Note 13 - Related Party Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE

1

3

– RELATED PARTY TRANSACTIONS 

The Company and National Geographic Society collaborate on exploration, research, technology and conservation in order to provide travel experiences and disseminate geographic knowledge around the globe. The Lindblad/National Geographic Society alliance is set forth in (i) an Alliance and License Agreement and (ii) a Tour Operator Agreement. The extension of the agreements, entered into

July 2015,

between the Company and National Geographic Society was contingent on the execution by Mr. Lindblad, the Company's Chief Executive Officer, of an option agreement granting National Geographic Society the right to purchase from Mr. Lindblad, for a per share price of

$10.00

per share,

five

percent of the issued and outstanding shares of the Company’s common stock as of

July 8, 2015,

including all outstanding options, warrants or other derivative securities (excluding options granted under the

2015

Plan and shares issuable upon the exercise of warrants). During

March 2019,

National Geographic Society exercised its rights in full under the option agreement to acquire the shares, and in a cashless transaction acquired shares from Mr. Lindblad.

On

May 4, 2016,

in connection with the Company's acquisition of Natural Habitat, Natural Habitat issued an unsecured promissory note to Mr. Bressler, the founder of Natural Habitat, with an outstanding principal amount of

$2.5

million due at maturity on

December 31, 2020 (

See Note

6

– Long-term Debt).