Lindblad (LIND) Form 144 Discloses Option Exercise and Planned Sale

Rhea-AI Filing Summary

Lindblad Expeditions Holdings, Inc. (LIND) Form 144 notice shows an insider plans to sell 61,495 common shares (approximate market value $920,414.92) via Wells Fargo on Nasdaq with an approximate sale date of 08/27/2025. The shares were acquired on 08/25/2025 through non-qualified stock options from the issuer and paid by wire on that date. The filing also discloses multiple sales by the same person during the prior three months, including transactions on 07/23/2025, 08/04/2025, 08/05/2025, 08/19/2025, 08/20/2025, 08/22/2025, and 08/25/2025, with individual share amounts and gross proceeds listed in the filing. The filer certifies they are not aware of undisclosed material adverse information.

Positive

• Acquisition and payment details provided: The filing specifies the shares were acquired via non-qualified stock options and paid by wire on 08/25/2025, which clarifies transaction origin.
• Regulatory compliance: The notice includes explicit sale amounts, dates, broker name, and the filer’s attestation, meeting Rule 144 disclosure requirements.

Negative

• Repeated insider sales: The same person sold multiple blocks of LIND shares in July and August 2025, which may raise governance or signaling concerns for investors.
• No 10b5-1 plan date provided: The filing does not state a trading-plan adoption date or instruction date that would clarify whether sales follow a pre-established plan.

Insights

Securities Analyst

TL;DR: Insider sold employee-option shares recently; transaction size is modest relative to total shares outstanding but notable for timing.

The filing documents a sale notice for 61,495 common shares acquired via non-qualified stock options and scheduled to be sold through Wells Fargo on Nasdaq. The filing also enumerates multiple recent sales by the same individual across July and August 2025 with stated gross proceeds for each trade. From an investor perspective, recurring insider dispositions warrant monitoring for pattern or liquidity needs, though the filing shows these were option-originated shares with cash payment by wire. The notice includes the standard certification regarding lack of undisclosed material adverse information.

Corporate Governance Expert

TL;DR: Multiple recent insider-sales are disclosed; governance implications depend on context not provided in this filing.

The Form 144 provides explicit sales data and acquisition method (non-qualified stock options exercised 08/25/2025). While the disclosure is compliant with Rule 144 requirements, the document does not include any rationale for the sales or any 10b5-1 plan adoption date. Without that contextual detail, it is not possible to determine whether the trades were routine, liquidity-driven, or otherwise. The filer’s signature attests to no undisclosed material adverse information.

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	61495	920414.92	54789150	08/27/2025	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	08/25/2025	Non-Qualified Stock Options	Issuer			61495	08/25/2025	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

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 securities is the Form 144 for LIND reporting?

The filing reports the proposed sale of 61,495 common shares of Lindblad Expeditions Holdings, with an aggregate market value of $920,414.92.

Who is the broker handling the planned sale?

The broker listed is Wells Fargo Clearing Services located at 1 N. Jefferson Ave., St. Louis, MO; the sale is to occur on Nasdaq.

How were the shares acquired that are being sold?

The shares were acquired on 08/25/2025 through non-qualified stock options issued by the company and payment was made by wire on that date.

Did the filer sell other LIND shares recently?

Yes; the filing lists multiple sales by the same person on 07/23/2025, 08/04/2025, 08/05/2025, 08/19/2025, 08/20/2025, 08/22/2025, and 08/25/2025 with amounts and gross proceeds provided.

Does the Form 144 state the filer knows of any undisclosed material information?

The filer represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed.