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

Rhea-AI Filing Summary

Form 4 filing (07/24/2025) discloses two transactions by Lindblad Expeditions Holdings (LIND) founder & CEO Benjamin Bressler on 07/23/2025.

• Option exercise (Code M): Bressler exercised 1,334,319 employee stock options at an exercise price of $8.44, converting them into an equal number of common shares.
• Open-market sale (Code S): He immediately sold 47,325 shares at a weighted-average price of $13.02 (range $13.00-$13.06).

Following the transactions, Bressler’s direct ownership stands at 1,310,460 common shares. All corresponding derivative holdings from this option grant are now fully exercised and reduced to zero.

The filing reflects routine executive equity activity: a large option exercise under the 2021 LTIP and a small partial sale (~3.5 % of exercised shares) for liquidity or tax purposes. No earnings guidance or operational data are provided.

Positive

• Large option exercise retained: CEO kept ~96 % of newly acquired shares, suggesting continued alignment with shareholder interests.

Negative

• Insider sale flag: Sale of 47,325 shares at $13.02 may be interpreted as modest profit-taking.

Insights

Equity Capital Markets Analyst

TL;DR: Founder exercised 1.33 M options at $8.44 and sold 47 K shares at $13; retains 1.31 M shares—neutral signal.

Bressler converted a sizable in-the-money option block, crystallizing a $6+ spread, yet only sold a fraction (≈3.5 %). The bulk of shares were retained, maintaining meaningful insider alignment. The option strike and grant details match the 2021 LTIP, so dilution impact was already modeled; actual net sale is immaterial (<0.1 % of 53 M basic shares). Insider selling of any size can raise eyebrows, but magnitude and retention indicate routine financial planning rather than bearish sentiment. Market impact therefore neutral.

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).

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)
07/23/2025

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	07/23/2025		M		1,334,319	A	$8.44	1,357,785	D
Common Stock	07/23/2025		S		47,325	D	$13.02(1)	1,310,460	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	07/23/2025		M			1,334,319	03/18/2024	03/17/2034	Common Stock	1,334,319	$0	0	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 $13.00 to $13.06, 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	07/24/2025
	** 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.
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FAQ

How many Lindblad (LIND) shares did CEO Benjamin Bressler acquire?

He acquired 1,334,319 common shares through an option exercise at $8.44.

How many Lindblad shares did the CEO sell and at what price?

Bressler sold 47,325 shares at a weighted-average price of $13.02.

What is Benjamin Bressler’s total direct ownership after the transactions?

He now directly owns 1,310,460 common shares of LIND.

Were any derivative securities remaining after the option exercise?

No. The exercised option block reduced derivative holdings to zero.

Does the filing include any earnings or guidance information?

No. The Form 4 only reports insider trading activity; it contains no financial performance data.