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

Rhea-AI Filing Summary

Catherine B. Reynolds, a director of Lindblad Expeditions Holdings (LIND), was granted 8,899 restricted shares on 08/08/2025 at a reported price of $12.36 under the company's Long-Term Incentive Plan. The restricted shares vest one year from the grant date subject to continued service. After the grant, Ms. Reynolds is reported to beneficially own 82,253 shares directly. The transaction is recorded as a non-derivative security acquisition on Form 4 and is explained by the LTIP grant footnote.

Insights

Financial Analyst

TL;DR: Director received an LTIP equity grant of 8,899 shares, raising direct holdings to 82,253 shares.

The reported grant of 8,899 restricted shares at $12.36 is presented as a standard Long-Term Incentive Plan award that vests one year from grant subject to continued service. As recorded, this is a non-derivative acquisition that increases Ms. Reynolds's direct beneficial ownership to 82,253 shares. The size and one-year vesting schedule are consistent with typical executive/director compensation practices rather than an immediate liquidity event.

Corporate Governance Expert

TL;DR: This Form 4 documents a routine LTIP restricted-stock grant with time-based vesting, not a sale or derivative transaction.

The filing specifies the award was granted under the Long-Term Incentive Plan and vests after one year if the reporting person continues service. The transaction is reported as an acquisition of restricted stock, increasing direct ownership. From a governance perspective, time-based vesting ties retention to service for one year; no change in control or immediate disposition is indicated in the report.

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^*

Reynolds Catherine B

(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	82,253	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/ John J. Wolfel, Attorney-in-Fact for Catherine B. Reynolds	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 did Catherine B. Reynolds report on Form 4 for LIND?

She was granted 8,899 restricted shares on 08/08/2025 at $12.36 under the Long-Term Incentive Plan; the grant vests in one year subject to continued service.

How many Lindblad (LIND) shares does Catherine Reynolds own after the grant?

82,253 shares are reported as beneficially owned directly following the reported transaction.

When do the restricted shares reported on the LIND Form 4 vest?

They vest one year from the grant date, subject to continued service, per the filing footnote.

What price was reported for the restricted stock grant on the Form 4 for LIND?

$12.36 per share is listed as the reported price for the restricted stock grant.

Was the grant part of a named compensation plan for Lindblad (LIND)?

Yes; the filing states the restricted stock was granted under the company's Long-Term Incentive Plan.