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

Rhea-AI Filing Summary

Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), reported option exercise and subsequent share sale on 08/28/2025. He exercised a stock option with an $8.44 exercise price to acquire 21,137 shares and immediately reported a sale of 21,137 shares at a weighted-average price of $15.01 (sales ranged $15.00–$15.04). Following the transactions, Bressler reported beneficial ownership of 23,466 shares. The option exercised was granted under the 2021 Long Term Incentive Plan and was exercisable as of 03/18/2024 with an expiration date of 03/17/2034. The Form 4 was signed by an attorney-in-fact on 08/29/2025.

Positive

• Option exercise and sale were disclosed on Form 4, demonstrating Section 16 reporting compliance
• Exercise price of $8.44 vs sale price ~$15.01 indicates the reporting person realized proceeds above exercise cost

Negative

• Officer sold 21,137 shares, reducing reported beneficial ownership to 23,466 shares
• Form shows share sales occurred at market prices, which may be viewed by some investors as insider monetization

Insights

Financial Analyst

TL;DR: Insider exercised options at $8.44 and sold the same number of shares at ~$15.01, crystallizing a spread of roughly $6.57 per share.

The filing shows a routine option exercise and contemporaneous sale by an officer under an existing equity plan. The option exercise price was $8.44 for 21,137 shares and the reported weighted-average sale price was $15.01, indicating the officer realized proceeds that materially exceed the exercise cost on that block. The net reported beneficial ownership after these transactions is 23,466 shares. This is a disclosure of personal trading activity rather than a corporate operational update.

Corporate Governance Expert

TL;DR: The disclosure is consistent with standard equity compensation practices and appears properly documented on Form 4.

The Form 4 identifies the transaction as an exercise of stock options granted under the 2021 Long Term Incentive Plan and shows the reporting person complied with Section 16 reporting by filing promptly. The filing includes the weighted-average sale price range disclosure and an attorney-in-fact signature, which are common for executives who use brokers or agents for execution and reporting. No additional governance issues are disclosed within this filing.

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
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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 CO 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)
08/28/2025

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
Common Stock	08/28/2025		M		21,137	A	$8.44	44,603	D
Common Stock	08/28/2025		S		21,137	D	$15.01(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	08/28/2025		M			21,137	03/18/2024	03/17/2034	Common Stock	21,137	$0	782,351	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 $15.00 to $15.04, 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	08/29/2025
	** 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 transactions did Benjamin Bressler report on Form 4 for LIND?

He reported exercising 21,137 options at an exercise price of $8.44 and selling 21,137 shares at a weighted-average price of $15.01 on 08/28/2025.

How many Lindblad (LIND) shares does Benjamin Bressler beneficially own after the transactions?

The Form 4 reports beneficial ownership of 23,466 shares following the reported transactions.

Under what plan were the exercised options granted?

The derivative table states the options were granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

What were the exercisability and expiration dates for the exercised options?

The options were exercisable as of 03/18/2024 and expire on 03/17/2034.

What price range were the sold shares executed at?

The sales occurred at prices ranging from $15.00 to $15.04, with a reported weighted-average sale price of $15.01.

Who signed the Form 4 filing for Benjamin Bressler and when?

The Form 4 was signed by John J. Wolfel, Attorney-in-Fact for Benjamin Bressler on 08/29/2025.