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

Rhea-AI Filing Summary

Sven-Olof Lindblad, a director and reported >10% owner of Lindblad Expeditions Holdings, Inc. (LIND), received a grant of 8,899 restricted shares under the companys Long-Term Incentive Plan on 08/08/2025. The award was granted at a reported price of $12.36 per share and vests one year from the grant date subject to continued service. Following the grant, the filing reports 11,783,962 shares beneficially owned by the reporting person, held in a direct ownership form. The filing lists no derivative transactions.

Insights

Financial Analyst

TL;DR: A small restricted stock grant to a major shareholder/director; not materially dilutive given reported holdings.

The filing documents a grant of 8,899 restricted shares at $12.36 per share that vest one year from grant, under the Long-Term Incentive Plan. The reporting person is identified as both a director and a 10% owner, with 11,783,962 shares reported as beneficially owned following the grant. The grant size is small relative to the reported holdings (roughly 0.08%), indicating limited immediate financial impact on ownership percentages or share count.

Corporate Governance Expert

TL;DR: Typical equity-based compensation for alignment; vesting and plan terms disclosed, no governance red flags in this filing.

The restricted stock award is described as granted under the companys Long-Term Incentive Plan and vests one year from grant subject to continued service, which is a common retention mechanism. The report shows direct beneficial ownership post-grant and does not disclose derivative positions. Based solely on the disclosed items, the transaction appears consistent with routine long-term incentive practices for insiders.

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

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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^*

Lindblad Sven-Olof

(Last) (First) (Middle)

C/O LINDBLAD EXPEDITIONS HOLDINGS, 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	X	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	11,783,962	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 Sven-Olof Lindblad	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

What transaction did the LIND Form 4 report?

The Form 4 reports a grant of 8,899 restricted shares to Sven-Olof Lindblad under the Long-Term Incentive Plan.

At what price were the restricted shares granted in the LIND filing?

The restricted shares were reported at a price of $12.36 per share.

When do the restricted shares vest according to the Form 4?

The restricted shares vest one year from the grant date, subject to continued service.

How many shares did the reporting person beneficially own after the transaction?

The filing reports 11,783,962 shares beneficially owned following the reported transaction.

What is the reporting persons relationship to LIND?

The reporting person is listed as a Director and a 10% Owner of Lindblad Expeditions Holdings, Inc.

Were any derivative securities reported in this Form 4?

No derivative securities are reported in the provided Table II; only a restricted stock grant is disclosed in Table I.