed to c/o Lindblad Expeditions
Holdings, Inc., 96 Morton Street, 9th Floor, New York, New York, 10014 Attention: Craig Felenstein, Chief Financial Officer, and Alexis
Freeman, General Counsel (with a copy to: Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, New York 10001,
Attention: Laura Kaufmann Belkhayat).

 

13. 
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly
set forth in Section 5(k) hereof, no other person will have any right or obligation hereunder.

 

    	 	25	 

     

    

 

14. 
Jurisdiction. Each Lindblad Party agrees that any suit, action or proceeding against such Lindblad Party brought
by any Initial Purchaser, the directors, officers, employees and agents of any Initial Purchaser, or by any person who controls any Initial
Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S.
federal court in The City of New York and County of New York, and waives any objection which it may now or hereafter have to the laying
of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding.
Each Lindblad Party (other than the Parent) hereby appoints Lindblad Expeditions Holdings, Inc., 96 Morton Street, 9th Floor, New York,
New York, 10014 as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated herein that may be instituted in any State or U.S. federal
court in The City of New York and County of New York, by any Initial Purchaser, the directors, officers, employees, Affiliates and agents
of any Initial Purchaser, or by any person who controls any Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of
any such court in respect of any such suit, action or proceeding. Each Lindblad Party (other than the Parent) hereby represents and warrants
that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and such Lindblad
Party agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment
in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service
of process upon the such Lindblad Party. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be
instituted by any Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Initial Purchaser, or by any person
who controls any Initial Purchaser, in any court of competent jurisdiction in the jurisdiction of incorporation of the respective Lindblad
Party.

 

15. 
Recognition of the U.S. Special Resolution Regimes. (a) In the event that any Initial Purchaser that is a Covered
Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement,
and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under
the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States
or a state of the United States.

 

(b) In the event that any Initial Purchaser that
is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the
United States or a state of the United States.

 

As used in this Section 15, “BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k);
 “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b), (ii) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b) or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b); “Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and “U.S. Special Resolution Regime” means each
of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and the regulations promulgated thereunder.

 

    	 	26	 

     

    

 

16. 
Internet Document Service. Each Lindblad Party hereby agrees that the Initial Purchasers may provide copies of the
Preliminary Memorandum and Final Memorandum and any other agreement or document relating to the offer and sale of the Securities, including,
without limitation, the Indenture, to Xtract Research LLC (“Xtract”) following the Closing Date for inclusion in an online
research service sponsored by Xtract, access to which is restricted to “qualified institutional buyers” (as defined in Rule
144A under the Securities Act).

 

17. 
Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between
the Lindblad Parties and the Initial Purchasers, or any of them, with respect to the subject matter hereof.

 

18. 
Applicable Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement will
be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within
the State of New York.

 

19. 
Waiver of Jury Trial. Each Lindblad Party hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

20. 
No Fiduciary Duty. Each Lindblad Party hereby acknowledges that (a) the purchase and sale of the Securities pursuant
to this Agreement is an arm’s-length commercial transaction between the Lindblad Parties, on the one hand, and the Initial Purchasers
and any Affiliate through which it may be acting, on the other, (b) the Initial Purchasers are acting as principal and not as an agent
or fiduciary of any Lindblad Parties or any of their respective subsidiaries and (c) the Lindblad Parties’ engagement of the Initial
Purchasers in connection with the offering and the process leading up to the offering is as independent contractors and not in any other
capacity. Furthermore, each of the Lindblad Parties agrees that it is solely responsible for making its own judgments in connection with
the offering (irrespective of whether any of the Initial Purchasers has advised or is currently advising any Lindblad Party on related
or other matters). Each of the Lindblad Parties agrees that it will not claim that the Initial Purchasers have rendered advisory services
of any nature or respect, or owe an agency, fiduciary or similar duty to such Lindblad Party, in connection with such transaction or the
process leading thereto.

 

21. 
Currency. Each reference in this Agreement to U.S. dollars (the “relevant currency”), including by use
of the symbol “$”, is of the essence. To the fullest extent permitted by law, the obligation of the Lindblad Parties in respect
of any amount due under this Agreement will, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise),
be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance
with its normal procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business
Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that may be so purchased
for any reason falls short of the amount originally due, the Lindblad Parties will pay such additional amounts, in the relevant currency,
as may be necessary to compensate for the shortfall. Any obligation of the Lindblad Parties not discharged by such payment will, to the
fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein,
will continue in full force and effect.

 

    	 	27	 

     

    

 

22. 
Waiver of Immunity. To the extent that any Lindblad Parties has or hereafter may acquire any immunity (sovereign
or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether
service or notice, attachment in aid or otherwise) with respect to itself or any of its property, such Lindblad Party hereby irrevocably
waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement.

 

23. 
Waiver of Tax Confidentiality. Notwithstanding anything herein to the contrary, purchasers of the Securities (and
each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the
U.S. tax treatment and U.S. tax structure of any transaction contemplated herein and all materials of any kind (including opinions or
other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S tax structure, other
than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.

 

24. 
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original
and all of which together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

25. 
Headings. The section headings used herein are for convenience only and shall not affect the construction hereof.

 

26. 
Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies
their respective clients, including the Company and the Guarantors, which information may include the name and address of their respective
clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients.

 

    	 	28	 

     

    

 

If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement
between the Company, the Guarantor and the several Initial Purchasers.

 

	 	Very truly yours,
	 	 	 	 
	 	LINDBLAD EXPEDITIONS, LLC
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	LINDBLAD EXPEDITIONS HOLDINGS, INC., as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	LINDBLAD MARITIME VENTURES, INC., as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	SPEX SEA BIRD LTD., as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer
	 	 	 	 
	 	SPEX SEA LION LTD., as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein
	 	 	Title: Chief Financial Officer

  

 

    [Signature Page to Purchase Agreement]

     

    

 

 

	 	LEX EXPLORER LLC, as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS I LLC, as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS II LLC, as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX GALAPAGOS PARTNERS III LLC, as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX QUEST LLC, as Guarantor
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX VENTURE LLC, as Guarantor	 
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 

  

 

    [Signature Page to Purchase Agreement]

     

    

 

	 	FILLMORE PEARL HOLDING, LTD., as Guarantor	 
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	FILLMORE PEARL (CAYMAN) II, LTD., as Guarantor	 
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	LEX ESPRIT LTD., as Guarantor	 
	 	 	 	 
	 	By:	/s/ Craig Felenstein	 
	 	 	Name: Craig Felenstein	 
	 	 	Title: Chief Financial Officer	 

 

 

 

    [Signature Page to Purchase Agreement]

     

    

 

	 	MARVENTURA DE TURISMO CIA. LTDA., as Guarantor
	 	 	 	 
	 	By:	/s/ Pablo Peña	 
	 	 	Name: Pablo Peña	 
	 	 	Title: Executive President	 
	 	 	 	 
	 	METROHOTEL CIA. LTDA., as Guarantor
	 	 	 	 
	 	By:	/s/ Pablo Peña	 
	 	 	Name: Pablo Peña	 
	 	 	Title: Executive President	 

 

 

 

    [Signature Page to Purchase Agreement]

     

    

 

 

	 	NAVILUSAL CIA. LTDA., as Guarantor
	 	 	 	 
	 	By:	/s/ Dolf Berle	 
	 	 	Name: Dolf Berle	 
	 	 	Title: President	 

 

 

 

 

    [Signature Page to Purchase Agreement]

     

    

 

The foregoing Agreement is hereby

confirmed and accepted as of the

date first above written.

 

Citigroup Global Markets Inc.

 

	By:	/s/ Akshay Kulkarni	 	 
	 	Name: Akshay Kulkarni	 	 
	 	Title: Director	 	 

  

For itself and the other several Initial

Purchasers named in Schedule I to the

foregoing Agreement.

 

    [Signature Page to Purchase Agreement]

     

    

 

 

 

SCHEDULE I

 

	Initial Purchasers	 	Principal Amount of Notes to be Purchased	 
	Citigroup Global Markets Inc.	 	 	U.S.$162,000,000	 
	Credit Suisse Securities (USA) LLC	 	 	126,000,000	 
	J.P. Morgan Securities LLC	 	 	72,000,000	 
	Total	 	 	U.S.$360,000,000	 

 

    Schedule I-1

     

    

 

SCHEDULE II

 

	PRICING SUPPLEMENT	STRICTLY CONFIDENTIAL
	Issued January 20, 2022	 

 

 

  

Lindblad Expeditions,
LLC

$360,000,000 6.750% Senior Secured Notes due 2027

Guaranteed on a senior secured basis by Lindblad Expeditions Holdings, Inc. and certain subsidiaries

 

This Pricing Supplement is qualified
in its entirety by reference to the preliminary offering memorandum dated January 20, 2022 of Lindblad Expeditions, LLC (the “Preliminary
Offering Memorandum”) for the offering of its 6.750% Senior Secured Notes due 2027. The information in this Pricing Supplement supplements
the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with
the information in the Preliminary Offering Memorandum.

 

Unless otherwise indicated,
terms used but not defined herein have the meanings assigned to such terms in the Preliminary Offering Memorandum.

 

	Issuer:	Lindblad Expeditions, LLC (the “Issuer”)
	Security:	6.750% Senior Secured Notes due 2027 (the “Notes”)
	Aggregate Principal Amount:	$360,000,000 (which represents an increase of $20,000,000 from the amount disclosed in the Preliminary Offering Memorandum). The additional net proceeds from the increase to the offering size will be used for general corporate purposes.
	Coupon:	6.750%
	Price:	100.000% plus accrued interest, if any, from February 4, 2022
	Yield to Maturity:	6.750%
	Benchmark Treasury:	1.25% UST due December 31, 2026
	Spread to Benchmark Treasury:	+513 basis points
	Gross Proceeds (before discount and expenses):	

$360,000,000
	Maturity:	February 15, 2027
	Interest Payment Dates:	February 15 and August 15 of each year, commencing August 15, 2022 (long first coupon)
	Record Dates:	February 1 and August 1
	Guarantees	The Notes will be fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by Lindblad Expeditions Holdings, Inc. (“Parent”) and certain of Parent’s subsidiaries (other than the Issuer) that are or will be guarantors under the New Credit Facility.

  

    Schedule II-1

     

    

 

	Collateral	The Notes will be secured by a first-priority lien (subject to permitted liens and certain other exceptions), on a pari passu basis with the obligations under the New Credit Facility, on substantially all the assets of the Issuer and the guarantors, whether owned on the closing date of this offering or thereafter acquired, including but not limited to: (a) a first-priority pledge of all the equity interests of each restricted subsidiary of Parent, (b) mortgages on the Mortgaged Vessels (which constitute all of Parent’s unencumbered, owned vessels) and (c) first-priority security interests in substantially all tangible and intangible assets of the Issuer and the domestic guarantors, subject to permitted liens and exceptions. The Collateral will not include any equity or assets of any Excluded Subsidiary, including the equity of the Excluded Vessel Subsidiaries as described in the Preliminary Offering Memorandum.

	Optional Redemption:	
    On or after February 15, 2024, the Issuer may redeem some or all of
    the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and
    Additional Amounts, if any, on the Notes redeemed, to, but not including the applicable date of redemption, if redeemed during the twelve-month
    period beginning on February 15 of the years indicated below:

     

	 	Year	Redemption Price
	 	 	 
	 	2024    	 103.375%
	 	2025    	 101.688%
	 	2026 and thereafter	 100.000%

	 	
     

    Prior to February 15, 2024, the Issuer may redeem some or all of the
    Notes at a price equal to 100% of the principal amount, plus a “make-whole” premium, plus accrued and unpaid interest and
    Additional Amounts, if any, to, but not including, the date of redemption.

     

    In addition, prior to February 15, 2024, the Issuer may, at its option,
    redeem up to 40% of the aggregate principal amount of the Notes with the net cash proceeds from specified equity offerings at a redemption
    price equal to 106.750% of the principal amount of Notes to be redeemed, plus accrued and unpaid interest and Additional Amounts, if any,
    to, but not including, the date of redemption.

     

	Change of Control Offer:	If a Change of Control occurs, the Issuer will offer to repurchase the Notes at a repurchase price equal to 101% of the principal amount, plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the repurchase date.
	Trade Date:	January 21, 2022
	Settlement Date:	February 4, 2022 (T+10)
	Distribution:	144A/Regulation S (no registration rights)
	Governing Law:	New York
	CUSIP/ISIN:	
    144A: 53523L AA8 / US53523LAA89

     

    Regulation S: U5347L AA9 / USU5347LAA99

     

	Book-Running Managers:	Citigroup Global Markets Inc.

Credit Suisse Securities (USA) LLC

J.P. Morgan Securities LLC

  

    Schedule II-2

     

    

 

 

This communication is being distributed in the
United States solely to qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and outside the United States solely to non-U.S. persons as defined under Regulation S under the Securities Act. The Notes
and the guarantees have not been and will not be registered under the Securities Act or any state securities laws, and may not be offered
or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from
the registration requirement.

 

It is expected that delivery of the Notes will
be made against payment therefor on or about February 4, 2022, which is the tenth business day following the trade date of the Notes (such
settlement cycle being referred to as “T+10”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), trades in the secondary market are required to settle in two business days unless the parties to any such
trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the second business day before
delivery of the Notes hereunder will be required, by virtue of the fact that the Notes initially settle in T+10, to specify an alternative
settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes
prior to their date of delivery hereunder should consult their own advisors.

 

This communication is for informational purposes
only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer to buy securities described
herein can be accepted, and no part of the purchase price thereof can be received, unless the person making such investment decision has
received and reviewed the information contained in the relevant offering memorandum in making their investment decisions. This communication
is not intended to be a confirmation as required under Rule 10b-10 of the Exchange Act. A formal confirmation will be delivered to you
separately. This notice shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the
notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

 

This information does not purport to be a complete
description of these securities or the offering. Please refer to the Preliminary Offering Memorandum.

 

This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer
or solicitation in such jurisdiction.

 

Any legends, disclaimers or other notices that may appear below are
not applicable to this communication and should be disregarded. Such legends, disclaimers or notices were automatically generated as a
result of this communication being sent by Bloomberg or another email system.

 

    Schedule II-3

     

    

 

 

 

SCHEDULE III

 

Schedule of Written Testing-the-Waters Communication

 

None.

 

    Schedule III-1

     

    

 

 

SCHEDULE IV

 

Schedule of Written General Solicitation Materials

 

None.

 

 

    Schedule IV-1

     

    

 

 

SCHEDULE V

 

	Entity	 	Jurisdiction of Organization
	Lindblad Expeditions, LLC	 	Delaware
	Lindblad Maritime Ventures, Inc.	 	Delaware
	Lindblad Maritime Enterprises, Ltd.	 	Cayman Islands
	LEX Quest LLC	 	Nevada
	LEX Venture LLC	 	Nevada
	SPEX Sea Bird Ltd.	 	Nevada
	SPEX Sea Lion Ltd.	 	Nevada
	LEX Explorer LLC	 	Nevada
	LEX Endurance Ltd.	 	Cayman Islands
	LEX Galápagos Partners I LLC	 	Nevada
	LEX Galápagos Partners II LLC	 	Nevada
	LEX Galápagos Partners III LLC	 	Nevada
	Fillmore Pearl Holding, Ltd.	 	Cayman Islands
	NAVILUSAL Cia. Ltda.	 	Ecuador
	Marventura de Turismo Cia. Ltda.	 	Ecuador
	Metrohotel Cia. Ltda.	 	Ecuador
	Fillmore Pearl (Cayman) II, Ltd.	 	Cayman Islands
	LEX Esprit Ltd.	 	Cayman Islands
	Classic Journeys, LLC (80.1%)	 	California
	Natural Habitat, Inc. (80.1%)	 	Colorado

 

 

    Schedule V-1

     

    

 

 

SCHEDULE VI

 

	Mortgaged Vessel Owning Subsidiary	Jurisdiction of Organization	Mortgaged Vessel	Vessel Flag
	 	 	 	 
	SPEX Sea Bird Ltd.	Nevada	National Geographic Sea Bird	USA
	Metrohotel Cia. Ltd.	Ecuador	National Geographic Endeavour II	Ecuador
	Marventura De Turismo Cia. Ltd.	Ecuador	National Geographic Islander	Ecuador
	LEX Explorer LLC	Nevada	National Geographic Explorer	Bahamas
	Fillmore Pearl (Cayman) II, Ltd.	Cayman Islands	National Geographic Orion	Bahamas
	LEX Quest LLC	Nevada	National Geographic Quest	USA
	SPEX Sea Lion, Ltd.	Nevada	National Geographic Sea Lion	USA
	LEX Venture LLC	Nevada	National Geographic Venture	USA

 

    Schedule VI-1

     

    

 

EXHIBIT A

 

Form of Chief Financial Officer’s Certificate

 

 

[Omitted]

 

    Exhibit A-1

     

    

 

ANNEX A

 

Significant Subsidiaries

 

	Entity	 	Jurisdiction of Organization
	Lindblad Expeditions, LLC	 	Delaware
	Lindblad Maritime Ventures, Inc.	 	Delaware
	Lindblad Maritime Enterprises, Ltd.	 	Cayman Islands
	Natural Habitat, Inc.	 	Colorado
	Classic Journeys, LLC	 	California
	Off the Beaten Path LLC	 	Montana
	DuVine Cycling + Adventure Co.	 	Massachusetts
	LEX Quest LLC	 	Nevada
	LEX Venture LLC	 	Nevada
	SPEX Sea Bird Ltd.	 	Nevada
	SPEX Sea Lion Ltd.	 	Nevada
	Lindblad Global Trading, Inc.	 	New York
	LEX Explorer LLC	 	Nevada
	SPEX Calstar LLC	 	Nevada
	LEX Endurance Ltd.	 	Cayman Islands
	LEX Galápagos Partners I LLC	 	Nevada
	LEX Galápagos Partners II LLC	 	Nevada
	LEX Galápagos Partners III LLC	 	Nevada
	Fillmore Pearl Holding, Ltd.	 	Cayman Islands
	NAVILUSAL Cia. Ltda.	 	Ecuador
	Marventura de Turismo Cia. Ltda.	 	Ecuador
	Metrohotel Cia. Ltda.	 	Ecuador
	Fillmore Pearl (Cayman) II, Ltd.	 	Cayman Islands
	Lindblad Bluewater II Limited	 	Cayman Islands
	LEX Esprit Ltd.	 	Cayman Islands

 

 

    Annex A-1

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