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

Rhea-AI Filing Summary

Thomas S. Smith, Jr., a director of Lindblad Expeditions Holdings, received a grant of 8,899 restricted shares of the company's common stock on 08/08/2025. The award was granted under the companys Long-Term Incentive Plan and will vest one year from the grant date, subject to continued service. The reported acquisition was at a price of $12.36 per share and increases Mr. Smiths direct beneficial ownership to 101,488 shares. This disclosure is a routine insider compensation reporting event showing an equity award tied to continued service.

Insights

Corporate Governance Expert

TL;DR: Director received time‑based restricted stock that vests in one year, aligning executive compensation with shareholder outcomes.

The Form 4 reports a grant of 8,899 restricted shares under the Long-Term Incentive Plan that vest one year from grant, subject to continued service. As a director, the recipients ownership increases to 101,488 shares, which signals retention-focused compensation rather than immediate liquidity. This is a common governance practice to align a directors incentives with long‑term shareholder value without immediate dilutionary effect beyond the award itself.

Securities Analyst

TL;DR: Routine equity grant reported; transaction details are transparent and consistent with compensation plans.

The filing discloses an A-coded acquisition of restricted stock: 8,899 shares at an indicated price of $12.36, raising direct beneficial ownership to 101,488 shares. The awards one-year vesting schedule is explicit in the explanation. From a disclosure and trading-activity perspective, this is a standard insider compensation event with no additional transactions or derivative activity reported.

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^*

Smith, Jr. Thomas S.

(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	101,488	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/ Thomas S. Smith, Jr. by John J. Wolfel as 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 a grant of 8,899 restricted shares to a director, acquired on 08/08/2025 under the Long-Term Incentive Plan.

Who reported the insider transaction for LIND?

Thomas S. Smith, Jr., a director of Lindblad Expeditions Holdings, reported the restricted stock grant.

What price was associated with the restricted stock grant?

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

How many Lindblad shares does the reporting person own after the transaction?

Following the grant, the reporting person directly beneficially owns 101,488 shares.

When do the restricted shares vest?

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