Lindblad Expeditions (LIND) CEO sells stock after exercising options

Rhea-AI Filing Summary

Lindblad Expeditions Holdings insider Benjamin Bressler, Founder & CEO of NHA, reported option exercises and share sales in mid-January 2026. On January 14, 2026, he exercised 94,259 stock options and acquired the same number of common shares, then sold 94,259 common shares at a weighted average price of $17.08, leaving 23,466 shares directly held afterward.

On January 15, 2026, he exercised another 7,311 stock options and acquired 7,311 common shares, then sold 7,311 common shares at a weighted average price of $17.01, with direct holdings remaining at 23,466 common shares. The stock options, granted under the company’s 2021 Long Term Incentive Plan, carried an exercise price of $8.44, and Bressler reported 343,205 stock options beneficially owned following these transactions.

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).

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)
01/14/2026

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	01/14/2026		M		94,259	A	$0	117,725	D
Common Stock	01/14/2026		S		94,259	D	$17.08(1)	23,466	D
Common Stock	01/15/2026		M		7,311	A	$0	30,777	D
Common Stock	01/15/2026		S		7,311	D	$17.01(3)	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	01/14/2026		M			94,259	03/14/2024	03/17/2034	Common Stock	94,259	$0	350,516	D
Stock Option (right to buy)(2)	$8.44	01/15/2026		M			7,311	03/14/2024	03/17/2034	Stock Option (right to buy)	7,311	$0	343,205	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 $17.00 to $17.19, 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.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.00 to $17.02, 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.

	/s/ John J. Wolfel, Attorney-in-Fact for Benjamin Bressler	01/16/2026
	** 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).
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FAQ

What insider activity did LIND report for Benjamin Bressler on this Form 4?

The filing reports that Benjamin Bressler, an officer of Lindblad Expeditions Holdings, exercised vested stock options and sold the resulting common shares on January 14 and 15, 2026. Each day, he acquired shares by exercising options and sold the same number of common shares in market transactions.

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

Bressler sold 94,259 common shares on January 14, 2026 at a weighted average price of $17.08 per share, and 7,311 common shares on January 15, 2026 at a weighted average price of $17.01 per share. The filing notes that each sale was executed in multiple trades within narrow price ranges around those averages.

How many Lindblad (LIND) stock options did Benjamin Bressler exercise?

On January 14, 2026, Bressler exercised 94,259 stock options, and on January 15, 2026 he exercised an additional 7,311 stock options, for a combined total of 101,570 options. These options carried a conversion or exercise price of $8.44 per share and were granted under the 2021 Long Term Incentive Plan.

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

Following the reported transactions, Bressler directly beneficially owned 23,466 shares of common stock. In addition, he beneficially owned 343,205 stock options after the final option exercise on January 15, 2026, as disclosed in the derivative securities table.

What do the weighted average prices mean in this Lindblad (LIND) Form 4?

The filing states that the prices reported for the sales, $17.08 and $17.01, are weighted average prices. The common shares were sold in multiple individual trades within ranges of $17.00 to $17.19 and $17.00 to $17.02 per share, respectively. The reporting person undertakes to provide the exact breakdown of shares sold at each price upon request.

What is Benjamin Bressler’s role at Lindblad Expeditions Holdings (LIND)?

The Form 4 identifies Benjamin Bressler as an officer of Lindblad Expeditions Holdings with the title *Founder & CEO of NHA. He is not listed as a director or a 10% owner in this filing.