Was the 106,713-share disposition by LIND insider Bressler an open-market sale?

No. The 106,713-share disposition was classified as a tax-withholding transaction at $16.93 per share. Shares were delivered to cover tax obligations associated with equity compensation, not sold in the open market for investment or trading purposes.

Lindblad (NASDAQ: LIND) CEO logs RSU grant and tax-withholding share disposition

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

LINDBLAD EXPEDITIONS HOLDINGS, INC. insider Benjamin Bressler reported routine equity compensation activity. On March 15, 2026, he received a grant of 243,916 shares of Common Stock as a restricted stock unit award that vested 100% on March 16, 2026.

On March 16, 2026, 106,713 shares of Common Stock were disposed of at $16.93 per share through a tax-withholding transaction to cover obligations tied to this award, not an open-market sale. After these transactions, he directly held 164,138 Common shares and a stock option to buy 771,863 shares at an exercise price of $17.65 per share, expiring March 10, 2036.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider BRESSLER BENJAMIN

Role *Founder & CEO of NHA

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	106,713	$16.93	$1.81M
Grant/Award	Common Stock	243,916	$0.00	--
holding	Stock Option (right to buy	--	--	--

Holdings After Transaction: Common Stock — 164,138 shares (Direct); Stock Option (right to buy — 771,863 shares (Direct)

Footnotes (1)

Represents award of restricted stock units that vested 100% on March 16, 2026. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Key Figures

RSU grant: 243,916 shares Tax-withholding shares: 106,713 shares at $16.93/share Direct common shares held: 164,138 shares +2 more

5 metrics

RSU grant 243,916 shares Restricted stock unit award vested 100% on March 16, 2026

Tax-withholding shares 106,713 shares at $16.93/share Shares delivered March 16, 2026 to cover tax liability

Direct common shares held 164,138 shares Common Stock directly owned after reported transactions

Stock option underlying shares 771,863 shares Common Stock underlying option expiring March 10, 2036

Stock option exercise price $17.65/share Exercise price under 2021 Long Term Incentive Plan option

Key Terms

restricted stock units, tax-withholding disposition, Stock Option (right to buy, 2021 Long Term Incentive Plan, +1 more

5 terms

restricted stock units financial

"Represents award of restricted stock units that vested 100% on March 16, 2026."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Stock Option (right to buy financial

"security_title": "Stock Option (right to buy""

2021 Long Term Incentive Plan financial

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

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

Form 4 Insider Transactions: What Each Field Means →

04/08/2026 - 06:44 PM

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^*

BRESSLER BENJAMIN

(Last)

(First)

(Middle)

C/O LINDBLAD EXPEDITIONS HOLDINGS, INC.

11 W 42ND STREET, SUITE 22B3

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/15/2026		A⁽¹⁾		243,916	A	$0	270,851	D
Common Stock	03/16/2026		F		106,713	D	$16.93	164,138	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy⁽²⁾	$17.65							03/10/2026	03/10/2036	Common Stock	771,863		771,863	D

Explanation of Responses:

1. Represents award of restricted stock units that vested 100% on March 16, 2026.

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

Remarks:

*Founder and CEO of Natural Habitat Adventures

	/s/ John J. Wolfel, Attorney-in-Fact for Benjamin Bressler	04/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did LIND founder Benjamin Bressler report on this Form 4?

Benjamin Bressler reported a grant of 243,916 shares of Common Stock as restricted stock units and a related tax-withholding disposition of 106,713 shares. These entries reflect equity compensation and tax coverage rather than open-market buying or selling.

How many LIND common shares does Benjamin Bressler hold after these transactions?

Following the reported transactions, Benjamin Bressler directly holds 164,138 shares of Lindblad Expeditions common stock. This reflects his position after both the restricted stock unit vesting and the 106,713-share tax-withholding disposition on March 16, 2026.

What equity award did LIND grant to Benjamin Bressler in March 2026?

Lindblad Expeditions granted Benjamin Bressler 243,916 shares of Common Stock as a restricted stock unit award. Footnotes indicate the award vested 100% on March 16, 2026, with no purchase price, reflecting compensation rather than an open-market acquisition.

What stock options does Benjamin Bressler retain in LIND after this Form 4?

Bressler holds a stock option covering 771,863 underlying common shares with a $17.65 exercise price, expiring March 10, 2036. The option was granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement and remains outstanding after the reported transactions.

Does this LIND Form 4 show net buying or selling by Benjamin Bressler?

The Form 4 shows a mix of activity: a large equity grant and a tax-withholding disposition. The net buy/sell direction is neutral, as the disposition was solely to satisfy tax obligations tied to compensation rather than discretionary selling in the market.