Document:

Exhibit
10.2

 

	 

                                                                                                                           LINDBLAD
EXPEDITIONS HOLDINGS, INC.

        2015
        LONG-TERM INCENTIVE PLAN

         

 

RESTRICTED
STOCK Unit Grant Notice

 

Capitalized
terms not specifically defined in this Restricted Stock Unit Grant Notice (the “Grant Notice”) have
the meanings given to them in the 2015 Long-Term Incentive Plan (as amended from time to time, the “Plan”)
of Lindblad Expeditions Holdings, Inc. (the “Company”).

 

The
Company has granted to the participant listed below (“Participant”) the Restricted Stock Units described
in this Grant Notice (the “RSUs”), subject to the terms and conditions of the Plan and the Restricted
Stock Unit Agreement attached as Exhibit A (the “Agreement”), both of which are incorporated
into this Grant Notice by reference.

 

	Participant:	 
	Grant
    Date:	 
	Number
    of RSUs:	 
	Vesting
    Commencement Date:	 
	Vesting
    Schedule:	Subject
    to the terms of the Agreement, the RSUs will vest in three substantially equal annual installments on each of the first three
    anniversaries of the vesting commencement date set forth above (the “Vesting Commencement Date”),
    such that the RSUs will be fully vested on the third anniversary of the Vesting Commencement Date.

 

By
Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.
Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and
the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan, this Grant Notice or the Agreement.

 

	LINDBLAD
    EXPEDITIONS HOLDINGS, INC.	 	PARTICIPANT
	 	 	 
	By:	                      	 	 
	Name:	 	 	[Participant
    Name]
	Title:	 	 	 

 

     

     

    

 

Exhibit A

 

RESTRICTED
STOCK UNIT AGREEMENT

 

Capitalized
terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan.

 

Article
I.

general

 

1.1          Award
of RSUs and Dividend Equivalents.

 

(a)          The Company has granted the RSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each RSU represents the right to receive one Share or, at the option of the Company, an amount of cash,
in either case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of
any cash until the time (if ever) the RSUs have vested.

 

(b)          The Company hereby grants to Participant, with respect to each RSU, a Dividend Equivalent for ordinary cash dividends paid to
substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU
is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to receive the equivalent value of any
such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account
(a “Dividend Equivalent Account”) for each Dividend Equivalent and credit the Dividend Equivalent Account
(without interest) on the applicable dividend payment date with the amount of any such cash paid.

 

1.2          Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the Plan,
which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of
the Plan will control.

 

1.3          Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company
obligation payable only from the Company’s general assets.

 

Article
II.

VESTING; forfeiture AND SETTLEMENT

 

2.1          Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction
of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. In the event
of Participant’s Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled
and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant
and the Company. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest or be forfeited, as applicable,
upon the vesting or forfeiture of the RSU with respect to which the Dividend Equivalent (including the Dividend Equivalent Account)
relates.

 

2.2          Settlement.

 

(a)          RSUs and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid in Shares or cash at the Company’s
option as soon as administratively practicable after the vesting of the applicable RSU, but in no event more than sixty (60) days
after the RSU’s vesting date. Notwithstanding the foregoing, the Company may delay any payment under this Agreement that
the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making
of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the
Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.

 

     

     

    

 

(b)          If an RSU is paid in cash, the amount of cash paid with respect to the RSU will equal the Fair Market Value of a Share on the
day immediately preceding the payment date. If a Dividend Equivalent is paid in Shares, the number of Shares paid with respect
to the Dividend Equivalent will equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account
balance divided by the Fair Market Value of a Share on the day immediately preceding the payment date.

 

Article
III.

TAXATION AND TAX WITHHOLDING

 

3.1          Representation. Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors
the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents.

 

3.2          Tax Withholding.

 

(a)          The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in
accordance with the Plan of any withholding tax arising in connection with the RSUs or Dividend Equivalents as Participant’s
election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under
the Award.

 

(b)          Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs
and the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding
obligations that arise in connection with the RSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes any representation
or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs
or the Dividend Equivalents or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no
obligation to structure the RSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability.

 

Article
IV.

other provisions

 

4.1          Adjustments. Participant acknowledges that the RSUs, the Shares subject to the RSUs and the Dividend Equivalents are subject
to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

 

4.2          Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the
Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current
email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing
and addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s
personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be
given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail
(return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the
United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile
transmission confirmation.

 

    	 	A-2	 

     

    

 

4.3          Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

4.4          Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended
as necessary to conform to Applicable Laws.

 

4.5          Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees,
and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.

 

4.6          Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the RSUs and the Dividend Equivalents
will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act
(including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable
Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

 

4.7          Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof.

 

4.8          Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid,
the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect
on, the remaining provisions of the Grant Notice or this Agreement.

 

4.9          Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be
construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will
have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if
any, with respect to the RSUs and Dividend Equivalents, and rights no greater than the right to receive cash or the Shares as
a general unsecured creditor with respect to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this
Agreement.

 

4.10        Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of
the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant
at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.

 

4.11        Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

* * * * *

 

 

A-3Exhibit 10.3

 

	 

                                                                                                                           LINDBLAD
EXPEDITIONS HOLDINGS, INC.

        2015
        LONG-TERM INCENTIVE PLAN

         

 

PERFORMANCE
SHARE Unit Grant Notice

 

Capitalized
terms not specifically defined in this Performance Share Unit Grant Notice (the “Grant Notice”) have
the meanings given to them in the 2015 Long-Term Incentive Plan (as amended from time to time, the “Plan”)
of Lindblad Expeditions Holdings, Inc. (the “Company”).

 

The
Company has granted to the participant listed below (“Participant”) the Target Number of Performance
Share Units described in this Grant Notice (the “PSUs”), subject to the terms and conditions of the
Plan and the Performance Share Unit Agreement attached as Exhibit A (the “Agreement”), both of
which are incorporated into this Grant Notice by reference.

 

	Participant:	 
	Grant
    Date:	 
	Performance
    Period:	 
	Target
    Number of PSUs:	 

 

By
Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.
Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and
the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan, this Grant Notice or the Agreement.

 

	LINDBLAD EXPEDITIONS HOLDINGS, INC.	 	PARTICIPANT
	 	 	 
	By:	                    	 	         
	Name: 	 	 	[Participant Name]
	Title:	 	 	 

 

     

     

    

 

Exhibit A

 

PERFORMANCE
SHARE UNIT AGREEMENT

 

Capitalized
terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant
Notice, in the Plan.

 

Article
I.

general

 

1.1           Award of PSUs and Dividend Equivalents.

 

(a)               
The Company has granted the PSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). Each PSU represents the right to receive one Share or, at the option of the Company, an amount of cash,
in either case, as set forth in this Agreement. Participant will have no right to the distribution of any Shares or payment of
any cash until the time (if ever) the PSUs have vested.

 

(b)              
The Company hereby grants to Participant, with respect to each PSU, a Dividend Equivalent for ordinary cash dividends paid to
substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable PSU
is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to receive the equivalent value of any
such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account
(a “Dividend Equivalent Account”) for each Dividend Equivalent and credit the Dividend Equivalent Account
(without interest) on the applicable dividend payment date with the amount of any such cash paid.

 

1.2           Incorporation of Terms of Plan. The PSUs are subject to the terms and conditions set forth in this Agreement and the Plan,
which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of
the Plan will control.

 

1.3           Unsecured Promise. The PSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company
obligation payable only from the Company’s general assets.

 

     

     

    

 

Article
II.

VESTING; forfeiture AND SETTLEMENT

 

2.1           Vesting; Forfeiture.

 

(a)               
Generally. The PSUs will be earned at a level of up to 200% based upon and subject to the Company’s achievement for
the Performance Period identified in the Grant Notice (the “Performance Period”) of the performance
conditions separately communicated to Participant (the “Performance Conditions”). When practicable following
the completion of the Performance Period, the Administrator shall determine the extent to which the Performance Conditions have
been satisfied (such date of determination, which shall occur in the calendar year following the last year of the Performance
Period, the “Final Determination Date”). To the extent earned under the terms of the Performance Conditions,
the PSUs will vest on the Final Determination Date, subject to this Section 2.1. Any fraction of a PSU that would otherwise be
vested will be rounded up to the next whole share. Any PSUs that are not earned in accordance with the Performance Conditions
will immediately and automatically be cancelled and forfeited without consideration as of the Final Determination Date. In addition,
in the event of (i) Participant’s Termination of Service for any reason prior to January 1 of the year following the last
year of the Performance Period, or (ii) Participant’s Termination of Service by the Company or its applicable Subsidiary
for Cause or the Participant’s voluntary resignation (other than on account of Participant’s Disability) prior to
the Final Determination Date, all PSUs not yet vested will immediately and automatically be cancelled and forfeited without consideration,
except as otherwise determined by the Administrator or as provided in a separate binding written agreement between Participant
and the Company. For the avoidance of doubt, in the event the Participant dies, is terminated by the Company or its applicable
Subsidiary without Cause or terminates on account of Participant’s Disability, in any case after January 1 of the year following
the last year of the Performance Period and prior to the Final Determination Date, the Participant will remain entitled to receive
payment in respect of the PSUs in accordance with the terms of this Agreement. Dividend Equivalents (including any Dividend Equivalent
Account balance) will vest or be forfeited, as applicable, upon the vesting or forfeiture of the PSU with respect to which the
Dividend Equivalent (including the Dividend Equivalent Account) relates. As used in this Agreement, “Cause”
means (i) if Participant is a party to a written employment or consulting agreement with the Company or its Subsidiary in which
the term “cause” is defined (a “Relevant Agreement”), “Cause” as defined in
the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) the Administrator’s determination that Participant
failed to substantially perform Participant’s duties (other than a failure resulting from Participant’s Disability);
(B) the Administrator’s determination that Participant failed to carry out, or comply with any lawful and reasonable directive
of the Board or Participant’s immediate supervisor; (C) Participant’s conviction, plea of no contest, plea of nolo
contendere, or imposition of unadjudicated probation for any felony or indictable offense or crime involving moral turpitude;
(D) Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the premises of the
Company or any of its Subsidiaries or while performing Participant’s duties and responsibilities for the Company or any
of its Subsidiaries; or (E) Participant’s commission of an act of fraud, embezzlement, misappropriation, misconduct, or
breach of fiduciary duty against the Company or any of its Subsidiaries.

 

(b)              
Change in Control. Notwithstanding any provision of this Agreement to the contrary, in the event a Change in Control occurs
before the end of the Performance Period, the number of PSUs earned pursuant to this Agreement will be determined by the Administrator
as of the date of the Change in Control (with the Performance Conditions adjusted, as applicable, to the extent necessary to measure
performance over such shorter period). Following the date of the Change in Control, such PSUs that are deemed earned will vest
(a) on January 1 of the year following the last year of the Performance Period, subject to Participant not incurring a Termination
of Service prior to that date, or (b) as set forth in any employment agreement that may be in effect between the Company
(or any Subsidiary) and Participant, and, in either case, will be settled promptly thereafter in accordance with Section 2.2.

 

2.2           Settlement of PSUs.

 

(a)              
PSUs and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid in Shares or cash at the Company’s
option as soon as administratively practicable after (and not later than 60 days after) the Final Determination Date, but in no
event later than 30 days after the issuance of annual earnings results for the last year of the Performance Period. Notwithstanding
the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable
Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance
with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the Company reasonably believes the delay will not result in the
imposition of excise taxes under Section 409A.

 

(b)              
If a PSU is paid in cash, the amount of cash paid with respect to the PSU will equal the Fair Market Value of a Share on the day
immediately preceding the payment date. If a Dividend Equivalent is paid in Shares, the number of Shares paid with respect to
the Dividend Equivalent will equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance
divided by the Fair Market Value of a Share on the day immediately preceding the payment date.

 

    	 	A-2	 

     

    

 

Article
III.

TAXATION AND TAX WITHHOLDING

 

3.1           Representation. Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors
the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents.

 

3.2           Tax Withholding.

 

(a)              
The Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in
accordance with the Plan of any withholding tax arising in connection with the PSUs or Dividend Equivalents as Participant’s
election to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise issuable under
the Award.

 

(b)              
Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the PSUs
and the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding
obligations that arise in connection with the PSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes any representation
or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the PSUs
or the Dividend Equivalents or the subsequent sale of Shares. The Company and the Subsidiaries do not commit and are under no
obligation to structure the PSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability.

 

Article
IV.

other provisions

 

4.1           Adjustments. Participant acknowledges that the PSUs, the Shares subject to the PSUs and the Dividend Equivalents are subject
to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.

 

4.2           Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the
Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current
email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing
and addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s
personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be
given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail
(return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the
United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile
transmission confirmation.

 

4.3           Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

4.4           Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended
as necessary to conform to Applicable Laws.

 

4.5           Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees,
and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives,
successors and assigns of the parties hereto.

 

    	 	A-3	 

     

    

 

4.6           Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant
is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement, the PSUs and the Dividend Equivalents
will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act
(including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable
Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

 

4.7           Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

 

4.8           Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid,
the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect
on, the remaining provisions of the Grant Notice or this Agreement.

 

4.9           Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be
construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will
have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if
any, with respect to the PSUs and Dividend Equivalents, and rights no greater than the right to receive cash or the Shares as
a general unsecured creditor with respect to the PSUs and Dividend Equivalents, as and when settled pursuant to the terms of this
Agreement.

 

4.10         Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right
to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of
the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant
at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement
between the Company or a Subsidiary and Participant.

 

4.11         Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

* * * * *

 

A-4

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