Document:

Exhibit
10.28

 

	LINDBLAD
EXPEDITIONS HOLDINGS, INC.

2015 LONG-TERM INCENTIVE PLAN

 

RESTRICTED
STOCK GRANT NOTICE

 

Capitalized
terms not specifically defined in this Restricted Stock 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 shares of Restricted
Stock described in this Grant Notice (the “Restricted Shares”), subject to the terms and conditions
of the Plan and the Restricted Stock Agreement attached as Exhibit A (the “Agreement”), both
of which are incorporated into this Grant Notice by reference.

 

	Participant:	 
	Grant
    Date:	 
	Number
    of Restricted Shares:	 
	Vesting
    Schedule:	 

 

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:		 	By:	
	Print
    Name:		 	Print
    Name:	
	Title:		 	 	 

  

    

     

    

 

Exhibit
A

 

RESTRICTED
STOCK 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 or the Lindblad Expeditions Holdings, Inc. Deferred Compensation Plan For Non-Employee Directors (the “Deferred
Compensation Plan”).

 

ARTICLE
I.

GENERAL

 

1.1       Issuance of Restricted Shares. The Company will issue the Restricted Shares to Participant effective as of the Grant Date
set forth in the Grant Notice and will cause (a) a stock certificate or certificates representing the Restricted Shares to be
registered in Participant’s name or (b) the Restricted Shares to be held in book-entry form. If a stock certificate is issued,
the certificate will be delivered to, and held in accordance with this Agreement by, the Company or its authorized representatives
and will bear the restrictive legends required by this Agreement. If the Restricted Shares are held in book-entry form, then the
book-entry will indicate that the Restricted Shares are subject to the restrictions of this Agreement.

 

1.2       Deferral Election. Notwithstanding Section 1.1 or any other provision of this Agreement, the Grant Notice or the Plan,
in the event Participant has previously made a valid election to defer receipt of all or any portion of the award represented
by the Grant Notice and this Agreement in accordance with the terms of the Deferred Compensation Plan, the Company will not issue
such deferred Restricted Shares to Participant on the Grant Date and will instead credit to Participant’s Deferred Compensation
Account an equal amount of Deferred Stock Units. The Deferred Stock Units related to such deferred Restricted Shares shall be
subject to all of the terms and conditions of the Deferred Compensation Plan and paid at the times set forth in the Deferred Compensation
Plan and the Participant’s applicable deferral election thereunder.

 

1.3       Incorporation of Terms of Plan. The Restricted Shares 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.

 

ARTICLE
II.

VESTING, FORFEITURE AND ESCROW

 

2.1       Vesting. The Restricted Shares will become vested Shares (the “Vested Shares”) according to the
vesting schedule in the Grant Notice except that any fraction of a Share that would otherwise become a Vested Share will be accumulated
and will become a Vested Share only when a whole Vested Share has accumulated.

 

2.2       Forfeiture. In the event Participant ceases to be a Service Provider (“Termination of Service”)
for any reason, Participant will immediately and automatically forfeit to the Company any Shares that are not Vested Shares (the
“Unvested Shares”) at the time of Participant’s Termination of Service, except as otherwise determined
by the Administrator or provided in a binding written agreement between Participant and the Company. Upon forfeiture of Unvested
Shares, the Company will become the legal and beneficial owner of the Unvested Shares and all related interests and Participant
will have no further rights with respect to the Unvested Shares.

 

    

     

    

 

2.3       Escrow.

 

(a)       Unvested Shares will be held by the Company or its authorized representatives until (i) they are forfeited, (ii) they become Vested
Shares or (iii) this Agreement is no longer in effect. By accepting this Award, Participant appoints the Company and its authorized
representatives as Participant’s attorney(s)-in-fact to take all actions necessary to effect any transfer of forfeited Unvested
Shares (and Retained Distributions (as defined below), if any, paid on such forfeited Unvested Shares) to the Company as may be
required pursuant to the Plan or this Agreement and to execute such representations or other documents or assurances as the Company
or such representatives deem necessary or advisable in connection with any such transfer. The Company, or its authorized representative,
will not be liable for any good faith act or omission with respect to the holding in escrow or transfer of the Restricted Shares.

 

(b)       As soon as reasonably practicable following the date on which an Unvested Share becomes a Vested Share, the Company will (i) cause
the certificate (or a new certificate without the legend required by this Agreement, if Participant so requests) representing
the Share to be delivered to Participant or, if the Share is held in book-entry form, cause the notations indicating the Share
is subject to the restrictions of this Agreement to be removed and (ii) pay to Participant the Retained Distributions relating
to the Share.

 

2.4       Rights as Stockholder. Except as otherwise provided in this Agreement or the Plan, upon issuance of the Restricted Shares
by the Company, Participant will have all the rights of a stockholder with respect to the Restricted Shares, including the right
to vote the Restricted Shares and to receive dividends or other distributions paid or made with respect to the Restricted Shares. 

 

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 the Restricted Shares 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       Section 83(b) Election. If Participant makes an election under Section 83(b) of the Code with respect to the Restricted
Shares, Participant will deliver a copy of the election to the Company promptly after filing the election with the Internal Revenue
Service.

 

3.3       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 Restricted Shares as Participant’s election
to satisfy all or any portion of the withholding tax by requesting the Company retain Shares otherwise deliverable under the Award.

 

(b)       Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Restricted
Shares, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise
in connection with the Restricted Shares. 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 Restricted Shares or the subsequent
sale of the Restricted Shares. The Company and its Subsidiaries do not commit and are under no obligation to structure this Award
to reduce or eliminate Participant’s tax liability.

 

    	 	A-2	 

     

    

 

ARTICLE
IV.

RESTRICTIVE LEGENDS AND TRANSFERABILITY

 

4.1       Legends. Any certificate representing a Restricted Share will bear the following legend until the Restricted Share becomes
a Vested Share:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE IN FAVOR OF THE COMPANY AND MAY BE TRANSFERRED ONLY IN ACCORDANCE
WITH THE TERMS OF A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY
OF THE COMPANY.

 

4.2       Transferability. The Restricted Shares and any Retained Distributions are subject to the restrictions on transfer in the
Plan and may not be sold, assigned or transferred in any manner unless and until they become Vested Shares. Any attempted transfer
or disposition of Unvested Shares or related Retained Distributions prior to the time the Unvested Shares become Vested Shares
will be null and void. The Company will not be required to (a) transfer on its books any Restricted Share that has been sold
or otherwise transferred in violation of this Agreement or (b)  treat as owner of such Restricted Share or accord the right
to vote or pay dividends to any purchaser or other transferee to whom such Restricted Share has been so transferred. The Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, or make appropriate notations to
the same effect in its records.

 

ARTICLE
V.

OTHER PROVISIONS

 

5.1       Adjustments. Participant acknowledges that the Restricted Shares are subject to adjustment, modification and termination
in certain events as provided in this Agreement and the Plan.

 

5.2       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.

 

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

 

5.4       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.

 

5.5       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 this Agreement or 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	 

     

    

 

5.6       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 and the Restricted Shares 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.

 

5.7       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.

 

5.8       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.

 

5.9       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 Award.

 

5.10     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.

 

5.11     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-4Exhibit 10.29

 

LINDBLAD EXPEDITIONS HOLDINGS, INC.

DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE
DIRECTORS

 

1.            Purpose and Effective Date. The
purpose of this Plan is to provide the non-employee members of the Board of Directors (the “Board”) of Lindblad
Expeditions Holdings, Inc., a Delaware corporation, and it successors (the “Company”) with an opportunity to
defer payment of all or a portion of their annual cash compensation and annual restricted stock award. The Plan shall be effective
as of January 1, 2016 (the “Effective Date”).

 

2.            Definitions. The following terms
shall have the meanings given in this section unless a different meaning is clearly implied by the context:

 

(a)        “Cash Compensation”
means compensation payable to a director in cash for serving as a member of Board, but excluding any expense reimbursements.

 

(b)        “Change
in Control” shall have the same meaning as defined in the Equity Plan as in effect on the Effective Date; provided, that,
for purposes of the Plan, in no event will a Change in Control be deemed to have occurred if the transaction is not also a “change
in control event” under Section 409A of the Code.

 

(c)        “Common
Stock” means the common stock of the Company.

 

(d)        “Compensation
Committee” means the Compensation Committee of the Board.

 

(e)        “Deferred
Compensation Account” means an account maintained for each director who makes a deferral election as described in Section
4.

 

(f)        “Deferred
Stock Unit” means a Stock Unit that is received by a participant pursuant to this Plan and provides for the deferred
receipt compensation.

 

(g)        “Director
Compensation” means Director Cash Compensation and Restricted Stock.

 

(h)        “Equity
Plan” means the Lindblad Expeditions Holdings, Inc. 2015 Long-Term Incentive Plan, as it may be amended or restated from
time to time, or, to the extent applicable, any future or successor equity compensation plan of the Company

 

(i)        “Fair Market
Value” means “Fair Market Value” as defined in the Equity Plan.

 

(j)        “Plan”
means the Lindblad Expeditions Holdings, Inc. Deferred Compensation Plan for Non-Employee Directors.

 

(k)        “Plan Year”
means a calendar year.

 

(l)        “Plan Administrator”
means the Compensation Committee or its designee.

 

(m)       “Restricted
Stock” means “Restricted Stock” as defined in the Equity Plan and granted to a director for serving as a
member of Board.

 

(n)        “Section
409A” means Section 409A of the Internal Revenue Code of 1986, as amended.

 

    

     

    

 

(o)        “Separation
from Service” means a “separation from service” within the meaning of Section 409A.

 

(p)        “Stock
Unit” means an economic unit equal in value to one share (or fraction thereof) of Common Stock.

 

3.            Eligibility.  All members of the
Board who are not employees of the Company or any subsidiary of the Company shall be eligible to participate in the Plan.

 

4.            Election to Defer Director Compensation.

 

(a)        Manner and Amount
of Deferral Election. A participant may elect to defer receipt of all or a specified portion of his or her Director Compensation
by giving written notice on an election form provided by the Plan Administrator specifying the amount of the deferral. A participant’s
election to defer is irrevocable and may not be changed, except as may be provided in the election form.

 

(b)        Time of Election.
Elections to defer the Director Compensation shall be made at the following times:

 

(i)        A director may elect
to defer Director Compensation at such time or times during the calendar year as permitted by the Plan Administrator. Such election
shall be effective for Cash Compensation earned and Restricted Stock granted in the following calendar year.

 

(ii)       A nominee for election
to director (who is not at the time of nomination a sitting director and was not previously eligible to participate in this Plan)
may elect to defer Director Compensation no later than 30 days after the date of the director’s commencement of services
as a director. Such deferral election shall be effective for Cash Compensation earned and Restricted Stock granted following the
later of (A) the date of the director’s commencement of services as a director, and (B) the date an irrevocable election
form is filed with the Company.

 

(c)        Duration of Deferral
Election. A deferral election will only apply to one Plan Year. A participant must make a new deferral election with respect
to each Plan Year that the participant decides to defer Director Compensation.

 

5.            Deferred Compensation Accounts.
The Company shall establish on its books and records a Deferred Compensation Account for each participant, as provided below.

 

(a)        Crediting of
Cash Compensation. Deferred Cash Compensation shall be credited to the participant’s Deferred Compensation Account in
the form of Deferred Stock Units on the date the deferred Cash Compensation would otherwise have been paid. On such date, the Company
shall credit to the Deferred Compensation Account with a number of Deferred Stock Units determined by dividing (i) the portion
of the Cash Compensation that the participant elected to defer, by (ii) the Fair Market Value of a share of Common Stock on such
date, rounded down to the nearest whole Deferred Stock Unit. No fractional Deferred Stock Units will be credited to a participant’s
account. Unused cash attributable to a fractional Deferred Stock Unit will be refunded to the participant in cash as soon as practicable
following the original payment date. A participant will be fully vested in each Deferred Stock Unit that relates to deferred Cash
Compensation.

 

(b)        Crediting of
Restricted Stock. Deferred Restricted Stock shall be credited to the participant’s Deferred Compensation Account in an
equal amount of Deferred Stock Units. The Deferred Stock Units related to such deferred Restricted Stock shall be subject to the
same vesting or other forfeiture restrictions that would have otherwise applied to such Restricted Stock. In the event the participant
forfeits Deferred Stock Units in accordance with the foregoing, the participant’s Deferred Compensation Account shall be
debited for the number of Deferred Stock Units forfeited.

 

    	 	2	 

     

    

 

(c)        Dividend Equivalents.
Each Deferred Stock Unit credited to a participant’s Deferred Compensation Account shall carry with it a right to receive
dividend equivalents in respect of the share of Common Stock underlying such Deferred Stock Unit. Dividend equivalents shall be
paid to participants in cash on the Company’s applicable dividend payment date based on the number of Deferred Stock Units,
whether vested or unvested, held in the director’s Deferred Compensation Account on the applicable Company record date. The
dividend equivalent right associated with a Deferred Stock Unit shall remain outstanding until the delivery to the participant
of the share of Common Stock underlying such Deferred Stock Unit.

 

(d)        Adjustment of
Deferred Stock Units. If the number of outstanding shares of Common Stock is increased or decreased or the shares of Common
Stock are changed into or exchanged for a different number or kind of stock or other securities of the Company on account of any
recapitalization, reclassification, stock split, reverse split, combination of stock, exchange of stock, stock dividend, or other
distribution payable in capital stock, or other increase or decrease in such stock effected without receipt of consideration by
the Company occurring after the Effective Date, the Plan Administrator will make appropriate adjustments to (i) the number and
kind of shares of Common Stock for which Deferred Stock Units are outstanding, and (ii) the number of Deferred Stock Units credited
to each participant’s Deferred Compensation Account.

 

6.            Payment of Deferred Compensation.

 

(a)        Distributions.
Payment from the Deferred Stock Units shall be made in one lump sum on the earliest to occur of:

 

(i)        within 90 days following the participant’s Separation From Service;

 

(ii)       immediately prior to, on or within 30 days following a Change in Control;

 

(iii)      within 90 days following the participant’s Disability;

 

(iv)    
the date of an In-Service Distribution (as defined below), if the participant has made
an applicable election to receive an In-Service Distribution; and

 

(v)      the participant’s death.

 

Notwithstanding anything
to the contrary in the Plan, if on the date of the participant’s Separation from Service, the participant is a “specified
employee” within the meaning of Section 409A, the payment will occur on the later to occur of (x) the scheduled distribution
date and (y) the first day of the seventh month following the date of the participant’s Separation from Service or, if earlier,
the date of the participant’s death.

 

(b)        Scheduled In-Service
Distributions. A participant may elect to receive payment from the Deferred Stock Units while the participant is still a member
of the Board (an “In-Service Distribution”) in a lump sum within 90 days following the date that is three (3),
four (4), five (5), six (6), seven (7), eight (8), nine (9) or ten (10) years following the last day of the applicable Plan Year.
Any desired In-Service Distribution must be separately elected for each Plan Year’s elective deferrals and such elections
will be irrevocable, except as may be provided in the election form.

 

    	 	3	 

     

    

 

(c)        Medium of Payment.
Payments from the Deferred Compensation Account shall be made in whole shares of Common Stock for each whole Deferred Stock Unit,
and in cash for any fractional Deferred Stock Unit; provided, that, the Company may choose in its discretion to pay the participant
cash in lieu of all or a portion of the shares of Common Stock. Deferred Stock Units issued to and shares of Common Stock paid
to participants under the Plan shall be issued and paid from the Equity Plan.

 

7.            Unfunded Promise to Pay; No Segregation
of Funds or Assets. Nothing in this Plan shall require the segregation of any assets of the Company or any type of funding
by the Company, it being the intention of the parties that the Plan be an unfunded arrangement for federal income tax purposes.
No participant shall have any rights to or interest in any specific assets or shares of Common Stock by reason of the Plan, and
any participant’s rights to enforce payment of the obligations of the Company hereunder shall be those of a general creditor
of the Company.

 

8.            Nonassignability; Beneficiary Designation.
The right of a participant to receive any unpaid portion of the participant’s Deferred Compensation Account shall not be
assigned, transferred, pledged or encumbered or subjected in any manner to alienation or anticipation. However, in the event of
a participant’s death, the Company will pay the unpaid portion of the participant’s Deferred Compensation Account to
the participant’s designated beneficiaries. If the participant fails to complete a valid beneficiary designation, the participant’s
beneficiary will be his or her estate.

 

9.            Administration. The Plan will
be administered under the supervision of the Plan Administrator. The Plan Administrator will prescribe guidelines and forms for
the implementation and administration of the Plan, interpret the terms of the Plan, and make all other substantive decisions regarding
the operation of the Plan. The Plan Administrator’s decisions in its administration of the Plan are conclusive and binding
on all persons.

 

10.          Construction. The Plan is intended
to comply with Section 409A and any regulations and guidance thereunder and shall be interpreted and operated in accordance with
such intent. Notwithstanding anything to the contrary in the Plan, neither the Company, its affiliates, the Board, nor the Committee
will have any obligation to take any action to prevent the assessment of any excise tax or penalty on any participant under Section
409A, and neither the Company, its affiliates, the Board, nor the Committee will have any liability to any participant for such
tax or penalty. The laws of the State of Maryland shall govern all questions of law arising with respect to the Plan, without regard
to the choice of law principles of any jurisdiction, except where the laws governing the Plan are preempted by the laws of the
United States. The Plan is intended to be construed so that participation in the Plan will be exempt from Section 16(b) of the
Securities Exchange Act of 1943, as amended, pursuant to regulations and interpretations issued from time to time by the Securities
and Exchange Commission. If any provision of the Plan is held to be illegal or void, such illegality or invalidity shall not affect
the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if the illegal
or invalid provision had never been inserted. This document constitutes the entire Plan, and supersedes any prior oral or written
agreements on the subject matter hereof.

 

11.          Claw-back. All awards of Deferred
Stock Units under the Plan will be subject to mandatory repayment by the participant to the Company to the extent the participant
is, or in the future becomes, subject to any Company or affiliate “claw-back” or recoupment policy that is adopted
to comply with the requirements of any applicable law, rule, regulation or otherwise, or any law, rule, or regulation that imposes
mandatory recoupment, under circumstances set forth in such law, rule or regulation.

 

12.          Amendment and Termination. The
Board may amend, suspend, or terminate the Plan at any time and for any reason. No amendment, suspension, or termination will,
without the consent of the participant, materially impair rights or obligations under any Deferred Stock Units previously awarded
to the participant under the Plan, except as provided below. The Board may terminate the Plan and distribute the Deferred Compensation
Accounts to participants in accordance with and subject to the rules of Treas. Reg. Section 1.409A-3(j)(4)(ix), or successor provisions,
and any generally applicable guidance issued by the Internal Revenue Service permitting such termination and distribution.

 

 

4

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