Document:

EXHIBIT 10.5

Execution
Version

 

OMNIBUS AMENDMENT
AGREEMENT

 

This OMNIBUS AMENDMENT AGREEMENT (this “Amendment”),
dated as of July 16, 2019, is entered into by and among APPLIED DNA SCIENCES, INC., a Delaware corporation (the “Company”)
and each of the investors listed on Schedule I attached hereto (each, a “Buyer” and collectively, the
 “Buyers”).

 

WITNESSETH:

 

WHEREAS, the Company and each Buyer party
thereto entered into that certain Securities Purchase Agreement, dated as of August 31, 2018 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “August Securities Purchase Agreement”) and the Company
and each Buyer party thereto entered into that certain Securities Purchase Agreement, dated as of November 29, 2018 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “November Securities Purchase Agreement”
and together with the August Securities Purchase Agreement, the “Securities Purchase Agreements”), pursuant
to which the Company sold, and each Buyer purchased, on a several and not joint basis the principal amount of the Notes issued
pursuant to the Securities Purchase Agreements (as such Notes may be amended, amended and restated, supplemented or otherwise modified
from time to time, the “Notes”); and

 

WHEREAS, the Company and each Buyer party
thereto entered into that certain Registration Rights Agreement, dated as of August 31, 2018 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “August Registration Rights Agreement”) and the Company
and each Buyer party thereto entered into that certain Registration Rights Agreement, dated as of November 29, 2018 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “November Registration Rights Agreement”
and together with the August Registration Rights Agreement, the “Registration Rights Agreements”), pursuant
to which the Company sold, and each Buyer purchased, on a several and not joint basis the principal amount of the Notes issued
pursuant to the Securities Purchase Agreements (as such Notes may be amended, amended and restated, supplemented or otherwise modified
from time to time, the “Notes”); and

 

WHEREAS, the Company has requested and
the Buyers, by their execution and acknowledgement hereof, have each agreed, subject to the terms of this Amendment, to amend the
Securities Purchase Agreements and the Registration Rights Agreements, as provided herein.

 

NOW, THEREFORE, the parties hereto hereby
agree as follows, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and intending
to be legally bound:

 

1.          Definitions.
Capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings given to such terms in the
applicable Securities Purchase Agreement or the applicable Registration Rights Agreement, as applicable.

 

    			 

     

    

 

2.          Amendment
to the Securities Purchase Agreements.

 

(a)          The
second Whereas of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Each Buyer wishes to purchase
on a several and not a joint basis, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, that
principal amount of the Notes, in substantially the form attached hereto as Exhibit A (the “Notes”),
set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers attached hereto. The Notes will be one
of an issue of senior secured convertible notes of the Company issued pursuant to a securities purchase agreement by and among
the parties thereto (such other secured convertible notes, the “Other Notes” and collectively with the Notes,
the “Company Notes”).”

 

(b)          The
last paragraph of Section 2(f) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as
follows:

 

“If a legend is not required pursuant
to the foregoing, the Company shall no later than two (2) Business Days following the delivery by the Buyer to the Company or the
transfer agent (with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock powers
attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together
with any other deliveries from the Buyer as may be required above in this Section 2(f), as directed by the Buyer, either: (A) provided
that the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program and such Securities
are Conversion Shares, credit the aggregate number of shares of Common Stock to which the Buyer shall be entitled to the Buyer’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B) if the Company’s
transfer agent is not participating in the DTC Fast Automated Securities Transfer Program or the Securities are not shares of Common
Stock, issue and deliver (via reputable overnight courier) to the Buyer, a certificate representing such Securities that is free
from all restrictive and other legends, registered in the name of the Buyer or its designee.”

 

    	 	-2-	 

     

    

 

(c)          Section
2(k) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Sold to Various Buyers. Such Buyer understands
that the Notes (i) may be sold to various buyers in one or more Closings, (ii) will generally be for a term of three years but
may have varying maturity dates, (iii) may be purchased by officers and directors of the Company, (iv) regardless of issue or sale
date, will be secured on a pari passu basis by the same Security Document, and the perfection of any related security interest
is not required to occur until 30 days after the first Closing Date and (v) may be issued in a principal amount of up to $5,500,000.
In addition, Buyer understands that a majority of the principal amount of the Notes outstanding prior to the date hereof have been
purchased by the Chief Executive Officer of the Company (the “CEO”). Buyer also understands that so long
as the principal amount of the Company Notes does not exceed $5,500,000 the Company may offer and sale additional Company Notes
to existing holders or new investors without such Buyer’s prior consent or approval. Further, Buyer understands that an affirmative
vote of the holders of at least 70% of the outstanding principal of the Company Notes are required to direct the approval of amendments
to the Transaction Documents and to control the demand rights granted pursuant to the Registration Rights Agreement, an affirmative
vote of holders of at least 50% of the outstanding principal of the Company Notes are required to direct the actions of the Collateral
Agent and an affirmative vote of at least 30% of the outstanding principal of the Company Notes is required to call an Event of
Default (as defined in the Company Notes).”

 

(d)          Each
of the Securities Purchase Agreements is hereby amended by adding the following Section 3(f) as follows:

 

“(f) Material Assets of
Subsidiaries. Other than LineaRX, Inc., a Delaware corporation and APDN (B.V.I.) Inc., a corporation organized under the laws
of the British Virgin Islands, no Subsidiary of the Company holds any material assets of the Company.”

 

(e)          Section
4(d)(v) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“The Collateral Agent may resign
or be removed by the holders of the Company Notes (by an affirmative vote of the holders of at least 50% of the outstanding principal
of the Company Notes) as Collateral Agent hereunder at any time upon at least thirty (30) days’ prior notice. If the Collateral
Agent at any time shall resign, the holders of the Company Notes shall (by an affirmative vote of the holders of at least 50% of
the outstanding principal of the Company Notes), within ten (10) days after such notice appoint a successor Collateral Agent which
shall thereupon become the Collateral Agent hereunder and under the Security Document. If no successor Collateral Agent shall have
been so appointed, and shall have accepted such appointment, within the above time frame the retiring Collateral Agent may appoint
a successor. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor
Collateral Agent shall be entitled to receive from the retiring Collateral Agent such documents of transfer and assignment as such
successor Collateral Agent may reasonably request, and shall thereupon succeed to and become vested with all rights, powers, privileges
and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations
under this Agreement. After the effective date of any retiring Collateral Agent’s resignation hereunder as collateral agent,
the provisions of this section shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral
Agent under this Agreement.”

 

    	 	-3-	 

     

    

 

(f)          Section
4(d)(vi) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“The Collateral Agent shall not
be deemed to have knowledge or notice of the occurrence of any default unless the Collateral Agent has received a copy of a notice
thereof from a Buyer referring to this Agreement and describing such default. In the event that the Collateral Agent receives such
a notice, the Collateral Agent shall promptly give notice thereof to the other holders of the Company Notes and to the Company.
The Collateral Agent shall be permitted to take such action with respect to any default as provided in this Agreement and the Security
Document.”

 

(g)          Section
4(d)(viii) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Upon any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to its creditors upon any dissolution
or winding-up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings including, without limitation, all amounts received by the Collateral Agent on behalf
of the Buyers, or received by the Buyers, shall be paid by the Company in accordance with its outstanding Secured Obligations (as
defined in the Security Document) to each of the Buyers in accordance with clause (xi) below. Any and all amounts referred to in
this clause (viii) or any other amounts or proceeds of collateral received by any of the Buyers (x) shall be held in trust for
the benefit of all of the holders of the Company Notes, (y) shall be immediately delivered by the applicable Buyers to the Collateral
Agent in the amount and form received, and (z) shall be apportioned, paid over or delivered among the holders of the Company Notes
in accordance with clause (xi) of this Agreement.”

 

(h)          Section
4(d)(ix) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Except as provided by law, the
security interests in the Collateral shall be for the ratable benefit of the holders of the Company Notes, shall rank equally in
priority, none being senior or subordinate to any other. No Buyer shall contest the validity, perfection, priority or enforceability
of the lien of any other holder of the Company Notes in the Collateral. Each Buyer, by its acceptance of the benefits hereof, agrees
that it shall have no right individually to realize upon any of the Collateral under this Agreement, the Security Document, pursuant
to applicable law, or otherwise, it being understood and agreed by each Buyer that all rights and remedies under this Agreement,
the Security Document, pursuant to applicable law, or otherwise, may be exercised solely by the Collateral Agent for the benefit
of the Buyers in accordance with the provisions of this Agreement and the Security Document.”

 

    	 	-4-	 

     

    

 

(i)          Section
4(d)(xi) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Any and all Collateral Proceeds
Amount and any other amounts or proceeds of Collateral received by any of the Buyers shall be held in trust for the benefit of
all of the holders of the Company Notes, shall be immediately delivered by the applicable Buyer to the Collateral Agent in the
amount and form received, and, subject to the rights to any of the Collateral Proceeds Amount or such other amounts or proceeds
of Collateral of the holders of the other security interests in the Collateral referred to in clause (x) above, shall be apportioned,
paid over or delivered as follows: first, to the Collateral Agent for the payment or reimbursement of any expenses and fees
of, or any other amount payable to, the Collateral Agent hereunder or under the Security Document, and next, among the holders
of the Company Notes on a pro rata basis to each in accordance with the Company’s outstanding obligations to each of the
holders of the Company Notes.”

 

(j)          Each
of the Securities Purchase Agreements is hereby amended by adding the following Section 4(e), 4(f), 4(g) and 4(h) as follows:

 

“(e)          Ranking.
All payments due under the Notes shall rank pari passu with the Other Notes.

 

(f)          After-Acquired
Subsidiary. The Company will, upon the acquisition or creation of any Subsidiary after the date hereof (each subsidiary, an
 “After-Acquired Subsidiary”), cause such After-Acquired Subsidiary (i) to execute a guaranty guaranteeing the
principal and interest of the Notes with the Collateral Agent for the ratable benefit of the holders of the Company Notes and (ii)
to grant to the Collateral Agent, for the ratable benefit of the holders of the Company Notes, a security interest in all of such
After-Acquired Subsidiary’s tangible and intangible assets.

 

    	 	-5-	 

     

    

 

(g)          Subsidiary
Collateral Sales. In the event the Company sells any assets (other than asset sales in the ordinary course) of any Subsidiary
after the date hereof or causes such Subsidiary to sell any assets (other than asset sales in the ordinary course), the Company
will first offer the net proceeds of such asset sale to repay the Company Notes on a pro rata basis to each holder of the Company
Notes in accordance with the Company’s outstanding obligations to each of the holders of the Company Notes. The Company shall
provide 10 days prior written notice of such asset sale (the “Asset Sale Notice”) to the holders of the Company
Notes. If the Buyer exercises its right to receive the net proceeds of such asset sale on a pro rata basis, such Buyer must provide
notice in writing to the Company on or before the fifth Trading Day following the date on which the Asset Sale Notice was delivered
to the Buyer; provided that if the Company receives no such notice in writing from the Buyer, such Buyer shall be deemed
to have notified that Company that it does not elect such right to receive the net proceeds of such asset sale on a pro rata basis.

 

(h)          Loans
to Subsidiaries. After the date hereof, the Company shall not, directly or indirectly, lend to or invest in, any Subsidiary
of the Company without causing such Subsidiary (i) to execute a guaranty in the amount of such funds received from the Company
guaranteeing the principal and interest of the Notes with the Collateral Agent for the ratable benefit of the holders of the Company
Notes and (ii) to grant to the Collateral Agent, for the ratable benefit of the holders of the Company Notes, a security interest
in the amount of such funds received from the Company in all of such Subsidiary’s tangible and intangible assets.”

 

(k)          Section
9(e) of each of the Securities Purchase Agreements is hereby amended and restated, in its entirety, as follows:

 

“Entire Agreement; Amendments.
This Agreement and the other Transaction Documents supersede all other prior oral or written agreements between the Buyer, the
Company, their affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement,
the other Transaction Documents and the instruments referenced herein and therein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. In no event shall any amendment,
modification or waiver be made to this Agreement which would adversely affect the economic terms of the holders of the Company
Notes, including but not limited to any change in the Conversion Price, Maturity Date, Collateral, interest rate or schedule of
payment, redemptions or conversion, or any sale or change in the holders priority in the Collateral subject to a security interest,
without the prior written consent of each holder of the Company Notes.. No provision of this Agreement may be amended other than
by an instrument in writing signed by the Company and the Required Holders (as defined in the Note), and any amendment to this
Agreement made in conformity with the provisions of this Section 9(e) shall be binding on the Buyer and holders of Securities,
as applicable. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement
is sought. No such amendment shall be effective to the extent that it applies to less than all of the holders of the applicable
Securities then outstanding. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification
of any provision of any of the Transaction Documents unless the same consideration also is offered to all of the parties to the
Transaction Documents or holders of Notes. The Company has not, directly or indirectly, made any agreements with the Buyer relating
to the terms or conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction
Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement, the Buyer has not
made any commitment or promise or has no other obligation to provide any financing to the Company or otherwise.”

 

    	 	-6-	 

     

    

 

3.          Amendment
to the Registration Rights Agreements.

 

(a)          The
first Whereas of each of the Registration Rights Agreements is hereby amended to add the following sentence at the end of the paragraph:

 

“The Notes will be one of an issue
of senior secured convertible notes of the Company issued pursuant to a securities purchase agreement by and among the parties
thereto (such other secured convertible notes, the “Other Notes” and collectively with the Notes, the “Company
Notes”).”

 

(b)          The
definition of “Registrable Securities” in Section 1(i) in each of the Registration Rights Agreements is hereby
deleted in its entirety and replaced with the following:

 

Registrable Securities”
means (i) the Conversion Shares issued or issuable upon conversion or redemption of the Company Notes and (ii) any share capital
of the Company issued or issuable with respect to the Conversion Shares or the Company Notes as a result of any stock split, stock
dividend, recapitalization, exchange or similar event or otherwise.

 

(c)          The
definition of “Required Holders” in Section 1(k) in each of the Registration Rights Agreements is hereby deleted
in its entirety and replaced with the following:

 

“Required Holders”
means the holders of at least 70% of the Registrable Securities.

 

4.          Ratification.
This Amendment shall be construed in connection with and as a part of each of the Securities Purchase Agreements, as applicable,
and each of the Registration Rights Agreements, as applicable, and, except as expressly amended by this Amendment, all terms, conditions,
covenants, representations and warranties contained in each of the Securities Purchase Agreements and the Registration Rights Agreements
are hereby ratified and shall be and remain in full force and effect. Any and all notices, requests, certificates and other instruments
executed and delivered after the execution and delivery of this Amendment may refer to the Securities Purchase Agreements and the
Registration Rights Agreements, without making specific reference to this Amendment, but nevertheless all such references shall
include this Amendment.

 

5.          Parties
Bound. This Amendment shall be binding on and inure to the benefit of (i) the Company and (ii) the Buyers, as well as each
of their respective heirs, executors, administrators, legal representatives, successors and assigns, except as otherwise expressly
provided for herein.

 

6.          Counterparts
and Signatures. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed to be an original, and all of which taken together shall constitute but one and the same instrument. The transmission
or receipt of a facsimile or similar communication being a reproduction of a party’s signature or initial shall produce the
same legal result as the transmission or receipt of an original signature or initial.

 

    	 	-7-	 

     

    

 

7.          Severability
of Provisions. Any provision of this Amendment which is prohibited and unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibitive or enforceability without invalidating the remaining provisions
hereof or affecting the validity or enforceability of such provisions in any other jurisdiction.

 

8.          Section
Headings. The Section headings used in this Amendment are for convenience only and shall not affect the construction of
this Amendment.

 

9.          Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

[remainder of page intentionally left blank]

 

    	 	-8-	 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Amendment as of the day and year first above written.

 

	
        

         
	COMPANY:
	 	 
	 	APPLIED DNA SCIENCES, INC., a Delaware corporation
	 	 

 

	 	By:	/s/ Beth Jantzen
	 	Print Name: Beth Jantzen, CPA
	 	Its: Chief Financial Officer
	 	 

 

[Signatures Continue on Following Page]

 

Signature Page to Omnibus Amendment Agreement

 

    	 		 

     

    

 

ACKNOWLEDGED AND CONSENTED TO BY BUYERS:

 

	By:	/s/ James A. Hayward	 
	Print Name: James A. Hayward	 
	 	 
	By:	/s/ Judith Murrah	 
	Print Name: Judith Murrah	 
	 	 
	By:	/s/ Yavoc Shamash	 
	Print Name: Yavoc Shamash	 
	 	 
	By:	/s/ Robert Catell	 
	Print Name: Robert Catell	 
	 	 
	By:	/s/ Elizabeth Schmalz Ferguson	 
	Print Name: Elizabeth Schmalz Ferguson	 
	 	 
	By:	/s/ Gregg Baldwin	 
	Print Name: Gregg Baldwin	 
	 	 
	By:	/s/ William Montgomery	 
	Print Name: William Montgomery	 
	 	 
	By:	/s/ Johnette van Eeden	 
	Print Name: Johnette van Eeden	 
	 	 
	By:	/s/ John Cartier	 
	Print Name: John Cartier	 
	 	 
	By:	/s/ Wayne Buchen	 
	Print Name: Wayne Buchen	 

 

Signature Page to Omnibus Amendment
Agreement

 

    	 		 

     

    

 

ACKNOWLEDGED AND CONSENTED TO BY BUYERS (continued):

 

	Delabarta II	 
	 	 
	By:	/s/ John F. Bitzer III	 
	Print Name: John F. Bitzer III	 
	Title: President	 
	 	 
	The Rodgers Living Trust Dated April 7, 1995	 
	 	 
	By:	/s/ Jay D. Rodgers	 
	Print Name: Jay D. Rodgers	 
	Title: Trustee	 

 

Signature Page to Omnibus Amendment Agreement

 

    	 		 

     

    

 

SCHEDULE
I

SCHEDULE OF BUYERS

	
         Buyer
	 	Address for Notices
	James A. Hayward	 	1 Emmet Drive, Stony Brook, NY 11790 and

50 Health Sciences Drive, Stony Brook, NY 11790
	Judith Murrah	 	8 Old Post Lane, Saint James, NY 11780
	Delabarta II	 	c/o Delaware Corporate Management, 1105 North Market Street, Suite 1300, Wilmington, DE 19801
	Yavoc Shamash	 	7 Quaker Hill Road, Stony Brook, NY 11790
	Robert Catell	 	62 Osborne Road, Garden City, NY 11530
	Elizabeth Schmalz Ferguson	 	101 Jersey Avenue, Spring Lake, NJ 07762
	The Rodgers Living Trust Dated April 7, 1995	 	1277 Porter Road, Flower Mound, TX 75022
	Gregg Baldwin	 	3391 Ichabod Way, The Villages, FL 32163
	William Montgomery	 	34211 Seavey Loop Road, Eugene, OR 97405
	Johnette van Eeden	 	451 Westpark Way, Suite 5, Euless, TX 76040
	John Cartier	 	P.O. Box East Hampton, NY 11937
	Wayne Buchen	 	50 Health Sciences Drive, Stony Brook, NY 11790

 

Schedule I to Omnibus Amendment AgreementExhibit 10.1

 

AMENDMENT NO. 1 TO WARRANT AGREEMENT

 

This Amendment (this "Amendment")
is made as of July 17, 2019 by and between Lindblad Expeditions Holdings, Inc., a Delaware corporation (f/k/a Capitol Acquisition
Corp. II) (the "Company") and Continental Stock Transfer & Trust Company, a New York corporation as warrant
agent (the "Warrant Agent"), and constitutes an amendment to that certain Warrant Agreement, dated as of May 10,
2013 (the "Existing Warrant Agreement"), between the Company and the Warrant Agent. Capitalized terms used but
not otherwise defined in this Amendment shall have the meanings given to such terms in the Existing Warrant Agreement.

 

WHEREAS, Section 9.8 of the Existing Warrant
Agreement provides that the Company and the Warrant Agent may amend, subject to certain conditions provided therein, the Existing
Warrant Agreement with the vote or written consent of the registered holders of a majority of the outstanding Warrants as a single
class;

 

WHEREAS, the Company desires to amend the
Existing Warrant Agreement to provide the Company with the right to require the holders of the Warrants to exchange all of the
outstanding Warrants for Common Stock of the Company, on the terms and subject to the conditions set forth herein; and

 

WHEREAS, in the exchange offer and consent
solicitation undertaken by the Company pursuant to the Registration Statement on Form S-4/A (No. 333-232113) filed with and declared
effective by the Securities and Exchange Commission on July 9, 2019, the registered holders of more than a majority of the outstanding
Warrants consented to and approved this Amendment.

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree to amend the Existing Warrant Agreement as set forth herein.

 

		1.	Amendment of Existing Warrant Agreement. The Existing Warrant Agreement is hereby amended by adding the new Section
6A thereto:

 

"6AMandatory Exchange.

 

6A.1Company Election to Exchange.
Notwithstanding any other provision in this Agreement to the contrary, all (and not less than all) of the outstanding Warrants
may be exchanged, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office
of the Warrant Agent, upon notice to the registered holders of the outstanding Warrants, as described in Section 6A.2 below, for
Common Stock, at the exchange rate of 0.36575 shares of Common Stock for each Warrant held by the holder thereof (the "Consideration")
(subject to equitable adjustment by the Company in the event of any stock splits, stock dividends, recapitalizations or similar
transaction with respect to the Common Stock). In addition, notwithstanding Section 4.7 hereof, in lieu of issuing fractional shares,
any holder of Warrants who would otherwise have been entitled to receive fractional shares as Consideration will, after aggregating
all such fractional shares of such holder, be paid in cash (without interest) in an amount equal to such fractional part of a share
multiplied by $17.72.

 

    	 	 	 

     

    

 

6A.2Date Fixed for, and Notice of,
Exchange. In the event that the Company elects to exchange all of the Warrants, the Company shall fix a date for the exchange
(the "Exchange Date"). Notice of exchange shall be mailed by first class mail, postage prepaid, (or, as to holders
of Warrants held in global form, in accordance with DTC notice procedures) by the Company not less than fifteen (15) days prior
to the Exchange Date to the registered holders of the Warrants at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the
registered holder received such notice. The Company will make a public announcement of its election through a press release following
the mailing of such notice.

 

6A.3Exercise After Notice of Exchange.
The Warrants may be exercised, for cash (or on a "cashless basis" in accordance with subsection 3.3.1(b) of this Agreement)
at any time after notice of exchange shall have been given by the Company pursuant to Section 6A.2 hereof and prior to the Exchange
Date. On and after the Exchange Date, the registered holder of the Warrants shall have no further rights except to receive, upon
surrender of the Warrants, the Consideration."

 

		2.	Miscellaneous Provisions.

 

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

 

		2.2	Applicable Law. The validity, interpretation and performance of this Amendment shall be governed in all respects by
the laws of the State of New York, without giving effect to conflict of law principles that would result in the application of
the substantive laws of another jurisdiction. The parties hereby agree that any action, proceeding or claim against it arising
out of or relating in any way to this Amendment shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at Lindblad Expeditions Holdings, Inc., 96 Morton
Street, 9th Floor, New York, New York 10014, Attention: Craig Felenstein, Leo Chang and Thomas Diverio. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

		2.3	Counterparts. This Amendment may be executed in any number of counterparts, and by facsimile or portable document format
(pdf) transmission, and each of such counterparts shall for all purposes be deemed to be an original and all such counterparts
shall together constitute but one and the same instrument.

 

    	 	2	 

     

    

 

		2.4	Effect of Headings. The Section headings herein are for convenience only and are not part of this Amendment and shall
not affect the interpretation thereof.

 

		2.5	Entire Agreement. The Existing Warrant Agreement, as modified by this Amendment, constitutes the entire understanding
of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or
oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises
and commitments are hereby canceled and terminated.

 

[Signatures follow on next page]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Amendment to be duly executed as of the date first above written.

 

	 	LINDBLAD
    EXPEDITIONS HOLDINGS, INC.
	 	 	 	 
	 	By:	 	/s/ Sven-Olof
    Lindblad
	 	Name: Sven-Olof Lindblad
	 	Title: Chief Executive Officer and President
	 	 	 	 
	 	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 	 
	 	By:	 	/s/ Henry Farrell
	 	Name: Henry Farrell
	 	Title: Vice President

 

 

[Signature Page to Warrant Agreement
Amendment]

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