Lindblad Expeditions (LIND) officer exercises 29,628 options and sells shares

Rhea-AI Filing Summary

Lindblad Expeditions Holdings insider Benjamin Bressler exercised and sold shares on the same day. On January 7, 2026, he exercised a stock option for 29,628 shares of common stock at an exercise price of $8.44 per share under the 2021 Long Term Incentive Plan, then sold 29,628 shares of common stock in an open-market transaction at a weighted average price of $15.04 per share, with individual sale prices ranging from $15.00 to $15.12. Following these transactions, he held 23,466 shares of common stock and 736,600 stock options directly.

Insider Trade Summary

Net Seller: 29,628 shares ($445,605)

Net Sell 3 txns

Insider BRESSLER BENJAMIN

Role *Founder & CEO of NHA

Sold 29,628 shs ($446K)

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	29,628	$0.00	--
Exercise	Common Stock	29,628	$8.44	$250K
Sale	Common Stock	29,628	$15.04	$446K

Holdings After Transaction: Stock Option (right to buy) — 736,600 shares (Direct); Common Stock — 53,094 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $15.00 to $15.12, inclusive. The Reporting Person undertakes to provide Lindblad Expeditions Holdings, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BRESSLER BENJAMIN

(Last) (First) (Middle)

833 WEST SOUTH BOULDER ROAD, BLDG G

(Street)

LOUISVILLE CO 80027-2452

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LINDBLAD EXPEDITIONS HOLDINGS, INC. [ LIND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	*Founder & CEO of NHA

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/07/2026		M		29,628	A	$8.44	53,094	D
Common Stock	01/07/2026		S		29,628	D	$15.04(1)	23,466	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)(2)	$8.44	01/07/2026		M			29,628	03/18/2024	03/17/2034	Common Stock	29,628	$0	736,600	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $15.00 to $15.12, inclusive. The Reporting Person undertakes to provide Lindblad Expeditions Holdings, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

2. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

	/s/ John J. Wolfel, Attorney-in-Fact for Benjamin Bressler	01/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Benjamin Bressler report at LIND?

Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), reported exercising 29,628 stock options and selling 29,628 shares of common stock on January 7, 2026.

At what prices did Benjamin Bressler transact Lindblad Expeditions (LIND) shares?

He exercised stock options at an exercise price of $8.44 per share and sold the resulting 29,628 shares at a weighted average price of $15.04 per share, with sale prices ranging from $15.00 to $15.12.

How many Lindblad Expeditions (LIND) shares does Benjamin Bressler own after this Form 4?

After the reported transactions, Benjamin Bressler directly beneficially owned 23,466 shares of Lindblad Expeditions common stock and 736,600 stock options.

What type of derivative security did Benjamin Bressler exercise at LIND?

He exercised a stock option (right to buy) granted under the 2021 Long Term Incentive Plan, covering 29,628 shares of Lindblad Expeditions common stock at an exercise price of $8.44 per share.

Was Benjamin Bressler’s sale of LIND shares reported as a single price or a range?

The sale was reported at a weighted average price of $15.04 per share, with multiple transactions executed at prices between $15.00 and $15.12, inclusive.

What is Benjamin Bressler’s role at Lindblad Expeditions Holdings (LIND)?

On the Form 4, Benjamin Bressler is listed as an officer with the title Founder & CEO of NHA in relation to Lindblad Expeditions Holdings, Inc.