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

Rhea-AI Filing Summary

Dryden L. Dyson, a director of Lindblad Expeditions Holdings, Inc. (LIND), reported a grant of 8,899 restricted shares under the companys Long-Term Incentive Plan on 08/08/2025. The Form 4 reports a price of $12.36 for the award and states the restricted stock "vests one year from the date of grant, subject to continued service."

The filing is a non-derivative report on Table I, was made by one reporting person, and shows 1,040,801 shares beneficially owned following the transaction in a direct capacity. The Form 4 bears the reporting signature dated 08/12/2025.

Positive

• Restricted stock grant of 8,899 shares was disclosed explicitly under the Long-Term Incentive Plan
• Vesting terms stated: grant vests one year from the grant date subject to continued service
• Post-transaction holdings disclosed: 1,040,801 shares beneficially owned (direct)

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director LTIP restricted-stock grant: 8,899 shares at $12.36, increasing direct holdings to 1,040,801.

The award is recorded as a non-derivative restricted-stock grant on Table I of Form 4 dated 08/08/2025 and signed 08/12/2025. The grant size (8,899 shares) is small relative to the reported post-grant direct holdings of 1,040,801 shares (approximately 0.86%). There are no derivative transactions reported. From a capital-markets perspective this filing documents compensation-related equity issuance rather than market purchases or disposals, so immediate market impact is likely limited.

Corporate Governance Expert

TL;DR: Director received LTIP restricted stock that vests after one year, a common governance practice to link compensation to continued service.

The Form 4 explicitly states the grant is restricted stock under the Long-Term Incentive Plan with a one-year vesting schedule subject to continued service. The reporting person is identified as a director and the filing was made by one individual. The disclosure follows Section 16 reporting requirements and provides transparent documentation of an equity award to an insider, with no other governance concerns or exceptions noted in the filing text.

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

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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^*

Dryden L. Dyson

(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)

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	1,040,801	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.

	L. Dyson Dryden	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.
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FAQ

Who filed the Form 4 reporting this transaction for LIND?

Dryden L. Dyson, identified in the filing as a Director, signed the Form 4 on 08/12/2025.

What security and how many shares were reported on the LIND Form 4?

The filing reports a grant of 8,899 restricted shares (non-derivative) on 08/08/2025 under the LTIP.

What price and vesting terms are disclosed for the LIND restricted stock grant?

The reported price for the award is $12.36 and the restricted stock "vests one year from the date of grant, subject to continued service."

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

The Form 4 shows 1,040,801 shares beneficially owned following the reported transaction, held in a direct capacity.

Was this a joint filing or filed by one reporting person for LIND?

The filing indicates it was a Form filed by One Reporting Person.