[Form 4] Lindblad Expeditions Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), exercised stock options and sold the resulting shares on August 25, 2025. He exercised 24,564 options with an $8.44 exercise price, acquiring 24,564 shares. Those 24,564 shares were sold the same day in multiple transactions at a weighted-average price of $15.02 per share (sales ranged from $15.00 to $15.06). After these transactions, the Form 4 reports 864,983 shares underlying derivative securities beneficially owned and either 48,030 or 23,466 shares reported in the non-derivative section following transactions; the form documents both the acquisition and sale of 24,564 common shares and includes an undertaking to provide details of the individual sale prices on request.

Positive

• Transparent disclosure of option exercise and subsequent sales with an undertaking to provide trade-level price details upon request
• Transaction flagged as pursuant to a 10b5-1 plan, indicating pre-arranged trading intent

Negative

• None.

Insights

Securities Analyst

TL;DR: Officer exercised options and immediately sold the acquired shares, realizing the spread between $8.44 and ~$15.02.

The filing shows a routine section 16 transaction: on 08/25/2025 Benjamin Bressler exercised 24,564 options at an $8.44 exercise price and sold the same number of shares at a weighted-average price of $15.02. The disclosure notes multiple sale prices within $15.00–$15.06 and offers to furnish the per-trade breakdown. This is a standard option exercise followed by disposition and is documented under a 10b5-1 plan checkbox. The reported post-transaction beneficial ownership figures are provided in the form.

Corporate Governance Expert

TL;DR: Transaction appears compliant and transparently disclosed, with offer to provide trade-level details.

The Form 4 indicates compliance with disclosure rules: exercise under the 2021 Long Term Incentive Plan is identified and the reporting person has an attorney-in-fact signature. The filer checked the box indicating the trade was made pursuant to a written plan intended to meet Rule 10b5-1(c) affirmative defense conditions. The form includes an explanation regarding weighted-average sale price and a commitment to provide specifics on request, which supports transparency for investors and regulators.

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)
08/25/2025

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
Common Stock	08/25/2025		M		24,564	A	$8.44	48,030	D
Common Stock	08/25/2025		S		24,564	D	$15.02(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	08/25/2025		M			24,564	03/18/2024	03/17/2034	Common Stock	24,564	$0	864,983	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 $15.06, 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	08/26/2025
	** 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

What did Benjamin Bressler report on Form 4 for LIND?

He reported exercising 24,564 stock options at $8.44 and selling 24,564 resulting shares on 08/25/2025 at a weighted-average price of $15.02.

When were the transactions executed and reported?

The transactions occurred on 08/25/2025 and the Form 4 is signed/dated 08/26/2025.

What plan governed the option grant exercised by Bressler?

The options were granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Did the filing indicate the trades were pre-arranged under a trading plan?

Yes, the filer checked the box indicating the transaction was made pursuant to a contract, instruction or written plan intended to satisfy Rule 10b5-1(c).

What prices were involved in the sale of the shares?

The weighted-average sale price was $15.02; individual sales ranged from $15.00 to $15.06, and the filer offers to provide the exact breakdown on request.