Lindblad Expeditions (LIND) CEO sells shares after option exercise

Rhea-AI Filing Summary

Lindblad Expeditions Holdings insider Benjamin Bressler, an officer listed as *Founder & CEO of NHA, reported option exercises and related share sales. On January 9, 2026, he exercised 69,439 stock options at an exercise price of $8.44 per share, then sold 69,439 common shares at a weighted average price of $15.03 per share, with individual trades ranging from $15.00 to $15.07.

On January 12, 2026, he exercised an additional 222,386 stock options at $8.44 per share and sold 222,386 common shares at a weighted average price of $16.0822 per share, with trades between $16.00 and $16.24. Following these transactions, Bressler directly owned 23,466 shares of common stock and held 444,775 stock options beneficially.

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).

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 LA 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)
01/09/2026

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	01/09/2026		M		69,439	A	$0	92,905	D
Common Stock	01/09/2026		S		69,439	D	$15.03(1)	23,466	D
Common Stock	01/12/2026		M		222,386	A	$0	245,852	D
Common Stock	01/12/2026		S		222,386	D	$16.0822(2)	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)(3)	$8.44	01/09/2026		M			69,439	03/18/2024	03/17/2034	Common Stock	69,439	$0	667,161	D
Stock Option (right to buy)(3)	$8.44	01/12/2026		M			222,386	01/12/2026	03/17/2034	Common Stock	222,386	$0	444,775	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 $15.07, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $16.00 to $16.24, 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.

3. 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	01/12/2026
	** 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).
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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 transactions did Benjamin Bressler report at LIND?

Benjamin Bressler reported exercising stock options and selling the resulting common shares in Lindblad Expeditions Holdings, Inc. over two dates in January 2026.

How many Lindblad shares did Benjamin Bressler sell on January 9, 2026?

On January 9, 2026, Bressler sold 69,439 shares of common stock at a weighted average price of $15.03 per share, with trade prices between $15.00 and $15.07.

What transactions did Benjamin Bressler make on January 12, 2026 for LIND?

On January 12, 2026, Bressler exercised 222,386 stock options at an exercise price of $8.44 and sold 222,386 common shares at a weighted average price of $16.0822, with trades between $16.00 and $16.24.

What is Benjamin Bresslers remaining Lindblad share ownership after these transactions?

After the reported transactions, Benjamin Bressler directly beneficially owned 23,466 shares of Lindblad common stock and held 444,775 stock options.

What is the exercise price and term of Benjamin Bresslers Lindblad stock options?

The reported stock options have an exercise price of $8.44 per share. One grant became exercisable on March 18, 2024 and another on January 12, 2026, both expiring on March 17, 2034.

Under what plan were Benjamin Bresslers Lindblad stock options granted?

According to the footnotes, the stock options were granted under Lindblads 2021 Long Term Incentive Plan pursuant to Bresslers employment agreement.

What role does Benjamin Bressler hold in relation to Lindblad (LIND)?

Benjamin Bressler is reported as an officer of Lindblad Expeditions Holdings, Inc., with the title *Founder & CEO of NHA.