Lindblad insider discloses sale of 21,137 LIND shares; recent large dispositions noted

Rhea-AI Filing Summary

Lindblad Expeditions Holdings insider filing reports a proposed sale of 21,137 common shares acquired via non-qualified stock options and dated 08/28/2025. The sale is to be executed through Wells Fargo Clearing Services on Nasdaq with an aggregate market value of $316,506.65. The filing lists 54,789,150 shares outstanding for the class. The filer also disclosed multiple recent dispositions by the same person in the past three months, including large blocks sold on 08/05/2025 (167,494 shares) and 08/22/2025 (200,700 shares), with gross proceeds reported for each transaction. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information.

Positive

• Disclosure compliance: Form 144 provides required details including broker, acquisition method, sale date, payment type, and shares outstanding
• Transaction clarity: Acquisition source (issuer, non-qualified stock options) and payment method (wire) are explicitly stated

Negative

• Substantial insider selling: Multiple large dispositions in the past three months (including 167,494 and 200,700 shares) increase observable insider supply
• Potential market impact: Concentrated recent sales by the same individual may affect investor perception even though the filing contains no operational data

Insights

Securities Analyst

TL;DR: Insider plans to sell 21,137 shares acquired from stock options; recent sizable dispositions suggest notable insider liquidity.

The filing documents a routine Rule 144 notice for the sale of 21,137 Lindblad (LIND) common shares acquired via non-qualified stock options with sale execution through Wells Fargo on Nasdaq and an indicated market value of $316,506.65. The disclosure is complete for the mechanics: acquisition date, payment type (wire), broker, and outstanding share count. Material context comes from the listed recent sales by the same individual, which include multiple large transactions (notably 167,494 and 200,700 shares) that increase observable insider supply. From a trading-impact perspective, these aggregated dispositions could be relevant to near-term float and market liquidity, though the filing itself contains no operating or financial performance information.

Corporate Governance Expert

TL;DR: Filing meets disclosure requirements; multiple recent insider sales merit attention for governance transparency.

The form provides required Rule 144 details: identity of broker, acquisition via non-qualified options, dates, payment method, and past three months sales by the same person with gross proceeds. This level of disclosure supports transparency and compliance. The presence of several substantial sales within a short window is governance-relevant because concentrated insider selling can be material to investor perception even if legally compliant. The document includes the standard certification about absence of undisclosed material adverse information, but does not state adoption of any 10b5-1 plan.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Wells Fargo Clearing Services 1 N. Jefferson Ave. St. Louis MO 63103	21137	316506.65	54789150	08/28/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/28/2025	Non-Qualified Stock Options	Issuer			21137	08/28/2025	Wire

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Benjamin Bressler 96 MORTON STREET 9th Floor NEW YORK NY 10014	LIND Common Shares	07/23/2025	47325	614322.86
Benjamin Bressler 96 MORTON STREET 9th Floor New York NY 10014	LIND Common Shares	08/04/2025	7567	98471.23
Benjamin Bressler 96 MORTON STREET 9th Floor New York NY 10014	LIND Common Shares	08/05/2025	167494	2179456.66
Benjamin Bressler 96 MORTON STREET 9th Floor NEW YORK NY 10014	LIND Common Shares	08/19/2025	809	11286.64
Benjamin Bressler 96 MORTON STREET 9th Floor NEW YORK NY 10014	LIND Common Shares	08/20/2025	20877	292119.18
Benjamin Bressler 96 MORTON STREET 9th Floor NEW YORK NY 10014	LIND Common Shares	08/22/2025	200700	2839963.63
Benjamin Bressler 96 MORTON STREET 9th Floor NY 10014	LIND Common Shares	08/25/2025	24564	367923.37
Benjamin Bressler 96 MORTON STREET 9th Floor NY 10014	LIND Common Shares	08/27/2025	61495	920414.92

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 filed for LIND report?

The form reports a proposed sale of 21,137 Lindblad (LIND) common shares acquired via non-qualified stock options, to be sold on 08/28/2025 through Wells Fargo Clearing Services on Nasdaq with aggregate market value $316,506.65.

How many Lindblad shares are outstanding according to the filing?

The filing reports 54,789,150 shares outstanding for the class of common stock.

What acquisition method and payment were used for the shares to be sold?

The shares were acquired on 08/28/2025 via non-qualified stock options from the issuer, and payment is indicated as Wire.

Who is the broker handling the proposed sale?

The broker named in the filing is Wells Fargo Clearing Services, 1 N. Jefferson Ave., St. Louis, MO 63103.

Did the filer report other sales recently?

Yes. The filing lists multiple sales by the same person in the past three months, including notable transactions on 08/05/2025 (167,494 shares) and 08/22/2025 (200,700 shares), with gross proceeds shown for each.

Does the filing state whether a 10b5-1 plan was used?

The form includes the standard 10b5-1 representation section, but it does not indicate a plan adoption date or explicitly state that a 10b5-1 plan is being relied upon.