LIND Form 4: Michael Bisnow receives 8,899 LTIP restricted shares

Rhea-AI Filing Summary

Michael Elliott Bisnow, a director of Lindblad Expeditions Holdings, Inc. (LIND), acquired 8,899 restricted shares on 08/08/2025 at a reported price of $12.36 per share, increasing his direct beneficial ownership to 70,514 shares. The transaction is recorded as an acquisition under the company plan.

The award is described as restricted stock granted under the companys Long-Term Incentive Plan and vests one year from the grant date, subject to continued service. The grant represents routine director compensation aimed at aligning long-term interests with shareholders.

Insights

Corporate Governance Expert

TL;DR: Routine director equity grant aligning executive and shareholder interests; not materially dilutive.

The Form 4 shows a standard restricted stock grant to a board member under the Lindblad LTIP. The director acquired 8,899 restricted shares, bringing direct holdings to 70,514 shares. Vesting occurs one year after grant, conditional on continued service, which is typical for retention and alignment. This disclosure is standard for governance transparency and does not indicate departure, extraordinary compensation, or a change in control.

Compensation Analyst

TL;DR: Compensation award appears routine and service-based; timing and size consistent with standard director equity grants.

The grant recorded at a price of $12.36 per share for 8,899 restricted shares fits common LTIP practice to incentivize continued service. One-year vesting is short-term for retention but still ties value to share performance. Without additional context on annual director pay or total outstanding shares, the grants absolute and relative impact on shareholders cannot be judged as material from this filing alone.

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

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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^*

BISNOW MICHAEL ELLIOTT

(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	70,514	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/ Michael Elliott Bisnow by John Wolfel, Attorney-in-Fact	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 was reported for Lindblad Expeditions (LIND)?

The Form 4 reports the acquisition of 8,899 restricted shares by director Michael Elliott Bisnow on 08/08/2025.

How many shares does Michael Bisnow beneficially own after this transaction?

Following the reported transaction, he beneficially owns 70,514 shares directly.

Under what plan were the restricted shares granted?

The restricted shares were granted under the companys Long-Term Incentive Plan (LTIP).

When do the restricted shares vest?

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

What price is shown on the Form 4 for the grant?

The filing records a price of $12.36 per share associated with the reported transaction.