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

Rhea-AI Filing Summary

Trey Byus, Chief Expedition Officer of Lindblad Expeditions Holdings, Inc. (LIND), reported the sale of 16,585 shares of the company's common stock on 08/27/2025. The Form 4 shows the shares were sold at a weighted average price of $14.88 (actual prices ranged $14.88 to $14.90). After the transaction the reporting person beneficially owned 128,996 shares, reported as direct ownership. The filing was signed by an attorney-in-fact on 08/29/2025. The filer checked the box indicating the Form was filed by one reporting person and listed the reporting person's address in New York, NY.

Positive

• None.

Negative

• Insider sale: The reporting person sold 16,585 shares on 08/27/2025, reducing direct beneficial ownership to 128,996 shares.
• Monetary realization: Shares were sold at a weighted average price of $14.88 (actual prices ranged $14.88–$14.90).

Insights

Securities Analyst

TL;DR: Insider sale of 16,585 shares reduces direct stake to 128,996 shares; transaction appears routine.

The Form 4 documents a non-derivative sale executed on 08/27/2025 at a weighted average price of $14.88, with prices ranging to $14.90. The disclosure is complete for the reported trade: date, amount sold, price range, and post-transaction ownership are provided. There is no indication in the filing of hedging, derivative activity, or a Rule 10b5-1 plan. On its face this is a straightforward disposition by a company officer rather than an issuance, grant, or acquisition.

Corporate Governance Expert

TL;DR: The sale is properly disclosed on Form 4 and reduces the officer's direct holdings; no governance red flags in this filing alone.

The filing includes the reporting person's role (Chief Expedition Officer), address, and a manual signature via attorney-in-fact. The explanation clarifies the weighted-average pricing methodology. The single-line reporting and absence of additional related-party transactions or derivative positions suggest this is an isolated transaction. Materiality for shareholders depends on context not included in this filing (e.g., total outstanding shares), which is not provided here.

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
Estimated average burden
hours per response:			0.5

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^*

Byus Trey

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Expedition Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		S		16,585	D	$14.88(1)	128,996	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. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $14.88 to $14.90. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

	/s/ John J. Wolfel, Attorney-in-Fact for Trey Byus	08/29/2025
	** 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 did Trey Byus report on the Form 4 for LIND?

He reported a sale of 16,585 shares of Lindblad Expeditions common stock on 08/27/2025 and a post-sale beneficial ownership of 128,996 shares.

At what price were the LIND shares sold by the reporting person?

Weighted average price $14.88; the filing notes actual prices ranged from $14.88 to $14.90.

What is Trey Byus's role at Lindblad and how was ownership reported?

Role: Chief Expedition Officer. Ownership is reported as direct (D) on the Form 4.

When was the Form 4 for this transaction signed?

The form was signed by an attorney-in-fact on 08/29/2025 according to the filing.

Does the Form 4 indicate use of a 10b5-1 trading plan or deferred execution?

No. The filing does not check boxes or disclose a 10b5-1 plan or any deemed execution date for this transaction.