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

Lindblad Expeditions Holdings director John M. Fahey Jr. reported open-market sales of restricted stock over two days.

Rhea-AI Filing Summary

Lindblad Expeditions Holdings director John M. Fahey Jr. reported open-market sales of restricted stock over two days. On May 11, 2026, he sold 3,500 shares at a weighted average price of $20.0386 per share. On May 12, 2026, he sold an additional 1,000 shares at a weighted average price of $19.395 per share. In total, he sold 4,500 shares and now directly holds 118,486 shares of Lindblad Expeditions common stock, indicating he retains the vast majority of his position. The reported prices reflect multiple trades within stated intraday ranges on each date.

Insider Trade Summary

Net Seller: 4,500 shares

Net Sell 2 txns

Insider FAHEY JOHN M JR

Role Director

Sold 4,500 shs ($90K)

Type	Security	Shares	Price	Value
Sale	Restricted Stock	1,000	$19.395	$19K
Sale	Restricted Stock	3,500	$20.0386	$70K

Holdings After Transaction: Restricted Stock — 118,486 shares (Direct)

Footnotes (2)

1. F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.89 to $20.19, 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. F2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.44 to $19.38, 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.

Key Figures

Shares sold May 11, 2026: 3,500 shares Price May 11, 2026: $20.0386 per share Shares sold May 12, 2026: 1,000 shares +5 more

8 metrics

Shares sold May 11, 2026 3,500 shares Open-market sale of restricted stock at weighted average price

Price May 11, 2026 $20.0386 per share Weighted average sale price for 3,500 shares

Shares sold May 12, 2026 1,000 shares Open-market sale of restricted stock at weighted average price

Price May 12, 2026 $19.395 per share Weighted average sale price for 1,000 shares

Total shares sold 4,500 shares Net open-market sales across both reported transactions

Shares held after transactions 118,486 shares Direct holdings of Lindblad Expeditions common stock

Price range May 11, 2026 $19.89–$20.19 per share Intraday range for multiple trades in 3,500-share sale

Price range May 12, 2026 $19.38–$19.44 per share Intraday range for multiple trades in 1,000-share sale

Key Terms

Restricted Stock, open-market sale, weighted average price, multiple transactions, +1 more

5 terms

Restricted Stock financial

"security_title: "Restricted Stock" for both reported transactions"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

open-market sale financial

"transaction_action: "open-market sale" describes each transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

multiple transactions financial

"The shares were sold in multiple transactions at prices ranging from..."

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

FAQ

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

What insider transaction did Lindblad Expeditions (LIND) report for John M. Fahey Jr.?

Lindblad Expeditions reported that director John M. Fahey Jr. sold restricted stock in two open-market transactions, totaling 4,500 shares. These trades occurred on May 11 and May 12, 2026, and were reported on a Form 4 insider filing.

How many Lindblad Expeditions (LIND) shares did John M. Fahey Jr. sell and at what prices?

John M. Fahey Jr. sold 3,500 restricted shares at a weighted average price of $20.0386 and 1,000 restricted shares at a weighted average price of $19.395. The shares were sold in multiple trades within specified intraday price ranges on each day.

How many Lindblad Expeditions (LIND) shares does John M. Fahey Jr. hold after these sales?

After the reported sales, John M. Fahey Jr. directly holds 118,486 Lindblad Expeditions shares. This means he sold only a small portion of his overall holdings while retaining a substantial remaining equity position in the company.

Were the Lindblad Expeditions (LIND) insider sales by John M. Fahey Jr. open-market transactions?

Yes. The Form 4 describes both transactions as open-market sales of restricted stock. The filing notes weighted average sale prices and indicates the shares were sold in multiple trades within stated price ranges on each transaction date.

What price ranges applied to John M. Fahey Jr.’s Lindblad Expeditions (LIND) stock sales?

For the 3,500-share sale, trades occurred between $19.89 and $20.19 per share. For the 1,000-share sale, trades occurred between $19.38 and $19.44. Reported prices are weighted averages across those individual trades, as explained in the footnotes.

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

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Accepted by SEC EDGAR 05/12/2026 - 08:19 PM EDT 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).

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^*

FAHEY JOHN M JR

(Last) (First) (Middle)

C/O LINDBLAD EXPEDITIONS HOLDINGS, INC.

11 W 42ND STREET, SUITE 22B3

(Street)

NEW YORK NEW YORK 10036

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/11/2026		S		3,500	D	$20.0386(1)	119,486	D
Restricted Stock	05/12/2026		S		1,000	D	$19.395(2)	118,486	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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.89 to $20.19, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.44 to $19.38, 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 John M. Fahey Jr	05/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)