Annette Reavis receives LTIP restricted stock grant (8,899 shares)

Rhea-AI Filing Summary

Lindblad Expeditions Holdings (LIND) reported a restricted stock grant to director Annette J. Reavis. On 08/08/2025 Ms. Reavis was awarded 8,899 restricted shares under the company's Long-Term Incentive Plan at a reported price of $12.36 per share. The award vests one year from the grant date, subject to continued service, and the filing shows 23,546 shares beneficially owned by Ms. Reavis following the transaction.

The grant is recorded on a Form 4 and was signed by an attorney-in-fact. The transaction is a routine equity-based compensation event that aligns executive/director interests with shareholders by converting pay into equity that vests over time.

Positive

• Alignment with shareholders: Award vests over one year under the LTIP, which ties director compensation to future share performance.
• Clear terms: Grant specifies number of shares (8,899) and grant price ($12.36), providing transparency on the award.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Director received time‑based restricted shares, aligning her with long‑term shareholder interests without immediate dilution to public holders.

The grant of 8,899 restricted shares under the Long‑Term Incentive Plan vests after one year, which is a standard retention and alignment mechanism. For governance purposes this represents compensation tied to continued service rather than an immediate cash payout. The post‑transaction beneficial ownership of 23,546 shares increases the director's stake but is unlikely to materially change control or voting outcomes given no evidence of a larger equity reshaping event in the filing.

Compensation Analyst

TL;DR Time‑based restricted stock grant at $12.36 is routine compensation design to retain and motivate a director.

The reported award is priced at $12.36 per share and vests after one year, which signals a retention focus rather than immediate performance acceleration. Because the award is restricted stock rather than options, its value is tied directly to share price performance and encourages alignment with shareholders. The filing does not disclose total plan capacity, aggregate director compensation, or any performance conditions beyond continued service, so assessment of overall pay‑for‑performance design is limited by available information.

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^*

Reavis Annette J.

(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	23,546	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 Annette J. Reavis	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 Annette J. Reavis report for LIND?

The Form 4 reports a grant of 8,899 restricted shares to Annette J. Reavis on 08/08/2025 under the Long‑Term Incentive Plan.

At what price were the restricted shares granted?

The restricted shares are listed with a reported price of $12.36 per share.

When do the restricted shares vest?

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

How many shares does Annette Reavis beneficially own after the reported transaction?

The Form shows 23,546 shares beneficially owned following the reported transaction.

What is Annette Reavis' relationship to Lindblad Expeditions?

The filing identifies Annette J. Reavis as a Director of Lindblad Expeditions Holdings, Inc. (LIND).

Who signed the Form 4 on behalf of the reporting person?

The Form 4 is signed by John J. Wolfel, Attorney‑in‑Fact for Annette J. Reavis, dated 08/12/2025.