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

Rhea-AI Filing Summary

Mark D. Ein, a director of Lindblad Expeditions Holdings, Inc. (LIND), was granted 8,899 restricted common shares under the company's Long-Term Incentive Plan on 08/08/2025 at a reported price of $12.36 per share. The restricted shares vest one year from the grant date, subject to continued service, linking his compensation to future company performance. The filing shows Mr. Ein beneficially owns 328,602 shares directly and has an indirect interest in 3,005,117 shares through Capital Acquisition Management 2 LLC; Leland Investments Inc., controlled by Mr. Ein, is the sole member of that LLC. No derivative securities were reported.

Insights

Securities Analyst

TL;DR: Insider received a restricted-share grant; modest in size relative to disclosed holdings, likely limited market impact.

The Form 4 reports an acquisition of 8,899 restricted shares at $12.36 each that vest in one year. While any insider purchase can signal alignment, the grant size is small relative to the disclosed indirect holding of 3,005,117 shares and direct holding of 328,602 shares, so immediate market-moving significance is limited. The absence of derivative transactions simplifies the ownership picture and reduces complex dilution or leverage considerations.

Corporate Governance Expert

TL;DR: One-year vesting on LTIP restricted shares aligns director incentives with shareholder outcomes; this is standard governance practice.

The restricted stock is explicitly described as granted under the Long-Term Incentive Plan and vests one year from grant, subject to continued service. That vesting schedule supports retention and alignment without immediate voting or sale restrictions beyond the vesting condition. The filing also documents indirect ownership through a controlled entity, providing transparency on the reporting person’s consolidated economic exposure to the company.

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^*

EIN MARK

(Last) (First) (Middle)

C/O LINDBLAD EXPEDITIONS HOLDINGS, 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	328,602	D
Common Stock								3,005,117	I	by Capital Acquisition Management 2, LLC(2)

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.

2. Leland Investments Inc., an entity controlled by Mr. Ein, is the sole member of Capital Acquisition Management 2 LLC.

	/s/ Mark D. Ein	08/12/2025
	Capitol Acquisition Management 2 LLC, By: Leland Investments Inc., By: /s/ Mark D. Ein, President	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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