---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-118426"
form_type: "8-K"
ticker: "LIND"
cik: "0001512499"
company_name: "LINDBLAD EXPEDITIONS HOLDINGS, INC."
filed_at: "2023-11-15T23:59:59+00:00"
generated_at: "2026-06-08T02:19:32.540598+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lindblad Expeditions expands National Geographic brand license through 2040 with exclusivity and growth commitments

## Summary
- New Brand License Agreement replaces 2011 Alliance and Tour Operator agreements effective Jan 1, 2024.
- Exclusive license for co-branded expedition cruises on ships <295 passengers in US/Canada; path to global exclusivity.
- Royalty fees based on performance, minimum growth guarantees for revenue and available guest nights; fleet modernization required.
- NatGeo can terminate if growth/capacity targets missed or change of control; Lindblad can renegotiate if NatGeo leaves Disney.
- Term extends to 2040; includes joint marketing fund and collaboration on science, conservation, education and photography.

## SEC filing metadata
- accession: 0001104659-23-118426
- form_type: 8-K
- ticker: LIND
- cik: 0001512499
- company_name: LINDBLAD EXPEDITIONS HOLDINGS, INC.
- filed_at: 2023-11-15T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1512499/000110465923118426/0001104659-23-118426-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1512499/000110465923118426/tm2330693d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-118426
- JSON: https://secwatch.observer/filing/0001104659-23-118426.json
- Plain text: https://secwatch.observer/filing/0001104659-23-118426.txt

## Key facts
- Material Agreements
  LINDBLAD EXPEDITIONS HOLDINGS, INC. entered into Brand License Agreement with National Geographic Partners, LLC (effective 2023-11-14).
  - Action: entry
  - Agreement: license
  - Counterparty: National Geographic Partners, LLC
  - Effective: 2023-11-14
  source text: On November 14, 2023, a subsidiary of Lindblad Expeditions Holdings, Inc., Lindblad Expeditions, LLC (the “ Company ”), entered into a Brand License Agreement (the “ Agreement ”) with National Geographic Partners, LLC (“ National Geographic ”) through 2040
  evidence_url: https://www.sec.gov/Archives/edgar/data/1512499/000110465923118426/0001104659-23-118426-index.htm
- Material Agreements
  LINDBLAD EXPEDITIONS HOLDINGS, INC. terminated Alliance and License Agreement with National Geographic Partners, LLC (effective 2011-12-12).
  - Action: termination
  - Agreement: license
  - Counterparty: National Geographic Partners, LLC
  - Effective: 2011-12-12
  source text: The Agreement will replace the Alliance and License Agreement and the Tour Operator Agreement, each dated as of December 12, 2011, as amended, between the Company and National Geographic (the “ Existing Agreements ”), which are to be terminated in relation to departure dates commencing January 1, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1512499/000110465923118426/0001104659-23-118426-index.htm
- Material Agreements
  LINDBLAD EXPEDITIONS HOLDINGS, INC. terminated Tour Operator Agreement with National Geographic Partners, LLC (effective 2011-12-12).
  - Action: termination
  - Agreement: license
  - Counterparty: National Geographic Partners, LLC
  - Effective: 2011-12-12
  source text: The Agreement will replace the Alliance and License Agreement and the Tour Operator Agreement, each dated as of December 12, 2011, as amended, between the Company and National Geographic (the “ Existing Agreements ”), which are to be terminated in relation to departure dates commencing January 1, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1512499/000110465923118426/0001104659-23-118426-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.