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

Rhea-AI Filing Summary

Benjamin Bressler, a reporting person for Lindblad Expeditions Holdings, Inc. (LIND), reported multiple transactions on 08/19/2025 and 08/20/2025 affecting his direct holdings in the company's common stock and related stock options. The filings show acquisitions (Code M) of 809 shares on 08/19/2025 at a weighted average price of $8.44 and 20,877 shares on 08/20/2025 at $8.44, increasing his direct beneficial ownership to 44,343 shares. He also reported sales (Code S) of 809 shares on 08/19/2025 at an average of $14.00–$14.10 (reported as $14) and 20,877 shares on 08/20/2025 at $14.03, leaving 23,466 shares held following the transactions. The filing discloses two stock option entries with exercise price $8.44 and underlying common stock amounts that total over 1.09 million shares reported as beneficially owned through options.

Positive

• Transparent disclosure of acquisition and sale dates, quantities, and weighted average sale price range
• Explanatory note clarifying the weighted average sale price and availability to provide detailed split of sale prices
• Large option-based ownership disclosed (over 1.09 million underlying shares), showing retained long-term interest

Negative

• Reduction in direct holdings to 23,466 shares after sales on 08/19–08/20/2025
• Sales executed above acquisition price may be interpreted as partial disposition of newly acquired shares

Insights

Securities Analyst

TL;DR: Insider exercised/received shares at $8.44 then sold portions at ~$14, reducing direct holdings but retaining substantial option-based ownership.

The Form 4 shows contemporaneous acquisitions (Code M) and sales (Code S) executed on 08/19–08/20/2025. Acquisitions were recorded at a weighted average price of $8.44 for 21,686 shares total; sales were executed at prices reported between $14.00 and $14.10, leaving a net reported direct holding of 23,466 shares. The filing also reports large stock option positions with exercise price $8.44 and over 1.09 million underlying shares attributed to the reporting person. This pattern is consistent with option exercise followed by partial disposition.

Corporate Governance Expert

TL;DR: Transactions were disclosed and signed by an attorney-in-fact; filings include explanatory note on sale price range and option grant source.

The document includes an explanation noting the reported sale price is a weighted average across multiple transactions and confirms the stock option grant was made under the 2021 Long Term Incentive Plan per the employment agreement. The Form 4 is signed by an attorney-in-fact and indicates the reporting person files as an officer. These disclosures satisfy Form 4 reporting elements by providing transaction dates, codes, quantities, prices, and explanatory notes.

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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OMB Number:			3235-0287
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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).

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)
08/19/2025

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	08/19/2025		M		809	A	$8.44	24,275	D
Common Stock	08/19/2025		S		809	D	$14	23,466	D
Common Stock	08/20/2025		M		20,877	A	$8.44	44,343	D
Common Stock	08/20/2025		S		20,877	D	$14.03(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	08/19/2025		M			809	03/18/2024	03/17/2034	Common Stock	809	$0	1,111,124	D
Stock Option (right to buy)(2)	$8.44	08/20/2025		M			20,877	03/18/2024	03/17/2034	Common Stock	20,877	$0	1,090,247	D

Explanation of Responses:

1. he price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $14.00 to $14.10, 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	08/20/2025
	** 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 acquisitions (Code M) of 809 shares on 08/19/2025 and 20,877 shares on 08/20/2025 at a reported price of $8.44, and sales (Code S) of 809 shares on 08/19/2025 at an average of $14.00–$14.10 and 20,877 shares on 08/20/2025 at $14.03.

How many Lindblad (LIND) shares does the reporting person hold after these transactions?

The filing reports 23,466 shares of common stock beneficially owned following the reported transactions.

Were any stock options disclosed in the Form 4 for LIND?

Yes. Two stock option entries with an exercise price of $8.44 are reported, underlying 809 and 20,877 common shares respectively, and aggregate option-related beneficial ownership exceeding 1.09 million shares.

Did the filing explain the sale prices reported?

Yes. The filer explained the price in Column 4 is a weighted average; sales occurred at prices ranging from $14.00 to $14.10, and the filer will provide detailed split if requested.

Who signed the Form 4 filing for Benjamin Bressler?

The Form 4 is signed by John J. Wolfel, Attorney-in-Fact for Benjamin Bressler dated 08/20/2025.