Alex P. Schultz Receives 8,899 LTIP Shares at $12.36 — LIND Form 4

Rhea-AI Filing Summary

Insider restricted stock grant at Lindblad Expeditions (LIND). Director Alex P. Schultz was granted 8,899 restricted shares under the company's Long-Term Incentive Plan on 08/08/2025 at an indicated price of $12.36 per share. The award vests one year from the grant date and is conditioned on continued service.

Following the grant, Mr. Schultz's reported beneficial ownership is 338,506 shares, held directly. The Form 4 shows the filing was submitted by a single reporting person and includes the required attorney-in-fact signature block.

Insights

Corporate Governance Expert

TL;DR: Routine director LTIP grant aligns management with shareholders; not a material corporate event.

The disclosure documents a standard restricted stock grant to a director under the Long-Term Incentive Plan. The award size (8,899 shares) and the one-year time-based vesting schedule are typical retention and alignment mechanisms. Because the grant is conditioned on continued service and vests over a defined term, it primarily signals compensation alignment rather than a material change in control or capital structure. No unusual transfer, disposition, or derivative instruments are reported.

Securities Analyst

TL;DR: Insider acquisition reported, but transaction appears routine and not likely to affect near-term valuation.

The Form 4 reports an acquisition coded as an award rather than an open-market purchase. The grant price of $12.36 is shown alongside post-transaction beneficial ownership of 338,506 shares held directly. This is a routine executive/director equity award under an LTIP; it does not indicate additional capital raising or dilution beyond planned compensation. From a market-impact perspective the transaction size is modest relative to public float and contains no derivatives or exercised options.

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

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^*

SCHULTZ ALEX P

(Last) (First) (Middle)

C/O LINDBLAD EXPEDITIONS HOLDING, INC.

96 MORTON STREET, 9TH FLOOR

(Street)

NEW YORK NY 10014

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

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
Restricted Stock	08/08/2025		A(1)		8,899	A	$12.36	338,506	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

Explanation of Responses:

1. Restricted stock granted under Long-Term Incentive Plan. The restricted stock vests one year from the date of grant, subject to continued service.

	/s/ John J. Wolfel, Attorney-in-Fact for Alex P. Schultz	08/12/2025
	** 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

Who filed the Form 4 for Lindblad Expeditions (LIND)?

The reporting person is Alex P. Schultz, identified as a Director of Lindblad Expeditions Holdings, Inc.

What transaction is reported on the LIND Form 4?

A grant of 8,899 restricted shares was reported as an acquisition under the company's Long-Term Incentive Plan.

At what price and when was the LIND restricted stock grant made?

The transaction date is 08/08/2025 and the indicated price is $12.36 per share.

How many LIND shares does the reporting person own after the transaction?

Following the reported transaction, the reporting person beneficially owns 338,506 shares, held directly.

What are the vesting terms for the restricted stock in the LIND Form 4?

The restricted stock vests one year from the date of grant, subject to continued service, per the Form 4 explanation.

Was this Form 4 filed by more than one reporting person?

No. The form indicates it was filed by one reporting person.