Document:

Exhibit 10.18

 

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

 

ALLIANCE AND LICENSE
AGREEMENT

 

	
        National Geographic Society (“NGS”)

        1145 Seventeenth Street, NW

        Washington, DC 20036-4699
	
        Lindblad Expeditions, Inc. (“Lindblad”)

        96 Morton Street

        New York, NY 100114

        

	 	 
	Contact Person:	
        Contact Person: 

        

	 	 
	
        Tel. No.:

        

        Fax No.: 

        Email:
	
        Tel. No.:

        Fax No.:

        Email:

        

 

THIS ALLIANCE AND LICENSE AGREEMENT (“Agreement”)
is dated as of December 12, 2011 (the “Effective Date”), between:

 

(1)          National Geographic Society (“NGS”), and

 

(2)          Lindblad Expeditions, Inc. (“Lindblad”).

 

WHEREAS, NGS is a tax-exempt membership educational
organization whose principal objective is “to inspire people to care about the planet” by promoting education and scientific
knowledge about geography, nature and the environment to its members and other interested parties;

 

WHEREAS, NGS in furtherance of its educational
and scientific mission, desires to provide its members with travel programs of educational, geographical and cultural value and
interest;

 

WHEREAS, Lindblad is an experienced operator
of high quality passenger expedition cruise ships and operates a fleet of NG-Branded Ships (defined below) in addition to other
non-”National Geographic” branded ships which it occasionally charters; and

 

WHEREAS, NGS and Lindblad wish to continue their
broad strategic alliance to further each organizations’ individual goals of helping people explore the world and inspiring
people to care about the planet through this new Agreement; which replaces the current Agreement, dates October 3, 2006.

 

    	 

    	 

    

  

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

 

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

 

1.            DEFINITIONS.
All words appearing within the text of this Agreement with initial letter capitalized (except the first word of a sentence
and proper nouns) and all words appearing within underlined section captions with initial letter capitalized and within quotation
marks are specifically defined terms for purposes of this Agreement, the definitions for which are set below. Words that appear
within parentheses and quotation marks with initial letters capitalized are specifically defined terms for purposes of this Agreement
defined by the text immediately preceding the parentheses. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

All capitalized terms used herein and not otherwise defined in this
Agreement shall have the meanings set forth below:

 

(a)            Advertising
and Trip Materials: All advertising, promotional, publicity and consumer materials which are produced by or for Lindblad which
bear any of the Licensed Property (including, but not limited to, letters, brochures, advertisements, pre-trip materials, website
content and other marketing materials).

 

(b)            ATA:
Academic Travel Abroad, is the call center for NGE, responsible for maintaining the toll free number receiving all incoming calls.

 

(c)            Business
Day: Means the following five (5) days of the United States calendar week: Monday, Tuesday, Wednesday, Thursday and Friday,
but specifically excludes any said day listed above on which a United States holiday during which federal government offices are
closed in the United States occurs during the applicable calendar year of the Term.

 

(d)            Competing
Trip: Means a Lindblad Trip on a “river-going” ship where the parties mutually agree in writing in advance that
such trip will not be a NGE/Lindblad Trip and where NGE is promoting a substantially similar NGE Trip (that is not a NGE/Lindblad
Trip) to the same destination. Lindblad may promote the Competing Trips in its “Explorations” catalog; however Lindblad
may not use the Licensed Property in individual brochures promoting the Competing Trip. As of the Effective Date, the Lindblad
Trip to [*] Competing Trip.

 

(e)            Competitive
Cruise Ship: Any cruise ship marketed primarily to the United States market, operated by anyone other than Lindblad, having
a capacity [*] passengers.

 

(f)            Licensed
Content: Certain copyrights, photography, images, artwork, design and style elements owned by, or licensed to, NGS that NGS
may from time to time authorize Lindblad to use pursuant to this Agreement.

 

(g)            Licensed
Marks: [*] and those certain other trademarks, names, titles, logos and symbols owned by NGS that NGS may from time to time authorize
Lindblad to use pursuant to this Agreement. Lindblad agrees that the Licensed Marks must be used in strict conformance with the
National Geographic Brand/Design Identity Guidelines. Relevant portions of such guidelines and technical specifications for use of the Licensed
Marks, and master copies of the Licensed Marks are available at www.id.ngs.org.

 

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

  

(h)            Licensed
Property: Collectively, the Licensed Marks and Licensed Content.

 

(i)            Lindblad
Ships: Any ship owned by Lindblad, including NG-Branded Ships, or a ship chartered by Lindblad and approved pursuant to the
Section headed QUALITY CONTROLS AND PROCEDURES.

 

(j)            Lindblad
Trips: Any trip offered and operated by Lindblad, including (a) pre- or post-trip extensions, (b) trips on Lindblad Ships,
(c) any trip by charter companies that charter a Lindblad Ship, but excluding any trips by conveyance other than ship, unless specifically
identified and agreed in writing by NGE and Lindblad. Unless otherwise specifically stated, Lindblad Trips specifically include
NGE/Lindblad Trips. The parties also agree that Lindblad Trips include the trips offered and operated by Lindblad to Peru.

 

(k)            Net
Revenues: All monies and the fair market value of any other consideration received by Lindblad from Participants [*] (including,
without limitation, from [*]) in payment for all Lindblad Trips, including without limitation [*], [*]: (a) [*] and [*], including
[*]; (b) [*] of all kinds made by Participants including, without limitation[*] made in the [*]; (c) revenues from [*] by Lindblad
to Participants (other than NGE/Lindblad Trips’ Participants); (d) [*]; and (e) [*]. Lindblad shall recognize Net Revenue
in the month a Lindblad Trip departs, in accordance with accounting principles generally accepted in the United States.

 

(l)            NG-Branded
Ships: Any ship owned by Lindblad that operates under the name “National Geographic” and is approved by NG. As
of the Effective Date, NG has approved the following five (5) NG-Branded Ships: National Geographic Explorer, National
Geographic Endeavour, National Geographic Islander, National Geographic Sea Lion, and National Geographic
Sea Bird.

 

(m)            NG
Expeditions Traveler and Inquirer Database: The database consisting of persons who have traveled with NG Expeditions, who are
booked to travel with NG Expeditions, who have been at any time waitlisted on NGE Trips, who have been booked at any time to travel
with NG Expeditions and have cancelled, or who have inquired about NG Expeditions at any time or who have responded to NG Expeditions
marketing activities at any time.

 

(n)            NGE:
National Geographic Expeditions, the travel program of the National Geographic Society marketed under the service mark “National
Geographic Expeditions.”

 

(o)            NGE/Lindblad
Trips: All Lindblad Trips, other than Competitive Trips, and promoted by NGE in its catalog, website and any other marketing
channel used by NGE.

 

(p)            NGE/Lindblad
Trip Participant: Any individual who travels on a NGE/Lindblad Trip and books through any NGE channel (e.g. NGE phone line,
NGE web site, etc.) or any individual who books through a Lindblad phone line, Lindblad website or a travel agent, and identifies
themselves or is identified as being sourced through NGE channels or promotions.

 

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(q)            NGE
Trips: These are trips offered or operated by NGE. Unless otherwise specifically stated, NGE Trips include NGE/Lindblad Trips;
however, all NGE Trips other than NGE/Lindblad Trips are outside the scope of this Agreement.

 

(r)            NGS
Marketing Database: A database of names and related purchase and, where available, demographic information maintained by NGS,
in accordance with applicable privacy law, of NGS members, lapsed members and customers with mailing addresses in the United States
which is available to NG Expeditions for marketing and promotional purposes. The NGS Marketing Database excludes the NG Expeditions
Traveler and Inquirer Database and special databases that NGS maintains (e.g. for mission programs, development, etc.).

 

(s)            Notice:
Sending, in writing, all notices and the like, required under this Agreement, by a reputable private overnight delivery service
or by certified or registered mail, charges prepaid, to the Contact Person and the address of Lindblad and NGS as set forth on
page 1 of this Agreement, unless said address is later changed by Notice given to the other parties. In addition to the Contact
Person for NGS set forth on page 1 of this Agreement, a copy of any and all legal notices shall be sent by Notice to: National
Geographic Society, Law, Business & Governmental Affairs, 1145 17th Street, NW, Washington, DC 20036, Attention: Terrence B.
Adamson, Executive Vice President. Notice shall be deemed to be received and effective on the next Business Day following the day
on which Notice was deposited with a reputable overnight delivery service or two (2) Business Days after mailing by registered
or certified mail. For review and approval requests, notice may be given by email and will be considered delivered as of the date
sent (with confirmation of receipt) to the email address identified from time to time by the relevant party.

 

(t)            Other
Providers: Public and private carriage operators, hotels, ground operators, suppliers, tourist agencies, and other independent
contractors or vendors whose services are retained by Lindblad for the benefit of Participants.

 

(u)            Participant:
Any individual passenger who travels on a Lindblad Trip.

 

(v)            Quarter:
The term “Quarter” shall be the calendar quarters ending March 31, June 30, September 30 and December 31 of each calendar
year.

 

(w)            Royalty:
The percentage amounts specified in the Section headed TERMS OF PAYMENT that Lindblad shall pay to NGS.

 

(x)            Tour
Operator Agreement: A separate agreement of the same date as this Agreement between NGS and Lindblad for Lindblad’s provision
of services for the NGE/Lindblad Trips.

 

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2.            PURPOSE.
NGS and Lindblad have set forth their agreement to collaborate with each other for their mutual benefit.

 

(a)            NGS
and Lindblad have an existing Agreement with an Effective Date of October 3, 2006 (“Existing Agreement”), and they
hereby desire to terminate the Existing Agreement and have the terms of this Agreement replace the Existing Agreement in its entirety.

 

(b)            Lindblad
acknowledges and agrees that: (i) all rights not specifically and expressly granted to Lindblad in this Agreement are reserved
to NGS; (ii) all usages of the Licensed Property pursuant to this Agreement shall inure to the benefit of NGS; (iii) Lindblad shall
not have proprietary rights of any nature in and to the Licensed Property and may use Licensed Property only during the Term on
or in connection with the Lindblad Trips strictly in accordance with the provisions of this Agreement; and (iv) Lindblad shall
not claim any proprietary rights in and to the Licensed Property and will not contest by legal proceedings or otherwise the validity
of the Licensed Property, the rights of NGS therein, or the validity of this Agreement or any part thereof

 

(c)            NGS
will use reasonable efforts to demonstrate support of the alliance created by this Agreement, by devoting sufficient resources
and priority to its specific obligations herein that they will be achieved in a prompt and a commercially reasonable manner. Specifically,
but without limitation, NGS acknowledges that “expedition travel” is by its nature subject to commercial risks and
uncertainties.

 

3.            TERM.
This Agreement commences as of the Effective Date and expires December 31, 2017 (the “Term”). This Agreement applies
to any Lindblad Trips scheduled to occur during the period of time commencing on January 1, 2012, and continuing through December
31, 2017. The Agreement may be terminated prior to its scheduled expiration pursuant, but without limitation, to the provisions
of the Section with the heading, TERMINATION. The Term may be extended if both parties mutually agree in a written
amendment to this Agreement signed by both parties.

 

4.            LINDBLAD
TRIPS DEVELOPMENT, ADMINISTRATION AND OPERATION.

 

(a)            Lindblad
is responsible for all development, administration and operation of the Lindblad Trips and all associated expenses.

 

(b)            Lindblad
and NGE will work together to identify key strategic destinations, program enhancement opportunities, and NG Experts and to develop
marketing strategies and possible other areas of collaboration.

 

(c)            In
consultation with NGS, Lindblad will design and assemble each itinerary for each Lindblad Trip, and submit it to NGS for review
and comment. In developing the slate of Lindblad Trips for any calendar year, Lindblad will take into account considerations and
interest of NGE and its travelers.

 

(d)            Following
the process outlined in Section (c) above and in accordance with Exhibit A. Lindblad will provide a list of planned destinations
for the calendar year to NGS. NGS will review for possible enhancement opportunities, and will collaborate with Lindblad on which
enhancements to incorporate into the itineraries.

 

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

 

(e)            Lindblad
will hire, manage, and pay qualified staff necessary to operate each Lindblad Trip, including but not limited to the expedition
leader; naturalists and other experts; and local guides. Each staff shall have credentials reasonably qualifying such person to
provide substantive, informative, and educational talks to the Participants, and [*] stations each Lindblad Ship will have expertise
in the region that is the destination of the Lindblad Trip. Upon NGS’ request, Lindblad will provide NGS with biographical
information for any staff members, and if NGS has serious concerns about the use of a particular staff member, Lindblad agrees
to give substantial consideration to NGS’ views in making a decision about future use of the staff person.

 

5.            MARKETING
/ PROMOTION.

 

(a)           NGS
hereby grants to Lindblad a non-exclusive license to use the Licensed Property for the advertising and promotion of Lindblad Trips
in the United States, its territories and possessions (collectively, the “Territory”). In the event Lindblad wishes
to use the Licensed Property in advertising and promotion directed at a specific region outside the Territory, NGS and Lindblad
may mutually agree in writing in advance. In addition, NGS hereby grants to Lindblad a non-exclusive license to use the Licensed
Property in association with the Lindblad Expeditions name, trademarks, service marks and logos in connection with promotional
and public relations communications in the Territory relating to Lindblad Trips departing during the Term to destinations worldwide,
subject to the terms, limitations and conditions of this Agreement. Notwithstanding the foregoing, Lindblad shall make no use of
the Licensed Property:

 

(i)            In
association with any third party trademark in any promotion or communication for the Lindblad Trips, except pursuant to approvals
granted pursuant to the Section headed QUALITY CONTROLS AND PROCEDURES.

 

(ii)          To
promote Lindblad Trips to persons domiciled outside the Territory except to persons who are on Lindblad’s mailing
list by virtue of being: past guests; waitlisted or cancelled guests; persons who have, at any time, inquired about Lindblad Trips;
or persons who have responded to Lindblad marketing activities targeted to the Territory. The parties acknowledge that such persons
as described under the exceptions in the foregoing sentence currently constitute and during the Term will constitute an insubstantial
percentage of Lindblad’s mailing list.

 

(b)          Lindblad
shall use commercially reasonable efforts, and [*], to sell, advertise, promote and support its sale of the Lindblad Trips throughout
the Term, unless specifically stated in the Tour Operator Agreement. Advertising and Trip Materials shall be subject to the review
and/or approval process set forth in the Section headed QUALITY CONTROLS AND PROCEDURES.

  

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

 

(c)           Lindblad
will showcase NGS as an institution on the NG-Branded Ships and on other Lindblad Ships operating NGE/Lindblad Trips and will make
every effort to ensure all on-board materials, as well as verbal and digital communications, will
reflect the Lindblad and NGS co-branding subject to the process set forth in the Section headed QUALITY CONTROLS AND PROCEDURES.
NGS and Lindblad will work together to identify opportunities for Lindblad or NGE to advertise in NGS media or for Lindblad to
sponsor NGS programs. Opportunities will be evaluated by Lindblad and decided upon entirely in the context of merit and desirability
to promote mutual goals.

 

(d)           NGS
and Lindblad will develop and mutually agree on a plan to sell NGS [*] in the stores onboard Lindblad Ships.

 

(e)           Lindblad
shall alert NGS of any media representatives (whether print, broadcast, internet, or any other kind) to be participating on or
within a Lindblad Trip, and obtain approval from NGS for any significant publicity activity arranged by or with the cooperation
of Lindblad featuring National Geographic elements including licensed content or National Geographic Experts

 

(f)           While
each organization operates separate and unique marketing programs, there exist media or platforms, such as Internet search campaigns,
where these efforts may overlap. In the event that such a circumstance arises, NGE and Lindblad will collaborate to efficiently
and effectively promote the Lindblad Trips in these media. The parties agree that Lindblad will defer to NGE with respect to any
name that includes “National Geographic” except for the names of the NG-Branded Ships.

 

(g)          NGE
and Lindblad agree that the terms set forth in Exhibit D identify and govern the existing terms for collaboration on the NGE loyalty
program for Lindblad Trips. In addition, NGE and Lindblad agree to work together to support other membership programs developed
by National Geographic. NGS grants to Lindblad a non-exclusive, non-transferable right and license to use the NGS Marketing Database
for the purpose of promoting, via mail, the sale of Lindblad Trips, subject to NGS approval of each use.

 

(i)            The
parties agree to work together to identify and execute means other than mail (such as email) whereby Lindblad Trips will be marketed
to the persons on such database, consistent with applicable law and subject to the restrictions which NGS imposes on use of its
e-mail database. Uses of the NGS Marketing Database described in the previous sentence shall be subject to all the terms of this
Agreement, and there shall be [*] for such uses.

 

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

 

(ii)          NGS
agrees to provide list selection assistance to Lindblad for the purpose of better selection and segmentation of the NGS Marketing
Database. Lindblad shall reimburse NGS for out-of-pocket costs incurred, in performing functions related to list selection. NGS
current charges are:

 

		●	To perform a merge/purge, the one-time set up fee for each mailing is approximately [*] and
                                                                  selection cost, subject to change, are (a) [*] per [*] names for lists up to [*] names, (b) [*] per [*] names for lists
                                                                  ranging                                                                   from [*] names through [*], and (c) [*] per [*]
                                                                  names for lists of more than [*] names.

 

		●	For statistical modeling, the cost is currently [*].

 

(iii)         Lindblad
acknowledges that the NGS Marketing Database shall remain the property solely and exclusively of NGS. Lindblad shall use the NGS
Marketing Database only as provided in this Agreement, and shall not disclose the contents of the NGS Marketing Database to any
third party, or permit any agent, employee, or contractor to do so. Lindblad agrees, after each and every use of the NGS Marketing
Database (i.e., a mailing or a sales analysis), to destroy any copies of the NGS Marketing Database and return to NGS or destroy
all unused mailing labels created from the NGS Marketing Database. Lindblad agrees to comply with all laws and regulations applicable
to the use of data, including but not limited to data and privacy laws.

 

6.            CUSTOMER
CONTACT.

 

(a)           For
Lindblad Trips:

 

(i)            Lindblad
will receive and process all customer requests for information and reservations for Lindblad Trips. Lindblad is responsible for
fulfillment of inquiries, reservations, including airline reservations, customer service, development and distribution of pre-trip
and post-trip materials, and all associated expenses.

 

(ii)          All
pre-trip materials for Lindblad Trips will be co-branded with the Licensed Property (including, but not limited to packing suggestions,
travel fact sheets, a reading list, emergency contact information and a final itinerary noting any revisions to published marketing
copy). Lindblad will submit all pre-trip materials to NGS for review before sending any pre-trip materials to Participants

 

(iii)         Lindblad
is continuing the development of an online system for the delivery of travel documents to Participants. Lindblad agrees to
collaborate with NGE to ensure that this online system meets NGE requirements with regard to data capture, data security,
click-thru links, and content elements and shall make no use of this system for NGE/Lindblad Trip Participants until NGE
provides its final written approval. Lindblad will manage post-trip administration for all Participants, including
distribution of evaluation forms to Participants, including all Lindblad/NGE Trip Participants. Upon request from NGS,
Lindblad will provide NGS with copies of evaluation forms completed by Participants on Lindblad Trips. During the Term,
Lindblad and NGE may collaborate on a program for electronic delivery of or on-line evaluations for Lindblad Trips. Lindblad
shall make no use of such an electronic evaluation process for NGE/Lindblad Trip Participants until NGS provides its final
written approval.

 

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

 

(b)           For
Lindblad Trips, Lindblad will provide the following National Geographic enhancements to the pre-trip materials provided to all
Participants.

 

(i)            NGE
and Lindblad will work together to develop a program to provide [*], such as a [*] as an added enhancement (to be received by one
Participant per household on all bookings on Lindblad Trips). This item will either be mailed to Participants in advance or waiting
in their cabin upon arrival. Lindblad and NGS will develop a mutually agreed plan and budget for [*] for each Lindblad Trip. NGS
will provide such materials to Lindblad at a [*] and Lindblad will be responsible for all costs to [*] deliver such materials to
Participants.

 

(ii)          Lindblad
will also cover expenses for a program in which all Participants (one per household) receive a [*] to the National Geographic magazine
[*]. NGS will provide these [*] to Lindblad for a [*] per subscription and invoice Lindblad no more frequently than monthly based
on actual redemptions.

 

(c)            In
collaboration with NGS, Lindblad will ensure that all customer contact staff and expedition staff receive a briefing and training
program on NGS, its mission and programs, with updates no less frequently than [*] during each year of the Term.

 

(d)            Lindblad
will perform invoicing and collect payments from Participants.

 

(e)            Lindblad
will promptly forward to NGS any significant complaint letters, calls and e-mails related to the administration and delivery of
any Lindblad Trip, as received, and will notify NGS of any significant problem impacting NGS or Lindblad, as soon as practicable
after Lindblad becomes aware of it.

 

7.           NGS
EXPERTS.

 

(a)            NGS
and Lindblad will collaborate on the identification of individuals whose services Lindblad may engage as NGS-associated experts
including photographers, researchers and other representatives (“NGS Experts”), as requested and available, to give
educational lectures on the Lindblad Trips. Specifically, NG and Lindblad will identify photographers to accompany all departures
aboard the National Geographic Explorer and all Lindblad Trips classified as “photo expeditions.” Each NGS Expert
shall have credentials reasonably qualifying such person to provide substantive, informative, and educational talks to the Participants,
and will have expertise in the region that is the destination of the Lindblad Trip or as a photographer, as appropriate. NGS and
Lindblad will work together to identify and approach potential NGS Experts.

 

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

 

(b)            Engagement
of NGS Experts shall be by a written contract between Lindblad and the NGS Expert, and Lindblad will provide NGS with a photocopy
of the contract that has been signed by both the NGS Expert and Lindblad prior to commencement of each Lindblad Trip featuring
a NGS Expert. In the event an NGS Expert cancels, NGS and Lindblad will coordinate to identify a suitable replacement.

 

(c)            Lindblad
agrees to pay [*] of any NGS Expert on each Lindblad Trip featuring a NGS Expert and to pay [*] of each NGS Expert, including [*].
The [*] for each NGS Expert shall be at the [*] set by NGE for NGE Trips [*] and include the travel day(s) listed in the itinerary
published, payable within 30 days of the completion of the Lindblad Trip. Lindblad will also pay the NGS Expert [*] Lindblad Trip
to cover [*], within 30 days of completion of the Lindblad Trip. Lindblad will also provide [*]equivalent to [*] per person at
[*] hosted by the NGS Expert. Each Expert will enjoy the same [*] privileges as Lindblad Expedition staff. Lindblad may, in its
sales literature (approved by NGS), refer to the planned participation of NGS Experts.

 

(d)            NGS
shall provide to Lindblad appropriate identifying materials (curriculum vitae, photograph, etc.), suitable for promotional
purposes, pre-approved by each NGS Expert, such that no review process beyond that set forth in the Section headed QUALITY
CONTROLS AND PROCEDURES will be necessary. Lindblad agrees to send the NGS Expert copies of all pre-trip materials sent
to the Participant

 

(e)            NGS
and Lindblad will work to identify opportunities to enable more of Lindblad’s experts to have some form of relationship with
NGS editorial, research and film divisions.

 

8.            GROUP
PARTICIPATION.

 

(a)            NGS
recognizes that Lindblad has a long history of working successfully with a number of organizations and affinity groups. NGS agrees
with offering space on Lindblad Trips to non-profit museums, historical societies, conservation groups, and university alumni associations.
With respect to other groups, Lindblad agrees not to offer space on Lindblad Trips to organizations whose mission is inconsistent
with the NGS mission or brand. In case of doubt, Lindblad shall discuss the matter in advance with NGS and if NGS holds a reasonable
opinion that such inconsistency exists, Lindblad agrees not to work with such organization.

 

(b)            It
is the parties’ general intention that except for specific Lindblad discount programs set forth in Exhibit B Lindblad Discount
Programs Currently In Place Beyond The General Discount Programs Offered In The Brochures and any loyalty programs offered by either
NGE or Lindblad, Lindblad pricing and special offers will be [*] for all Participants, whether groups or individuals, booking under
[*] circumstances. Lindblad agrees to use its best commercial judgment in applying this principle, with [*] and the [*] as primary
considerations.

 

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

  

9.            CHANGES
IN ITINERARY, AND TRIP CANCELLATIONS.

 

(a)            Lindblad
may change or cancel a Lindblad Trip to accommodate the needs, interests, health or safety of or in the event of changed circumstances
beyond the control of Lindblad that create a danger to Participants’ health and safety or threaten the successful completion
of the scheduled itinerary, subject to notifying NGS of significant changes as soon as practicable before or after such change.
In establishing itineraries and in determining whether to change or cancel an itinerary, Lindblad will act prudently in accordance
with its past and existing practices, with the safety and health of Participants and crew being the paramount concern and taking
into account all other relevant factors including Participant satisfaction concerns, reputation of the parties hereto, risk to
the Lindblad Ship, insurance matters, and commercial concerns.

 

(b)            If
NGS has good faith material concerns with respect to the safety, health or welfare of the Participants, Lindblad agrees to consult
with NGS and to give substantial consideration to NGS’ views prior to making a decision concerning any initial itinerary
or any cancellation or change of itinerary. Notwithstanding the foregoing, both parties agree that a Lindblad Trip will not be
operated in any destination where the U.S. State Department has a Travel Warning, or where travel by U.S. citizens is generally
prohibited by U.S. law. If such a Warning is issued prior to departure, Lindblad will determine whether to re-route the Lindblad
Trip, cut short the duration of the Lindblad Trip or cancel the departure, and notify NGS of the change.

 

(c)            In
the event a Travel Warning is issued for an area where a Lindblad Trip is in progress, Lindblad agrees to evacuate those Participants
as quickly as possible. Lindblad agrees to provide refunds to Participants in accordance with the applicable terms and conditions
provided to Participants. Notwithstanding the foregoing, in the event of a general act of terrorism or any other significant event
that causes booked Participants on a Lindblad Trip to have legitimate concerns about their individual safety, welfare, or ability
to enjoy their Lindblad Trip, and to request to cancel their participation, Lindblad agrees to consult with NGS and to give substantial
consideration to NGS’ views prior to making a decision concerning the Participants requests.

 

10.            REPRESENTATIVES.
In order to facilitate the operation of this Agreement in a manner consistent with both parties’ educational mission
and reputation for quality, Lindblad shall name a staff member as the designated NGS representative for the alliance between
Lindblad and NGS. Lindblad shall pay NGS a sum each year sufficient to cover 50% of salary, bonus, benefits, and other
related costs for two NGS staff persons who will reside at NGS offices. NGS agrees to review bonus goals in advance with
Lindblad. NGS will invoice Lindblad on the first date of each calendar quarter; however, NGS may invoice Lindblad for the
initial payment within thirty days (30) of such staff person’s hire date. In the event the staff person’s
employment ends or is terminated during a quarter and there is a gap before NGS fills the position, NGS will reflect such
change in its next invoice. NGS will consult with Lindblad prior to filling such position to ensure that the person hired for
the position is acceptable to both parties. The parties shall mutually agree on the annual amount [*] for such staff
position, with [*] in accordance with NGS employment policies.

 

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11.            LINDBLAD
COMMUNICATION. Within [*] of each Lindblad board meeting, Lindblad will provide NGS a summary of major decisions, situations,
issues, or actions related to or impacting Lindblad. [*].

 

12.            NON-COMPETITION.

 

(a)            During
the Term, Lindblad shall not enter into any agreements with Discovery Communications, Inc., or its affiliates or subsidiaries (“Discovery”)
other than the purchase of advertising on any Discovery media or the license of film or video that LEX captures and owns (“LEX
Media”) on a non-exclusive basis, as long as the LEX Media is non-branded, non-identifiable and excludes any footage of NGS
staff or experts or the NGS name or trademarks. Other than as set forth in the immediately preceding sentence, Lindblad shall make
no sale, transfer or otherwise provide any photography or other media (other than described above) created by or for Lindblad on
any of the Lindblad Trips to Discovery. Lindblad also agrees that it shall neither participate in any filming by or for Discovery,
nor permit any representatives of Discovery, or independent producers producing for Discovery, to work or film on location on board
any of the Lindblad Trips.

 

(b)            NGS
will not, during the Term, grant any third party the right to use the Licensed Property as the name (in whole or in part) of a
Competitive Cruise Ship; provided, however, NGS is under no restriction regarding (i) use of the Licensed Property in connection
with any products to be sold on or to Competitive Cruise Ships; (ii) any activities related to the NGS Credit Card program; (iii)
any activities related to a NGS membership program; or (iv) any agreements with a Competitive Cruise Ship with respect to advertising
by the Competitive Cruise Ship in NGS media (e.g., publications, nationalgeographic.com, television or the National Geographic
Channel). None of the restrictions on NGS in this Section apply to any marketing or promotional activities outside of the Territory
nor shall they be construed in any way whatsoever to limit any NGS editorial products.

 

(c)            To
avoid confusion in the marketplace, Lindblad agrees that it will not use the National Geographic / Lindblad Expeditions co-branded
presentation or any similar format in any marketing materials directed to any affinity group, tour operator, or other organization,
as of the Effective Date of this Agreement.

 

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13.          [*]
                                         PASSAGE.

 

(a)            Lindblad
will make available to NGS, on a [*] basis, [*] cabins in each calendar year of the Term, with no more than [*] cabin per
any particular Lindblad Trip, unless otherwise mutually agreed in writing. Except as otherwise specified in the preceding
sentence, the timing and allotment of this [*] allowance will be on a mutually agreed basis. Of the [*] cabins described
above, any of such cabins that remain unused by NGS at the end of the year will be [*] cabins for the next year, and the
parties will mutually agree upon the timing and allotment of such [*] cabins. NGS may use up to [*] of its cabin allocations
for any land programs the parties may mutually agree to operate, with no more than [*] cabin equivalent allocations for any
[*] land Itinerary. In addition, Lindblad will make available to NGS, on a [*] basis, up to [*] cabins, subject to
availability of the cabins 120 days in advance of the departure date and mutual agreement on the timing.

 

(b)            As
mutually agreed, Lindblad will make available [*] cabin(s) on Lindblad Ships for NGS television, film, magazine, book or research
projects.

 

(c)            The
[*] cabins referenced in Section (a) are separate from, and incremental to, any cabins that may be provided by Lindblad
in Section (b) or to NGS Experts with whom Lindblad contracts to perform services on any Lindblad Trips.

 

14.          TERMS
OF PAYMENT.

 

(a)            Royalty
Payments. Lindblad shall pay NGS a Royalty equal to [*] from Lindblad Trips, excluding [*] from NGE/Lindblad Trip Participants
and [*] from a Competing Trip. Under no circumstance shall any [*] be subject to both a Royalty under this Agreement and an “NGS
Fee” specified in the Tour Operator Agreement.

 

(b)            Royalty
Term. Royalties shall begin with the first Lindblad Trip departing on or after January 1, 2012 and continue through the last
Lindblad Trip departing on or before December 31, 2017.

 

(c)            Timing
of Payments. All Royalty Payments shall be made to NGS no later than thirty (30) days after the last day of each Quarter for
all Lindblad Trips departing during such Quarter. Simultaneously with such Payments, Lindblad shall submit its respective Reports
pursuant to this Agreement.

 

(d)            Payment
Instructions. All payments to NGS shall be made by check or wire transfer in United States dollars. Checks shall be made payable
to National Geographic Society and shall be sent by Lindblad to the following:

 

	National Geographic Expeditions
	Attn:  
	1145 Seventeenth Street, N.W.
	Washington, D.C. 20036

 

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Payment by wire transfer shall be directed as follows:

 

	 	Bank Name:	 
	 	Address:	 
	 	 	 
	 	ABA#:	 
	 	Account Title:	National Geographic Society
	 	Account No.:	 
	 	Attention:	 
	 	Notation:	 
	 	 	 

At the time any wire transfer is initiated, Lindblad shall provide
written notice by email or fax to the NGS Contact Person identified on page 1 of this Agreement indicating that the payment is
being remitted.

 

(e)            Late
Payments. A finance charge of [*] per month shall be payable on any payment beginning as of the thirtieth (30th) day after
payment is due and continuing on the outstanding balance from time to time until paid in full. Such late payment charge, however,
shall not be assessed if and for so long as, Lindblad’s delay in payment is caused in material part by an Event of Force
Majeure (as such term is defined below).

 

(f)            Currency.
All Participant transactions relating to the Lindblad Trips shall be conducted in U.S. dollars.

 

15.          REPORTS
AND RECORDS.

 

(a)            Quarterly
Reporting. Lindblad shall render to NGS reports, duly certified by an officer of Lindblad to be true and accurate, for each
Quarter during the Term (the “Report”). The Report for each Quarter shall be delivered to NGS no later than thirty
(30) days after the last day of the Quarter. Each Report shall include the following information in a format acceptable to NGS:
For all Lindblad Trips departing during the Quarter: (i) the date and itinerary of each Lindblad Trip; (ii) the number of Participants,
including cancelled Participants; (iii) the invoiced price for each Participant, and the invoiced price related to any pre- or
post-trip extension(s); (iv) gross revenues from the Lindblad Trips on a per-trip basis during the Quarter as of the last day of
the Quarter, broken down by source of revenue; (v) a computation of the Royalty Payments due NGS as specified in the Section headed
Royalty Payments within the Section TERMS OF PAYMENT, above; and (vi) an itemization of all allowable deductions,
if any; and such other information concerning the operation of Lindblad Trips and relevant to the calculation of Royalty Payments
as requested by NGS.

 

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(b)            Books
of Account; Audits. Lindblad shall keep full and accurate books of account and business records and copies of all documents
and other material relating to this Agreement at Lindblad’s principal office. Such books of account, business records, documents
and materials shall be open for audit or inspection, once per calendar year, by NGS’ authorized representatives, who shall
be at liberty to make copies thereof, during Lindblad’s regular business hours upon five (5) days Notice and shall remain
available for a period of [*] after delivery of the last Report due NGS hereunder. At NGS’ request, Lindblad shall provide
an authorized employee to assist in the examination of Lindblad’s records. All information revealed to NGS or its representatives
and auditors under this subsection shall be treated as confidential. If NGS should conduct an audit for any period of time, and
the [*] or computation of Royalty Payments due as shown by Lindblad’s Reports for any such period of time should be found
to be understated then: (i) within ten (10) days of Notice Lindblad shall pay the amount of the understatement of Royalty Payments
due NGS plus interest thereon for each day the correct payment was due NGS computed at an annual rate of [*] calculated on the
date on which payment is made to NGS; and (ii) if the amount of such understatement shall be more than [*] of the amount previously
reported to NGS, then within ten (10) days of Notice Lindblad shall pay to NGS the reasonable professional fees and direct out-of-pocket
expenses incurred in conducting such audit. The receipt or acceptance by NGS of any Reports furnished pursuant to this Agreement,
or the receipt or acceptance of any royalty payments made, or the fact that NGS has previously audited the periods covered by
such Reports, shall not preclude NGS from questioning their accuracy at any time. If any inconsistencies or mistakes are discovered
in such statements or payments, appropriate adjustments shall be made immediately by the parties.

 

16.          LINDBLAD/NGS
FUND FOR CONSERVATION, RESEARCH AND EXPLORATION. Lindblad and NGS will continue to support the “Lindblad / NGS Fund”
to support exploration, research and conservation projects pursuant to the agreement set forth in Exhibit E (“Lindblad /
NGS Fund Agreement”). The parties desire to amend the Lindblad / NGS Fund Agreement, as follows:

 

(a)           REPLACE
all reference to “License Agreement” with “Alliance and License Agreement.”

 

(b)           REPLACE
the last sentence in the second paragraph under Paragraph 1 with the following language:

 

Upon expiration or termination of the Alliance and License
Agreement, this Agreement shall terminate except that the Board shall continue to operate and NGS shall continue to administer
third party contributions (i.e. funds raised pursuant to Paragraph 3.1, below). Upon expiration or termination of this Agreement
NGS shall transfer all unspent or uncommitted Designated Royalties to it general fund to be dispersed as prioritized by NG Mission
Programs.

 

(c)           Establish
a maximum amount of [*] in the aggregate to be paid out from the Designated Royalty, (definition below) for grants in any calendar
year under the Lindblad / NGS Fund Agreement.

 

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(d)          REPLACE
sub-Paragraph 3.3 of the Lindblad / NGS Fund Agreement with the following language:

 

		3.3	Under the terms of the Alliance and License Agreement and upon the receipt of the final royalty check for each calendar year,
NGS will designate to the LEX/NGS Fund [*] of the royalties paid by LEX (the “Designated Royalty”). The Designated
Royalty payment will begin with the calendar beginning January 1, 2011. NGS will continue to make a Designated Royalty payment
through December 31, 2015.

 

		3.4	Upon the receipt of the final deferred royalty payment as outlined in Alliance and License Agreement, NGS will make an additional
Designated Royalty payment to reflect the period from January 1, 2010 through December 31, 2010. No Designated Royalty will be
due for any period prior to January 1, 2010.

 

		3.5	The Designated Royalty shall be used for grants issued by the Fund, as well as expenses associated with administering the Fund.

 

		3.6	For purposes of clarification, if LEX fails to be current in payments at any time during the Term, no Designated Royalties
shall be due from NGS or shall accrue from such past due balances.

 

17.          QUALITY
CONTROLS AND PROCEDURES.

 

(a)            Warranty
of Quality. Lindblad represents and warrants that each Lindblad Trip will be [*], including but not limited to facilities,
maintenance, accommodations and programs, and shall provide a [*]. Lindblad further represents and warrants that it will take all
steps reasonably necessary to ensure the safety and enjoyment of all Participants, and that it will operate in compliance with
all applicable legal requirements, standards, laws, regulations and ordinances, in the United States and in each country in which
a Lindblad Trip is conducted. Given the complex nature of the travel business, and the multitude of factors beyond Lindblad’s
control that can influence the success of a Lindblad Trip, Lindblad cannot guarantee 100% customer satisfaction. There will on
occasion be complaints, the nature of which may be beyond the scope of Lindblad’s influence. However, Lindblad agrees to
respond to all reasonable Participant complaints, and strive for 100% customer satisfaction. In the unlikely event that a Participant
is dissatisfied with a Lindblad Trip for a discernable reason, and brings it to the attention of NGS, NGS and Lindblad will develop
a mutually agreed response, which may include a [*] Lindblad.

 

(b)            Inspection.
NGS or its representatives (e.g., inspectors or surveyors) shall have the right to inspect the Lindblad Ships, at sea or at
the shipyard, at any time once during each calendar year of the Term in order to ascertain compliance with the health, safety
and quality provisions of this Agreement. Such inspections may be announced in advance or may be unannounced, and shall not
interfere with the operation of the Lindblad Ship nor result in displacement of any Participants.

 

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(c)          General
Procedures.

 

(i)            General.
Lindblad agrees to retain all materials relating to reviews in its files during the Term of this Agreement and for [*] thereafter.
NGS agrees to designate part of the job responsibilities of the staff persons described in the Section headed REPRESENTATIVES
to facilitate reviews and approvals.

 

(ii)          Timing
and Standard of Review. The parties mutually acknowledge and agree that (a) any material delays in the process of
preparing, approving, printing, and distribution of promotional materials are likely to have a material adverse effect on
bookings; and (b) Lindblad’s own proprietary marks, and the goodwill associated with them, are of long standing and of
sufficient value that Lindblad has full incentive, and Lindblad hereby agrees, to exercise its best efforts to assure that
all Advertising and Trip Materials are of high quality, accurate, and carefully reviewed for textual and factual correctness,
and will not risk any adverse associations to be connected with either Lindblad or NGS. Lindblad shall submit all materials
required to be submitted to NGS hereunder as well in advance of the date on which Lindblad desires to commence production
and/or use of the material as practicable, so that NGS shall have adequate time to independently evaluate and comment upon
the same. With each submission, Lindblad shall specify in writing a reasonable time period for NGS’ response. NGS will
use reasonable efforts to provide a response to Lindblad within the specified time frame. If Lindblad has not received any
response from NGS by the end of the specified time frame (or such other time frame that was agreed upon by the parties),
Lindblad will provide written notice by email to [*] or another NGS designee that a response is requested by the close of the
next business day. If Lindblad receives no response from NGS by the close of the next business day, Lindblad may go forward
and NGS shall have no right to disapprove such material thereafter. If, however, NGS believes that the initial time period
specified by Lindblad is not reasonable, NGS will promptly notify Lindblad thereof. If the parties cannot come to resolution
on the time period, and Lindblad follows the procedures outlined above and has not received a substantive response from NGS
on the submission, Lindblad may thereafter proceed to use the materials, but without prejudice to NGS’ right to
establish that the time period specified by Lindblad was unreasonable and was therefore a material breach of the Agreement by
Lindblad. Lindblad will make reasonable efforts to address NGS’ comments to NGS’ satisfaction. NGS shall have the
right to disapprove any materials submitted hereunder in writing if it determines that the materials in question would impair
the value and goodwill associated with the Licensed Marks or the Licensed Content by reason of (i) their use of materials or
content which are inconsistent with NGS’ public image or the image of the Licensed Property or are inaccurate or
which may in any way disparage or adversely affect NGS or its reputation; or (ii) their use of materials or content which are
unethical, immoral, or offensive to good taste (the standards set forth in (i) and/or (ii) constituting “Cause”).
In the event that Lindblad goes forward in spite of NGS’ disapproval, NGS shall have the right to terminate this
Agreement as provided in the Section (ii) headed TERMINATION.

 

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(d)          Itineraries;
Advertising and Trip Materials.

 

(i)            In
accordance with the schedule in Exhibit A, Lindblad will present to NGS proposed Lindblad Trip itineraries for each calendar year
of the Term, including retail prices, for NGS’ review. In collaboration with Lindblad, NGS will review all Itineraries with
regional experts affiliated with NGS to solicit feedback on the itineraries and identify opportunities to add in special National
Geographic experiences. Lindblad will incorporate the special National Geographic experiences, where feasible and appropriate.
Lindblad will specify a reasonable time period for NGS to alert Lindblad of any material concerns relating to the Itineraries.
Lindblad will make reasonable efforts to address NGS’ concerns to NGS’ satisfaction. Additionally, Lindblad will notify
NGS of any changes in or refinements to a published Itinerary, and the process outlined above will apply.

 

(ii)          The
NGS and Lindblad co-branded presentation and mission statement is attached in Exhibit C NGS and Lindblad Mission Statement and
Co-Branding. NGS and Lindblad shall mutually agree on any changes to the co-branded style or mission statement for use in promoting
the association between NGS and Lindblad with respect to the Lindblad Trips. All uses of the Co-Branding on Advertising and Trip
Materials shall contain either the agreed upon NGS and Lindblad Mission Statement in its entirety or an alternate statement mutually
agreed by the parties. Lindblad agrees to follow the guidelines made available online on the National Geographic Brand/Design Identity
Guidelines website in the creation of all Advertising and Trip Materials. Lindblad will designate a person within its organization
to help ensure compliance with all guidelines.

 

(iii)         Lindblad
shall not use any of the Licensed Property in connection with any press releases relating to the Lindblad Trips without first receiving
the written approval of NGS. Lindblad shall not use any of the Licensed Property in connection with any magazine, newspaper, television,
radio, billboard or other advertisements (collectively, “Media Materials”) without first receiving the written approval
of NGS. Lindblad will submit Media Materials that use any of the Licensed Property to NGS for review in the manner provided in
Section (ii) of General Procedures, above. With regard to materials for the Lindblad Trips other than Media Materials
(e.g., brochures, newsletters, pre-trip materials, website content and other customer communications), Lindblad will submit such
materials that use any of the Licensed Property to NGS for review in the manner provided in Section (ii) of General Procedures,
above.

 

(iv)            Lindblad
will provide NGS, [*], with copies of all published Lindblad Trip brochures at the time of publication.

 

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(e)            Maintenance
of Quality. With respect to materials that are required to be reviewed or approved by NGS hereunder, Lindblad agrees to maintain
the quality of such materials up to the specifications, quality, and finish of the sample of such item reviewed or approved by
NGS, and agrees not to change the item in any material respect without first submitting to NGS samples showing such proposed changes
and obtaining written approval of such samples by NGS. From time to time after it has commenced printing of Advertising and Trip
Materials, Lindblad, upon request, shall furnish [*] to NGS a reasonable number of random production samples of any Advertising
and Trip Materials specified by NGS in its request.

 

(f)            Costs
and Expenses. Lindblad shall bear the sole responsibility and expense for submission, preparation, protection, shipping, insurance
and storage of all artwork, designs, text, writings, lettering, drawings, samples, sound recordings, videos or similar materials
and all creative and manufacturing materials prepared by or for Lindblad with respect to the design or production of the Advertising
and Trip Materials.

 

(g)            Images;
Reimbursement for Artwork. If Lindblad requests NGS to furnish any photographs, artwork, transparencies, reproductions or other
such similar materials (collectively, “Artwork”) of the Licensed Property, Lindblad agrees to reimburse NGS, as applicable,
for its transparency reproduction, digital scanning, printing and other costs in supplying said Artwork. Lindblad agrees to reimburse
NGS for the full amount of each such Artwork expense within thirty (30) days of receipt of NGS’ invoice stating the cost
and nature of the expenditure. If Lindblad wishes to use photographs originating with NGS for the purposes of promoting the Lindblad
Trips, Lindblad shall so notify NGS, and NGS will provide Lindblad rights to use select photographs for the purpose of promoting
the Lindblad Trips [*] to Lindblad, provided that NGS has the right to license such photographs to Lindblad [*]. Lindblad will
be responsible for acquiring and clearing rights and ensuring that model releases have been secured, if necessary, for any such
photographs. All uses of such photographs will be subject to NGS review, and will include all appropriate photo credits, as directed
by NGS. Lindblad will be responsible for any incremental expenses related to rights acquisition for an image in cases where NGS
does not have the right to license it to Lindblad.

 

(h)            Return
of Artwork. All Artwork furnished to Lindblad by or on behalf of NGS shall remain the property of NGS or its respective owner,
and Lindblad shall, upon NGS request, promptly return all Artwork delivered to Lindblad. Lindblad agrees that it shall return all
Artwork in the same, undamaged condition as delivered by NGS.

 

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18.          PROTECTION
OF LICENSED PROPERTY.

 

(a)            Recognition.
Lindblad acknowledges that the Licensed Property is famous throughout the world and has significant value for use in connection
with the sale of travel-related goods and services, and further that all of Lindblad’s uses of the Licensed Property under
this Agreement shall, as between Lindblad and NGS, inure to the benefit of NGS. Lindblad acknowledges that it is not acquiring
any interests or rights in the use of the Licensed Property apart from the license set forth in this Agreement. Lindblad shall
make no use the Licensed Property in any manner which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public
image or which may in any way disparage or adversely affect NGS or its reputation, nor shall Lindblad, or any of its agents or
employees, take any actions or conduct the operation of Lindblad’s business as it relates to the Lindblad Trips in any manner
which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public image or which may disparage NGS or its reputation.

 

(b)            Injunctive
Relief. Lindblad acknowledges and agrees that the Licensed Property possess a special, unique and extraordinary character that
makes difficult the assessment of the monetary damages that would be sustained as a result of the unauthorized use of the Licensed
Property. Lindblad recognizes that the unauthorized or unapproved use of the Licensed Property will cause immediate and irreparable
damage to NGS for which NGS would not have an adequate remedy at law. Therefore, Lindblad agrees that, in the event of said unauthorized
or unapproved use of the Licensed Property by Lindblad, in addition to such other legal and equitable rights and remedies as shall
be available to NGS, NGS shall be entitled to injunctive and other equitable relief without breach of the arbitration Sections
of this Agreement and without any abridgement of the powers of the arbitrators, without the necessity of proving damages or furnishing
a bond or other security.

 

(c)            Use
of Licensed Property; Ownership of Intellectual Property. Lindblad agrees not to use at any time during the Term or thereafter
any other trademark, brand name, trade name, symbol, logo, design, character or the like which is similar to or may be confused
with the Licensed Property. Lindblad will not take any action that will harm or prejudice the Licensed Property or NGS’ rights
therein in any way during the Term or thereafter. All copyright, trademark, trade dress or other intellectual property and proprietary
rights in the Advertising and Trip Materials arising from Lindblad’s use, adaptation or modification of the Licensed Property,
and any other intellectual property and proprietary rights in materials developed under this Agreement that employ the Licensed
Property and were developed for the first time by or for Lindblad for use in connection with the Advertising and Trip Materials
shall be for the benefit of and procured in the name of NGS, notwithstanding their creation by Lindblad or a third party on Lindblad’s
behalf, and shall hereby be deemed a work made for hire within the meaning of the United States Copyright Laws. Lindblad further
hereby assigns to NGS any and all rights, throughout the world and in perpetuity, in and to the materials described in the preceding
sentence, and Lindblad agrees to execute any documents necessary to perfect such assignments. All intellectual property and proprietary
rights in any film, video, still photography or other materials created by NGS or its agents, employees or contractors during any
Lindblad Trip remains the sole property of NGS. Notwithstanding the foregoing, Lindblad retains all rights to its own pre-existing
trademarks and trade names. All intellectual property and proprietary rights in any film, video, still photography or other materials
created by Lindblad or its agents, employees or contractors during or on any of the Lindblad Trips shall be the sole property of
Lindblad, subject, however, to all the provisions of this Agreement to the extent any use of the Licensed Property is employed
therein; and Lindblad shall have the right to protect its unfettered right to use such materials by editing out any or all Licensed
Property.

 

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(d)            Corporate
Use. Lindblad shall identify itself in all relevant transactions as a licensee of, and separate legal entity from, NGS as opposed
to an integrated, divisional or consolidated part of NGS’ business. Lindblad shall not use any of the Licensed Property in
Lindblad’s name or in the name of any operating entity or business formed by Lindblad or in which Lindblad has a business
or financial interest, without the prior written consent of NGS. Lindblad shall not use or incorporate any of the Licensed Property
on or in connection with any business to business communications (boat leases, employment agreements, food services, etc.), business
cards, stationery items (except Lindblad to consumer material, specifically excluding Lindblad Travel Insurance brochure and any
correspondence solely related to Lindblad Travel Insurance), or other similar materials. Lindblad further agrees that it shall
not use or incorporate, in any manner or form, any of the Licensed Property as a domain name, nor shall Lindblad seek trademark,
copyright or domain name registration of the same, without the prior written consent of NGS.

 

(e)            Infringement.
Lindblad shall promptly advise NGS of any activity potentially infringing upon the Licensed Property and shall further promptly
provide Notice to NGS of all claims and potential claims of which it has notice or knowledge and all suits threatened or brought
against Lindblad involving the Licensed Property. Any decision with respect to the protection and defense of the Licensed Property
shall be solely in the discretion of NGS and Lindblad may not take any action with respect thereto without the prior written consent
of NGS. In no event shall Lindblad have the right, without NGS’ prior written consent, to acknowledge the validity of any
claim brought by any party in connection with the Licensed Property, to obtain or seek a license from such party, or to take any
action which might impair NGS’ ability to contest the claim. Lindblad shall cooperate with NGS with respect to actions described
in this Section which are taken by NGS. The expenses for Lindblad’s cooperation shall be subject to NGS’ prior approval
and shall be reimbursed by NGS.

 

(f)            Trademark
and Copyright Notices. Lindblad shall affix such copyright, trademark or other legal notice as shall be required by NGS and/or
as prescribed by law and any credits required by NGS on the Advertising and Trip Materials. Prior to affixing said copyright, trademark
or other legal notice or credit, Lindblad shall submit the desired content, form, location and size of each said notice for NGS’
review and approval as provided in the Section headed QUALITY CONTROLS AND PROCEDURES.

 

(g)            Trademark
Registration Maintenance. Lindblad shall, at NGS’ request and NGS’ expense, assist NGS in confirming, registering,
renewing or prosecuting the rights of NGS or its designee in the Licensed Property, in any country or with any government agency,
and Lindblad shall execute any required documents in this regard, including, but not limited to, providing NGS with all necessary
dates and other information sufficient to enable NGS or its designee to apply for and obtain copyright and trademark registrations.
Upon request, Lindblad shall provide NGS, [*],[*] of any Advertising and Trip Material for use as trademark and copyright registration
specimens.

 

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

 

19.          INSURANCE
OBLIGATIONS.

 

(a)            Lindblad
agrees to maintain, at its own expense, and on a current basis, the following liability insurance policies with coverage for each
Lindblad Trip as follows:

 

(i)            Commercial
General Liability with a minimum limit of [*] per occurrence and [*] in the aggregate;

 

(ii)          Workers’
Compensation insurance with a statutorily required limit and Employers’ Liability with a limit of [*];

 

(iii)         Watercraft
Liability including Protection and Indemnity and Maritime liability for [*] (if the Umbrella includes this coverage as an underlying
policy) or [*] (if the Umbrella does not) for all Lindblad-owned vessels. If vessel is leased, then vessel owner must provide proof
of P&I and Maritime Liability insurance;

 

(iv)          Standard
Travel Agents’ Professional Liability insurance (errors and omissions coverage) in the amount of at least [*] per occurrence
and in the aggregate;

 

(v)           Automobile
Liability insurance covering all Lindblad-owned, non-owned and hired vehicles with a [*]combined single limit;

 

(vi)          Umbrella
Liability insurance with a limit of [*] per occurrence and in the aggregate;

 

(vii)         Non-Owned
Aircraft Liability insurance with a limit of [*] per occurrence and in the aggregate. This requirement only applies if the Trip
includes the charter or hire of any aircraft.

 

Coverage consistent with the foregoing shall be maintained at all
times during the Term, and for a period of at least twelve (12) months thereafter.

 

(b)            Lindblad
agrees to maintain, at its own expense, and on a current basis, worker’s compensation insurance in the statutorily required
amount and employer’s liability insurance with a limit of [*]. If Lindblad cannot provide workers’ compensation insurance
to a NGS Expert, Lindblad agrees to include notice of this omission in the written contract (described in Section headed NGS
EXPERTS) between the NGS Expert and Lindblad.

 

(c)            It
is understood and agreed that the insurance limits stated above are minimum requirements, and the actual limits of any of the policies
in excess of the stated amounts shall not be withheld from NGS should the stated limits be exhausted. Lindblad shall maintain insurance
policies in form, amounts and with such companies as are reasonably acceptable to NGS and licensed to do business in the District
of Columbia. Such acceptance will not be unreasonably withheld.

 

    	22

    	 

    

 

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

 

(d)            Each
policy, with the exception of worker’s compensation and Protection and Indemnity, will be endorsed to list the “National
Geographic Society, its subsidiaries, trustees, directors, officers and employees” as an Additional Insureds. The Protection
and Indemnity policy will be covered by a “misdirected arrows” endorsement giving NGS similar protection. All policies
will state that NGS shall be given at least [*] advance written notice of cancellation. Lindblad agrees to have its insurance company
or companies provide NGS with a certificate of insurance evidencing the above-required insurance within thirty (30) days following
the Execution Date.

 

(e)            It
is understood and agreed that, with respect to services to be provided by Other Providers, Lindblad will act solely as an agent
of the Other Providers in selling such services to Participants. It is further understood and agreed that all Participants may
be subject to the terms and conditions of a contract with Other Providers covering services provided to the Participant. No responsibility
and liability is accepted or assumed by Lindblad or NGS, and Lindblad and NGS disclaim all responsibility and liability, for those
portions of any Lindblad Trip as to which liability and responsibility are governed by the conditions of the contract of carriage
or by contracts with Other Providers.

 

(f)          Lindblad
will specifically include the following highlighted language and this paragraph in any Terms and Conditions that it publishes or
distributes:

 

Responsibility and Other Terms & Conditions: Certain
other provisions, concerning among other things, limitations of Lindblad Expeditions’ and the National Geographic Society’s
liability for loss of property, injury, illness, or death during the voyage, will be provided to passengers on the ship’s
ticket sent prior to departure, and are also available on our website at (www.expeditions.com/shipsticket), or upon request. By
registering for this trip, the guest agrees to all such Terms & Conditions.

 

20.          COMPLIANCE
WITH LAWS AND REGULATIONS.

 

(a)            Lindblad
will ensure that its business practices and activities as they relate to the performance of this Agreement and the obligations
hereunder, including, but not limited to, the operation and promotion of the Lindblad Trips, shall be in material compliance with
all applicable legal requirements, standards, laws, regulations and ordinances, in the United States and in other applicable jurisdictions
in which the Lindblad Trips operate. Lindblad will ensure that the Lindblad Ships meet all applicable statutory, regulatory and
classification society health, safety and quality standards, including without limitation International Maritime Organization,
SOLAS, and Det Norske Veritas standards. Upon any final and non-appealable finding or determination that Lindblad’s business
practices or activities have violated any applicable labor laws or regulations, Lindblad shall take all necessary steps to correct
such violation, including without limitation, paying all applicable back wages found due to workers.

 

    	23

    	 

    

 

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

 

(b)        
  To the best of Lindblad’s knowledge, the Advertising and Trip Materials will not infringe the
patent or intellectual property rights or other rights of third parties.

 

21.          WARRANTIES;
INDEMNIFICATIONS; LIMITATIONS ON LIABILITY.

 

(a)            Representations
and Warranties. NGS represents and warrants that it has the right to enter into this Agreement and to convey to Lindblad the
rights granted herein, subject to the conditions and limitations set forth herein. Lindblad represents and warrants that it has
the right to enter into this Agreement and has the authority, capacity, finances and other qualifications to perform its obligations
hereunder. Lindblad further warrants that neither it nor any of its officers, directors and principals is (i) a party to any pending
or threatened litigation or government administrative proceeding or investigation which, if resolved adversely to Lindblad, would
have a material affect on Lindblad’s ability to perform its obligations under this Agreement, or which would make any of
the other warranties and representations made by Lindblad in this Agreement untrue, or (ii) currently involved, or has been involved
in the past, in any investigation or inquiry made by the Securities and Exchange Commission or any other domestic or foreign governmental
body or regulatory organization with authority to administer and/or enforce securities laws and/or regulations.

 

(b)            No
Representation as to Revenue; Duty to Inform. Lindblad agrees and acknowledges that Lindblad has independently evaluated its
business and its ability to utilize this Agreement in its business and to achieve the goals set by Lindblad for its business, and
that NGS has no responsibility or liability to Lindblad for any failure of Lindblad to exploit its rights under the Agreement in
accordance with Lindblad’s own expectations. Lindblad will notify NGS in the event that Lindblad discovers it will not be
able to fulfill its financial obligations to either NGS, booked guests or any other third parties within [*] of the financial obligations
due date.

 

(c)            Lindblad’s
Indemnifications. Lindblad agrees to indemnify and hold NGS, its subsidiaries and affiliates, and their respective officers,
directors, and employees, harmless from any liability, damages, loss, cost, expenses, and reasonable attorney’s fees which
NGS may hereafter incur, suffer, or be required to pay by reason of or in consequence of bodily injury, sickness, death, property
damage, or other loss arising out of Lindblad’s negligence or breach of its obligations, warranties or representations herein,
except to the extent that such liability, damages, loss, cost, or other expenses are occasioned in whole or in part or caused directly
or indirectly by any negligent act or omission of NGS, its subsidiaries, affiliates or their respective officers, directors, and
employees. Lindblad further agrees to indemnify and hold NGS, its subsidiaries and affiliates, and their respective officers, directors,
employees, and agents harmless from any and all loss, damage, liability, costs, or expenses, including reasonable attorney’s
fees, with respect to any claim arising from NGS’ use of any image(s) or other content provided by Lindblad or its affiliates
or agents to promote the Lindblad Trips.

 

    	24

    	 

    

 

(d)            NGS’
Indemnifications. NGS agrees to indemnify and hold Lindblad, its subsidiaries and affiliates, and their respective officers,
directors, and employees, harmless from any liability, damages, loss, cost, expenses, and reasonable attorney’s fees which
Lindblad may hereafter incur, suffer, or be required to pay by reason of or in consequence of bodily injury, sickness, death, property
damage, or other loss arising out of NGS’ negligence or breach of its obligations, warranties or representations herein,
except to the extent that such liability, damages, loss, cost, or other expenses are occasioned in whole or in part or caused directly
or indirectly by any negligent act or omission of Lindblad, its subsidiaries, affiliates or their respective officers, directors,
and employees. NGS further agrees to indemnify and hold Lindblad, its subsidiaries and affiliates, and their respective officers,
directors, employees and agents harmless from any and all loss, damage, liability, costs, or expenses, including reasonable attorney’s
fees, with respect to any claim that any Licensed Property, as used by Lindblad in compliance with all the terms of this Agreement,
infringes the intellectual property rights of any third party.

 

(e)           Indemnification
of Third-Party Claims. The following provisions shall apply to any claim subject to indemnification which is (A) a suit, action
or arbitration proceeding filed or instituted by any third party, or (B) any other form of proceeding or assessment instituted
by any government entity.

 

(i)            Notice
and Defense. The party or parties to be indemnified (whether one or more, the “Indemnified Party”) will give the
party from whom indemnification is sought (the “Indemnifying Party”) prompt Notice of any such claim, and the Indemnifying
Party will undertake the defense thereof by representatives chosen by it. Failure to give such Notice shall not affect the indemnifying
Party’s duty or obligations under this Section, except to the extent the Indemnifying Party is prejudiced thereby. So long
as the Indemnifying Party is defending any such claim actively and in good faith, the Indemnified Party shall not settle such claim.
The Indemnified Party shall make available to the Indemnifying Party or its representatives all records and other materials required
by them and in the possession or under the control of the Indemnified Party, for the use of the Indemnifying Party and its representatives
in defending any such claim, and shall in other respects give reasonable cooperation in such defense.

 

(ii)            Indemnified
Party’s Rights. Notwithstanding anything in this Section to the contrary, the Indemnifying Party shall obtain the written
consent of the Indemnified Party before the Indemnifying Party settles or compromises any claim or consents to the entry of any
judgment which fails to include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified
Party of a release from all liability in respect of such claim.

 

(f)            Limitation
Of Liability. EXCEPT FOR A CLAIM ARISING FROM A BREACH OF THE OBLIGATIONS WITH RESPECT TO CONFIDENTIAL INFORMATION AND FOR
PAYMENTS TO THIRD PARTIES PURSUANT TO THIS SECTION, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS, INCURRED BY EITHER PARTY, WHETHER IN AN ACTION
IN CONTRACT OR TORT, EVEN IF SUCH DAMAGES WERE FORESEEABLE OR IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    	25

    	 

    

  

22.          TERMINATION.

 

(a)         Immediate
Termination by NGS. In addition to the termination rights stated elsewhere in this Agreement, NGS shall have the right to
terminate this Agreement immediately, by giving Notice to Lindblad, in any of the following situations:

(i)           Default
in Payments. If Lindblad fails to timely make any Royalty Payments, NGS may terminate this Agreement immediately; provided,
however, that Lindblad shall have the opportunity to cure the first such breach by Lindblad in any one-year period by making full
payment to NGS within 10 days of receipt of Notice.

(ii)          Approvals.
If Lindblad publishes, distributes, or uses any press releases or any Media Materials which have not been approved as required
herein, or any other Advertising and Trip Materials which have been timely disapproved for Cause, or makes any use of the Licensed
Property not authorized under this Agreement, or if Lindblad knowingly conducts a Lindblad Trip subject to this Agreement in any
destination which at the time is prohibited under Section (b) of the Section headed CHANGES IN ITINERARY AND TRIP
CANCELLATIONS of this Agreement, NGS may terminate this Agreement immediately.

(iii)         Insurance
Coverage. If Lindblad fails to comply with the terms of the Section headed INSURANCE AND LIABILITY, NGS may
terminate this Agreement immediately; provided, however, that Lindblad shall have the opportunity to cure such breach by providing
documentation to NGS establishing Lindblad’s compliance with the Section headed INSURANCE AND LIABILITY within
10 days after any lapse of (or initial failure to obtain) the requisite insurance coverage or other breach of the Section headed
INSURANCE AND LIABILITY.

(iv)         Force
Majeure. Should any Event of Force Majeure as defined in the Section Force Majeure in MISCELLANEOUS,
below, prevent any Lindblad Ship from operating Lindblad Trips for a period of more than 90 days.

(v)          Expiration
of Right to Terminate. In the case of the termination rights of NGS pursuant to the foregoing sub-Section (i) through
(iv) above, such termination rights shall expire, with respect only to the specific event triggering such right, at the
close of business on the 60th day following the date on which NGS obtained actual knowledge of the occurrence of such triggering
event, except in cases where NGS has allowed Lindblad time to cure the default, but Lindblad thereafter does not cure the default,
in which case NGS shall retain its termination rights. Lindblad shall have the burden of proving the actual knowledge of NGS.
The expiration of any termination right with respect to any single specific triggering event shall not relieve Lindblad from any
of its obligations hereunder, nor shall such expiration constitute a waiver of any other rights or remedies available to NGS under
this Agreement or under applicable law.

    	26

    	 

    

 

(b)           Termination
by NGS Upon Notice to Lindblad. NGS may terminate this Agreement upon Notice to Lindblad as set forth below:

 

(i)            Insolvency.
In the event of Lindblad’s voluntary or involuntary insolvency, commission of an action of bankruptcy, adjudication of
bankruptcy, the filing of a petition for voluntary bankruptcy or similar proceeding, or an agreement between Lindblad and its
creditors generally (including trade creditors) is entered into providing for extension or composition of debt, or a receiver
is appointed to administer the assets of Lindblad, or the assets of Lindblad are liquidated, or any distress, execution or
attachment is levied on any one or more of the Lindblad Ships, NGS shall have the right to terminate this Agreement, by
giving Notice to Lindblad. In the event of the filing by any third party of a petition for involuntary bankruptcy of
Lindblad, NGS shall have the right to terminate this Agreement, by giving Notice to Lindblad, in the event such petition has
not been dismissed within  thirty (30) days after such filing.

 

(ii)          Ownership
or Management Change. If Lindblad experiences a change of control, where change of control means a party acquires a controlling
interest in Lindblad or a substantial portion of Lindblad’s assets during the Term or if Lindblad experiences a change in
management where Sven Lindblad is in no longer in a senior management role at Lindblad.

 

(iii)         Complaints.
Should NGS have credible evidence of a serious pattern or trend of Participant complaints, or if NGS determines in good faith that
NGS’ reputation or goodwill may be damaged due to its relationship with Lindblad, and if, after providing Lindblad with Notice
setting forth NGS’ basis for the Notice, Lindblad fails to address the issues set forth in the Notice within 60 days.

 

(c)            Termination
by Lindblad. In addition to the termination rights stated elsewhere in this Agreement, Lindblad shall have the right to terminate
this Agreement, by giving Notice to NGS, as follows: If the review procedures outlined in the Section headed Timing and Standard
of Review, of QUALITY CONTROLS AND PROCEDURES, General Procedures have resulted in a significant number
of disapprovals in any calendar year which (i) Lindblad reasonably believes are unreasonable determinations of Cause on the part
of NGS, and (ii) have caused Lindblad material expense or loss of revenue, then Lindblad may provide written Notice to NGS specifying
its allegations. The parties shall attempt in good faith to resolve the issues specified but, if no written evidence of resolution
has been signed by both parties within 30 days after service of such Notice, then Lindblad shall have the right to terminate the
Agreement by written Notice served upon NGS within 10 days after the next succeeding disapproval by NGS within the same calendar
year of any Lindblad submission which meet the criteria established in (i) and (ii) above. If Lindblad fails to exercise the foregoing
termination right, then it shall expire, and any subsequent termination by Lindblad under this Section (c) may be based
only on meeting the above standard for disapprovals occurring thereafter.

    	27

    	 

    

 

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

 

(d)            Termination
Upon Thirty Days Notice. Should Lindblad or NGS commit a material breach of any of the terms, conditions or obligations of
this Agreement, other than as specified in foregoing Sections (a), (b), and (c), the non-breaching party
may terminate this Agreement upon 30 days Notice. At the expiration of said 30 days, the non-breaching party may terminate the
Agreement unless: (i) prior to the expiration of said 30 days the breach has been cured by the breaching party to the reasonable
satisfaction of the non-breaching party; or (ii) the breaching party obtains an extension of the 30 day cure period in writing
from the non-breaching party, because the breach cannot be cured in 30 days and the breaching party has commenced all reasonable
efforts to cure said breach. If the breaching party obtains such an extension, the non-breaching party retains the right to terminate
the Agreement at the conclusion of the extension period, unless the breach has been cured to the satisfaction of the non-breaching
party.

 

(e)            Termination
for Failure to Achieve Growth Target. If, in any calendar year, Lindblad Expeditions’ Net Revenue growth is less than
10% over the previous year, NGS or Lindblad has the right to terminate this agreement by providing 18 months advance Notice of
intent to terminate within 30 days after NGS’ receipt of 4th Quarter results.

(f)            Termination
of Related Agreement. If either party terminates the Tour Operator Agreement, such termination shall act as an effective termination
of this Agreement.

23.          RIGHTS
AND DUTIES AFTER TERMINATION OR EXPIRATION.

 

(a)            Effective
Date of Termination. The parties mutually acknowledge that termination of this Agreement prior to its scheduled
expiration may cause substantial unbudgeted expense, potentially material loss of revenue, and possible public relations
difficulty for one or both parties. It is therefore the intention of both parties that unless it is reasonably deemed
necessary to avoid future damage to the terminating party (which may include damage to its goodwill and reputation) or unless
NGS terminates pursuant to Sections (i) or (iii) of  Immediate Termination by NGS in TERMINATION,
above, the process of termination by Notice shall be allowed to occur over a period sufficient to allow for mitigation of
these forms of injury. Any Notice of termination of this Agreement shall specify an effective date of the termination, which
date shall be on or after the operative date of termination. The date on which a party gives Notice of termination for any
reason stated in TERMINATION, above, is referred to in this Section as the “Notice Date”; the
effective date of termination specified in the Notice of termination is referred to in this Section as the “Effective
Date of Termination.”

 

(b)            Use
of Licensed Property. Following the Notice Date, Lindblad shall only be permitted to use the Licensed Property specifically
in connection with any Lindblad Trips with a departure date prior to the Effective Date of Termination. With respect to compliance
that involves physical modification or legal action (for example, changing the name of the NGS Ship, to the extent Licensed Property
must be physically and legally removed), Lindblad agrees to begin preparations immediately upon the Notice Date, with an eye to
compliance as of the Effective Date of Termination, and to prosecute diligently and complete
the process as soon as practicable, but in no event later than [*] after the Notice Date or on the Effective Date of Termination,
whichever occurs later.

 

    	28

    	 

    

 

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

 

(c)            Disposition
of Materials. Promptly after the Effective Date of Termination or the expiration of this Agreement, Lindblad shall return to
NGS any and all materials furnished hereunder to Lindblad by NGS, and shall promptly dispose of, by delivery to NGS or by destruction,
at NGS’ option, and [*] to NGS, all advertising, promotional matter and other written materials bearing the Licensed Property
which are then in its possession or subject to its control (other than Lindblad’s own file copies).

 

(d)            Publicity.
The parties agree to work together to develop means of communicating the termination of the Agreement to future Participants of
Lindblad Trips departing after the Effective Date of Termination, and to the public in general as deemed appropriate, in a manner
that is factual and that is designed to avoid, where possible, damage to either party’s reputation and goodwill. All such
communications shall be subject to mutual approval. For all Lindblad Trips that depart after the Effective Date of Termination
that were promoted using Licensed Property prior to the Notice Date, Lindblad shall include a notification, to be approved in advance
by NGS, in the pre-trip materials that the Lindblad Trip is no longer associated with NGS. Lindblad agrees to provide, in its terms
and conditions of passage for all Lindblad Trips promoted using Licensed Property, that termination of the Agreement shall not
constitute grounds for refunds or cancellation by Participants.

 

(e)            Royalties.
The Royalties provided for herein shall continue to apply to all departures through the Effective Date of Termination or expiration
of the Agreement, but shall not apply to later departures except in the event that Lindblad terminates in accordance with the
Section headed Growth in TERMINATION, Termination by NGS Upon Notice to Lindblad above or except in the event
that NGS terminates in accordance with Section Default in Payments in TERMINATION, Immediate Termination
by NGS above, in which case Royalties will be due to NGS for any Participants who booked on or before the Notice Date on Lindblad
Trips departing after the Effective Date of Termination.

 

(f)            Additional
Obligations of Lindblad. In addition to the foregoing:

 

(i)            Lindblad
shall deliver to NGS the entire contents of any database that NGS has provided Lindblad within [*] of the Effective Date of Termination
or expiration of the Agreement;

 

(ii)          Lindblad
shall cancel all NGS Experts on Lindblad Trips departing after the Effective Date of Termination;

 

(iii)         All
rights and licenses herein granted to Lindblad shall cease and revert to NGS as of the Effective Date of Termination or expiration
of the Agreement; and, Lindblad will only have the right to use the Licensed Marks after the Notice Date to specifically promote
any Lindblad Trips which commence prior to the Effective Date of Termination;

 

    	29

    	 

    

  

(iv)          Lindblad
hereby warrants that it shall not use the Licensed Property in any manner which may, in NGS’ reasonable judgment, be inconsistent
with NGS’ public image or which may in any way disparage or adversely affect NGS or its reputation, nor shall Lindblad, or
any of its agents or employees, take any actions or conduct the operation of Lindblad’s business as it relates to the Lindblad
Trips in any manner which may, in NGS’ reasonable judgment, be inconsistent with NGS’ public image or which may disparage
NGS or its reputation; and

 

(v)           Lindblad
shall promptly deliver all Artwork and confidential information provided to Lindblad by or on behalf of NGS, and materials in any
form to which NGS has ownership rights pursuant to this Agreement.

 

24.          MISCELLANEOUS.

 

(a)            Relationship.
This Agreement (and all its provisions) is a license only, and does not constitute a franchise. The parties intend and acknowledge
that their relationship created by this Agreement or otherwise is not subject to the franchise or other business opportunity laws
of any country or state and sub-division thereof. This Agreement shall not create nor be considered as constituting a partnership,
employer-employee relationship, joint venture, or agency. Neither the parties hereto nor any of their employees, representatives
or agents shall have the power or authority to bind or obligate any other party, except as explicitly set forth in this Agreement.

 

(b)            Assignment.
Without the prior written consent of the other party, which may be withheld for any reason or no reason, neither party may directly
or indirectly assign, transfer, sublicense or encumber any of its rights or obligations under this Agreement. For purposes of this
Agreement, an assignment of this Agreement will include, without limitation, the following: (i) a transfer or conveyance of the
beneficial ownership or control of fifty percent (50%) or more of Lindblad’s controlling stock; or (ii) the sale or transfer
of all or substantially all of a party’s assets. If either party attempts to assign, transfer, sublicense or otherwise encumber
any portion of this Agreement without the other’s prior written consent, such attempted grant, assignment, transfer, sublicense
or encumbrance shall be null and void and the non-transferring party shall have the right to terminate this Agreement immediately
by providing Notice to the other party.

 

(c)            Force
Majeure. Neither NGS nor Lindblad shall have any liability to the other for failure to perform or delay in performance of any
obligations under this Agreement or for any loss or damage due to delay, cancellation, or disruption caused in any manner by the
laws, regulations, acts or failure to act, demands, orders, or interpositions of any government or any subdivision or agent thereof,
or by acts of God, strikes, fire, flood, war, rebellion, terrorism, insurrection, sickness, quarantine, epidemics, theft, or any
other cause(s) beyond the reasonable control of either party whether similar or dissimilar to the foregoing (an “Event of
Force Majeure”); provided, however, that in no event shall Lindblad be excused from its payment obligations to NGS, regardless
of any Event of Force Majeure.

 

    	30

    	 

    

  

(d)            Confidentiality.

 

(i)            Confidentiality
of Agreement. Each party agrees to keep the terms and conditions of this Agreement confidential, and will not disclose such
terms and conditions to any third party.

 

(ii)          Confidential
Information of the Other Party. Each party agrees to maintain in confidence, and neither to disclose to any third party nor
to use for any purpose except those covered by this Agreement, all information relating to the other party’s (or its affiliates’)
schedules, creations, business plans, costs, names, marketing plans, licensing plans, research or other information relating to
the planning, production, licensing or distribution of the other party’s products or services, and other information disclosed
in the course of performance of this Agreement of a nature which a reasonable person would consider confidential.

 

(iii)         Exceptions.
Notwithstanding the foregoing, a party (“receiving party”) may make disclosure (A) if the prior written consent of
the other party (“disclosing party”) has been obtained; (B) on a need-to-know basis to its own attorneys, accountants,
consultants and agents who are aware of the terms of this Section headed Confidentiality; (C) as may be required by applicable
law or ordered by a court of competent jurisdiction, after giving the disclosing party notice and allowing such party to assist
in resisting or limiting such disclosure; (D) as may be necessary in order to protect the receiving party’s rights hereunder;
(E) to the extent such information is already in the public domain other than due to a breach by the receiving party; or (F) to
the extent the receiving party can establish that it knew such information prior to disclosure by the disclosing party, received
such information from a third party not known to owe a duty of confidentiality to the disclosing party, or independently developed
such information.

 

(e)            Modifications
of Agreement; Remedies. No waiver or modification of the terms of this Agreement shall be valid unless in writing, signed by
both parties. Except as otherwise explicitly stated herein, failure by either party to enforce any rights under this Agreement
shall not be construed as a waiver of such rights, and a waiver by either party of a default in one or more instances shall not
be construed as a continuing waiver or as a waiver in other instances.

 

(f)            Invalidity
of Separable Provisions. If any term or provision of this Agreement is for any reason held by arbitrator(s) or order of a court
of competent jurisdiction to be invalid, such invalidity shall not affect any other term or provision, and this agreement shall
be interpreted as if such term or provision had never been contained in this Agreement; provided, however, that (i) where the provisions
of any law causing such invalidity may be waived, they are hereby waived by the parties to the full extent permitted by law, and
(ii) where the result of such invalidation would be effectively to deprive either party of a substantial portion of the consideration
to be received by such party hereunder, the parties agree to use commercially reasonable efforts to negotiate a valid amendment
to this Agreement that would restore the parties to the economic positions occupied under the original Agreement, failing which,
after thirty (30) days, the party prejudiced by such invalidation may terminate the Agreement by written notice to the other.

 

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(g)            Survival.
Notwithstanding any other provision of this Agreement, the rights and obligations under Sections TERMS OF PAYMENT,
REPORTS AND RECORDS, PROTECTION OF LICENSED PROPERTY, INSURANCE OBLIGATIONS, COMPLIANCE
WITH LAWS AND REGULATIONS, WARRANTIES; INDEMNIFICATIONS; LIMITATIONS ON LIABILITY, RIGHTS AND DUTIES
AFTER TERMINATION OR EXPIRATION, MISCELLANEOUS shall survive the expiration or termination of this Agreement.

 

(h)            Governing
Law. This Agreement shall be governed in all respects, including validity, interpretation and effect, by the laws of the District
of Columbia, regardless of the place or places of its physical execution and performance, and without regard to the conflict of
law rules thereof. For purposes of judicial resolution, NGS and Lindblad each hereby irrevocably consent to the exclusive jurisdiction
of the state and federal courts located in the District of Columbia and further hereby expressly waive any objections to the venue
of said courts and the service of process and other legal documents and pleadings by any method approved by said courts.

 

(i)            Dispute
Resolution. Each party hereby agrees to attempt to settle any dispute relating to this agreement through non-binding mediation
at a mutually agreeable location in the District of Columbia within thirty days or as promptly as possible following notice of
the existence of such a dispute from one party to the other. In the event that good faith efforts to mediate do not resolve such
dispute, the parties agree to submit such dispute to binding arbitration under the rules of the American Arbitration Association
governing the resolution of commercial disputes at a mutually agreeable location in the District of Columbia. The result of such
arbitration shall be binding and enforceable in a court of competent jurisdiction. The parties may apply at any time to any state
or federal court located within the District of Columbia for a temporary restraining order, preliminary injunction, or other interim
or conservatory relief, as necessary, without breach of this arbitration agreement and without any abridgment of the powers of
the arbitrator(s).

 

(j)            Costs,
Expenses, and Attorneys’ Fees. In any action, including alternative dispute actions, by either party to collect any amount
due under this Agreement or to collect damages caused by any breach of this Agreement, the prevailing party shall be entitled to
recover its costs and expenses, including without limitation, reasonable attorneys’ fees.

 

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

 

(l)            Headings.
The paragraph and section headings of this Agreement are inserted only for convenience and shall not be construed as a part of
this Agreement.

 

    	32

    	 

    

 

(m)          Entire
Understanding. This Agreement contains the entire understanding of the parties with respect to its subject matter, and, for
Lindblad Trips departing on or after January 1, 2008, supersedes all prior agreements, understandings, representations, communications
and proposals, oral or written, relating to the subject matter hereof.

 

25.          EXHIBITS.

 

The following Exhibits are attached to and incorporated into this
Agreement:

 

	(a)            	Exhibit A.	
        NGE promotional Calendar

         

	(b)            	Exhibit B.	
        Lindblad Discount Programs Currently In Place Beyond The General
        Discount Programs Offered In The Brochures

         

	(c)            	Exhibit C.	
        NGS and Lindblad Mission Statement and Co-Branding

         

	(d)            	Exhibit D.	
        Lifelong Explorer Operations

         

	(e)            	Exhibit E.	
        Lindblad / NGS Fund Agreement

         

 

	NATIONAL GEOGRAPHIC SOCIETY   	 	LINDBLAD EXPEDITIONS, INC.
	 	 	 	 	 
	By: 		 	By: 	
	 	Authorized Representative	 	 	Authorized Representative
	 	 	 	 	 
	Print Name: 		 	Print Name:
	
	 	 	 	 	 
	Title:		 	Title: 	

 

    	33

    	 

    

  

EXHIBIT A

 

Product Development / Marketing Timeline

 

NGE and Lindblad agree to cooperate to meet the following schedule
in order to complete NGE marketing materials accurately and on time. This schedule may be amended by mutual agreement.

 

May Catalog

Promoting departures from September current year – May following year

Projected in home date of early May

 

		1.	September– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new vs.
repeat trips, NG enhancement opportunities, and customer preferences.

 

		2.	October– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	November– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures to
assign NG Experts.

 

		4.	December– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	February– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

July Catalog

Promoting departures from January – December following year (plus early season Antarctica)

Projected in home date of mid-July

 

		1.	Mid-November– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new
vs. repeat trips, NG enhancement opportunities and customer preferences.

 

		2.	Mid-December– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	Mid-January– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures
to assign NG Experts.

 

		4.	Mid-February– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	Early April– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

January Catalog

Promoting departures from April – January of the following year

Projected in home date of early January

 

		1.	Early June– Conference call to discuss preliminary plans for ship locations, desired itineraries, trip length, new vs.
repeat trips, NG enhancement opportunities and customer preferences.

 

		2.	Early July– Itineraries with day-to-day overviews and dates submitted to NGS.

 

		3.	Early August– NGE decides which itineraries will be featured in its catalog and NGE/Lindblad determine which departures
to assign NG Experts.

 

		4.	Mid-August– NGE and Lindblad identify NG Elements to be incorporated into itineraries.

 

		5.	Mid-September– Catalog copy as specified in Section 5.2 of the Tour Operator Agreement to be provided by Lindblad.

 

All future catalogs will follow a similar repeating pattern.

 

    	34

    	 

    

 

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

 

Exhibit B

 

Lindblad Discount Programs Currently In
Place Beyond

The General Discount Programs Offered In The Brochures

 

1.            Friends for Life Discounts. This is a [*] discount
given to [*] Friends for Life Members (“FFL Members”). These people became FFL Members by traveling between November,
2001 and April, 2002 after September 11th. Lindblad ran a promotion asking people to travel during these difficult times promising
FFL Members discounts in the future if they traveled with us during that time period.

 

2.            Friends for Life Enrollees Travel Credits and Discounts.
In 2003, Lindblad offered the FFL Members a further discount program if they advanced Lindblad certain funds. Depending on the
amount FFL Members advanced to Lindblad, FFL Members would receive different levels of future travel credits and discounts, [*]
FFL Members enrolled in the program at various levels.

 

The levels of enrollment were as follows.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*] a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

		Ø	Enroll at a [*] Level. Enrollee receives up to [*]a year free travel [*] on any of the Lindblad Trips. For any
amounts beyond [*], Enrollee receives a [*] reduction.

 

Lindblad books these annual travel credits and the additional discounts
as discounts off the cost of the Lindblad Trips.

 

3.            Participation Certificate Discounts. In 2002, Lindblad
sold [*] Participation Certificate notes (“Notes”) in amounts between [*] and [*] to past travelers of Lindblad. Each
Note had a term of [*] years with [*] amortization and paid interest of [*]: [*] in cash and [*] in travel credits on the Lindblad
Trips. Lindblad books the travel credits from the Notes as discounts off the cost of the Lindblad Trips. Lindblad has extended
the Notes through December 31, 2009.

 

4.            Friends and Family. When Lindblad has a bookings shortfall
on certain imminent, departures for Lindblad Trips, in order to add more revenue to a Lindblad Trip, Lindblad will often offer
a “Friends and Family” promotion. Lindblad makes the offer to a specific “Friends and Family,” list, and
the “Friends and Family” offer is unavailable to the general public. The Friends and Family promotion usually consists
of a special rate on it or a significant discount. Lindblad books the Friends and Family promotion as a discount off the cost of
the Lindblad Trips to which it applies.

 

    	35

    	 

    

 

EXHIBIT C

 

NGS and Lindblad Mission Statement and
Co-Branding

 

 

 

Lindblad Expeditions and National Geographic
have joined forces to inspire people to explore and care about the planet through expedition Travel. Our collaboration in exploration,
research, technology and conservation provides extraordinary travel experiences and disseminates geographic knowledge around the
globe.

 

    	36

    	 

    

 

Exhibit D

 

Lifelong Explorer (LLE) Enrollments

 

Enrollment Criteria

 

NGE’s Lifelong Explorer Program (“Program”)
enables guests to become eligible for discounts and other benefits upon the completion of their third NGE trip.

 

Below is a more detailed list of criteria for eligibility
in the program:

 

NGE 3x:

 

Any guest who travels 3x with NGE is automatically enrolled
in the Program.

 

Any combination of 3x Lindblad and NGE programs:

 

Guests who have traveled three times on any Lindblad Trips,
including at least one time as a Lindblad/NGE Trip Participant, will be eligible for membership in the Program.

 

3x Lindblad only when booking a non-NGE/Lindblad
Trip:

 

Once Lindblad confirms that they have traveled with Lindblad
at least 3 times, NGE will honor the discount on the Program and will enroll the guest in NGE’s Program.

 

3x Lindblad only when booking a Lindblad Trip:

 

Lindblad will provide the equivalent discount to the Participant
and enroll that individual in the Lindblad loyalty program.

 

Exclusions

 

If a guest who has traveled on a Lindblad Trip three or
more times took his or her first Lindblad Trip as part of either a charter or a group and has never traveled as a Lindblad/NGE
Trip Participant, that guest will be ineligible for membership in the LLE program.

 

    	37

    	 

    

 

Communication

 

As Lindblad and NGE share no data across the organizations, the
only way to handle these circumstances is through direct communication. Understanding the details of past guest travel history,
issued credits and donations to the Lindblad/NG Fund will require research by and sharing of research results between Lindblad
and NGE.

 

The standard process will be for a NGE-identified representative
to speak directly with a Lindblad-identified representative to investigate credit usage requests or understanding guest travel
history to qualify travelers for NGE’s LLE program.

 

NGS Fee

 

The process for handling LLE discounts is outlined in Section Obligations
of Lindblad, sub-Section Incentives 5.17 of the Tour Operator Agreement.

 

    	38

    	 

    

 

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

 

Exhibit E

 

Lindblad NGS Fund Agreement

 

AGREEMENT

 

This Agreement is entered into by National Geographic
Society (“NGS”) and Lindblad Expeditions, Inc. (“LEX”) as of __________ ___, 2007 (the “Effective
Date”).

 

WHEREAS, LEX has a long-standing commitment to
global conservation, research, exploration, and education and is a leader in the field of responsible tourism, and NGS is a nonprofit
membership educational organization dedicated to global conservation, research, exploration, and education; and

 

WHEREAS, LEX and NGS wish to work together toward
their shared goal of supporting global conservation and exploration by establishing a grant program on the terms set forth in this
Agreement:

 

THE PARTIES hereby agree:

 

		1.	Plan for Expansion and Administration of Fund

 

NGS has established the Lindblad/NGS Fund for Conservation,
Research and Exploration (the “Fund”) as set forth in the Alliance and License Agreement between NGS and LEX dated
as of October 3, 2006 (“License Agreement”). By this agreement, the parties agree to expand the sources of funding
for the Fund. The Fund will be derived primarily from two sources: (a) the Designated Royalty identified in the License Agreement;
and (b) donations from Participants on Lindblad Trips (as such terms are defined in the License Agreement). Upon mutual agreement
of the parties, NGS may also accept contributions or matching funds from third party organizations for the Fund. As further described
in this Agreement, the parties agree to apply the Fund toward grant-making activities, the purpose of which is to support conservation,
education and sustainable development projects. As of the Effective Date, [*] has been released from the Fund to support grants
for such purposes; after the Effective Date, all grants from the Fund will be awarded through an advisory board as outlined in
Section 2.

 

The Term of this Agreement shall be co-terminus with the
License Agreement and any extension or renewal of the License Agreement. Upon expiration or termination of the License Agreement,
this Agreement shall terminate except that the Board shall continue to operate, and NGS shall continue to administer funds, until
the Fund has been fully expended.

 

    	39

    	 

    

  

		2.	Grant-Making

 

NGS and LEX jointly agree to establish an advisory board
to the Fund committed to the cause of environmental and cultural stewardship. This advisory board (the “Board”) shall
consist of five (5) members and shall include Sven Lindblad. To accomplish the purposes of the Fund, the Board shall prepare a
plan of action for the Fund, identify and or call for grant proposals, and determine final grant recommendations at least once
annually. Final recommendations from the Board will be presented to the Executive VP of Missions of NGS for her review and approval.

 

		2.1	The structure of the Board will be as follows:

 

		a.	The President of LEX shall be a Board member and appoint one additional Board member. The President of LEX, Sven-Olof Lindblad
(“Lindblad”), will also be the founding Chairman of the Board.

 

		b.	The Executive VP of Mission Programs of NGS shall appoint two Board members.

 

		c.	The filth Board member shall be jointly appointed by the President of LEX and the Executive VP of Mission Programs of NGS.

 

		d.	Each Board member other than the President of LEX and the Executive VP of Mission Programs of NGS shall serve for a term of
two years and may be reappointed by the President of LEX and the Executive VP of Mission Programs of NGS, respectively, or in the
case of the fifth Board member by joint approval of the President of LEX and the Executive VP of Mission Programs of NGS to additional
terms.

 

		e.	The party who appoints a Board member may remove that member at any time, with or without cause.

 

		f.	The procedures outlined in this Section 2 shall supersede the project review process identified in Section 15(c) of the License
Agreement.

 

		2.2	Similar to all such grant programs operated by NGS, the administration of, and expenditures from, the Fund are subject to review
by NGS’s Board of Trustees.

 

		2.3	The Board shall from time to time adopt policies and procedures concerning meetings, voting, and actions taken by the Board.

 

		3.	Contributions

 

		3.1	LEX, in collaboration with NGS, shall plan and conduct fundraising efforts aboard each of its expedition ships to collect contributions
for the Fund. All fundraising activities aboard the ships will be directed to the Fund, and contributions solicited by LEX shall
be remitted directly to NGS. NGS shall review and approve, in advance and in writing, the form of all solicitations for the Fund.
The parties will establish a mutually agreeable process for transferring the contributions to the Fund.

 

    	40

    	 

    

  

		3.2	Third party contributions to the Fund received by NGS shall be restricted subject to the content of the third party solicitations.
It is the intention of the parties that funds solicited from third parties will not be subject to permanent restrictions on expenditure.

 

		3.3	Under the License Agreement, NGS agreed to designate to the Fund 10% or the royalties paid by LEX under that agreement (the
“Designated Royalty”). NGS agrees that the effective date of the Designated Royalties will be for royalties earned
beginning January 1, 2006. The Designated Royalty shall be used for grants issued by the Fund, as well as administrative expenses
associated with administering the Fund.

 

		4.	Reporting

 

		4.1	NGS shall report annually to LEX listing the names of the Fund grant recipients and the amount and purpose of awards and other
expenditures made through the Fund.

 

		4.2	NGS shall report quarterly to LEX the contributions to the Fund.

 

		5.	Administration.

 

NGS will be responsible for managing and administering
the Fund, including compliance with all repotting requirements.

 

		6.	Solicitation of Donors.

 

NGS will maintain n list of Participants on Lindblad Trips
who become donors to the Fund (the “Fund List”). NGS agrees that is will not use the Fund List to solicit additional
donations to NGS or its programs; provided that (a) NGS may use any other list (including its own database), which may contain
names that are also on the Fund List, to solicit donations, and (b) if a donor from the Fund List becomes a Grosvenor Council member
by virtue of the size of his or her donation, NGS may send any communications that accompany Grosvenor Council membership, however
NGS will not actively solicit an additional donation until one year after the initial donation, when NGS may contact that donor
to offer continued Grosvenor Council membership.

 

		7.	Governing Law.

 

This Agreement shall be governed in all respects, including
validity, interpretation and effect, by the laws of the District of Columbia, regardless of the place or places of its physical
execution and performance, and without regard to the conflict of law rules thereof. For purposes of judicial resolution, NGS and
LEX each hereby irrevocably consent to the exclusive jurisdiction of the state and federal courts located in the District of Columbia
and further hereby expressly waive any objections to the venue of said courts and the service of process and other legal documents
and pleadings by any method approved by said courts.

 

    	41

    	 

    

    

		8.	Dispute Resolution.

 

Each party hereby agrees to attempt to settle any dispute
relating to this agreement through non-binding mediation at a mutually agreeable location in the District of Columbia within thirty
days or as promptly as possible following notice of the existence of such a dispute from one party to the other. In the evens that
good faith efforts to mediate do not resolve such dispute, the parties agree to submit such dispute to binding arbitration under
the rules of the American Arbitration Association governing the resolution of commercial disputes at a mutually agreeable location
in the District of Columbia. The result of such arbitration shall be binding and enforceable in a court of competent jurisdiction.
The parties may apply at any time to any state or federal court located within the District of Columbia for a temporary restraining
order, injunction or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without
any abridgment of the powers of the arbitrator(s).

 

THE PARTIES have executed this Agreement as of
the date written above.

 

	Lindblad Expeditions, Inc.  	 	National Geographic Society
	 	 	 	 	 
	By:		 	By:	
	 	 	 	 	 
	Name:	Sven-Olof Lindblad	 	 Name:	Terry Garcia
	 	 	 	 	 
	Title:	President	 	Title:	Executive
    Vice President Mission Programs

 

 

42Exhibit 10.1

 

 

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation
Agreement and Release (this “Agreement”) is made as of August 30, 2015 by and between Rick Oppedisano, an individual
(“Employee”) and Modern Systems Corporation, a Delaware corporation (the “Company” and together
with Employee collectively referred to as the “Parties” or individually referred to as a “Party”).

 

RECITALS

 

WHEREAS, Employee is an at-will employee of the
Company;

 

WHEREAS, Employee
signed a letter agreement which included provisions for confidentiality, non-competition and non-solicitation with the Company
on December 15, 2012 and amended October 18, 2015 (the “Confidentiality Agreement”);

 

WHEREAS, Employee
ceased being an employee of the Company as of September 29, 2015 (the “Separation Date”); and

 

WHEREAS, the
Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the
Employee may have against the Company and any of the Releasees (as defined in Section 6).

 

NOW, THEREFORE,
in order to amicably resolve any outstanding matters related to the employment relationship, and in consideration of the mutual
promises made herein, the Company and Employee hereby agree as follows:

 

1.    Separation
from Employment. Employee acknowledges and agrees that employment with or service

to the Company in any capacity ended on the Separation Date. Employee shall continue to receive his current salary and benefits
up to and including the Separation Date. Employee claims and shall claim no further right to employment by the Company beyond
the Separation Date.

 

2.   Cash
Payments. In consideration for the promises, covenants, and waiver and release herein and if Employee timely signs, dates
and returns this Agreement, and does not revoke it thereafter, and continues to comply with the obligations to the Company (including
complying with this Agreement and the Confidentiality Agreement (attached hereto and incorporated herein by this reference at
Attachment 1), the Company will provide Employee with a severance payment of sixteen thousand six hundred sixty-six dollars and
sixty-seven cents, $16,666.67 (equivalent to one month’s pay), less required deductions and withholdings. The Company will
also pay to the Employee a sum equal to 75% of the cost of his and his dependents’ COBRA coverage for the period October
1 through December 31, 2015, in the amount of three thousand two hundred ninety-seven dollars and nine cents ($3,297.09). The
Company and the Employee agree that the Employee’s accrued vacation balance is $0.00 as of September 30, 2015, and as such
no remaining sum is due. These cash payments will be paid to the Employee on the first payroll date following the Separation Date
or the Effective Date, whichever date occurs later.

 

3.   Company
Information and Property. Employee does hereby certify that Employee has complied with all the terms of the Confidentiality
Agreement signed by Employee and will continue to be bound by such obligations following termination of Employee’s employment.
Employee does hereby also agree to be bound by the following Non-Competition and Non-Solicitation covenants, which shall replace
the covenants in Section 3 of Exhibit A of the Addendum to the Offer Letter originally signed by the Employee.

 

    	 

    	 

    

 

During the term of the Agreement
and for a period of 12 months following its termination with cause or resignation, I shall not:

 

(a)     directly
or indirectly, in any capacity whatsoever, whether independently or as a shareholder, an employee, consultant, an officer or any
managerial capacity, carry on, set up, own, manage, control or operate, be employed, engaged or interested in the following businesses:
TSRI, Fujitsu, CGI, Innowake, Jumars, Microfocus, SoftwareMining, Anubex, Telebig, SoftwareAG and Transoft (the “Group”),
or any other company that directly competes targeting similar legacy modernization solution.

 

(b)     directly
or indirectly, in any way (i) offer, solicit or attempt to solicit for employment or other engagement, or otherwise contract or
seek to contract the services of, any individual who is, at the effective date of termination of the Agreement, employed or engaged
(whether directly or indirectly) by any member of the Group or induce or entice or attempt to induce or entice such individual
to leave such employment or other engagement or otherwise interfere in his or her relationship with any member of the Group.

 

Employee acknowledge that his obligations
under this Section are reasonable, in light of knowledge it will gain of the confidential information, as detailed above, and
that the consideration it receives hereunder is paid, inter alia, as consideration for its undertaking under this Section 3.

 

Employee’s signature below
constitutes his certification that he will make all reasonable efforts to enable a smooth transition of customer and potential
customer accounts and has returned all documents and other items provided to Employee by the Company, developed or obtained by
Employee in connection with his employment with the Company, or otherwise belonging to the Company.

 

4.    Confidentiality.
Employee agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement,
and the consideration for this Agreement. Except as required by law, Employee may disclose Information only to his immediate family
members, the arbitrator or a court of competent jurisdiction in any proceedings to enforce the terms of this Agreement, Employee’s
legal counsel, and Employee’s accountant and any professional tax advisor to the extent that they need to know the information
contained herein in order to provide advice on tax treatment or to prepare tax returns, and must use commercially reasonable efforts
to prevent disclosure of any such information to all other third parties.

 

5.    Expense
Reimbursements. Employee agrees that he has been reimbursed for all expenses incurred during his employment up through the
Separation Date.

 

    	-2-

    	 

    

 

6.    Release
of Claims. Employee agrees that the consideration described in this Agreement represents settlement in full of all outstanding
obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys,
shareholders, administrators, affiliates, benefit plans, plan administrators, and subsidiaries, parent, subsidiaries, and predecessor
and successor corporations and assigns (collectively, the “Releasees”). Employee, on his own behalf and on behalf
of his respective heirs, family members, executors, agents, and assigns, 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 Employee
may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including
the date of the Agreement, including, without limitation:

 

(a)     any and all claims relating
to or arising from Employee’s employment relationship with the Company and the termination of that relationship;

 

(b)     any and all claims relating
to, or arising from, Employee’s rights with respect to any restricted stock units of the Company, 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, Age Discrimination in Employment Act of 1967; the Americans with Disabilities
Act of 1990; the Fair Labor Standards Act, except as prohibited by law; the Fair Credit Reporting Act; the Employee Retirement
Income Security Act of 1974; the Family and Medical Leave Act, except as prohibited by law; the Worker Adjustment and Retraining
Notification Act; the Older Workers Benefit Protection Act; the Sarbanes-Oxley Act of 2002; and any of the laws of the State of
Washington, and any other state or local law or ordinance relating to employment discrimination;

 

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

 

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

 

(g)     any claim for any loss,
cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received
by Employee as a result of the Agreement; and

 

(h)     any and all claims for attorneys’
fees and costs.

 

Employee 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 extend to any obligations incurred under the Agreement. This Agreement does not release claims
that cannot be released as a matter of law.

 

    	-3-

    	 

    

 

7.   Acknowledgment of
Waiver of Claims under ADEA. Employee understands and acknowledges that he is waiving and releasing any rights he may have
under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.
Employee understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA
after the date of this Agreement. Employee understands and acknowledges that the consideration given for this waiver and release
is in addition to anything of value to which Employee was already entitled. Employee further understands and acknowledges that
he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has
twenty one (21) days within which to consider this Agreement, (c) he has seven (7) days following the execution of this Agreement
to revoke this Agreement (the “Revocation Period”) and any revocation must be in writing and must be received by the
company during the Revocation Period; and (d) this Agreement shall not be effective until the Revocation Period has expired (such
date being referred to herein as the “Effective Date”). Nothing in the Agreement prevents or precludes Employee 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 Employee signs this Agreement
and returns it to the Company in less than the periods identified above, Employee hereby acknowledges that he has freely and voluntarily
chosen to waive the time period allotted for considering the Agreement.

 

8.  No
Pending or Future Lawsuits. Employee represents that he has not filed or otherwise pursued any charges, complaints or claims
of any nature and there are no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against
the Company or any of the other Releasees. Employee also represents that, except to the extent permitted by law, he does not intend
and will not bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other
Releasees.

 

9.  No
Cooperation. Employee further agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients
in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party
against any of the Releasees, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver
in this Agreement. Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and
to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone
for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints
against any of the Releasees, Employee shall state no more than that he cannot provide counsel or assistance.

 

10. Non-Disparagement. Employee
and the Company (for this purpose, the Company is deemed to be the officers and individual members of the Board of Directors)
each agree to refrain from any disparagement, defamation, libel, or slander of the other (and in the case of Employee, any of
the Releasees).

 

11. Breach. Employee
acknowledges and agrees that any material breach of this Agreement, unless such breach constitutes a legal action by Employee
challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any provision
of the Confidentiality Agreement shall entitle the Company to injunctive relief without a bond (or the lowest bond permissible
under applicable law), other appropriate remedies, and damages.

 

12. Damages for Breach.
I acknowledge that the obligations of the non-disparagement, confidentiality, and cooperation sections set forth above are
mutual as described by their terms, and in any event are material parts of the consideration and inducement to the Company to
provide the Payment set forth herein. Further, I agree that the harm to the Company from any breach of the obligations of those
provisions may be wholly or partially irreparable, and I agree that such obligations may be enforced by injunctive relief and
other appropriate remedies, as well as by damages.

 

    	-4-

    	 

    

 

13. Costs.
The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation
of this Agreement except as set forth in the Agreement.

 

14. Section Headings. Section
headings in this Agreement are included for convenience of reference only and shall not be considered a part of this Agreement
for any other purpose.

 

15. Severability. The
provisions of this Agreement are severable, and if any part is found to be unlawful or unenforceable, the other provisions of
this Agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law. Any court or arbitrator
having jurisdiction over such matters shall have the power to reform such unlawful or unenforceable provision to the extent necessary
for such provision to be enforceable to the fullest extent under applicable law.

 

16. Governing Law; Consent
to Jurisdiction. This Agreement shall be governed by the laws of the State of Washington, without regard to its choice of
law provisions. The parties hereby irrevocably and unconditionally agree to submit any legal action or proceeding relating to
the subject matter of this Agreement to the non-exclusive general jurisdiction of the courts of the State of Washington located
in King County and the courts of the United States located in the Western District of Washington and, in any such action or proceeding,
consent to jurisdiction in such courts and waive any objection to the venue in such court.

 

17. Entire Agreement.
This Agreement constitutes the complete understanding between I and the Company and supersedes any and all prior agreements, promises,
representations, or inducements, no matter its or their form, concerning its subject matter, with the exception of the Confidentiality
Agreement previously executed by I, which remains in full force and effect to the extent not inconsistent with this Agreement.
No promises or agreements made subsequent to the execution of this Agreement by these parties shall be binding unless reduced
to writing and signed by authorized representatives of these parties. Should any of the provisions of this Agreement be rendered
invalid by a court or government agency of competent jurisdiction, the remainder of this Agreement shall, to the fullest extent
permitted by applicable law, remain in full force and effect.

 

18. Knowing and Voluntary
Agreement. Employee represents that he has had an opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Employee has not relied upon any representations or statements made
by the Company that are not specifically set forth in this Agreement. Employee understands and agrees that he 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 his claims against the Company and any of the other Releasees. Employee acknowledges that:

 

(a)     he has read this Agreement;

 

(b)     he 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;

 

(c)     he has been given 21 days
within which to consider this Agreement and understands he may elect to execute prior to 21 days; and

 

(d)     he understands the terms
and consequences of this Agreement and of the releases it contains and he is fully aware of the legal and binding effect of this
Agreement.

 

    	-5-

    	 

    

 

If this Agreement is
acceptable to me, please sign below within twenty-one (21) days of my receipt of this Agreement. If I do not sign this Agreement
and return it to the Company within the aforementioned timeframe, the Company's offer to provide the Payment will expire.

 

PLEASE READ CAREFULLY. THIS IS A VOLUNTARY
RELEASE THAT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	Modern Systems Corporation	 	Rick Oppedisano, an individual
	 	 	 
	/s/ Matt Bell	 	/s/ Rick Oppedisano
	By:	Matt Bell	 	Rick Oppedisano
	 	 	 	 	 
	Its:	CEO	 	 	 
	 	 	 	 	 
	Date:	August 30, 2015	 	Date:	August 30, 2015

 

 

-6-

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