Insider Benjamin Bressler sells 33,338 Lindblad (LIND) shares

Rhea-AI Filing Summary

Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc., reported exercising a stock option for 33,338 shares of common stock at an exercise price of $8.44 per share on January 29, 2026. He then sold 33,338 shares of common stock the same day at a weighted average price of $17.0218 per share, with individual sale prices ranging from $17.00 to $17.06. Following these transactions, he directly held 23,466 shares of common stock and 309,867 stock options.

Insider Trade Summary

Net Seller: 33,338 shares ($567,473)

Net Sell 3 txns

Insider BRESSLER BENJAMIN

Role *Founder & CEO of NHA

Sold 33,338 shs ($567K)

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	33,338	$8.44	$281K
Exercise	Common Stock	33,338	$0.00	--
Sale	Common Stock	33,338	$17.0218	$567K

Holdings After Transaction: Stock Option (right to buy) — 309,867 shares (Direct); Common Stock — 56,804 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.00 to $17.06, inclusive. The Reporting Person undertakes to provide Lindblad Expeditions Holdings, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Form 4 Insider Transactions: What Each Field Means →

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).

X

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^*

BRESSLER BENJAMIN

(Last) (First) (Middle)

833 WEST SOUTH BOULDER ROAD

BLDG G

(Street)

LOUISVILLE LA 80027-2452

(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)
	*Founder & CEO of NHA

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2026

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	01/29/2026		M		33,338	A	$0	56,804	D
Common Stock	01/29/2026		S		33,338	D	$17.0218(1)	23,466	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
Stock Option (right to buy)(2)	$8.44	01/29/2026		M			33,338	03/14/2024	03/17/2034	Common Stock	33,338	$8.44	309,867	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.00 to $17.06, inclusive. The Reporting Person undertakes to provide Lindblad Expeditions Holdings, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

2. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

	/s/ John J. Wolfel, Attorney-in-Fact for Benjamin Bressler	01/30/2026
	** 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 insider transaction did Benjamin Bressler report at Lindblad (LIND)?

Benjamin Bressler reported exercising stock options for 33,338 Lindblad common shares and selling 33,338 shares. These transactions occurred on January 29, 2026 and were reported on a Form 4 insider trading filing with the SEC.

At what prices did Benjamin Bressler sell Lindblad (LIND) shares?

Bressler reported a weighted average sale price of $17.0218 per share. The Form 4 notes individual trades were executed in multiple transactions at prices ranging from $17.00 to $17.06 per Lindblad common share on January 29, 2026.

How many Lindblad (LIND) shares did Benjamin Bressler exercise and sell?

He exercised options for 33,338 Lindblad common shares and sold 33,338 common shares. The exercise was at $8.44 per share, followed by sales at a weighted average of $17.0218 per share, according to the Form 4 filing.

What are Benjamin Bressler’s remaining Lindblad (LIND) holdings after this Form 4?

After these transactions, Bressler directly owned 23,466 Lindblad common shares. He also held 309,867 stock options, reflecting his remaining derivative securities position as reported in the Form 4 insider filing.

What type of derivative security did Benjamin Bressler hold in Lindblad (LIND)?

Bressler held a stock option to buy Lindblad common stock at an exercise price of $8.44. He exercised 33,338 option shares on January 29, 2026 under an award granted pursuant to the 2021 Long Term Incentive Plan.

What plan governed Benjamin Bressler’s Lindblad (LIND) stock option?

The Form 4 states that Bressler’s stock option was granted under Lindblad’s 2021 Long Term Incentive Plan. The grant was made pursuant to his employment agreement, and the option covered shares of Lindblad common stock.