[Form 4] LINDBLAD EXPEDITIONS HOLDINGS, INC. Insider Trading Activity

Lindblad Expeditions Holdings, Inc. officer Benjamin Bressler, identified as Founder & CEO of NHA, reported option exercises and share sales in early February 2026.

Rhea-AI Filing Summary

Lindblad Expeditions Holdings, Inc. officer Benjamin Bressler, identified as Founder & CEO of NHA, reported option exercises and share sales in early February 2026. He exercised stock options for 181,389 shares on February 4, 2026 and 41,000 shares on February 5, 2026 at an exercise price of $8.44 per share.

On the same dates, he sold 181,389 shares at a weighted average price of $18.0448 and 41,000 shares at a weighted average price of $18.0781, in multiple transactions within the stated price ranges. Following these transactions, Bressler directly held 23,466 shares of Lindblad common stock.

Insider Trade Summary

Exercise and Sale: 222,389 shares ($2.14M approx. pre-tax spread)

Exercise and Sale 6 txns

Insider BRESSLER BENJAMIN

Role *Founder & CEO of NHA

Sold 222,389 shs ($4.01M)

Approx. gross sale proceeds $4.01M

Approx. exercise cost $1.88M

Approx. pre-tax spread $2.14M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	41,000	$0.00	$0.00
Exercise	Common Stock	41,000	$0.00	$0.00
Sale	Common Stock	41,000	$18.0781	$741K
Exercise	Stock Option (right to buy)	181,389	$0.00	$0.00
Exercise	Common Stock	181,389	$0.00	$0.00
Sale	Common Stock	181,389	$18.0448	$3.27M

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 23,466 shares (Direct)

Footnotes (3)

1. F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.09, 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. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.18, 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.
3. F3. Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Benjamin Bressler report for LIND?

Benjamin Bressler reported exercising options and selling shares of Lindblad. He exercised options for 181,389 shares on February 4, 2026, and 41,000 shares on February 5, 2026, then sold the same share amounts in market transactions at weighted average prices around $18 per share.

How many Lindblad (LIND) shares did Benjamin Bressler sell and at what prices?

Bressler sold 181,389 shares on February 4, 2026, and 41,000 shares on February 5, 2026. The weighted average sale prices were $18.0448 and $18.0781, respectively, with individual trades executed in narrow ranges around $18 as disclosed in the footnotes.

What stock options did Benjamin Bressler exercise in this LIND Form 4?

Bressler exercised stock options with a strike price of $8.44. These options, granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement, were exercised for 181,389 shares on February 4, 2026, and 41,000 shares on February 5, 2026, converting into common stock.

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

After the reported transactions, Bressler directly holds 23,466 Lindblad common shares. His holdings reflect the option exercises followed by sales of the same number of shares on February 4 and 5, 2026, as shown in the beneficial ownership column of the Form 4.

What do the weighted average prices mean in Benjamin Bressler’s LIND trades?

The reported prices are weighted averages across multiple trade executions. For February 4, 2026, trades occurred between $18.00 and $18.09, and for February 5, 2026, between $18.00 and $18.18. Bressler offers to provide detailed trade-by-trade pricing information upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/05/2026 - 04:47 PM Learn about SEC filing dates

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).

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 LA 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)
02/04/2026

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	02/04/2026		M		181,389	A	$0	204,855	D
Common Stock	02/04/2026		S		181,389	D	$18.0448(1)	23,466	D
Common Stock	02/05/2026		M		41,000	A	$0	64,466	D
Common Stock	02/05/2026		S		41,000	D	$18.0781(2)	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)(3)	$8.44	02/04/2026		M			181,389	03/14/2024	03/17/2034	Common Stock	181,389	$0	41,000	D
Stock Option (right to buy)(3)	$8.44	02/05/2026		M			41,000	03/14/2024	03/17/2034	Common Stock	41,000	$0	0	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 $18.00 to $18.09, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.18, 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.

3. 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	02/05/2026
	** 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.