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

Rhea-AI Filing Summary

Pamela O. Kaufman, a director of Lindblad Expeditions Holdings, Inc. (LIND), reported a compensation grant and a small sale of common stock on 08/08/2025. She was granted 8,899 restricted shares under the company’s Long-Term Incentive Plan; those shares vest one year from the grant date subject to continued service. The grant lists a price of $12.36 and shows 21,046 shares beneficially owned following the transaction.

The filing also reports a disposal of 2,500 common shares. The disclosure documents the mechanics of an annual-style equity award for retention and shows the director’s net ownership after these transactions.

Insights

Corporate Governance Expert

TL;DR: Director received an annual restricted stock award that vests after one year, consistent with typical executive/director retention practices.

The filing shows Pamela O. Kaufman was granted 8,899 restricted shares under the Long-Term Incentive Plan, with vesting one year from the grant date. This structure aligns the director’s interests with shareholders over a defined retention period. The reported beneficial ownership of 21,046 shares post-transaction provides transparency on insider holdings. The separate 2,500-share disposition is noted but not quantified as a percent of holdings in the filing.

Securities Analyst

TL;DR: Insiders received equity compensation and reduced a small position; no material change to ownership stakes is evident from the filing alone.

The Form 4 records an acquisition of 8,899 restricted shares at a price listed as $12.36, vesting in one year, and a sale/disposition of 2,500 common shares. The filing reports 21,046 shares beneficially owned after the transactions. These figures provide immediate disclosure of insider movements but do not, by themselves, indicate a material shift in control or a substantial change in outstanding ownership percentages.

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^*

Kaufman Pamela O.

(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	21,046	D
Common Stock								2,500	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 Pamela O. Kaufman	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 did Pamela O. Kaufman report on the Form 4 for LIND?

The Form 4 shows Ms. Kaufman was granted 8,899 restricted shares under the Long-Term Incentive Plan, which vest one year from the grant date, and she disposed of 2,500 common shares.

When do the restricted shares granted to the LIND director vest?

The restricted stock vests one year from the date of grant, subject to continued service, per the filing.

How many shares does Pamela Kaufman beneficially own after the reported transactions?

The filing reports 21,046 shares beneficially owned following the reported transaction(s).

What price is listed on the restricted stock grant reported for LIND?

The restricted stock entry in the filing shows a price of $12.36.

Was the restricted stock grant part of a defined compensation plan?

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