Document:

Exhibit 10.23

 

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

 

Execution Version

 

SECOND AMENDMENT
TO

TOUR OPERATOR AGREEMENT

 

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

 

W I T N E
S S E T H:

 

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

 

WHEREAS, Lindblad proposes to enter into
the Merger Agreement (as defined below), pursuant to which Argo Merger Sub, Inc. will merge with and into Lindblad in the Initial
Merger, with Lindblad surviving as the Interim Corporation, and the Interim Corporation will merge with and into Argo Expeditions,
with Argo Expeditions surviving as the Surviving Company in the Subsequent Merger;

 

WHEREAS, Section 18.4 the Tour Operator
Agreement provides that no assignment may be made by Lindblad except with the prior consent of NGS; and

 

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

 

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

 

1.            Definitions.

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

(a)           The second and final sentence of the first
paragraph of the Preamble to the Tour Operator Agreement shall be deleted in its entirety and the following sentence shall be inserted
in lieu thereof:

 

This Agreement is intended to apply to the marketing, sale
and operation of all NGE/Lindblad Trips (defined below) scheduled to depart in calendar years 2012 through 2025.

 

(b)           Section 5.14.1 of the Tour Operator Agreement
shall be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

5.14.1 Lindblad shall be entitled to keep [*] of the [*]
(and [*] of the [*] of any applicable pre- or post-trip extension) for NGE/Lindblad Trip Participants to [*]. Within 30 days of
the departure date of each Trip, Lindblad shall pay to NGS a fee per NGE/Lindblad Trip Participant equal to the aggregate amount
of [*]. The total of the fees payable by Lindblad to NGS per NGE/Lindblad Participant pursuant to this Section 15.4.1 is hereafter
referred to as the “NGS Fee”. No NGS Fee shall be payable pursuant to this Section 15.4.1 if a Modified NGS Fee is
payable by Lindblad to NGS pursuant to Section 15.4.3(B).

 

    	3

    	 

    

 

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

 

(c)          
Section 5.14.6 of the Tour Operator Agreement, including all prior amendments thereto, shall be deleted in its entirety and
the following provisions shall be inserted in lieu thereof:

 

5.14.6    NGS Revenue Incentive Payments.

 

A.           If at any time, and from time to time, during the
Term, in any calendar year the Commissionable Revenues for such calendar year [*] (such amount, the “NUS Revenue Incentive
Threshold”), then Lindblad shall pay NGS a fee (a “NGS Revenue Incentive Payment”) in an amount equal to [*]
of the [*].

 

B.           At the same time that Lindblad pays the 4th quarter
Royalty payment (pursuant to Section 14 of the License Agreement) for any calendar year, Lindblad shall (i) deliver to NGS a certificate
setting forth (A) the total aggregate amount of Commissionable Revenues for such calendar year and (B) if the NGS Revenue Incentive
Threshold has been achieved for such calendar year, the amount payable as the NGS Revenue Incentive Payment and (ii) pay to NGS
any and all amounts payable as the NGS Revenue Incentive Payment, if any. In the event a NGS Revenue Incentive Payment amount is
revised on or before April 30 of any calendar year as a result of an audit, Lindblad will notify NGS and will make any applicable
adjustment in its next Royalty payment to NGS.

 

C.           The first NGS Revenue Incentive Payment will be calculated
on the calendar year beginning January 1, 2015, and NGS will be eligible for its first NGS Revenue Incentive Payment in January
2016 for the 2015 calendar year.

  

(d)          Section 5 of the Tour Operator Agreement
shall be amended by inserting the following provision as Section 5.14.8:

 

5.14.8    Additional Royalty Payment. Lindblad shall
pay NGE an annual additional royalty payment of [*], payable on December 31 of each year.

 

(e)          Section 9 of the Tour Operator Agreement
shall be deleted in its entirety and the following provision shall be inserted in lieu thereof:

 

9.           Term
of Contract. This Agreement commences as of the Effective Date and expires December 31, 2025 (the
“Term”). The Agreement may be terminated prior to its scheduled expiration pursuant, but without limitation, to
the provisions of the Sections headed Termination and Rights and Duties after Termination. The
Term may be extended if both parties agree in a written amendment to this Agreement signed by both parties.

 

(f)           Exhibit G to the Tour Operator Agreement
shall be deleted in its entirety.

 

    	4

    	 

    

 

3.            Assignment; Consent to Transaction.

 

(a)            In accordance with Section 18.4 of the Tour Operator Agreement NGS hereby consents to the Transaction, including
the assignment of the Tour Operator Agreement to the Surviving Company in connection therewith, and NGS hereby acknowledges and
agrees that neither the Initial Merger nor the Subsequent Merger, so long as consummated as part of the Transaction, will constitute
a breach, default or termination event under Section 18.4 of the Tour Operator Agreement.

 

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

 

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

  

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

 

6.            Miscellaneous.

 

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

 

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

 

(c)            The
parties agree, in any dispute relating to this Second Amendment, to follow the dispute resolution procedure outlined in
Section  18.2 of the Tour Operator Agreement.

 

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

 

    	5

    	 

    

 

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

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

 

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

 

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

 

7.            Conditions
Precedent. Each and every provision of this Agreement shall be contingent and become effective only upon the execution and
delivery by S. Lindblad of an Option Agreement (the “Option”) granting to NGS the right to purchase from S.
Lindblad, for a per share exercise price equal to ten dollars ($10.00), five percent (5%) of the issued and outstanding shares
of Acquiror’s common stock, par value $0.0001 per share, as of the Transaction Closing Date, which, for purposes hereof,
will take into account all outstanding options, warrants and other securities convertible into, or exchangeable for, shares of
the Acquiror’s capital stock (other than (i) options granted to employees of Acquiror or the Surviving Company under employee
stock option plan(s) of the Acquiror or the Surviving Company, as the case may be, (ii) 10,000,000 warrants to purchase Acquiror
common stock included in the Acquiror units issued by Acquiror in its initial public offering, (iii) 5,600,000 warrants purchased
by the Acquiror’s sponsors in a private placement and (iv) up to 1,250,000 shares of Acquiror common stock held in escrow
pursuant to that certain Stock Escrow Agreement, dated as of May 10, 2013, among Acquiror, Continental Stock Transfer & Trust
Company, as escrow agent and the sponsors of Acquiror party thereto, that are subject to forfeiture as set forth therein, provided,
that the number of shares subject to the Option shall be increased to reflect five percent (5%) of the foregoing shares if the
condition to the release of such shares from escrow is satisfied). The Option shall become effective and exercisable upon the
Transaction Closing Date. For a period of five (5) years commencing on the Transaction Closing Date, NGS shall not Transfer any
of the shares of Acquiror’s common stock purchasable upon exercise of the Option in accordance with the terms thereof (such
shares, the “Option Shares”); provided, however, that the foregoing restriction shall lapse as to a
percentage of the Option Shares equal to the quotient (expressed as a percentage) obtained by dividing (x) the number of shares
issued to S. Lindblad in connection with the Transaction that are Transferred by S. Lindblad prior to the fifth (5th) anniversary
of the Closing Date by (y) the number of shares issued to S. Lindblad in connection with the Transaction. In connection with the
Transaction, the Option Shares shall be put into escrow. The Option Agreement will include a binding commitment by Acquiror to
cooperate with any request made by NGS to remove any restrictive legend from the share certificates representing the shares of
Acquiror common stock it purchases from S. Lindblad pursuant to the Option Agreement and otherwise facilitate the private or public
sale of any such shares by NGS on a securities exchange or otherwise, in each case subject to applicable law. For the avoidance
of doubt, the Option shall be the same Option as in Section 7 of that certain Second Amendment, dated as of the date hereof, to
the License Agreement.

 

[signatures on following page]

 

    	6

    	 

    

  

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

 

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

 

[Signature Page to Second Amendment to
Alliance and License Agreement]Exhibit 10.24

 

LINDBLAD EXPEDITIONS,
INC. 

_____

 

2012 INCENTIVE STOCK PLAN

 

Section 1.        Purpose

 

The purpose of the Lindblad Expeditions, Inc.
2012 Incentive Stock Plan (the “Plan”) is to promote the best interests of Lindblad Expeditions, Inc. (together with
any successor thereto, the “Company”) and its Subsidiaries (if any), as defined in Section 424 of the Internal Revenue
Code of 1986, as amended (the “Code”), and any entities of which at least fifty percent (50%) of the equity interest
is held directly or indirectly by the Company (together “Affiliates”), by encouraging and providing for the acquisition
of an equity interest in the success of the Company by the Company’s officers, employees, non-employee members of the Board
of Directors and certain consultants and advisors and by enabling the Company and its Affiliates to attract and retain the services
of such individuals upon whose judgment, interest, skills, and special effort the successful conduct of their operations is largely
dependent.

 

Section 2.       Effective Date

 

The Plan shall become effective as of November
15, 2012 (the “Effective Date”), subject, however, to the approval of the Plan by the Company’s stockholders
within twelve (12) months before or after the date of adoption of the Plan by the Board of Directors of the Company (the “Board”).
To the extent that any awards are made under the Plan prior to its approval by stockholders, they shall be contingent on approval
of the Plan by the Company’s stockholders.

 

Section 3.       Administration

 

The Plan shall be administered by the Board.
The Board may allocate all or any portion of its responsibilities to any one or more of its members and may delegate all or any
part of its responsibilities and powers to a committee of the Board consisting of at least two members or to any person or persons
selected by it, except to the extent prohibited by applicable law or the applicable rules of a stock exchange or market. Any such
allocation or delegation may be revoked by the Board at any time. Subject to the express provisions of the Plan, the Board shall
have complete authority, in its discretion, to determine those individuals to whom awards shall be granted. In making such determinations,
the Board may take into account the nature of the services rendered by the respective individuals, their present and potential
contributions to the success of the Company, and such other factors as the Board in its discretion shall deem relevant. Subject
to the express provisions of the Plan, the Board shall also have complete authority to determine the types of awards and the number
of shares covered by the awards, to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan,
to determine the terms, conditions, performance criteria, restrictions and other provisions of such awards (which need not be identical
among participants) and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s
determinations on the matters referred to in this paragraph shall be conclusive.

 

    	 

    	 

    

 

Section 4.       Eligibility and Participation

 

Participants in the Plan shall be selected by
the Board from among those individuals who are an employee, officer or director of the Company or of any of its Affiliates, or
a consultant or advisor providing valuable services to the Company (irrespective of their respective citizenship, residence or
domicile), as the Board may designate from time to time (the “Participants”). The Board shall consider such factors
as it deems appropriate in selecting Participants and in determining the type and amount of their respective awards. The Board’s
designation of a Participant in any year shall not require the Board to designate such person to receive an award in any other
year.

 

Section 5.       Stock Subject to Plan

 

5.1       Number. Subject to adjustment as
provided in Section 5.3, the maximum number of shares of Class A common stock of the Company, no par value per share (“Stock”),
that may be issued under the Plan shall be 11,429. All of such shares may be issued pursuant to the exercise of incentive stock
options within the meaning of Section 422 of the Code. The shares to be delivered under the Plan may consist, in whole or in part,
of authorized but unissued Stock or treasury Stock.

 

5.2       Unused Stock; Unexercised Rights.
If, after the effective date of the Plan, any shares of Stock covered by an award granted under the Plan, or to which any award
relates, are forfeited or if an award otherwise terminates, expires or is canceled prior to the delivery of all of the shares of
Stock or of other consideration issuable or payable pursuant to such award, then the number of shares of Stock counted against
the number of shares available under the Plan in connection with the grant of such award, shall again be available for the granting
of additional awards under the Plan, unless determined otherwise by the Board.

 

5.3       Adjustment.

 

(a)       If (i) the Company shall at any time
be involved in a merger or other transaction in which the shares of Stock are changed or exchanged; (ii) the Company shall subdivide
or combine the shares of Stock or the Company shall declare a dividend payable in Shares, other securities or other property; (iii)
the Company shall effect a cash dividend the amount of which, on a per share basis, exceeds ten percent (10%) of the Fair Market
Value of a share of Stock at the time the dividend is declared, or the Company shall effect any other dividend or other distribution
on the shares of Stock in the form of cash, or a repurchase of shares of Stock, that the Board determines by resolution is special
or extraordinary in nature or that is in connection with a transaction that is a recapitalization or reorganization involving the
shares; or (iv) any other event shall occur, that, in the case of this subsection (iv), in the judgment of the Board necessitates
an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this
Plan, then, in each case, the Board shall, in such manner as it may deem equitable, adjust any or all of: (a) the number and type
of shares of capital stock of the Company subject to this Plan (including the number and type of shares that may be issued pursuant
to incentive stock options), (b) the number and type of shares of capital stock of the Company subject to outstanding awards, (c)
the grant, purchase, or exercise price with respect to any award, and (d) the performance goals established under any award; or,
if deemed appropriate and in lieu of any such adjustment, make provision for a cash payment to the holder of an outstanding award;
provided, however, in each case, that with respect to awards of incentive stock options no such adjustment shall be authorized
to the extent that such adjustment would cause such options previously awarded to cease to be treated as incentive stock options;
and provided further, however, that the number of shares of Stock subject to any award payable or denominated in Stock shall
always be a whole number.

 

    	-2-

    	 

    

 

(b)       In the event of a merger or similar reorganization
in which the Company does not survive, or a sale of substantially all of the assets of the Company, the Company shall use commercially
reasonable efforts to make adequate provisions such that incentive stock options and non-qualified stock options outstanding hereunder,
to the extent not then exercised, shall vest in accordance with the express provisions of the Plan. Subject to such vesting, the
options shall continue to represent the right to purchase the number of shares of stock to which the holder of such option would
have been entitled had the non-exercised portion of such option been exercised in full on the date of such corporate action.

 

(c)       In the event any Stock is issued pursuant
to an exercise of any warrant outstanding on the grant date of any award granted under this Plan, the number of shares of Stock
subject to this Plan and subject to such award prior to such exercise shall each be increased pro rata to the increase in
the number of shares of Stock issued and outstanding by reason of such exercise; provided, however, in each case, that with
respect to awards of incentive stock options no such adjustment shall be authorized to the extent that such adjustment would cause
such options previously awarded to cease to be treated as incentive stock options; and provided further, however, that the
number of shares of Stock subject to any award payable or denominated in Stock shall always be a whole number. The award agreement
may provide that the number of Shares subject to the award on the grant date is determined assuming that all warrants outstanding
on the grant date have been exercised, and then permit the exercise of such award or the issuance of such shares on a pro rata
basis only to the extent such warrants are actually exercised (and all other terms and conditions of exercise are otherwise met).

 

Section 6.       Term of the Plan

 

Subject to the right of the Board to terminate
the Plan earlier pursuant to Section 12.1, no award shall be granted under the Plan after December 31, 2015. However, unless otherwise
expressly provided in the Plan or in an applicable award agreement, any award theretofore granted may extend beyond such date and,
to the extent set forth in the Plan, the authority of the Board to amend, alter, adjust, suspend, discontinue or terminate any
such award, or to waive any conditions or restrictions with respect to any such award, and the authority of the Board to amend
the Plan, shall extend beyond such date.

 

Section 7.       Stock Options

 

7.1       Grant of Options. Options may be
granted to Participants at any time and from time to time as shall be determined by the Board. The Board shall have complete discretion
in determining the number, terms and conditions of options granted to a Participant. The Board also shall determine whether an
option is intended to be an incentive stock option within the meaning of Section 422 of the Code or a nonqualified stock option;
provided, however, that only Participants who are employees of the Company or one of its Subsidiaries at the time of grant
may receive grants of incentive stock options.

 

    	-3-

    	 

    

 

7.2       Incentive Stock Options.

 

(a)       Exercise. Except as provided in
paragraph (b) below, incentive stock options shall be exercisable at option prices of not less than one hundred percent (100%)
of the fair market value of the Stock on the date of grant, as such fair market value is determined by such methods or procedures
as shall be established from time to time by the Board (“Fair Market Value”), and shall be exercisable over not more
than ten (10) years after the date of grant.

 

(b)       Ten-Percent Owners. Notwithstanding
anything in this Plan to the contrary, the following terms and conditions shall apply to incentive stock options granted hereunder
to a “10-percent owner.” For this purpose, a “10-percent owner” shall mean a Participant who, at the time
the incentive stock option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of
all classes of stock of the Company or of any Subsidiary thereof. In determining stock ownership, an optionee shall be considered
as owning the stock owned, directly or indirectly, by or for his spouse (other than a spouse who is legally separated from the
optionee under a decree of divorce or separate maintenance), and his children, grandchildren and parents. With respect to a 10-percent
owner, the price at which shares of Stock may be purchased under an incentive stock option granted pursuant to this Plan shall
be not less than one hundred ten percent (110%) of the Fair Market Value thereof on the date of grant. Incentive stock options
granted to a 10-percent owner shall be exercisable over not more than five (5) years after the date of grant.

 

(c)       Termination of Employment. Except
as otherwise provided by the Board, no option may be exercised by the recipient thereof later than (i) thirty (30) days after termination
of a recipient’s relationship (whether as employee, officer, director, consultant or advisor) with the Company for any reason
other than death or disability or for cause, as determined by the Board; or (ii) twelve (12) months after a termination of employment
(or service as an officer, director, consultant or advisor, as applicable) with the Company by reason of death or disability as
determined by the Board. If the Participant ceases to be an employee, officer or director of, or consultant or advisor to, the
Company or its Subsidiaries by reason of a termination for Cause, then notwithstanding any other provision hereof, and notwithstanding
any prior vesting of any option awarded to such Participant, any such option shall terminate immediately thereupon. In addition,
if after the Participant’s termination of service as an employee, officer or director of or consultant to the Company for
any other reason the Board determines that it could have terminated the Participant for Cause had all relevant facts been in the
Board’s possession at the time of such termination, then the Board may re-characterize the Participant’s termination
as a termination for Cause and any such option shall terminate immediately upon such determination, notwithstanding any prior vesting
of any such option. In addition, the Board may suspend any exercise of any such option pending the Board’s determination
of whether the Participant may be terminated for Cause.

 

    	-4-

    	 

    

 

(d)       Limits on Incentive Stock Options.
In the event the aggregate Fair Market Value (as determined by the Board at the time of an award) of the Stock with respect to
which incentive stock options are exercisable for the first time by a Participant during any calendar year under all plans of the
Company and its Subsidiaries exceeds One Hundred Thousand Dollars ($100,000), any grant of an incentive stock option that is in
excess of such limit shall be treated as a nonqualified stock option to the extent of such excess. For purposes of this paragraph,
the Fair Market Value of the Stock subject to an incentive stock option shall be determined as of the date the incentive stock
option is granted.

 

(e)       Redesignation as Nonqualified Stock
Option. If an incentive stock option at any time fails to meet the requirements of Section 422 of the Code, such option, to
the extent the requirements of Section 422 of the Code are not met, shall be treated as a nonqualified stock option for Federal
income tax purposes automatically without further action by the Board, effective as of the first date on which any such requirement
was not met. The requirements for incentive stock options under Section 422 of the Code include minimum holding period requirements
that specify that the stock acquired upon exercise of an incentive stock option must be held for at least two years from the date
of grant and one year from the date of exercise.

 

7.3       Nonqualified Stock Options. Nonqualified
stock options will be exercisable at option prices of not less than one hundred percent (100%) of the Fair Market Value of the
Stock on the date of grant, unless otherwise determined by the Board; provided that any nonqualified stock option granted with
an exercise price that is less than one hundred percent (100%) of the Fair Market Value of a share of Stock on the date of grant
shall be considered nonqualified deferred compensation subject to the provisions of Section 409A of the Code. Nonqualified stock
options will be exercisable at such times and subject to such terms and conditions as determined by the Board at grant or thereafter.

 

7.4       Award Agreement. Each Participant
who receives an option shall be required to execute an option agreement that shall specify the type of option granted, the option
price, the duration of the option, the number of shares of Stock covered by the option and such other provisions as the Board shall
determine, including any vesting schedule or other criteria to be applicable with respect to the exercisability of the option.

 

7.5       Vesting. Notwithstanding any other
provision hereof, unless otherwise approved by the Board of Directors, each award shall be subject to (i) vesting over a three
(3) year period, with the first one-third (1/3) of such award vesting following twelve (12) months of continued employment or service
(or the date of grant in the case of a grant to a non-employee director or consultant, upon the first anniversary of the date of
the grant), and the remaining portion of the award vesting in equal monthly installments over the following twenty-four (24) months,
and (ii) a “right of first refusal” by the Company with respect to any proposed sale or transfer by an award recipient
of Stock issued under an award.

 

7.6       Payment. Subject to the following
provisions of this Section 7.6, the full option price for shares of Stock purchased upon the exercise of any option and any required
withholding taxes shall be paid at the time of such exercise (except that, in the case of an exercise arrangement approved by the
Board and described in clause (b) of this Section 7.6, payment may be made as soon as practicable after the exercise). The Board
shall determine the methods and the forms for payment of the purchase price of options, including (a) by effective receipt of cash
or, to the extent permitted by the Board, other mature shares of the Company (as defined by U.S. Generally Accepted Accounting
Principles) having a then Fair Market Value equal to the purchase price of such shares or any combination thereof; or (b) by authorizing
a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the option and remit to
the Company a sufficient portion of the sale proceeds to pay the entire option price and any tax withholding resulting from such
exercise. Shares of Stock tendered shall be duly endorsed in blank or accompanied by stock powers duly endorsed in blank. Upon
receipt of the payment of the entire option price for the shares so purchased, and all applicable withholding taxes, certificates
for such shares shall be delivered to the purchasing Participant.

 

    	-5-

    	 

    

 

Section 8.       Other Awards

 

8.1       Other Stock-Based Awards. Other
awards, valued in whole or in part by reference to, or otherwise based on, shares of Stock, may be granted either alone or in addition
to or in conjunction with any awards described in this Plan for such consideration, if any, and in such amounts and having such
terms and conditions as the Board may determine.

 

8.2       Other Benefits. The Board shall
have the right to provide types of benefits under the Plan in addition to those specifically listed, if the Board believes that
such benefits would further the purposes for which the Plan was established.

 

Section 9.       Transferability

 

9.1       Awards Not Transferable. Each award
granted under the Plan shall not be transferable other than by will or the laws of descent and distribution, except that a Participant
may, to the extent allowed by the Board and in a manner specified by the Board (a) designate in writing a beneficiary to exercise
the award after the Participant’s death; or (b) transfer any award; provided, however, that in no event may incentive
stock options be transferred other than by will or the laws of descent and distribution.

 

9.2       One-Percent Interests. If any Participant,
by reason of an award proposed to be granted under the Plan or by a purchase of shares of Stock subject to the exercise of any
award granted under the Plan, would thereby become the holder of Stock or rights to acquire Stock then representing in the aggregate
more than one percent (1%) of the issued and outstanding shares of Stock of the Company, it shall be a condition of such grant
or such purchase that such Participant become party to, and agree to be bound by and subject to the terms of, (i) that certain
Voting Agreement dated as of April 15, 2009, as amended, modified and supplemented from time to time, by and between the Company
and the parties named therein (the “Voting Agreement”), a copy of which is on file and may be inspected at the offices
of the Company, by executing and delivering a Consent and Acknowledgment thereto, and (ii) any other agreement by and among the
Company and stockholders of the Company that may hereafter be adopted.

 

    	-6-

    	 

    

 

9.3       Restrictions on Transfer of Stock.
As a condition of purchase of any Stock pursuant to exercise of an award made pursuant hereto, the Participant shall agree (for
the Participant and on behalf of the heirs, legatees and legal representatives of such Participant), with respect to all shares
of Stock acquired pursuant to each award granted under the Plan (and any shares of Stock issued pursuant to a stock dividend or
stock split thereon or any securities issued in lieu thereof or in substitution or exchange therefor), not to sell or otherwise
dispose of such shares except (a) for transfers to a trust or other transferee for estate planning purposes, or (b) to another
third party if each of the following conditions are satisfied: (i) the Participant provides prior written notice to the Company
of the proposed transfer, specifying the terms of the proposed transfer and identifying the proposed transferee and, if the proposed
transferee is not a natural person, of all other entities that it controls, is controlled by, or is under common control with (“Affiliates”),
(ii) the Company is given a sixty (60) day right of first refusal to acquire such shares on the terms proposed for such third-party
transfer, and (iii) the Board approves the proposed transfer, provided that proposed transfers to any entity that is a competitor
of the Company (either directly or indirectly through an Affiliate) will not be approved. In any event, no such shares of Stock
may be transferred except pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Act”)
or an exemption from the registration requirements of the Act, and except in a transaction that, in the opinion of counsel for
the Company, would not prevent or interfere with the fulfillment of obligations under the Voting Agreement if then in force.

 

9.4       Other Conditions. As a further
condition to the issuance of any shares pursuant to an exercise of an award made pursuant hereto, the Participant shall agree (for
the Participant and on behalf of the heirs, legatees and legal representatives of such Participant) to execute and deliver to the
Company such investment representations and warranties, and to take such other actions, as counsel for the Company determines may
be necessary or appropriate for compliance with the Act, the Voting Agreement (if applicable), and any applicable securities laws.

 

9.5       Legend. Unless otherwise determined
by the Board, any certificate representing shares of Stock acquired pursuant to this Plan shall bear the following legend:

 

The shares of Stock represented
by this certificate are restricted securities as that term is defined under Rule 144 promulgated under the Securities Act of 1933,
as amended (the “Act”) and are subject to the provisions of that certain Incentive Stock Plan dated as of December ____,
2012, adopted by the Company (as same may be amended), a copy of which may be inspected at the offices of the Company. These shares
may not be sold, transferred or disposed of unless they are registered under the Act, or sold in a transaction that is exempt from
registration under the Act and any applicable state securities laws. 

 

Section 10.     Rights of Participants

 

Nothing in the Plan shall interfere with or limit
in any way the right of the Company or any Affiliate to terminate any Participant’s employment or service at any time nor
confer upon any Participant any right to continue in the employ or service of the Company or any Affiliate. The Plan does not constitute
a contract of employment, and any grant of Options or Stock pursuant to the Plan will not give any employee or Participant the
right to be retained in the employ or service of the Company or any Affiliate. The grant of an Option under the Plan shall not
confer upon the holder thereof any right as a shareholder of the Company. As of the date on which an optionee exercises an Option,
the optionee shall have all rights of a shareholder of record with respect to the number of shares of Stock as to which the Option
is exercised, irrespective of whether certificates to evidence the shares of stock have been issued on such date.

 

    	-7-

    	 

    

 

Section 11.     Rights to Repurchase Stock/Awards

 

The provisions of this Section shall apply to
each award granted under the Plan, and to all Stock acquired by a Participant pursuant to any exercise thereof.

 

11.1       In the event a Participant ceases to
be employed by (or serve as an officer or director of or consultant or advisor to) the Company and/or its Subsidiaries by reason
of the Participant’s death, disability, resignation, retirement, or any other reason other than a termination for cause,
the Company shall have the right to purchase, and the Participant shall have the right to require the Company to purchase, any
Stock then owned or controlled by Participant by reason of exercise or realization of an award hereunder (whether such exercise
or realization occurs before or after such termination) and any vested outstanding award, at a price payable in cash equal to (a)
for each share, the then fair market value of a share of such Stock and (b) for each vested option, the excess of the then fair
market value of a share of such Stock over the exercise price for such option, with fair market value being determined for all
purposes as of the date of the exercise by the Company or such Participant, as applicable, of such right. Such rights may be exercised
(x) by the Participant during the sixty (60) day period after the Participant ceases to be so employed (or to so serve), and thereafter
annually during the sixty (60) day period following each anniversary of such cessation; and (y) by the Company at any time upon
notice to the Participant. If any award expires prior to the Participant exercising such right, then the Participant shall forfeit
his or her put rights with respect to such award immediately upon the date such award expires.

 

11.2       In the event the employment (or service
as an officer, director, consultant or advisor) of a Participant is terminated by the Company for cause, the Company shall have
the right, exercisable at any time upon notice to such Participant to purchase any Stock then owned or controlled by such Participant
by reason of exercise or realization of an award hereunder (whether such exercise or realization occurs before or after such termination)
at a price per share payable in cash equal to the then fair market value of a share of such Stock as of the date of the Company’s
exercise of such repurchase right. Such value shall be determined as provided in Section 11.3.

 

11.3       For purposes of Sections 11.1 and 11.2,
the per-share value shall be (i) if the Stock is then publicly traded, the average of the bid and ask price on such date (or, if
not a trading day, as of the next day that is a trading day); or (ii) if the Stock is not then publicly traded, as determined by
the Board of Directors on the basis of the book value of the Company without discount for minority interest or lack of control.
In the case of clause (ii) preceding, but only for purposes of Section 11.1, in the event a third-party transaction involving Stock
occurs within sixty (60) days of any such exercise, the per-share value shall be the higher of the value as determined pursuant
to the foregoing and the price (or effective price) per share in such third-party transaction, and if the latter is the greater
and payment to Participant has occurred based on a different determination of value, the Company shall promptly thereafter pay
to Participant (or cause the applicable third party to pay) an amount equal to the per-share difference in valuations multiplied
by the number of shares of Stock subject to such purchase.

 

    	-8-

    	 

    

 

11.4       In the event the Company enters into
an agreement providing for an acquisition of the Company by a third party or a transaction that includes or is proposed to include
the purchase of all or substantially all the outstanding shares of Stock (and rights to acquire Stock), then each Participant agrees
to sell all the Stock then owned or controlled by such Participant (or any permitted transferee or successor) by reason of his
exercise or realization of any award granted under the Plan, and any unexercised or unrealized rights under any award granted under
the Plan to acquire or vest in Stock, to such third party on the terms and conditions, and for the purchase price, as set forth
in the applicable transaction agreement.

 

11.5       The closing of any transaction contemplated
by this Section 11 shall be set by the Company and occur at such time and place as shall be designated by the Company by notice
to Participant. Delivery of certificates or other instruments evidencing such shares duly endorsed for transfer and free and clear
of all liens, claims and other encumbrances (other than those encumbrances hereunder) shall be made on such date against delivery
of the purchase price therefor in satisfaction of any obligation secured thereby.

 

11.6       Each Participant hereby appoints Sven-Olof
Lindblad and any officer of the Company, each with right of substitution, as such Participant’s lawful attorney-in-fact to
execute and deliver on behalf of Participant any instruments, certificates or affidavits reasonably necessary or appropriate for
closing of any transaction pursuant to this Section 11 and the transfer of any Stock subject to the provisions of this Section
11.

 

Section 12.     Amendment, Modification and
Termination of Plan

 

12.1       Amendments and Termination. The
Plan shall terminate December 31, 2015; provided, however, that the Board may at any time amend, alter, suspend, discontinue or
terminate the Plan; and provided further, that stockholder approval of any amendment of the Plan shall be obtained if otherwise
required by the Code or any rules promulgated thereunder (in order to allow for incentive stock options to be granted under the
Plan). Termination of the Plan shall not affect the rights of Participants with respect to awards previously granted to them, and
all unexpired awards shall continue in force and effect after termination of the Plan except as they may lapse or be terminated
by their own terms and conditions.

 

12.2       Waiver of Conditions. The Board
may, in whole or in part, waive any conditions or other restrictions with respect to any award granted under the Plan.

 

Section 13.     Taxes

 

The Company shall be entitled to withhold the
amount of any federal, state and local income and employment taxes attributable to any amount payable or shares of Stock deliverable
under the Plan after giving the person entitled to receive such amount or shares of Stock notice as far in advance as practicable,
and the Company may defer making payment or delivery if any such tax may be pending unless and until indemnified to its satisfaction.
The Board may, in its discretion and subject to such rules as it may adopt, permit a Participant to pay all or a portion of the
Federal, state and local withholding taxes arising in connection with an award under the Plan by electing to (i) have the Company
withhold shares of Stock with a value equal to the amount required to be withheld, (ii) tender back shares of Stock received in
connection with such award, or (iii) deliver other previously owned shares of Stock, in each case having a fair market value equal
to the amount to be withheld; provided, however, that the amount to be withheld shall not exceed the Participant’s
estimated total Federal, state and local tax obligations associated with the transaction. The election must be made on or before
the date as of which the amount of tax to be withheld is determined and otherwise as required by the Board. The fair market value
of fractional shares of Stock remaining after payment of the withholding taxes shall be paid to the Participant in cash.

 

    	-9-

    	 

    

 

Section 14.     Miscellaneous

 

14.1       Stock Transfer Restrictions.

 

(a)       Shares of Stock purchased under the Plan
may not be sold or otherwise disposed of except (i) pursuant to an effective registration statement under the Securities Act of
1933, as amended (the “Act”), or in a transaction which, in the opinion of counsel for the Company, is exempt from
registration under the Act; and (ii) in compliance with state securities laws. To the extent not inconsistent with applicable law,
the Board may waive the foregoing restrictions, in whole or in part, in any particular case or cases or may terminate such restrictions
whenever the Board determines that such restrictions afford no substantial benefit to the Company.

 

(b)       All certificates for shares delivered
under the Plan pursuant to any award or the exercise thereof shall be subject to such stock transfer orders and other restrictions
as the Board may deem advisable under the Plan and any applicable federal or state securities laws, and the Board may cause a legend
or legends to be put on any such certificates to make appropriate references to such restrictions.

 

14.2       Other Provisions. The grant of
any award under the Plan may also be subject to other provisions (whether or not applicable to the benefit awarded to any other
Participant) as the Board determines appropriate, including, without limitation, provisions for (a) the Participant’s agreement
to abide by any non-disclosure or non-compete requirements or restrictions as specified in the Participant’s award agreement;
(b) one or more means to enable Participants to defer recognition of taxable income relating to awards or cash payments derived
therefrom, which means may provide for a return to a Participant on amounts deferred as determined by the Board (provided that
no such deferral means may result in an increase in the number of shares of Stock issuable hereunder); (c) the purchase of Stock
under options in installments; or (d) the financing of the purchase of Stock under the options in the form of a promissory note
issued to the Company by a Participant on such terms and conditions as the Board determines.

 

14.3       Award Agreement. No person shall
have any rights under any award granted under the Plan unless and until the Company and the Participant to whom the award was granted
shall have executed an award agreement in such form as shall have been approved by the Board.

 

14.4       Effect of Termination. The provisions
of Section 7.2(c) and of Section 11.1 regarding rights upon, and the effect of, termination or cessation of a Participant’s
relationship with the Company shall not apply solely by reason of the termination of a Participant’s relationship with the
Company in any particular capacity if the Participant continues to serve the Company in another capacity; provided, that the foregoing
shall not operate to override any otherwise applicable limitation on eligibility for incentive options. 

 

    	-10-

    	 

    

 

Section 15.     Legal Construction

 

15.1       Requirements of Law. The granting
of awards under the Plan and the issuance of shares of Stock in connection with an award, shall be subject to all applicable laws,
rules and regulations, and to such approvals by any governmental agencies or national securities exchanges or markets as may be
required.

 

15.2       Governing Law. The Plan, and all
agreements hereunder, shall be construed in accordance with and governed by the laws of the State of New York, without reference
to conflict of law principles thereof.

 

15.3       Severability. If any provision
of the Plan or any award agreement or any award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction,
or as to any person or award, or would disqualify the Plan, any award agreement or any award under any law deemed applicable by
the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or
deemed amended without, in the determination of the Board, materially altering the intent of the Plan, any award agreement or the
award, such provision shall be stricken as to such jurisdiction, person or award, and the remainder of the Plan, any such award
agreement and any such award shall remain in full force and effect.

 

As adopted by the Board
of Directors                                

  

 

-11-

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