Document:

Exhibit 10.15

 

Employment
Agreement

This
Employment Agreement (this “Agreement”), dated as of July 8, 2015 (the “Effective Date”),
is made by and between Lindblad Expeditions Holdings, Inc. (f/k/a/ Capitol Acquisition Corp. II), a Delaware corporation (together
with any successor thereto, the “Company”) and Ian Rogers (“Executive”) (collectively Executive
and the Company are referred to herein as the “Parties”).

RECITALS

		A.	The
                                         Company previously entered into that certain Agreement and Plan of Merger, dated as of
                                         March 9, 2015 (the “Merger Agreement”), by and among the Company,
                                         Argo Expeditions, LLC, Argo Merger Sub, Inc., and Lindblad Expeditions, Inc. (“Lindblad”),
                                         pursuant to which the Company has acquired (the “Acquisition”) on
                                         the Effective Date all of the outstanding equity interests in Lindblad.

		B.	It
                                         is the desire of the Company to assure itself of the services of Executive effective
                                         as of the Effective Date and thereafter by entering into this Agreement.

		C.	Executive
                                         and the Company mutually desire that Executive provide services to the Company on the
                                         terms herein provided.

AGREEMENT

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto
agree as follows:

1.             Employment.

(a)               
General. Effective as of the Effective Date, the Company shall employ Executive for the period and in the position set
forth in this Section 1, and subject to the other terms and conditions herein provided.

(b)              
Employment Term. The term of employment under this Agreement (the “Term”) shall be for the period beginning
on the Effective Date, and ending on the third anniversary thereof, subject to earlier termination as provided in Section 3.
The Term shall automatically renew for additional twelve (12) month periods unless no later than sixty (60) days prior to the
end of the applicable Term either Party gives written notice of non-renewal (“Notice of Non-Renewal”) to the
other, in which case Executive’s employment will terminate at the end of the then-applicable
Term, subject to earlier termination as provided in Section 3.

(c)               
Position and Duties. Executive shall serve as the Chief Operating Officer of the Company and shall initially serve as the
Chief Financial Officer of the Company, with such responsibilities, duties and authority normally associated with such positions
and as may from time to time be assigned to Executive by the Chief Executive Officer of the Company or by the Board of Directors
of the Company or an authorized committee thereof (in any case, the “Board”). Executive shall report directly
to the Chief Executive Officer of the Company. Executive shall devote substantially all of Executive’s working time and
efforts to the business and affairs of the Company (which shall include service to its subsidiaries) and shall not engage in outside
business activities (including serving on outside boards or committees) without the consent of the Board, provided that Executive
shall be permitted to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in charitable,
religious, civic, community, industry or trade organizations or associations, and (iii) serve on the board of directors of
not-for-profit or tax-exempt organizations, in each case, subject to compliance with this Agreement and provided that such activities
do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive
agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case
as amended from time to time, as set forth in writing, and as delivered or made available to Executive (each, a “Policy”).

    	

    	 

    

2.             Compensation
and Related Matters.

(a)               
Annual Base Salary. During the Term, Executive shall receive a base salary at a rate of $450,000 per annum, which shall
be paid in accordance with the customary payroll practices of the Company and its subsidiaries (but in no event less frequently
than semi-monthly) and shall be pro-rated for partial years of employment. Such annual base salary shall be reviewed (and may
be adjusted) from time to time by the Board or the Compensation Committee of the Board (the “Compensation Committee”)
(such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”).

(b)              
Bonus. During the Term and beginning with calendar year 2015, Executive will be eligible to participate in an annual incentive
program established by the Board or Compensation Committee. Executive’s annual compensation under such incentive program
(the “Annual Bonus”) shall be targeted at not less than 150% of his Annual Base Salary (the “Target
Bonus”), with the expectation that the Annual Bonus will scale upward and downward based on individual and/or actual
Company performance, as determined by the Board or Compensation Committee. The payment of any Annual Bonus pursuant to the incentive
program shall be subject to all applicable performance determinations as may be made annually by the Board or Compensation Committee,
and Executive’s continued employment with the Company through the date of payment, except as otherwise provided in Section
4(b) or Section 4(c). The Annual Bonus, if any, shall be paid to Executive no later than 75 days following the end
of the calendar year to which the Annual Bonus relates.

(c)               
Equity Compensation. During the Term, Executive will be eligible to participate in and may receive additional awards under
any of the Company’s equity incentive award plans and programs as in effect from time to time, with any new equity incentive
grants made in the sole discretion of the Board or Compensation Committee. In addition, concurrently with the execution of this
Agreement, Executive and the Company are entering into that certain Acknowledgement and Assumption Agreement attached hereto as
Exhibit A, which confirms the terms and conditions pursuant to which Executive’s stock options in Lindblad that were
outstanding as of immediately prior to the closing of the Acquisition have been converted into options to purchase shares of common
stock of the Company (the “Converted Options”).

(d)              
Benefits. During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements
(including perquisite and fringe benefit arrangements) maintained for senior executives of the Company (including medical, dental,
life insurance, disability, paid time off and 401(k) plans), consistent with the terms thereof, on a basis consistent with the
participation of senior executives of the Company, and as such plans, programs and arrangements may be amended from time to time.
In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in
Section 4 of this Agreement.

(e)               
Vacation. During the Term, Executive shall be entitled to a minimum of 20 days annually of paid vacation in accordance
with the Company’s Policies.

(f)               
Business Expenses. The Company shall reimburse Executive for all reasonable travel and other business expenses incurred
by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement
Policy and in compliance with Section 12(m).

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(g)               
Key Person Insurance. At any time during the Term, the Company and its subsidiaries shall have the right to insure the
life of Executive for the Company’s and its subsidiaries’ sole benefit. The Company shall have the right to determine
the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such insurance
by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing
all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company
or broker shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no
financial obligation in connection with assisting the Company to obtain such insurance policy (including by executing any required
document), and shall have no interest in any such policy.

3.             Termination.

Executive’s
employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this Agreement under
the following circumstances:

(a)            Circumstances.

(i)                
Death. Executive’s employment hereunder shall terminate upon Executive’s death.

(ii)              
Disability. If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

(iii)            
Termination for Cause. The Company may terminate Executive’s employment for Cause, as defined below.

(iv)            
Termination without Cause. The Company may terminate Executive’s employment without Cause, which shall include a
termination of Executive as a result of the Company not renewing the Term pursuant to Section 1.

(v)              
Resignation from the Company for Good Reason. Executive
may resign Executive’s employment with the Company for Good Reason, as defined below.

(vi)            
Resignation from the Company Without Good Reason. Executive may resign Executive’s employment with the Company for
any reason other than Good Reason or for no reason, which shall include a termination of Executive as a result of Executive not
renewing the Term pursuant to Section 1.

(b)            Notice
of Termination. Any termination of Executive’s employment by the Company or by Executive under this Section 3
(other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other Party (i) indicating
the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and
(iii) specifying a Date of Termination which, except in the case of a termination pursuant to Section 3(a)(iii), shall
be at least forty-five (45) days following the date of such notice (a “Notice of Termination”); provided,
however, that the Company may, in its sole discretion, instruct Executive to remain off the Company’s premises and perform
no Company functions from the date of such Notice of Termination through the Date of Termination, but only to the extent that
the Company pays Executive full compensation and benefits during such period. The failure by the Company or Executive to set forth
in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any
right of such Party hereunder or preclude such Party from asserting such fact or circumstance in enforcing such Party’s
rights hereunder.

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(c)            Company
Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed
in Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of
Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any vacation
time that has been accrued but unused in accordance with Company’s Policies; (iii) any reimbursements owed to Executive
pursuant to Section 2(f); and (iv) any amount accrued and arising from Executive’s participation in, or benefits
accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms
and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”).
Except as otherwise expressly required by law (e.g., COBRA), as specifically provided herein, or with respect to the Converted
Options or any of Executive’s other equity-related compensation (which, for the avoidance of doubt, shall be governed by
the terms and conditions of the applicable equity compensation plans and agreements), all of Executive’s rights to salary,
severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s
employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s
sole and exclusive remedy shall be to receive the payments and benefits described in this Section 3(c) and Section 4,
as applicable.

(d)            Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries.

4.             Severance
Payments.

(a)            Termination
for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason. If Executive’s
employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to
Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for Executive’s
resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits,
except as provided in Section 3(c).

(b)            Termination
without Cause or Resignation for Good Reason. If Executive’s employment terminates without
Cause pursuant to Section 3(a)(iv), or pursuant to Section 3(a)(v) due to Executive’s resignation for
Good Reason, then, subject to Executive signing on or before the 21st day following the Date of Termination, and not
revoking during any subsequent revocation period contained therein, a release of claims substantially in the form attached as
Exhibit B to this Agreement (the “Release”), and Executive’s continued compliance with Sections
6 and 7, Executive shall receive, in addition to payments and benefits set forth in Section 3(c), the following:

(i)                
an amount in cash equal to 1.0 times the sum of (A) Annual Base Salary (at the highest level in effect during the Term) plus
(B) the average Annual Bonus over the prior three years (which calculation shall include annual bonuses that Executive received
from Lindblad, to the extent Executive has not yet received three years of Annual Bonuses under the Company’s annual incentive
program on the Date of Termination, provided that, for the avoidance of doubt, the foregoing calculation will not take into account
the special retention bonus paid to Executive by Lindblad in December 2014), payable in the form of salary continuation in regular
installments over the 12-month period following the Date of Termination in accordance with the Company’s normal payroll
practices;

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(ii)              
a pro-rated portion (based on the number of days Executive was employed by the Company during the fiscal year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the fiscal year in which the Date of Termination occurs, based on the Company’s actual performance for such year and paid
at the same time annual bonuses are generally paid to the Company’s executives;

(iii)            
any Annual Bonus earned for a previously completed year, paid at the same time annual bonuses are generally paid to the Company’s
executives (but irrespective of any continued service requirement); and

(iv)           
if Executive timely elects continued medical, dental or vision coverage under one or more of the Company’s group medical,
dental or vision plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
then the Company shall directly pay, or reimburse Executive for, the COBRA premiums for Executive and Executive’s covered
dependents under such plans during the period commencing on the Date of Termination and ending 12-months following the Date of
Termination. Notwithstanding the foregoing, if the Company determines that it cannot provide the benefit required by this Section
4(b)(iv) without potentially violating applicable law (including Section 2716 of the Public Health Service Act) or incurring
an excise tax, the Company shall in lieu thereof provide to Executive a monthly payment in an after-tax amount equal to the monthly
COBRA premium that Executive would be required to pay to continue Executive’s and Executive’s covered dependents’
group health coverage in effect on the Date of Termination, which amount shall be based on the premium for the first month of
COBRA coverage.

(c)            Change
in Control. If Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or pursuant to Section
3(a)(v) due to Executive’s resignation for Good Reason, in either case, (x) within one year following the date
of a Change in Control or (y) while the Company is party to a definitive agreement that contemplates transactions the consummation
of which would result in a Change in Control, then, subject to Executive signing on or before the 21st day following
the Date of Termination, and not revoking during any subsequent revocation period contained therein, the Release, and Executive’s
continued compliance with Sections 6 and 7, Executive shall receive, in addition to payments and benefits set forth in
Section 3(c), the following in lieu of the severance payments and benefits set forth in Section 4(b):

(i)                
an amount in cash equal to 2.0 times the sum of (A) Annual Base Salary (at the highest level in effect during the Term) plus
(B) the Target Bonus, payable in the form of salary continuation in regular installments over the 24-month period following
the Date of Termination in accordance with the Company’s normal payroll practices;

(ii)              
a pro-rated portion (based on the number of days Executive was employed by the Company during the fiscal year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the fiscal year in which the Date of Termination occurs, based on the Company’s actual performance for such year and paid
at the same time annual bonuses are generally paid to the Company’s executives;

(iii)            
any Annual Bonus earned for a previously completed year, paid at the same time annual bonuses are generally paid to the Company’s
executives (but irrespective of any continued service requirement); and

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(iv)           
if Executive timely elects continued medical, dental or vision coverage under one or more of the Company’s or its successor’s
group medical, dental or vision plans pursuant to COBRA, then the Company shall directly pay, or reimburse Executive for, the
COBRA premiums for Executive and Executive’s covered dependents under such plans during the period commencing on the Date
of Termination and ending 24-months following the Date of Termination. Notwithstanding the foregoing, if the Company determines
that it cannot provide the benefit required by this Section 4(c)(iv) without potentially violating applicable law (including
Section 2716 of the Public Health Service Act) or incurring an excise tax, the Company shall in lieu thereof provide to Executive
a monthly payment in an after-tax amount equal to the monthly COBRA premium that Executive would be required to pay to continue
Executive’s and Executive’s covered dependents’ group health coverage in effect on the Date of Termination,
which amount shall be based on the premium for the first month of COBRA coverage.

(d)            Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 4 through 10 and Section
12 will survive the termination of Executive’s employment and the expiration or termination of the Term.

5.             Parachute
Payments.

(a)            It
is the objective of this Agreement to maximize Executive’s Net After-Tax Benefit (as defined herein) if payments or benefits
provided under this Agreement are subject to excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended, and
the regulations and guidance promulgated thereunder (the “Code”). Notwithstanding any other provisions of this
Agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits,
including the payments and benefits under Section 4(b) and Section 4(c) hereof, being hereinafter referred to as
the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then the Total Payments shall be reduced to the extent necessary so that no
portion of the Total Payments shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so
reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments
and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total
Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to
which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized
deductions and personal exemptions attributable to such unreduced Total Payments).

(b)            The
Total Payments shall be reduced by the Company in the following order: (i) reduction of any cash severance payments otherwise
payable to Executive that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction of
any other cash payments or benefits otherwise payable to Executive that are exempt from Section 409A, but excluding any payments
attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Company’s common
stock that is exempt from Section 409A, (iii) reduction of any other payments or benefits otherwise payable to Executive on a
pro-rata basis or such other manner that complies with Section 409A, but excluding any payments attributable to the acceleration
of vesting and payments with respect to any equity award with respect to the Company’s common stock that are exempt from
Section 409A, and (iv) reduction of any payments attributable to the acceleration of vesting or payments with respect
to any other equity award with respect to the Company’s common stock that are exempt from Section 409A.

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(c)            All
determinations regarding the application of this Section 5 shall be made by an accounting firm with experience in performing
calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company and acceptable
to Executive (“Independent Advisors”), a copy of which report and all worksheets and background materials relating
thereto shall be provided to Executive. For purposes of determining whether and the extent to which the Total Payments will be
subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived
at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code
shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of the Independent
Advisors, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including
by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be
taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3)
of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or
benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections
280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including related
fees and expenses incurred in any later audit) shall be borne solely by the Company.

6.             Competition;
Non-disparagement. Executive acknowledges that Executive has been provided with Confidential
Information (as defined below) and, during the Term, the Company from time to time will provide Executive with access to Confidential
Information. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s provision of
Confidential Information, and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential
Information, the Company and Executive agree to the following provisions against unfair competition, which Executive acknowledges
represent a fair balance of the Company’s rights to protect its business and Executive’s right to pursue employment:

(a)               
Executive shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any
equity interest in, interview for a potential employment or consulting relationship with or manage, provide services to or operate
any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner,
security holder, consultant or otherwise) that engages in any business which directly competes with any portion of the Business
(as defined below) anywhere in the world. Nothing herein shall prevent Executive from engaging in any activity with a non-competitive
division of an entity engaged in a business that competes with the Company; provided that none of Executive’s activities
in respect of such non-competitive division would reasonably be expected to cause Executive to otherwise breach his obligations
under this Section 6 in respect of the entity engaged in a business that competes with the Company. In addition, nothing
herein shall prohibit Executive from being a passive owner of not more than 5% of the outstanding equity interest in any entity
that is publicly traded, so long as Executive has no active participation in the business of such entity.

(b)              
Except in furtherance of his duties hereunder during the Term, Executive shall not, at any time during the Restriction Period,
directly or indirectly, (i) solicit any customers, clients or suppliers of the Company or (ii) solicit, with respect to hiring,
any employee or independent contractor of the Company or any person employed or engaged by the Company at any time during the
12-month period immediately preceding the Date of Termination.

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(c)               
In the event the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable
by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too
extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable,
over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which
it may be enforceable, all as determined by such court in such action.

(d)              
As used in this Section 6, (i) the term “Company” shall include the Company and its direct and indirect
subsidiaries; (ii) the term “Business” shall mean the business of the Company, as such business is conducted
as of the Effective Date or may be expanded or altered by the Company during the Term, in any case that represents more than 10%
of the Company’s gross annual revenues, and shall include any type of marine-based expeditions; and (iii) the term “Restriction
Period” shall mean the period beginning on the Effective Date and ending on the date 24 months following the Date of
Termination.

(e)               
Each Party to this Agreement (which, in the case of the Company, shall include its officers and the members of the Board) agrees,
during the Term and thereafter, to refrain from Disparaging (as defined below) the other Party and its affiliates. Nothing in
this paragraph shall preclude any Party from making truthful statements that are reasonably necessary to comply with applicable
law, regulation or legal process, or to defend or enforce a Party’s rights under this Agreement. For purposes of this Agreement,
“Disparaging” means making remarks, comments or statements, whether written or oral, that impugn the character,
integrity, reputation or abilities of the person or entity being disparaged.

7.             Nondisclosure
of Proprietary Information.

(a)               
Except in connection with the faithful performance of Executive’s duties hereunder or pursuant to Section 7(c) or (e),
Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose
or publish, or use for Executive’s benefit or the benefit of any person, firm, corporation or other entity (other than the
Company) any confidential or proprietary information or trade secrets of or relating to the Company (including business plans,
business strategies and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights
and applications therefor, ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes,
methods, developments, source code, modifications, technology, techniques, data, programs, other know-how or materials, owned,
developed or possessed by the Company, whether in tangible or intangible form, information with respect to the Company’s
operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential
customers, marketing methods, costs, prices, contractual relationships, regulatory status, prospects and compensation paid to
employees or other terms of employment) (collectively, the “Confidential Information”), or deliver to any person,
firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any
such Confidential Information. The Parties hereby stipulate and agree that, as between them, any item of Confidential Information
is important, material and confidential and affects the successful conduct of the businesses of the Company (and any successor
or assignee of the Company). Notwithstanding the foregoing, Confidential Information shall not include any information that has
been published in a form generally available to the public or is publicly available or has become public knowledge prior to the
date Executive proposes to disclose or use such information, provided that such publishing or public availability or knowledge
of the Confidential Information shall not have resulted from Executive directly or indirectly breaching Executive’s obligations
under this Section 7(a) or any other similar provision by which Executive is bound, or from any third-party known by Executive
to be breaching a provision similar to that found under this Section 7(a). For the purposes of the previous sentence, Confidential
Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information
have been separately published, but only if material features comprising such information have been published or become publicly
available.

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(b)              
Upon termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company
all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or
any other documents or property concerning the Company’s customers, business plans, marketing strategies, products, property
or processes, provided that Executive may retain his compensation-related information, personal journal and rolodex, address book,
appointment book, calendar and/or contact list.

(c)               
Notwithstanding Section 7(a), Executive may respond to a lawful and valid subpoena or other legal process but shall give
the Company the earliest practicable notice thereof, shall, as much in advance of the return date as practicable, make available
to the Company and its counsel the documents and other information sought and shall assist such counsel at Company’s sole
expense in resisting or otherwise responding to such process, in each case to the extent permitted by applicable laws or rules.

(d)              
As used in this Section 7 and Section 8, the term “Company” shall include the Company and its
direct and indirect subsidiaries.

(e)              
Nothing in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena
or court order (subject to the requirements of Section 7(c) above), (ii) disclosing information and documents to Executive’s
attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice, (iii) disclosing Executive’s
post-employment restrictions in this Agreement in confidence to any potential new employer, or (iv) retaining, at any time, Executive’s
personal correspondence, Executive’s personal contacts and documents related to Executive’s own personal benefits,
entitlements and obligations.

8.             Inventions.

All
rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) related to
the business of the Company, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that
Executive may discover, invent or originate during Executive’s period of service with the Company or its subsidiaries or
its or their predecessors, either alone or with others and whether or not during working hours or by the use of the facilities
of the Company (“Inventions”), shall be the exclusive property of the Company. Executive shall promptly disclose
all Inventions to the Company, shall execute at the request of the Company any assignments or other documents the Company may
deem reasonably necessary to protect or perfect its rights therein, and shall assist the Company, upon reasonable request and
in all instances at the Company’s sole expense, in obtaining, defending and enforcing the Company’s rights therein.
Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s behalf any assignments
or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.

9.             Injunctive
Relief.

It
is recognized and acknowledged by Executive that a breach of the covenants contained in Sections 6, 7 and 8 could cause
irreparable damage to Company and its goodwill, the exact amount of which may be difficult or impossible to ascertain, and that
the remedies at law for any such breach may be inadequate. Accordingly, Executive agrees that in the event of a breach of any
of the covenants contained in Sections 6, 7 and 8, in addition to any other remedy which may be available at law or in
equity, the Company will be entitled to seek specific performance and injunctive relief without the requirement to post bond.

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10.           Assignment
and Successors.

None
of the Company’s rights or obligations may be assigned or transferred by the Company, except that the Company shall assign
its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of
the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive
and their respective successors, assigns, legal representatives, executors, administrators, heirs, distributees, devisees, and
legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than
Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the
foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select
and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written
notice thereof to the Company.

11.           Certain
Definitions.

(a)           Cause.
The Company shall have “Cause” to terminate Executive’s employment hereunder upon Executive’s:

(i)                willful
misconduct and mismanagement by Executive that is materially injurious to the Company;

(ii)              
refusal in any material respect to carry out or comply with any lawful and reasonable directive of the Board consistent with the
terms of this Agreement;

(iii)            
 conviction, plea of no contest, or plea of nolo contendere for any felony;

(iv)            
unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its subsidiaries’)
premises while performing Executive’s duties and responsibilities under this Agreement;

(v)              commission
of an act of fraud, embezzlement, willful misappropriation, willful misconduct, or breach of fiduciary duty, in any case that
results in material harm to the Company or any of its affiliates;

(vi)            
material violation of any provision of this Agreement or a material Policy; or

(vii)          
willful or prolonged, and unexcused, absence from work (other than by reason of Executive’s disability due to physical or
mental illness).

For
purposes of this definition, an action or inaction is only “willful” if it is done or omitted by Executive without
a good faith belief that such action or inaction is in the best interests of the Company.

Notwithstanding
the foregoing, no termination for Cause will have occurred unless and until the Company has: (a) provided Executive, within 30
days of the Company first becoming aware of the facts or circumstances constituting Cause, written-notice stating with specificity
the applicable facts and circumstances underlying such finding of Cause; and (b) provided Executive with an opportunity to
cure the same within 30 days after the receipt of such notice. Any termination for Cause must occur within 90 days of the Company
first becoming aware of the facts or circumstances constituting Cause.

    	10

    	 

    

(b)            Change
in Control. “Change in Control” means and includes each of the following: 

(i)                
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company or any of its subsidiaries,
Sven Lindblad or any person or entity affiliated or associated with Sven Lindblad, an employee benefit plan maintained by the
Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls,
is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing 30% or more of the total combined voting
power of the Company’s securities outstanding immediately after such acquisition;

(ii)              
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company or any of its subsidiaries, Sven Lindblad or any entity affiliated or associated with Sven Lindblad,
an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more 30%
or more of the total fair market value of the Company’s securities outstanding immediately after such acquisition;

(iii)            
During any 12-month period, individuals who, at the beginning of such period, constitute the Board, together with any new director(s)
(other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction
described in subsections (i), (ii) or (iv)) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the 12-month period or whose election or nomination for election was previously so approved, cease for any reason to constitute
a majority thereof; or

(iv)            
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company or any of its subsidiaries, Sven Lindblad or any entity affiliated or associated with Sven Lindblad,
an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the
Company immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with
such assets.

Notwithstanding
the foregoing, the transactions contemplated by the Merger Agreement shall not constitute a Change in Control.

(c)            Date
of Termination. “Date of Termination” shall mean (i) if Executive’s employment is terminated by Executive’s
death, the date of Executive’s death; (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii)
– (vi), the date indicated in the Notice of Termination.

    	11

    	 

    

(d)            Disability.
“Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan
for the Company’s employees and covering Executive, “disability” as defined in such long-term disability plan
for the purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability
plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which,
if Executive qualified for such disability benefits, would provide coverage for the longest period of time. The determination
of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under
the long-term disability plan. At any time no such long-term disability plan is in effect, Disability shall mean Executive’s
inability to perform, with or without reasonable accommodation, the essential functions of Executive’s position hereunder
for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined
by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative,
with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive to submit to a reasonable
medical examination at the Company’s sole expense for the purpose of determining Disability shall be deemed to constitute
conclusive evidence of Executive’s Disability.

(e)            Good
Reason. Executive’s resignation will be for “Good Reason” if Executive resigns following the occurrence
of any of the following events: (i) a material decrease in Executive’s Annual Base Salary (from the highest level in
effect during the Term); (ii) a material diminution in Executive’s authority, duties or responsibilities, provided, however,
that in no event will Executive’s ceasing to be or perform the duties of the Company’s Chief Financial Officer or
the Company’s hiring of a new Chief Financial Officer constitute Good Reason hereunder; (iii) a requirement that Executive
report to other the Chief Executive Officer of the Company and the Board; (iv) a relocation of the location at which Executive
is required primarily to perform his services for the Company outside the Borough of Manhattan within the City of New York; or
(v) any other action or inaction that constitutes a material breach by the Company of this Agreement. Notwithstanding the
foregoing, no Good Reason will have occurred unless and until Executive has: (a) provided the Company, within 90 days of Executive’s
first knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written-notice stating with
specificity the applicable facts and circumstances underlying such finding of Good Reason; and (b) provided the Company with
an opportunity to cure the same within 30 days after the receipt of such notice.

12.           Miscellaneous
Provisions.

(a)            Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of the State of New York without reference to the principles of conflicts of law of the
State of New York or any other jurisdiction, and where applicable, the laws of the United States. Any suit brought hereon shall
be brought in the state or federal courts sitting in the Borough of Manhattan within the City of New York, the Parties hereby
waiving any claim or defense that such forum is not convenient or proper. Each Party hereby agrees that any such court shall have
in personam jurisdiction over it and consents to service of process in any manner authorized by New York law.

(b)            Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

    	12

    	 

    

(c)            Notices.
Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage
prepaid, as follows:

		(i)	If
                                         to the Company, the Chief Executive Officer or the General Counsel at its headquarters,

 

and
copies to:

 

Lindblad
Expeditions Holdings, Inc.

96
Morton Street, 9th Floor

New
York, NY 10014

Attention:
Chief Executive Officer

 

and:

 

Latham
& Watkins LLP

555
Eleventh Street, N.W.

Washington,
DC 20004

Attention:
Paul Sheridan and Adam Kestenbaum

 

(ii)          If
to Executive, at the last address that the Company has in its personnel records for Executive,

and
a copy to:

Milbank,
Tweed, Hadley & McCloy, LLP

One
Chase Manhattan Plaza

New
York, NY 10005

Attention:
Manan D. Shah

 

(iii)        At
any other address as any Party shall have specified by notice in writing to the other Party.

(d)           Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or email shall be deemed effective for all purposes.

(e)           Entire
Agreement. The terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect
to the subject matter hereof and supersede all prior understandings and agreements, whether
written or oral. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of
their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding
to vary the terms of this Agreement.

(f)            Certain
Indemnity Rights; D&O Coverage. During
and after the Term, the Company shall (i) provide Executive with directors’ and officers’ liability insurance
coverage at least as favorable as that applicable to any then-current executive officer of director of the Company, and (ii) indemnify
Executive and his legal representatives to the fullest extent permitted by the laws of the State of Delaware against all damages,
costs, expenses and other liabilities reasonably incurred or sustained by Executive or his legal representatives in connection
with any suit, action or proceeding to which Executive or his legal representatives may be made a party by reason of Executive
being or having been a director or officer of the Company or any of its subsidiaries, or having served in any other capacity or
taken any other action purportedly on behalf of or at the request of the Company or any of its subsidiaries.

    	13

    	 

    

(g)           Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized representative of the Company. By an instrument in writing similarly executed, Executive or a duly authorized
representative of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement
that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate
as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided
herein or by law or in equity.

(h)           No
Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to
act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

(i)            Construction.
This Agreement shall be deemed drafted equally by both Parties. Its language shall be construed as a whole and according to its
fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the
plural; (b) “any,” “all,” “each,” or “every” means “any and all,”
and “each and every”; (c) “includes” and “including” are each “without limitation”;
(d) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here”
refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (e) all pronouns and
any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
entities or persons referred to may require.

(j)            Arbitration.
Any controversy, claim or dispute arising out of or relating to this Agreement shall be settled solely and exclusively by a binding
arbitration process administered by JAMS/Endispute in New York, New York. Such arbitration shall be conducted in accordance with
the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following exceptions if in conflict: (a) one arbitrator
who is a retired judge shall be chosen by JAMS/Endispute; (b) the Company will pay the expenses and fees of the arbitrator, together
with other expenses of the arbitration incurred or approved by the arbitrator; and (c) arbitration may proceed in the absence
of any Party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given to such
Party. Each Party shall bear its own attorney’s fees and expenses; provided that the arbitrator may assess the prevailing
Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award. The Parties agree to abide
by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final
and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity;
provided, however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief
or specific performance as provided in this Agreement. This dispute resolution process and any arbitration hereunder shall be
confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process
without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision
or an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable,
the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance
with its then-existing rules as modified by this subsection. In such event, all references herein to JAMS/Endispute shall mean
AAA. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual
property rights by court action instead of arbitration.

    	14

    	 

    

(k)           Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically
as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible
and be legal, valid and enforceable, provided that the economic benefit to any Party is not diminished by such replacement.

(l)            Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges which the Company is required to withhold.

(m)          Section
409A.

(i)                
General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from
Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.

(ii)              
Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable
under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement
as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from
service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except
as provided below, any such compensation or benefits described in Section 4(b) and Section 4(c) shall not be paid,
or, in the case of installments, shall not commence payment, until the thirtieth (30th) day following Executive’s Separation
from Service (the “First Payment Date”). Any installment payments that would have been made to Executive during
the thirty (30) day period immediately following Executive’s Separation from Service but for the preceding sentence shall
be paid to Executive on the First Payment Date and the remaining payments shall be made as provided in this Agreement.

(iii)             
Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at
the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to
the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required
in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided
to Executive prior to the earlier of (A) the expiration of the six-month period measured from the date of Executive’s
Separation from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the
expiration of the applicable Section 409A delay period, all payments deferred pursuant to the preceding sentence shall be paid
in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this
Agreement shall be paid as otherwise provided herein.

    	15

    	 

    

(iv)             Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, (A) any such reimbursements
payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense
was incurred, provided that Executive submits Executive’s reimbursement request promptly following the date the expense
is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent
year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Executive’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.

(v)             Installments.
Executive’s right to receive any installment payments under this Agreement, including any salary continuation payments
that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.
Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration
or deferral would not result in additional tax, interest or penalties pursuant to Section 409A.

13.           Executive
Acknowledgement.

Executive
acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this
Agreement freely based on Executive’s own judgment.

[Signature
Page Follows]

    	16

    	 

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written.

	 	COMPANY
	 	 
	 	By:  _________________________________
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	By:  _________________________________
	 	Ian Rogers

 

[Signature
Page to Employment Agreement]

    	17

    	 

    

 

EXHIBIT
A

Acknowledgement
and Assumption Agreement

 

 

 

 

 

    	A-1

    	 

    

ACKNOWLEDGEMENT
AND ASSUMPTION AGREEMENT

 

This
Acknowledgement and Assumption Agreement (this “Agreement”), dated as of July 8, 2015 (the “Effective Date”)
by and between Ian Rogers (the “Executive”) and Lindblad Expeditions Holdings, Inc. (f/k/a/ Capitol Acquisition Corp.
II), a Delaware corporation (together with any successor thereto, the “Company”) relates to that certain option to
purchase 10,110 shares of Class A common stock of Lindblad Expeditions, Inc. (“Lindblad”) previously granted to the
Executive by Lindblad (the “Lindblad Option”). This Agreement shall constitute an amendment to the Original Option
Agreement to the extent the terms of the Original Option Agreement are modified hereby, and in all other respects the Original
Option Agreement shall remain in full force and effect in accordance with its terms. Capitalized terms not defined in this Addendum
shall have the meanings given to such terms in the Original Option Agreement and the Lindblad Plan (as such terms are defined
below).

 

WHEREAS,
Lindblad previously adopted the Lindblad Expeditions, Inc. 2012 Incentive Stock Plan (the “Lindblad Plan”);

 

WHEREAS,
the Executive and Lindblad previously entered into that certain Incentive Stock Option Agreement, dated as of the December 11,
2014 (the “Original Option Agreement”), pursuant to which Lindblad granted the Executive the Lindblad Option;

 

WHEREAS,
The Company previously entered into that certain Agreement and Plan of Merger, dated as of March 9, 2015 (the “Merger Agreement”),
by and among the Company, Argo Expeditions, LLC, Argo Merger Sub, Inc., and Lindblad, pursuant to which the Company has acquired
(the “Acquisition”) on the Effective Date all of the outstanding equity interests in Lindblad;

 

WHEREAS,
pursuant to the Merger Agreement, all outstanding stock options in Lindblad have been converted into options to purchase shares
of common stock of the Company pursuant to a formula set forth in the Merger Agreement;

 

WHEREAS,
pursuant to the Merger Agreement, except as expressly set forth therein, converted options will remain subject to all of the same
terms and conditions as applied immediately prior to the conversion;

 

WHEREAS,
the Executive and the Company have entered into that certain Employment Agreement of even date herewith (the “Employment
Agreement”), pursuant to which the Executive will serve as an executive officer of the Company, subject to the terms and
conditions thereof;

 

WHEREAS,
the Executive and the Company desire to enter into this Agreement to set forth the terms and conditions of the Executive’s
Converted Option (as defined below), notwithstanding any provision of the Merger Agreement, the Lindblad Plan or the Original
Option Agreement to the contrary.

 

    	A-2

    	 

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Executive and
the Company hereby acknowledge and agree as follows:

 

		1.	Pursuant
                                         to the Merger Agreement, the Lindblad Option has converted into an option to purchase
                                         2,866,272 shares of common stock of the Company at a per share exercise price of $1.76
                                         (the “Converted Option”).

		2.	No
                                         portion of the Converted Option is vested or exercisable as of the Effective Date. Notwithstanding
                                         any provision of the Original Option Agreement or the Lindblad Plan to the contrary,
                                         the Converted Option will (i) vest and become exercisable (in each case subject to the
                                         Executive remaining continuously employed by the Company or one of its subsidiaries through
                                         the applicable vesting date), and (ii) be exercised, in each case only as follows, subject
                                         to Sections 3-6 below:

		a.	33.3%
                                         of the Converted Option (954,469 Shares) will vest and become exercisable on the one-month
                                         anniversary of the Effective Date. These options (to the extent they vest) will be exercised
                                         on or after the vesting date and on or before December 31, 2015. These options will expire
                                         on December 31, 2015 if not exercised on or before that date.

		b.	16.7%
                                         of the Converted Option (478,667 Shares) will vest and become exercisable on January
                                         1, 2016. These options (to the extent they vest) will be exercised during calendar year
                                         2016 and will expire on December 31, 2016 if not exercised on or before that date.

		c.	25%
                                         of the Converted Option (716,568 Shares) will vest on December 31, 2016. These options
                                         will become exercisable January 1, 2017. These options (to the extent they vest) will
                                         be exercised during calendar year 2017 and will expire on December 31, 2017 if not exercised
                                         on or before that date.

		d.	25%
                                         of the Converted Option (716,568 Shares) will vest on December 31, 2017. These options
                                         will become exercisable January 1, 2018. These options (to the extent they vest) will
                                         be exercised during calendar year 2018 and will expire on December 31, 2018 if not exercised
                                         on or before that date.

		3.	In
                                         the event the Executive’s employment is terminated by the Company without Cause
                                         (as defined in the Employment Agreement) or the Executive resigns his employment for
                                         Good Reason (as defined in the Employment Agreement), then, subject to the Executive
                                         signing on or before the 21st day following the Date of Termination (as defined
                                         in the Employment Agreement), and not revoking during any subsequent revocation period
                                         contained therein, a release of claims substantially in the form attached as Exhibit
                                         B to the Employment Agreement, any portion of the Converted Option that would have vested
                                         within the next 12 months following the Date of Termination if Executive had remained
                                         employed with the Company will accelerate and vest as of immediately prior to the Date
                                         of Termination; provided, however, that such portion of the Converted Option that so
                                         accelerates will be exercisable only in accordance with the schedule set forth in Section
                                         2 of this Agreement (and, for the avoidance of doubt, will remain in effect and exercisable
                                         through the applicable expiration date as set forth in Section 2 of this Agreement).

		4.	In
                                         the event the Executive’s employment is terminated by reason of death or disability
                                         (as defined by Section 22(e)(3) of the Code), then the Converted Option shall be 100%
                                         vested on the date of death or disability, provided however, that the Converted Option
                                         will be exercisable by the Executive (or the Executive’s beneficiary or estate
                                         in the event of the Executive’s death) only in accordance with the schedule set
                                         forth in Section 2 of this Agreement (and, for the avoidance of doubt, will remain in
                                         effect and exercisable through the applicable expiration date as set forth in Section
                                         2 of this Agreement).

    	A-3

    	 

    

 

		5.	If
                                         the Company is sold to an unaffiliated third party during the term of the Executive’s
                                         employment with the Company, then the Converted Option shall vest in full.

		6.	Notwithstanding
                                         anything to the contrary in this Agreement, in the event a “change in control event”
                                         (within the meaning of Code Section 409A) occurs with respect to the Company, the portion
                                         of the Converted Option that is then vested (including, without limitation, as a result
                                         of any vesting acceleration pursuant to Sections 3-5 of this Agreement) will be exercised
                                         immediately prior to the “change in control event.”

		7.	In
                                         addition to the permitted methods of exercise set forth in Section 6(a) of the Original
                                         Option Agreement, the Company agrees that the Executive may pay the exercise price for
                                         the Converted Option through either (i) surrendering shares of the Company’s common
                                         stock then issuable upon the Converted Option’s exercise having a Fair Market Value
                                         (as defined below) equal to the exercise price being paid, or (ii) a “broker assisted
                                         sale” process whereby the Company obtains an irrevocable and unconditional undertaking
                                         by a broker acceptable to the Company to deliver promptly to the Company sufficient funds
                                         to pay the exercise price. For all purposes with respect to the Converted Option, whether
                                         under the Lindblad Plan, the Original Option Agreement or this Agreement, “Fair
                                         Market Value” of one share of common stock of the Company shall mean, as of any
                                         date, (a) the closing sale price (excluding any “after hours” trading) of
                                         shares of the Company’s common stock as reported on the stock exchange or over-the-counter
                                         market on which shares of the Company’s common stock are principally trading on
                                         such date), or, if there were no sales on such date, on the closest preceding date on
                                         which there were sales, or (b) in the event there shall be no public market for shares
                                         of the Company’s common stock on such date, the fair market value of one share
                                         of common stock of the Company as reasonably determined in good faith by the Company’s
                                         board of directors.

		8.	As
                                         a condition to the exercise of any portion of the Converted Option, the Executive must
                                         pay, or make provision satisfactory to the Company for payment of, any taxes required
                                         by law to be withheld in connection with the exercise of the Converted Option. The Company
                                         agrees that the Executive may satisfy such tax obligations (i) through a “broker
                                         assisted sale” process whereby the Company obtains an irrevocable and unconditional
                                         undertaking by a broker acceptable to the Company to deliver promptly to the Company
                                         sufficient funds to pay all tax obligations, (ii) by having the Company deduct an amount
                                         sufficient to satisfy such tax obligations from any other payment otherwise due to the
                                         Executive, or (iii) by payment in cash or by check. In addition, if the Executive is
                                         unable to sell shares of the Company’s common stock on the open market or the Converted
                                         Option would otherwise expire during a blackout period that the Company is unwilling
                                         or unable to waive under its insider trading policy, the Executive may request that the
                                         Company allow the Executive to satisfy the tax withholding obligations by surrendering
                                         shares of the Company’s common stock then issuable upon the Converted Option’s
                                         exercise having a Fair Market Value equal to the minimum amount of the applicable tax
                                         withholding obligations. The Company will allow such request unless the Company’s
                                         board of directors reasonably determines that allowing such request would materially
                                         and adversely impact the Company’s financial or liquidity position at the applicable
                                         time.

    	A-4

    	 

    

 

		9.	The
                                         Company and the Executive agree that the provisions of Section 10 of the Original Option
                                         Agreement and Section 11 of the Lindblad Plan, and any other provision of the Original
                                         Option Agreement and the Lindblad Plan to the extent it references such Sections, do
                                         not apply to the Converted Option or any shares of Company common stock acquired upon
                                         exercise thereof.

		10.	The
                                         Company and the Executive agree that the provisions of Section 11(a) of the Original
                                         Option Agreement and clause (ii) in Section 7.5 of the Lindblad Plan do not apply to
                                         the Converted Option or any shares of Company common stock acquired upon exercise thereof,
                                         provided, however, that the Executive may not sell or transfer any of such shares except
                                         in compliance with all applicable securities laws.

		11.	The
                                         Executive agrees that, except as expressly set forth in this Agreement, he has no rights
                                         of any kind to cause the Company to repurchase any shares of the Company’s common
                                         stock, whether pursuant to the Lindblad Plan, the Original Option Agreement, the Retention
                                         Agreement entered into between the Executive and Lindblad on December 11, 2014, or otherwise.

		12.	The
                                         Company and the Executive agree that the provisions of Sections 5.3(c), 9.2 and 9.3 of
                                         the Lindblad Plan do not apply to the Converted Option or any shares of Company common
                                         stock acquired upon exercise thereof.

		13.	The
                                         converted option is intended to comply with the requirements of Code Section 409A applicable
                                         to “nonqualified deferred compensation.” This Agreement and all other agreements
                                         that apply to the Converted Option will be interpreted and administered in manner consistent
                                         with the foregoing.

		14.	Except
                                         as expressly set forth in this Agreement, the Converted Option shall be subject to all
                                         of the terms and conditions set forth in the Lindblad Plan and the Original Option Agreement,
                                         provided that all references therein to (i) the “Company” shall be deemed
                                         to refer to Lindblad Expeditions Holdings, Inc., (ii) the “Board” or “Board
                                         of Directors” shall be deemed to refer to the board of directors of Lindblad Expeditions
                                         Holdings, Inc. and (iii) “Stock” or “Optioned Shares” shall
                                         be deemed to refer to shares of common stock of Lindblad Expeditions Holdings, Inc. In
                                         the event of any conflict between the terms of this Agreement and the Lindblad Plan or
                                         the Original Option Agreement, the terms of this Agreement shall control.

		15.	This
                                         Agreement is subject to the terms of Sections 16, 17 and 18 of the Original Option Agreement,
                                         which shall be deemed incorporated herein, and this Agreement may executed in multiple
                                         counterparts.

  [Signature
Pages Follow] 

    	A-5

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written. 

 

	 	COMPANY
	 	 
	 	By:  _________________________________
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	By:  _________________________________
	 	Ian Rogers

    	A-6

    	 

    

 

EXHIBIT
B

Separation
Agreement and Release

This
Separation Agreement and Release (this “Agreement”) is made by and between Ian Rogers (“Executive”)
and Capitol Acquisition Corp. II (the “Company”) (collectively, referred to as the “Parties”
or individually referred to as a “Party”). Capitalized terms used but not defined in this Agreement shall have
the meanings set forth in the Employment Agreement (as defined below).

 

WHEREAS,
the Parties have previously entered into that certain Employment Agreement, dated as of July 8, 2015 (the “Employment
Agreement”); and

 

WHEREAS,
in connection with Executive’s termination of employment with the Company effective ________, 20__, the Parties wish to
resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that Executive may have
against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of
or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates, but,
for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with (i) Executive’s
ownership of vested equity securities, (ii) Executive’s right to indemnification or directors’ and officers’
liability insurance pursuant to contract or applicable law or, (iii) Executive’s rights under this Agreement or under the
Employment Agreement that expressly survive by its terms ((i) through (iii), collectively, the “Retained Claims”).

 

NOW,
THEREFORE, in consideration of the severance payments and benefits described in Section 4(b) and Section 4(c) of the Employment
Agreement, which, pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this
Agreement, and in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows:

 

1.          Severance
Payments; Salary and Benefits. The Company agrees to provide Executive with the severance payments and benefits described
in Section 4(b) or Section 4(c), as applicable, of the Employment Agreement, payable at the times set forth in, and subject to
the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and
conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described
in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

 

2.          Release
of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents settlement
in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and any of
their current and former officers, directors, equity holders, managers, employees, agents, investors, attorneys, shareholders,
administrators, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor
corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of any
of Executive’s heirs, family members, executors, agents, and assigns, other than with respect to the Retained Claims, hereby
and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue,
any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known
or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts,
facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation:

 

(a)          any
and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its
direct or indirect subsidiaries and the termination of that relationship;

 

    	A-7

    	 

    

 

(b)          any
and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or
other equity interests of the Company or any of its subsidiaries, including, without limitation, any claims for fraud, misrepresentation,
breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal
law;

 

(c)          any
and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation;
breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent
or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;

 

(d)          any
and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil
Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990;
the Equal Pay Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the
Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002;

 

(e)          any
and all claims for violation of the federal or any state constitution; and

 

(f)          any
and all claims arising out of any other laws and regulations relating to employment or employment discrimination.

 

Executive
agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release does not release claims that cannot be released as a matter of law, including, but not
limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that Executive’s release of claims herein bars Executive
from recovering such monetary relief from the Company or any Releasee), claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company’s
group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation
of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s
right under applicable law and any Retained Claims. This release further does not release claims for breach of Section 3(c), Section
4(b) or Section 4(c) of the Employment Agreement or any rights you may have in your capacity as an equityholder in the Company.

3.          Acknowledgment
of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights
Executive may have under the Age Discrimination in Employment Act of 1967 (the “ADEA”), and that this waiver
and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights
or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that
the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled.
Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult
with an attorney prior to executing this Agreement; (b) Executive has 21 days within which to consider this Agreement; (c) Executive
has 7 days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the
General Counsel of the Company; (d) this Agreement shall not be effective until after the revocation period has expired; and (e)
nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically
authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21 day period
identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted
for considering this Agreement.

    	A-8

    	 

    

4.          Severability.
In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or
is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue
in full force and effect without said provision or portion of provision.

5.          No
Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company.

6.          Governing
Law; Dispute Resolution. This Agreement shall be subject to the provisions of Sections 12(a), (c), (d) and (g) of the Employment
Agreement.

7.          Effective
Date. If Executive has attained or is over the age of 40 as of the date of Executive’s termination of employment, then
Executive has seven days after Executive signs this Agreement to revoke it and this Agreement will become effective on the eighth
day after Executive signed this Agreement, so long as it has not been revoked by Executive before that date (the “Effective
Date”). If Executive has not attained the age of 40 as of the date of Executive’s termination of employment, then
the Effective Date shall be the date on which Executive signs this Agreement.

8.          Voluntary
Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress
or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s
claims against the Company and any of the other Releasees to the extent set forth in this Agreement. Executive acknowledges that:
(a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company
that are not specifically set forth in this Agreement; (c) Executive has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; (d) Executive understands
the terms and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and
binding effect of this Agreement.

[Signature
Page Follows]

    	A-9

    	 

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

	 	EXECUTIVE
	 	 
	Dated: _____________	__________________________________
	 	Ian Rogers
	 	
	 	COMPANY
	 	 
	Dated: _____________	By:  ______________________________
	 	Name:
	 	Title:

 

A-10Exhibit 10.16

 

Employment
Agreement

This
Employment Agreement (this “Agreement”), dated as of July 8, 2015 (the “Effective Date”),
is made by and between Lindblad Expeditions Holdings, Inc. (f/k/a/ Capitol Acquisition Corp. II), a Delaware corporation (together
with any successor thereto, the “Company”) and Trey Byus (“Executive”) (collectively Executive
and the Company are referred to herein as the “Parties”).

RECITALS

		A.	The
                                         Company previously entered into that certain Agreement and Plan of Merger, dated as of
                                         March 9, 2015 (the “Merger Agreement”), by and among the Company,
                                         Argo Expeditions, LLC, Argo Merger Sub, Inc., and Lindblad Expeditions, Inc. (“Lindblad”),
                                         pursuant to which the Company has acquired (the “Acquisition”) on
                                         the Effective Date all of the outstanding equity interests in Lindblad.

		B.	It
                                         is the desire of the Company to assure itself of the services of Executive effective
                                         as of the Effective Date and thereafter by entering into this Agreement.

		C.	Executive
                                         and the Company mutually desire that Executive provide services to the Company on the
                                         terms herein provided.

AGREEMENT

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto
agree as follows:

1.             Employment.

(a)               
General. Effective as of the Effective Date, the Company shall employ Executive for the period and in the position set
forth in this Section 1, and subject to the other terms and conditions herein provided.

(b)              
Employment Term. The term of employment under this Agreement (the “Term”) shall be for the period beginning
on the Effective Date, and ending on the third anniversary thereof, subject to earlier termination as provided in Section 3.
The Term shall automatically renew for additional twelve (12) month periods unless no later than sixty (60) days prior to the
end of the applicable Term either party gives written notice of non-renewal (“Notice of Non-Renewal”) to the
other, in which case Executive’s employment will terminate at the end of the then-applicable
Term, subject to earlier termination as provided in Section 3.

(c)              
Position and Duties. Executive shall initially serve as the Chief Expedition Officer of the Company, with such responsibilities,
duties and authority normally associated with such position and as may from time to time be assigned to Executive by the Chief
Executive Officer of the Company or his delegate or by the Board of Directors of the Company or an authorized committee thereof
(in any case, the “Board”). Executive shall devote substantially all of Executive’s working time and
efforts to the business and affairs of the Company (which shall include service to its subsidiaries) and shall not engage in outside
business activities (including serving on outside boards or committees) without the consent of the Board, provided that Executive
shall be permitted to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in charitable,
religious, civic, community, industry or trade organizations or associations, and (iii) serve on the board of directors of
not-for-profit or tax-exempt organizations, in each case, subject to compliance with this Agreement and provided that such activities
do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive
agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case
as amended from time to time, as set forth in writing, and as delivered or made available to Executive (each, a “Policy”).

    	

    	 

    

2.             Compensation
and Related Matters.

(a)               
Annual Base Salary. During the Term, Executive shall receive a base salary at a rate of $219,078 per annum, which shall
be paid in accordance with the customary payroll practices of the Company and its subsidiaries (but in no event less frequently
than semi-monthly) and shall be pro-rated for partial years of employment. Such annual base salary shall be reviewed (and may
be adjusted) from time to time by the Board or the Compensation Committee of the Board (the “Compensation Committee”)
(such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”).

(b)              
Bonus. During the Term and beginning with calendar year 2015, Executive will be eligible to participate in an annual incentive
program established by the Board or Compensation Committee. Executive’s annual compensation under such incentive program
(the “Annual Bonus”) shall be targeted at not less than 150% of his Annual Base Salary (the “Target
Bonus”), with the expectation that the Annual Bonus will scale upward and downward based on individual and/or actual
Company performance, as determined by the Board or Compensation Committee. The payment of any Annual Bonus pursuant to the incentive
program shall be subject to all applicable performance determinations as may be made annually by the Board or Compensation Committee,
and Executive’s continued employment with the Company through the date of payment, except as otherwise provided in Section
4(b) or Section 4(c). The Annual Bonus, if any, shall be paid to Executive no later than 75 days following the end
of the calendar year to which the Annual Bonus relates.

(c)               
Equity Compensation. During the Term, Executive will be eligible to participate in and may receive additional awards under
any of the Company’s equity incentive award plans and programs as in effect from time to time, with any new equity incentive
grants made in the sole discretion of the Board or Compensation Committee. In addition, concurrently with the execution of this
Agreement, Executive and the Company are entering into that certain Acknowledgement and Assumption Agreement attached hereto as
Exhibit A, which confirms the terms and conditions pursuant to which Executive’s stock options in Lindblad that were
outstanding as of immediately prior to the closing of the Acquisition have been converted into options to purchase shares of common
stock of the Company (the “Converted Options”).

(d)              
Benefits. During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements
(including perquisite and fringe benefit arrangements) maintained for senior executives of the Company (including medical, dental,
life insurance, disability, paid time off and 401(k) plans), consistent with the terms thereof, on a basis consistent with the
participation of senior executives of the Company, and as such plans, programs and arrangements may be amended from time to time.
In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in
Section 4 of this Agreement.

(e)               
Vacation. During the Term, Executive shall be entitled to a minimum of 20 days annually of paid vacation in accordance
with the Company’s Policies.

(f)               
Business Expenses. The Company shall reimburse Executive for all reasonable travel and other business expenses incurred
by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement
Policy and in compliance with Section 12(m).

    	2

    	 

    

(g)               
Key Person Insurance. At any time during the Term, the Company and its subsidiaries shall have the right to insure the
life of Executive for the Company’s and its subsidiaries’ sole benefit. The Company shall have the right to determine
the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such insurance
by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing
all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company
or broker shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no
financial obligation in connection with assisting the Company to obtain such insurance policy (including by executing any required
document), and shall have no interest in any such policy.

3.             Termination.

Executive’s
employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this Agreement under
the following circumstances:

(a)            Circumstances.

(i)                
Death. Executive’s employment hereunder shall terminate upon Executive’s death.

(ii)              
Disability. If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

(iii)            
Termination for Cause. The Company may terminate Executive’s employment for Cause, as defined below.

(iv)            
Termination without Cause. The Company may terminate Executive’s employment without Cause, which shall include a
termination of Executive as a result of the Company not renewing the Term pursuant to Section 1.

(v)              
Resignation from the Company for Good Reason. Executive
may resign Executive’s employment with the Company for Good Reason, as defined below.

(vi)            
Resignation from the Company Without Good Reason. Executive may resign Executive’s employment with the Company for
any reason other than Good Reason or for no reason, which shall include a termination of Executive as a result of Executive not
renewing the Term pursuant to Section 1.

(b)            Notice
of Termination. Any termination of Executive’s employment by the Company or by Executive under this Section 3
(other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other party (i) indicating
the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and
(iii) specifying a Date of Termination which, except in the case of a termination pursuant to Section 3(a)(iii), shall
be at least forty-five (45) days following the date of such notice (a “Notice of Termination”); provided,
however, that the Company may, in its sole discretion, instruct Executive to remain off the Company’s premises and perform
no Company functions from the date of such Notice of Termination through the Date of Termination, but only to the extent that
the Company pays Executive full compensation and benefits during such period. The failure by the Company or Executive to set forth
in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any
right of such Party hereunder or preclude such Party from asserting such fact or circumstance in enforcing such Party’s
rights hereunder.

    	3

    	 

    

(c)            Company
Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed
in Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of
Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any vacation
time that has been accrued but unused in accordance with Company’s Policies; (iii) any reimbursements owed to Executive
pursuant to Section 2(f); and (iv) any amount accrued and arising from Executive’s participation in, or benefits
accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms
and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”).
Except as otherwise expressly required by law (e.g., COBRA), as specifically provided herein, or with respect to the Converted
Options or any of Executive’s other equity-related compensation (which, for the avoidance of doubt, shall be governed by
the terms and conditions of the applicable equity compensation plans and agreements), all of Executive’s rights to salary,
severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s
employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s
sole and exclusive remedy shall be to receive the payments and benefits described in this Section 3(c) and Section 4,
as applicable.

(d)            Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries.

4.             Severance
Payments.

(a)            Termination
for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason. If Executive’s
employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to
Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for Executive’s
resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits,
except as provided in Section 3(c).

(b)            Termination
without Cause or Resignation for Good Reason. If Executive’s employment terminates without
Cause pursuant to Section 3(a)(iv), or pursuant to Section 3(a)(v) due to Executive’s resignation for
Good Reason, then, subject to Executive signing on or before the 21st day following the Date of Termination, and not
revoking during any subsequent revocation period contained therein, a release of claims substantially in the form attached as
Exhibit B to this Agreement (the “Release”), and Executive’s continued compliance with Sections
6 and 7, Executive shall receive, in addition to payments and benefits set forth in Section 3(c), the following:

(i)                
an amount in cash equal to 1.0 times the sum of (A) Annual Base Salary (at the highest level in effect during the Term) plus
(B) the average Annual Bonus over the prior three years (which calculation shall include annual bonuses that Executive received
from Lindblad, to the extent Executive has not yet received three years of Annual Bonuses under the Company’s annual incentive
program on the Date of Termination, provided that, for the avoidance of doubt, the foregoing calculation will not take into account
the special retention bonus paid to Executive by Lindblad in December 2014), payable in the form of salary continuation in regular
installments over the 12-month period following the Date of Termination in accordance with the Company’s normal payroll
practices;

    	4

    	 

    

(ii)              
a pro-rated portion (based on the number of days Executive was employed by the Company during the fiscal year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the fiscal year in which the Date of Termination occurs, based on the Company’s actual performance for such year and paid
at the same time annual bonuses are generally paid to the Company’s executives;

(iii)            
any Annual Bonus earned for a previously completed year, paid at the same time annual bonuses are generally paid to the Company’s
executives (but irrespective of any continued service requirement); and

(iv)           
if Executive timely elects continued medical, dental or vision coverage under one or more of the Company’s group medical,
dental or vision plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
then the Company shall directly pay, or reimburse Executive for, the COBRA premiums for Executive and Executive’s covered
dependents under such plans during the period commencing on the Date of Termination and ending 12-months following the Date of
Termination. Notwithstanding the foregoing, if the Company determines that it cannot provide the benefit required by this Section
4(b)(iv) without potentially violating applicable law (including Section 2716 of the Public Health Service Act) or incurring
an excise tax, the Company shall in lieu thereof provide to Executive a monthly payment in an after-tax amount equal to the monthly
COBRA premium that Executive would be required to pay to continue Executive’s and Executive’s covered dependents’
group health coverage in effect on the Date of Termination, which amount shall be based on the premium for the first month of
COBRA coverage.

(c)            Change
in Control. If Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or pursuant to Section
3(a)(v) due to Executive’s resignation for Good Reason, in either case, (x) within one year following the date
of a Change in Control or (y) while the Company is party to a definitive agreement that contemplates transactions the consummation
of which would result in a Change in Control, then, subject to Executive signing on or before the 21st day following
the Date of Termination, and not revoking during any subsequent revocation period contained therein, the Release, and Executive’s
continued compliance with Sections 6 and 7, Executive shall receive, in addition to payments and benefits set forth in
Section 3(c), the following in lieu of the severance payments and benefits set forth in Section 4(b):

(i)                
an amount in cash equal to 2.0 times the sum of (A) Annual Base Salary (at the highest level in effect during the Term) plus
(B) the Target Bonus, payable in the form of salary continuation in regular installments over the 24-month period following
the Date of Termination in accordance with the Company’s normal payroll practices;

(ii)              
a pro-rated portion (based on the number of days Executive was employed by the Company during the fiscal year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the fiscal year in which the Date of Termination occurs, based on the Company’s actual performance for such year and paid
at the same time annual bonuses are generally paid to the Company’s executives;

(iii)            
any Annual Bonus earned for a previously completed year, paid at the same time annual bonuses are generally paid to the Company’s
executives (but irrespective of any continued service requirement); and

    	5

    	 

    

(iv)           
if Executive timely elects continued medical, dental or vision coverage under one or more of the Company’s or its successor’s
group medical, dental or vision plans pursuant to COBRA, then the Company shall directly pay, or reimburse Executive for, the
COBRA premiums for Executive and Executive’s covered dependents under such plans during the period commencing on the Date
of Termination and ending 24-months following the Date of Termination. Notwithstanding the foregoing, if the Company determines
that it cannot provide the benefit required by this Section 4(c)(iv) without potentially violating applicable law (including
Section 2716 of the Public Health Service Act) or incurring an excise tax, the Company shall in lieu thereof provide to Executive
a monthly payment in an after-tax amount equal to the monthly COBRA premium that Executive would be required to pay to continue
Executive’s and Executive’s covered dependents’ group health coverage in effect on the Date of Termination,
which amount shall be based on the premium for the first month of COBRA coverage.

(d)            Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 4 through 10 and Section
12 will survive the termination of Executive’s employment and the expiration or termination of the Term.

5.             Parachute
Payments.

(a)            It
is the objective of this Agreement to maximize Executive’s Net After-Tax Benefit (as defined herein) if payments or benefits
provided under this Agreement are subject to excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended, and
the regulations and guidance promulgated thereunder (the “Code”). Notwithstanding any other provisions of this
Agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits,
including the payments and benefits under Section 4(b) and Section 4(c) hereof, being hereinafter referred to as
the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then the Total Payments shall be reduced to the extent necessary so that no
portion of the Total Payments shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so
reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments
and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total
Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to
which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized
deductions and personal exemptions attributable to such unreduced Total Payments).

(b)            The
Total Payments shall be reduced by the Company in the following order: (i) reduction of any cash severance payments otherwise
payable to Executive that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction of
any other cash payments or benefits otherwise payable to Executive that are exempt from Section 409A, but excluding any payments
attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Company’s common
stock that is exempt from Section 409A, (iii) reduction of any other payments or benefits otherwise payable to Executive on a
pro-rata basis or such other manner that complies with Section 409A, but excluding any payments attributable to the acceleration
of vesting and payments with respect to any equity award with respect to the Company’s common stock that are exempt from
Section 409A, and (iv) reduction of any payments attributable to the acceleration of vesting or payments with respect
to any other equity award with respect to the Company’s common stock that are exempt from Section 409A.

    	6

    	 

    

(c)            All
determinations regarding the application of this Section 5 shall be made by an accounting firm with experience in performing
calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company and acceptable
to Executive (“Independent Advisors”), a copy of which report and all worksheets and background materials relating
thereto shall be provided to Executive. For purposes of determining whether and the extent to which the Total Payments will be
subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived
at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code
shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of the Independent
Advisors, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including
by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be
taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3)
of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or
benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections
280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including related
fees and expenses incurred in any later audit) shall be borne solely by the Company.

6.             Competition;
Non-disparagement. Executive acknowledges that Executive has been provided with Confidential
Information (as defined below) and, during the Term, the Company from time to time will provide Executive with access to Confidential
Information. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s provision of
Confidential Information, and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential
Information, the Company and Executive agree to the following provisions against unfair competition, which Executive acknowledges
represent a fair balance of the Company’s rights to protect its business and Executive’s right to pursue employment:

(a)               
Executive shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any
equity interest in, interview for a potential employment or consulting relationship with or manage, provide services to or operate
any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner,
security holder, consultant or otherwise) that engages in any business which directly competes with any portion of the Business
(as defined below) anywhere in the world. Nothing herein shall prevent Executive from engaging in any activity with a non-competitive
division of an entity engaged in a business that competes with the Company; provided that none of Executive’s activities
in respect of such non-competitive division would reasonably be expected to cause Executive to otherwise breach his obligations
under this Section 6 in respect of the entity engaged in a business that competes with the Company. In addition, nothing
herein shall prohibit Executive from being a passive owner of not more than 5% of the outstanding equity interest in any entity
that is publicly traded, so long as Executive has no active participation in the business of such entity.

(b)              
Except in furtherance of his duties hereunder during the Term, Executive shall not, at any time during the Restriction Period,
directly or indirectly, (i) solicit any customers, clients or suppliers of the Company or (ii) solicit, with respect to hiring,
any employee or independent contractor of the Company or any person employed or engaged by the Company at any time during the
12-month period immediately preceding the Date of Termination.

    	7

    	 

    

(c)               
In the event the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable
by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too
extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable,
over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which
it may be enforceable, all as determined by such court in such action.

(d)              
As used in this Section 6, (i) the term “Company” shall include the Company and its direct and indirect
subsidiaries; (ii) the term “Business” shall mean the business of the Company, as such business is conducted
as of the Effective Date or may be expanded or altered by the Company during the Term, in any case that represents more than 10%
of the Company’s gross annual revenues, and shall include any type of marine-based expeditions; and (iii) the term “Restriction
Period” shall mean the period beginning on the Effective Date and ending on the date 24 months following the Date of
Termination.

(e)               
Each Party to this Agreement (which, in the case of the Company, shall include its officers and the members of the Board) agrees,
during the Term and thereafter, to refrain from Disparaging (as defined below) the other Party and its affiliates. Nothing in
this paragraph shall preclude any Party from making truthful statements that are reasonably necessary to comply with applicable
law, regulation or legal process, or to defend or enforce a Party’s rights under this Agreement. For purposes of this Agreement,
“Disparaging” means making remarks, comments or statements, whether written or oral, that impugn the character,
integrity, reputation or abilities of the person or entity being disparaged.

7.             Nondisclosure
of Proprietary Information.

(a)               
Except in connection with the faithful performance of Executive’s duties hereunder or pursuant to Section 7(c) or (e),
Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose
or publish, or use for Executive’s benefit or the benefit of any person, firm, corporation or other entity (other than the
Company) any confidential or proprietary information or trade secrets of or relating to the Company (including business plans,
business strategies and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights
and applications therefor, ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes,
methods, developments, source code, modifications, technology, techniques, data, programs, other know-how or materials, owned,
developed or possessed by the Company, whether in tangible or intangible form, information with respect to the Company’s
operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential
customers, marketing methods, costs, prices, contractual relationships, regulatory status, prospects and compensation paid to
employees or other terms of employment) (collectively, the “Confidential Information”), or deliver to any person,
firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any
such Confidential Information. The Parties hereby stipulate and agree that, as between them, any item of Confidential Information
is important, material and confidential and affects the successful conduct of the businesses of the Company (and any successor
or assignee of the Company). Notwithstanding the foregoing, Confidential Information shall not include any information that has
been published in a form generally available to the public or is publicly available or has become public knowledge prior to the
date Executive proposes to disclose or use such information, provided that such publishing or public availability or knowledge
of the Confidential Information shall not have resulted from Executive directly or indirectly breaching Executive’s obligations
under this Section 7(a) or any other similar provision by which Executive is bound, or from any third-party known by Executive
to be breaching a provision similar to that found under this Section 7(a). For the purposes of the previous sentence, Confidential
Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information
have been separately published, but only if material features comprising such information have been published or become publicly
available.

    	8

    	 

    

(b)              
Upon termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company
all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or
any other documents or property concerning the Company’s customers, business plans, marketing strategies, products, property
or processes, provided that Executive may retain his compensation-related information, personal journal and rolodex, address book,
appointment book, calendar and/or contact list.

(c)               
Notwithstanding Section 7(a), Executive may respond to a lawful and valid subpoena or other legal process but shall give
the Company the earliest practicable notice thereof, shall, as much in advance of the return date as practicable, make available
to the Company and its counsel the documents and other information sought and shall assist such counsel at Company’s sole
expense in resisting or otherwise responding to such process, in each case to the extent permitted by applicable laws or rules.

(d)              
As used in this Section 7 and Section 8, the term “Company” shall include the Company and its
direct and indirect subsidiaries.

(e)              
Nothing in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena
or court order (subject to the requirements of Section 7(c) above), (ii) disclosing information and documents to Executive’s
attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice, (iii) disclosing Executive’s
post-employment restrictions in this Agreement in confidence to any potential new employer, or (iv) retaining, at any time, Executive’s
personal correspondence, Executive’s personal contacts and documents related to Executive’s own personal benefits,
entitlements and obligations.

8.             Inventions.

All
rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) related to
the business of the Company, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that
Executive may discover, invent or originate during Executive’s period of service with the Company or its subsidiaries or
its or their predecessors, either alone or with others and whether or not during working hours or by the use of the facilities
of the Company (“Inventions”), shall be the exclusive property of the Company. Executive shall promptly disclose
all Inventions to the Company, shall execute at the request of the Company any assignments or other documents the Company may
deem reasonably necessary to protect or perfect its rights therein, and shall assist the Company, upon reasonable request and
in all instances at the Company’s sole expense, in obtaining, defending and enforcing the Company’s rights therein.
Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s behalf any assignments
or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.

9.             Injunctive
Relief.

It
is recognized and acknowledged by Executive that a breach of the covenants contained in Sections 6, 7 and 8 could cause
irreparable damage to Company and its goodwill, the exact amount of which may be difficult or impossible to ascertain, and that
the remedies at law for any such breach may be inadequate. Accordingly, Executive agrees that in the event of a breach of any
of the covenants contained in Sections 6, 7 and 8, in addition to any other remedy which may be available at law or in
equity, the Company will be entitled to seek specific performance and injunctive relief without the requirement to post bond.

    	9

    	 

    

10.           Assignment
and Successors.

None
of the Company’s rights or obligations may be assigned or transferred by the Company, except that the Company shall assign
its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of
the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive
and their respective successors, assigns, legal representatives, executors, administrators, heirs, distributees, devisees, and
legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than
Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the
foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select
and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written
notice thereof to the Company.

11.           Certain
Definitions.

(a)           Cause.
The Company shall have “Cause” to terminate Executive’s employment hereunder upon Executive’s:

(i)                willful
misconduct and mismanagement by Executive that is materially injurious to the Company;

(ii)              
refusal in any material respect to carry out or comply with any lawful and reasonable directive of the Board consistent with the
terms of this Agreement;

(iii)            
 conviction, plea of no contest, or plea of nolo contendere for any felony;

(iv)            
unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its subsidiaries’)
premises while performing Executive’s duties and responsibilities under this Agreement;

(v)              commission
of an act of fraud, embezzlement, willful misappropriation, willful misconduct, or breach of fiduciary duty, in any case that
results in material harm to the Company or any of its affiliates;

(vi)            
material violation of any provision of this Agreement or a material Policy; or

(vii)          
willful or prolonged, and unexcused, absence from work (other than by reason of Executive’s disability due to physical or
mental illness).

For
purposes of this definition, an action or inaction is only “willful” if it is done or omitted by Executive without
a good faith belief that such action or inaction is in the best interests of the Company.

Notwithstanding
the foregoing, no termination for Cause will have occurred unless and until the Company has: (a) provided Executive, within 30
days of the Company first becoming aware of the facts or circumstances constituting Cause, written-notice stating with specificity
the applicable facts and circumstances underlying such finding of Cause; and (b) provided Executive with an opportunity to
cure the same within 30 days after the receipt of such notice. Any termination for Cause must occur within 90 days of the Company
first becoming aware of the facts or circumstances constituting Cause.

    	10

    	 

    

(b)            Change
in Control. “Change in Control” means and includes each of the following: 

(i)                
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company or any of its subsidiaries,
Sven Lindblad or any person or entity affiliated or associated with Sven Lindblad, an employee benefit plan maintained by the
Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls,
is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing 30% or more of the total combined voting
power of the Company’s securities outstanding immediately after such acquisition;

(ii)              
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company or any of its subsidiaries, Sven Lindblad or any entity affiliated or associated with Sven Lindblad,
an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more 30%
or more of the total fair market value of the Company’s securities outstanding immediately after such acquisition;

(iii)            
During any 12-month period, individuals who, at the beginning of such period, constitute the Board, together with any new director(s)
(other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction
described in subsections (i), (ii) or (iv)) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the 12-month period or whose election or nomination for election was previously so approved, cease for any reason to constitute
a majority thereof; or

(iv)            
The consummation of a transaction or series of transactions occurring after the Effective Date whereby any “person”
or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company or any of its subsidiaries, Sven Lindblad or any entity affiliated or associated with Sven Lindblad,
an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Company) acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that
have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the
Company immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with
such assets.

Notwithstanding
the foregoing, the transactions contemplated by the Merger Agreement shall not constitute a Change in Control.

(c)            Date
of Termination. “Date of Termination” shall mean (i) if Executive’s employment is terminated by Executive’s
death, the date of Executive’s death; (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii)
– (vi), the date indicated in the Notice of Termination.

    	11

    	 

    

(d)            Disability.
“Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan
for the Company’s employees and covering Executive, “disability” as defined in such long-term disability plan
for the purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability
plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which,
if Executive qualified for such disability benefits, would provide coverage for the longest period of time. The determination
of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under
the long-term disability plan. At any time no such long-term disability plan is in effect, Disability shall mean Executive’s
inability to perform, with or without reasonable accommodation, the essential functions of Executive’s position hereunder
for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined
by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative,
with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive to submit to a reasonable
medical examination at the Company’s sole expense for the purpose of determining Disability shall be deemed to constitute
conclusive evidence of Executive’s Disability.

(e)            Good
Reason. Executive’s resignation will be for “Good Reason” if Executive resigns following the occurrence
of any of the following events: (i) a material decrease in Executive’s Annual Base Salary (from the highest level in
effect during the Term); (ii) a material diminution in Executive’s authority, duties or responsibilities; (iii) a requirement
that Executive report to other the Chief Executive Officer of the Company and the Board; (iv) a relocation of the location at
which Executive is required primarily to perform his services for the Company outside the Borough of Manhattan within the City
of New York; or (v) any other action or inaction that constitutes a material breach by the Company of this Agreement. Notwithstanding
the foregoing, no Good Reason will have occurred unless and until Executive has: (a) provided the Company, within 90 days of Executive’s
first knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written-notice stating with
specificity the applicable facts and circumstances underlying such finding of Good Reason; and (b) provided the Company with
an opportunity to cure the same within 30 days after the receipt of such notice.

12.           Miscellaneous
Provisions.

(a)            Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of the State of New York without reference to the principles of conflicts of law of the
State of New York or any other jurisdiction, and where applicable, the laws of the United States. Any suit brought hereon shall
be brought in the state or federal courts sitting in the Borough of Manhattan within the City of New York, the Parties hereby
waiving any claim or defense that such forum is not convenient or proper. Each Party hereby agrees that any such court shall have
in personam jurisdiction over it and consents to service of process in any manner authorized by New York law.

(b)            Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

    	12

    	 

    

(c)            Notices.
Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage
prepaid, as follows:

		(i)	If
                                         to the Company, the Chief Executive Officer or the General Counsel at its headquarters,

 

and
copies to:

 

Lindblad
Expeditions Holdings, Inc.

96
Morton Street, 9th Floor

New
York, NY 10014

Attention:
Chief Executive Officer

 

and:

 

Latham
& Watkins LLP

555
Eleventh Street, N.W.

Washington,
DC 20004

Attention:
Paul Sheridan and Adam Kestenbaum

 

(ii)          If
to Executive, at the last address that the Company has in its personnel records for Executive, or

(iii)        At
any other address as any Party shall have specified by notice in writing to the other Party.

(d)           Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or email shall be deemed effective for all purposes.

(e)           Entire
Agreement. The terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect
to the subject matter hereof and supersede all prior understandings and agreements, whether
written or oral. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of
their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding
to vary the terms of this Agreement.

(f)            Certain
Indemnity Rights; D&O Coverage. During
and after the Term, the Company shall (i) provide Executive with directors’ and officers’ liability insurance
coverage at least as favorable as that applicable to any then-current executive officer of director of the Company, and (ii) indemnify
Executive and his legal representatives to the fullest extent permitted by the laws of the State of Delaware against all damages,
costs, expenses and other liabilities reasonably incurred or sustained by Executive or his legal representatives in connection
with any suit, action or proceeding to which Executive or his legal representatives may be made a party by reason of Executive
being or having been a director or officer of the Company or any of its subsidiaries, or having served in any other capacity or
taken any other action purportedly on behalf of or at the request of the Company or any of its subsidiaries.

    	13

    	 

    

(g)           Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized representative of the Company. By an instrument in writing similarly executed, Executive or a duly authorized
representative of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement
that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate
as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided
herein or by law or in equity.

(h)           No
Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to
act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

(i)            Construction.
This Agreement shall be deemed drafted equally by both Parties. Its language shall be construed as a whole and according to its
fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the
plural; (b) “any,” “all,” “each,” or “every” means “any and all,”
and “each and every”; (c) “includes” and “including” are each “without limitation”;
(d) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here”
refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (e) all pronouns and
any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
entities or persons referred to may require.

(j)            Arbitration.
Any controversy, claim or dispute arising out of or relating to this Agreement shall be settled solely and exclusively by a binding
arbitration process administered by JAMS/Endispute in New York, New York. Such arbitration shall be conducted in accordance with
the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following exceptions if in conflict: (a) one arbitrator
who is a retired judge shall be chosen by JAMS/Endispute; (b) the Company will pay the expenses and fees of the arbitrator, together
with other expenses of the arbitration incurred or approved by the arbitrator; and (c) arbitration may proceed in the absence
of any Party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given to such
Party. Each Party shall bear its own attorney’s fees and expenses; provided that the arbitrator may assess the prevailing
Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award. The Parties agree to abide
by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final
and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity;
provided, however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief
or specific performance as provided in this Agreement. This dispute resolution process and any arbitration hereunder shall be
confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process
without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision
or an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable,
the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance
with its then-existing rules as modified by this subsection. In such event, all references herein to JAMS/Endispute shall mean
AAA. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual
property rights by court action instead of arbitration.

    	14

    	 

    

(k)           Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically
as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible
and be legal, valid and enforceable, provided that the economic benefit to any Party is not diminished by such replacement.

(l)            Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges which the Company is required to withhold.

(m)          Section
409A.

(i)                
General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from
Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.

(ii)              
Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable
under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement
as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from
service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except
as provided below, any such compensation or benefits described in Section 4(b) and Section 4(c) shall not be paid,
or, in the case of installments, shall not commence payment, until the thirtieth (30th) day following Executive’s Separation
from Service (the “First Payment Date”). Any installment payments that would have been made to Executive during
the thirty (30) day period immediately following Executive’s Separation from Service but for the preceding sentence shall
be paid to Executive on the First Payment Date and the remaining payments shall be made as provided in this Agreement.

(iii)             
Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at
the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to
the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required
in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided
to Executive prior to the earlier of (A) the expiration of the six-month period measured from the date of Executive’s
Separation from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the
expiration of the applicable Section 409A delay period, all payments deferred pursuant to the preceding sentence shall be paid
in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this
Agreement shall be paid as otherwise provided herein.

    	15

    	 

    

(iv)             Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, (A) any such reimbursements
payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense
was incurred, provided that Executive submits Executive’s reimbursement request promptly following the date the expense
is incurred, (B) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent
year, other than medical expenses referred to in Section 105(b) of the Code, and (C) Executive’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.

(v)             Installments.
Executive’s right to receive any installment payments under this Agreement, including any salary continuation payments
that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.
Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration
or deferral would not result in additional tax, interest or penalties pursuant to Section 409A.

13.           Executive
Acknowledgement.

Executive
acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this
Agreement freely based on Executive’s own judgment.

[Signature
Page Follows]

    	16

    	 

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written.

	 	COMPANY
	 	 
	 	By:  _________________________________
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	By:  _________________________________
	 	Trey Byus

[Signature
Page to Employment Agreement]

    	17

    	 

    

 

EXHIBIT
A

Acknowledgement
and Assumption Agreement

 

 

 

 

 

    	A-1

    	 

    

ACKNOWLEDGEMENT
AND ASSUMPTION AGREEMENT

 

This
Acknowledgement and Assumption Agreement (this “Agreement”), dated as of July 8, 2015 (the “Effective Date”)
by and between Trey Byus (the “Executive”) and Lindblad Expeditions Holdings, Inc. (f/k/a/ Capitol Acquisition Corp.
II), a Delaware corporation (together with any successor thereto, the “Company”) relates to that certain option to
purchase 3,370 shares of Class A common stock of Lindblad Expeditions, Inc. (“Lindblad”) previously granted to the
Executive by Lindblad (the “Lindblad Option”). This Agreement shall constitute an amendment to the Original Option
Agreement to the extent the terms of the Original Option Agreement are modified hereby, and in all other respects the Original
Option Agreement shall remain in full force and effect in accordance with its terms. Capitalized terms not defined in this Addendum
shall have the meanings given to such terms in the Original Option Agreement and the Lindblad Plan (as such terms are defined
below).

 

WHEREAS,
Lindblad previously adopted the Lindblad Expeditions, Inc. 2012 Incentive Stock Plan (the “Lindblad Plan”);

 

WHEREAS,
the Executive and Lindblad previously entered into that certain Incentive Stock Option Agreement, dated as of the December 11,
2014 (the “Original Option Agreement”), pursuant to which Lindblad granted the Executive the Lindblad Option;

 

WHEREAS,
The Company previously entered into that certain Agreement and Plan of Merger, dated as of March 9, 2015 (the “Merger Agreement”),
by and among the Company, Argo Expeditions, LLC, Argo Merger Sub, Inc., and Lindblad, pursuant to which the Company has acquired
(the “Acquisition”) on the Effective Date all of the outstanding equity interests in Lindblad;

 

WHEREAS,
pursuant to the Merger Agreement, all outstanding stock options in Lindblad have been converted into options to purchase shares
of common stock of the Company pursuant to a formula set forth in the Merger Agreement;

 

WHEREAS,
pursuant to the Merger Agreement, except as expressly set forth therein, converted options will remain subject to all of the same
terms and conditions as applied immediately prior to the conversion;

 

WHEREAS,
the Executive and the Company have entered into that certain Employment Agreement of even date herewith (the “Employment
Agreement”), pursuant to which the Executive will serve as an executive officer of the Company, subject to the terms and
conditions thereof;

 

WHEREAS,
the Executive and the Company desire to enter into this Agreement to set forth the terms and conditions of the Executive’s
Converted Option (as defined below), notwithstanding any provision of the Merger Agreement, the Lindblad Plan or the Original
Option Agreement to the contrary.

 

    	A-2

    	 

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Executive and
the Company hereby acknowledge and agree as follows:

 

		1.	Pursuant
                                         to the Merger Agreement, the Lindblad Option has converted into an option to purchase
                                         955,424 shares of common stock of the Company at a per share exercise price of $1.76
                                         (the “Converted Option”).

		2.	No
                                         portion of the Converted Option is vested or exercisable as of the Effective Date. Notwithstanding
                                         any provision of the Original Option Agreement or the Lindblad Plan to the contrary,
                                         the Converted Option will (i) vest and become exercisable (in each case subject to the
                                         Executive remaining continuously employed by the Company or one of its subsidiaries through
                                         the applicable vesting date), and (ii) be exercised, in each case only as follows, subject
                                         to Sections 3-6 below:

		a.	33.3%
                                         of the Converted Option (318,156 Shares) will vest and become exercisable on the one-month
                                         anniversary of the Effective Date. These options (to the extent they vest) will be exercised
                                         on or after the vesting date and on or before December 31, 2015. These options will expire
                                         on December 31, 2015 if not exercised on or before that date.

		b.	16.7%
                                         of the Converted Option (159,556 Shares) will vest and become exercisable on January
                                         1, 2016. These options (to the extent they vest) will be exercised during calendar year
                                         2016 and will expire on December 31, 2016 if not exercised on or before that date.

		c.	25%
                                         of the Converted Option (238,856 Shares) will vest on December 31, 2016. These options
                                         will become exercisable January 1, 2017. These options (to the extent they vest) will
                                         be exercised during calendar year 2017 and will expire on December 31, 2017 if not exercised
                                         on or before that date.

		d.	25%
                                         of the Converted Option (238,856 Shares) will vest on December 31, 2017. These options
                                         will become exercisable January 1, 2018. These options (to the extent they vest) will
                                         be exercised during calendar year 2018 and will expire on December 31, 2018 if not exercised
                                         on or before that date.

		3.	In
                                         the event the Executive’s employment is terminated by the Company without Cause
                                         (as defined in the Employment Agreement) or the Executive resigns his employment for
                                         Good Reason (as defined in the Employment Agreement), then, subject to the Executive
                                         signing on or before the 21st day following the Date of Termination (as defined
                                         in the Employment Agreement), and not revoking during any subsequent revocation period
                                         contained therein, a release of claims substantially in the form attached as Exhibit
                                         B to the Employment Agreement, any portion of the Converted Option that would have vested
                                         within the next 12 months following the Date of Termination if Executive had remained
                                         employed with the Company will accelerate and vest as of immediately prior to the Date
                                         of Termination; provided, however, that such portion of the Converted Option that so
                                         accelerates will be exercisable only in accordance with the schedule set forth in Section
                                         2 of this Agreement (and, for the avoidance of doubt, will remain in effect and exercisable
                                         through the applicable expiration date as set forth in Section 2 of this Agreement).

		4.	In
                                         the event the Executive’s employment is terminated by reason of death or disability
                                         (as defined by Section 22(e)(3) of the Code), then the Converted Option shall be 100%
                                         vested on the date of death or disability, provided however, that the Converted Option
                                         will be exercisable by the Executive (or the Executive’s beneficiary or estate
                                         in the event of the Executive’s death) only in accordance with the schedule set
                                         forth in Section 2 of this Agreement (and, for the avoidance of doubt, will remain in
                                         effect and exercisable through the applicable expiration date as set forth in Section
                                         2 of this Agreement).

    	A-3

    	 

    

 

		5.	If
                                         the Company is sold to an unaffiliated third party during the term of the Executive’s
                                         employment with the Company, then the Converted Option shall vest in full.

		6.	Notwithstanding
                                         anything to the contrary in this Agreement, in the event a “change in control event”
                                         (within the meaning of Code Section 409A) occurs with respect to the Company, the portion
                                         of the Converted Option that is then vested (including, without limitation, as a result
                                         of any vesting acceleration pursuant to Sections 3-5 of this Agreement) will be exercised
                                         immediately prior to the “change in control event.”

		7.	In
                                         addition to the permitted methods of exercise set forth in Section 6(a) of the Original
                                         Option Agreement, the Company agrees that the Executive may pay the exercise price for
                                         the Converted Option through either (i) surrendering shares of the Company’s common
                                         stock then issuable upon the Converted Option’s exercise having a Fair Market Value
                                         (as defined below) equal to the exercise price being paid, or (ii) a “broker assisted
                                         sale” process whereby the Company obtains an irrevocable and unconditional undertaking
                                         by a broker acceptable to the Company to deliver promptly to the Company sufficient funds
                                         to pay the exercise price. For all purposes with respect to the Converted Option, whether
                                         under the Lindblad Plan, the Original Option Agreement or this Agreement, “Fair
                                         Market Value” of one share of common stock of the Company shall mean, as of any
                                         date, (a) the closing sale price (excluding any “after hours” trading) of
                                         shares of the Company’s common stock as reported on the stock exchange or over-the-counter
                                         market on which shares of the Company’s common stock are principally trading on
                                         such date), or, if there were no sales on such date, on the closest preceding date on
                                         which there were sales, or (b) in the event there shall be no public market for shares
                                         of the Company’s common stock on such date, the fair market value of one share
                                         of common stock of the Company as reasonably determined in good faith by the Company’s
                                         board of directors.

		8.	As
                                         a condition to the exercise of any portion of the Converted Option, the Executive must
                                         pay, or make provision satisfactory to the Company for payment of, any taxes required
                                         by law to be withheld in connection with the exercise of the Converted Option. The Company
                                         agrees that the Executive may satisfy such tax obligations (i) through a “broker
                                         assisted sale” process whereby the Company obtains an irrevocable and unconditional
                                         undertaking by a broker acceptable to the Company to deliver promptly to the Company
                                         sufficient funds to pay all tax obligations, (ii) by having the Company deduct an amount
                                         sufficient to satisfy such tax obligations from any other payment otherwise due to the
                                         Executive, or (iii) by payment in cash or by check. In addition, if the Executive is
                                         unable to sell shares of the Company’s common stock on the open market or the Converted
                                         Option would otherwise expire during a blackout period that the Company is unwilling
                                         or unable to waive under its insider trading policy, the Executive may request that the
                                         Company allow the Executive to satisfy the tax withholding obligations by surrendering
                                         shares of the Company’s common stock then issuable upon the Converted Option’s
                                         exercise having a Fair Market Value equal to the minimum amount of the applicable tax
                                         withholding obligations. The Company will allow such request unless the Company’s
                                         board of directors reasonably determines that allowing such request would materially
                                         and adversely impact the Company’s financial or liquidity position at the applicable
                                         time.

    	A-4

    	 

    

 

		9.	The
                                         Company and the Executive agree that the provisions of Section 10 of the Original Option
                                         Agreement and Section 11 of the Lindblad Plan, and any other provision of the Original
                                         Option Agreement and the Lindblad Plan to the extent it references such Sections, do
                                         not apply to the Converted Option or any shares of Company common stock acquired upon
                                         exercise thereof.

		10.	The
                                         Company and the Executive agree that the provisions of Section 11(a) of the Original
                                         Option Agreement and clause (ii) in Section 7.5 of the Lindblad Plan do not apply to
                                         the Converted Option or any shares of Company common stock acquired upon exercise thereof,
                                         provided, however, that the Executive may not sell or transfer any of such shares except
                                         in compliance with all applicable securities laws.

		11.	The
                                         Executive agrees that, except as expressly set forth in this Agreement, he has no rights
                                         of any kind to cause the Company to repurchase any shares of the Company’s common
                                         stock, whether pursuant to the Lindblad Plan, the Original Option Agreement, the Retention
                                         Agreement entered into between the Executive and Lindblad on December 11, 2014, or otherwise.

		12.	The
                                         Company and the Executive agree that the provisions of Sections 5.3(c), 9.2 and 9.3 of
                                         the Lindblad Plan do not apply to the Converted Option or any shares of Company common
                                         stock acquired upon exercise thereof.

		13.	The
                                         converted option is intended to comply with the requirements of Code Section 409A applicable
                                         to “nonqualified deferred compensation.” This Agreement and all other agreements
                                         that apply to the Converted Option will be interpreted and administered in manner consistent
                                         with the foregoing.

		14.	Except
                                         as expressly set forth in this Agreement, the Converted Option shall be subject to all
                                         of the terms and conditions set forth in the Lindblad Plan and the Original Option Agreement,
                                         provided that all references therein to (i) the “Company” shall be deemed
                                         to refer to Lindblad Expeditions Holdings, Inc., (ii) the “Board” or “Board
                                         of Directors” shall be deemed to refer to the board of directors of Lindblad Expeditions
                                         Holdings, Inc. and (iii) “Stock” or “Optioned Shares” shall
                                         be deemed to refer to shares of common stock of Lindblad Expeditions Holdings, Inc. In
                                         the event of any conflict between the terms of this Agreement and the Lindblad Plan or
                                         the Original Option Agreement, the terms of this Agreement shall control.

		15.	This
                                         Agreement is subject to the terms of Sections 16, 17 and 18 of the Original Option Agreement,
                                         which shall be deemed incorporated herein, and this Agreement may executed in multiple
                                         counterparts.

  [Signature
Pages Follow] 

    	A-5

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written. 

 

	 	COMPANY
	 	 
	 	By:  _________________________________
	 	Name:
	 	Title:
	 	 
	 	EXECUTIVE
	 	 
	 	By:  _________________________________
	 	Trey
                                   Byus

    	A-6

    	 

    

 

EXHIBIT
B

Separation
Agreement and Release

This
Separation Agreement and Release (this “Agreement”) is made by and between Trey Byus (“Executive”)
and Capitol Acquisition Corp. II (the “Company”) (collectively, referred to as the “Parties”
or individually referred to as a “Party”). Capitalized terms used but not defined in this Agreement shall have
the meanings set forth in the Employment Agreement (as defined below).

 

WHEREAS,
the Parties have previously entered into that certain Employment Agreement, dated as of July 8, 2015 (the “Employment
Agreement”); and

 

WHEREAS,
in connection with Executive’s termination of employment with the Company effective ________, 20__, the Parties wish to
resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that Executive may have
against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of
or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates, but,
for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with (i) Executive’s
ownership of vested equity securities, (ii) Executive’s right to indemnification or directors’ and officers’
liability insurance pursuant to contract or applicable law or, (iii) Executive’s rights under this Agreement or under the
Employment Agreement that expressly survive by its terms ((i) through (iii), collectively, the “Retained Claims”).

 

NOW,
THEREFORE, in consideration of the severance payments and benefits described in Section 4(b) and Section 4(c) of the Employment
Agreement, which, pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this
Agreement, and in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows:

 

1.          Severance
Payments; Salary and Benefits. The Company agrees to provide Executive with the severance payments and benefits described
in Section 4(b) or Section 4(c), as applicable, of the Employment Agreement, payable at the times set forth in, and subject to
the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and
conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described
in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

 

2.          Release
of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents settlement
in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and any of
their current and former officers, directors, equity holders, managers, employees, agents, investors, attorneys, shareholders,
administrators, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor
corporations and assigns (collectively, the “Releasees”). Executive, on his own behalf and on behalf of any
of Executive’s heirs, family members, executors, agents, and assigns, other than with respect to the Retained Claims, hereby
and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue,
any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known
or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts,
facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation:

 

(a)          any
and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its
direct or indirect subsidiaries and the termination of that relationship;

 

    	A-7

    	 

    

 

(b)          any
and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or
other equity interests of the Company or any of its subsidiaries, including, without limitation, any claims for fraud, misrepresentation,
breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal
law;

 

(c)          any
and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation;
breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent
or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander;
negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;

 

(d)          any
and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil
Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990;
the Equal Pay Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the
Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002;

 

(e)          any
and all claims for violation of the federal or any state constitution; and

 

(f)          any
and all claims arising out of any other laws and regulations relating to employment or employment discrimination.

 

Executive
agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release
as to the matters released. This release does not release claims that cannot be released as a matter of law, including, but not
limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission,
or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that Executive’s release of claims herein bars Executive
from recovering such monetary relief from the Company or any Releasee), claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company’s
group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation
of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s
right under applicable law and any Retained Claims. This release further does not release claims for breach of Section 3(c), Section
4(b) or Section 4(c) of the Employment Agreement or any rights you may have in your capacity as an equityholder in the Company.

3.          Acknowledgment
of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights
Executive may have under the Age Discrimination in Employment Act of 1967 (the “ADEA”), and that this waiver
and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights
or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that
the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled.
Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult
with an attorney prior to executing this Agreement; (b) Executive has 21 days within which to consider this Agreement; (c) Executive
has 7 days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the
General Counsel of the Company; (d) this Agreement shall not be effective until after the revocation period has expired; and (e)
nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity
of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically
authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21 day period
identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted
for considering this Agreement.

    	A-8

    	 

    

4.          Severability.
In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or
is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue
in full force and effect without said provision or portion of provision.

5.          No
Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company.

6.          Governing
Law; Dispute Resolution. This Agreement shall be subject to the provisions of Sections 12(a), (c), (d) and (g) of the Employment
Agreement.

7.          Effective
Date. If Executive has attained or is over the age of 40 as of the date of Executive’s termination of employment, then
Executive has seven days after Executive signs this Agreement to revoke it and this Agreement will become effective on the eighth
day after Executive signed this Agreement, so long as it has not been revoked by Executive before that date (the “Effective
Date”). If Executive has not attained the age of 40 as of the date of Executive’s termination of employment, then
the Effective Date shall be the date on which Executive signs this Agreement.

8.          Voluntary
Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress
or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s
claims against the Company and any of the other Releasees to the extent set forth in this Agreement. Executive acknowledges that:
(a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company
that are not specifically set forth in this Agreement; (c) Executive has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; (d) Executive understands
the terms and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and
binding effect of this Agreement.

[Signature
Page Follows]

    	A-9

    	 

    

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

	 	EXECUTIVE
	 	 
	Dated: _____________	__________________________________
	 	Trey Byus

	 	
	 	COMPANY
	 	 
	Dated: _____________	By:  ______________________________
	 	Name:
	 	Title:

 

A-10

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