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

Rhea-AI Filing Summary

Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc. (LIND), reported transactions on 08/27/2025 showing the exercise of stock options and contemporaneous sales. He exercised 61,495 stock options at an exercise price of $8.44 per share, resulting in 61,495 newly acquired common shares. Those same 61,495 shares were sold the same day at a weighted average price of $15.01 (sales ranged from $15.00 to $15.03). After the reported transactions, the Form 4 shows 23,466 shares beneficially owned directly and 803,488 derivative securities (options) beneficially owned. The filing notes the options were granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement and includes an undertaking to provide breakdowns of the multiple sale prices on request.

Positive

• Full disclosure provided on Form 4 including exercise, sale details, and willingness to provide per-trade price breakdowns
• Transaction appears executed under a 10b5-1 plan (box checked), indicating pre-arranged trading
• Options issued under an approved 2021 Long Term Incentive Plan consistent with documented compensation arrangements

Negative

• Immediate sale of all exercised shares reduced direct beneficial ownership to 23,466 shares
• Substantial remaining derivative exposure: 803,488 derivative securities shown as beneficially owned, indicating potential dilution if exercised

Insights

Financial Analyst

TL;DR: Officer exercised options and immediately sold the acquired shares, realizing roughly a $6.57 per-share pre-tax spread.

The reported exercise of 61,495 options at $8.44 and same-day sales at a weighted average of $15.01 implies a gross per-share spread of $6.57 before taxes and fees. This is a routine liquidity action common when options vest or when executives follow 10b5-1 plans; the form indicates a plan/planned trade box was checked. The exercise increases reported direct share count temporarily but the immediate sale reduced direct holdings to 23,466 shares. The continuing large number of outstanding derivative securities (803,488) highlights remaining potential dilution if exercised.

Corporate Governance Expert

TL;DR: Insider transaction appears executed under an equity plan and documented on Form 4 with required disclosures.

The filing discloses option exercise under the 2021 Long Term Incentive Plan and contemporaneous sales, with the registrant noting the weighted-average sale price range and offering to provide detailed per-trade pricing. The filer checked the box indicating the transaction was pursuant to a written plan intended to satisfy Rule 10b5-1(c) affirmative defense, which signals pre-arranged trading. The form is signed by an attorney-in-fact, satisfying signature requirements. No amendments or additional governance concerns are disclosed in this filing.

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 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)
08/27/2025

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	08/27/2025		M		61,495	A	$8.44	84,961	D
Common Stock	08/27/2025		S		61,495	D	$15.01(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	08/27/2025		M			61,495	03/18/2024	03/17/2034	Common Stock	61,495	$0	803,488	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 $15.00 to $15.03, 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	08/28/2025
	** 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

Who filed the Form 4 for LIND and what is their role?

The Form 4 was filed for Benjamin Bressler, an officer of Lindblad Expeditions Holdings, Inc.

How many shares were acquired and at what exercise price on 08/27/2025?

He exercised 61,495 stock options at an exercise price of $8.44 per share.

Were the acquired shares sold and at what price?

Yes, the same 61,495 shares were sold the same day at a weighted average price of $15.01; individual sale prices ranged from $15.00 to $15.03.

What were the reporting person’s holdings after the transactions?

After the transactions the filing reports 23,466 shares beneficially owned directly and 803,488 derivative securities beneficially owned.

Under what plan were the options granted?

The filing states the options were granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.