$1.7 Million for Lindblad in 2019; Deferred Due to COVID-19

Sven Lindblad

Sven-Olof Lindblad, president and CEO, Lindblad Expeditions, saw total compensation of $1.7 million 2019 for a strong year of performance for the expedition cruise brand.

Due to COVID-19, cash bonuses that were for 2019, would be paid in 2020, have been fully deferred, and 75 percent of stock awards for 2019, but that would be granted in 2020, have been deferred.

For 2019, full year tour revenues of $309.7 million increased $43.2 million, or 16%, as compared to 2017. The increase was driven by growth of $29.5 million at the Lindblad segment and a $13.7 million increase at Natural Habitat, the company said.

Lindblad segment tour revenues of $246.3 million increased $29.5 million, or 14% compared to 2017 primarily driven by 8% growth in Available Guest Nights, most notably due to the launch of the National Geographic Quest in July 2017 and the National Geographic Venture in December 2018, as well as from the impact of voyage cancellations in the first quarter of 2017 for repairs on the National Geographic Orion and National Geographic Sea Lion.

The year on year growth also reflects an increase in Occupancy in 2018 to 91% from 87% in 2017 due to higher overall demand across the fleet, as well as 6% growth in Net Yield to $1,044 from increased prices and changes in itineraries.

The information came in a Wednesday evening SEC filing.

"We believe that a skilled, experienced and dedicated management team is essential to our future performance and to building stockholder value. We seek to establish competitive compensation programs that enable us to attract and retain executive officers with these qualities," the company said.

Compensation programs for executives are designed with the target to motivate executive officers to achieve and create stockholder value; to attract and retain executive officers who the company believes have the experience, temperament, talents, and convictions to contribute significantly to  future success; and to align the economic interests of our executive officers with the interests of stockholders.

Compensation Table:

Due to circumstances related to the impact of the COVID-19 virus, the 2020 base salary increases were granted by the compensation committee to Lindblad, Felenstein Auerbach and Byus, but have been deferred, short-term cash-based incentive bonuses earned for fiscal 2019 for Lindblad, Felenstein Auerbach and Byus and 75% of the 2020 long-term incentive compensation restricted stock unit and performance stock unit grants to Lindblad, Felenstein Auerbach and Byus, have been deferred until such time as the compensation committee determines that the earned cash bonuses shall be paid, salary increases shall granted and remaining long-term incentive compensation shall be awarded.

The executive team has deferred all bonuses in 2019, meaning 0% of what they are stating in the article has been paid out, and only 25% of their Stock Awards have been granted so far. 

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