LINDLindblad Expeditions Holdings, Inc. · Insider ownership research

Lindblad Expeditions Holdings, Inc. insiders sold $35.0M in the past 12 months. How much of their stake is that?

85% was sold under disclosed trading plans, 15% with no plan disclosed. The largest seller, Sven-Olof Lindblad (Director), sold $16.7M. 39% of these sales were shares from exercising options.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why

Updated Oct 16, 2026 from SEC filings · covers Oct 17, 2025 to Oct 16, 2026

$5.2M

sold with no plan disclosed, past 12 months

85%

of sales were under disclosed trading plans, past 12 months

7 of 17

officers and directors sold shares, past 12 months

Is this normal? More than usual: about 4x the 5-year average. 7 insiders sold; the average is 3 a year. Year by year

Latest filing: Filed Oct 2 for a tax withholding on Oct 1. Natalya Leahy had 6.4K shares withheld by the company for taxes. Filing

SEC ownership filings: 58 filed in the 12 months to Oct 16, 2026; 566 on record since May 9, 2013 · See the evidence

What stands out

Two directors sold $3.2M with no disclosed plan: Dyson Dryden ($2.1M) and Michael Bisnow ($1.1M). The filings don't state a reason.Dyson Dryden: largest such sale, May 29, 2026 · Michael Bisnow: largest such sale, Jun 17, 2026

A share of stake is shown for 0 of the 7 officers and directors who sold. 17 are left out

i

Left out: Sven-Olof Lindblad, Mark Ein, Dyson Dryden, Alex Schultz, John Fahey Jr., Natalya Leahy, Thomas Smith Jr., Trey Byus, Catherine Reynolds, Noah Brodsky, Michael Bisnow, Frederick Goldberg, Pamela Kaufman, Andrew Stuart, Annette Reavis, Benjamin Bressler and Keith Taylor (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Sven-Olof Lindblad

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$16.7MDisclosed plan

Benjamin Bressler

*Founder & CEO of NHA

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$13.1MDisclosed plan

Dyson Dryden

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$2.1MNo plan disclosed

Michael Bisnow

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$1.1MNo plan disclosed

Thomas Smith Jr.

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$984KNo plan disclosed

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 17, 2026 to Oct 16, 2026

Oct 1, 2026Natalya Leahy had 6.4K shares ($215K) withheld by the company for taxes (not a market sale).

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Natalya Leahy CEO	6,404	$33.63	n/a	n/a	Oct 1, 2026	Oct 2, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the Lindblad Expeditions Holdings, Inc. CEO selling stock?

No. Natalya Leahy reported no open-market sales in the past 12 months.

Why are Lindblad Expeditions Holdings, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 85% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 15% had no disclosed plan. A trading plan schedules sales in advance.

Are any Lindblad Expeditions Holdings, Inc. insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Sven-Olof Lindblad Director	$16.7M 1.00M shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Benjamin Bressler *Founder & CEO of NHA	$13.1M 782K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Dyson Dryden Director	$2.1M 93K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Michael Bisnow Director	$1.1M 45K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Thomas Smith Jr. Director	$984K 56K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Trey Byus Chief Expedition Officer	$736K 36K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
John Fahey Jr. Director	$287K 15K shares	Not confirmed share of stake is being verified. Why	7% under a disclosed plan 93% no plan disclosed

The full ownership picture0 of 17 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 16, 2025

Sold

Held Oct 16, 2026

Still held

Sven-Olof Lindblad

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Sven-Olof Lindblad are complete.

Director

n/a

−1.00M

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Sven-Olof Lindblad

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sven-Olof Lindblad are complete; balances and unit counts will be added when the check is finished.

−100Kgifted (net of own trusts)

Mark Ein

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Mark Ein are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Mark Ein

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Mark Ein are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Dyson Dryden

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Dyson Dryden are complete.

Director

n/a

−93K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Dyson Dryden

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Dyson Dryden are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
50,000	$7.40	May 15, 2034	$841K

Estimate: options held × ($24.21 − strike price), using the most recent insider trade price on Form 4 (Jun 17, 2026), not a market close.

Alex Schultz

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Alex Schultz are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Alex Schultz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Alex Schultz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

John Fahey Jr.

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for John Fahey Jr. are complete.

Director

n/a

−15K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for John Fahey Jr.

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for John Fahey Jr. are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Natalya Leahy

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Natalya Leahy are complete.

CEO

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Natalya Leahy

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Natalya Leahy are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−68Kwithheld by the company for taxes

Thomas Smith Jr.

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Thomas Smith Jr. are complete.

Director

n/a

−56K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Thomas Smith Jr.

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Thomas Smith Jr. are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Trey Byus

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Trey Byus are complete.

Chief Expedition Officer

n/a

−36K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Trey Byus

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Trey Byus are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−12Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
50,000	$7.40	May 15, 2034	$841K

Estimate: options held × ($24.21 − strike price), using the most recent insider trade price on Form 4 (Jun 17, 2026), not a market close.

Catherine Reynolds

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Catherine Reynolds are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Catherine Reynolds

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Catherine Reynolds are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Noah Brodsky

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Noah Brodsky are complete.

Chief Commercial Officer

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Noah Brodsky

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Noah Brodsky are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
160,458	$14.36	May 31, 2032	$1.6M
40,000	$12.64	Jun 10, 2032	$463K
200,000	$7.40	May 15, 2034	$3.4M

Estimate: options held × ($24.21 − strike price), using the most recent insider trade price on Form 4 (Jun 17, 2026), not a market close.

Michael Bisnow

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Michael Bisnow are complete.

Director

n/a

−45K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Michael Bisnow

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Bisnow are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Frederick Goldberg

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Frederick Goldberg are complete.

Chief Financial Officer

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Frederick Goldberg

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Frederick Goldberg are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−9.5Kwithheld by the company for taxes

Pamela Kaufman

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Pamela Kaufman are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Pamela Kaufman

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Pamela Kaufman are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Andrew Stuart

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Andrew Stuart are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Andrew Stuart

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Andrew Stuart are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Annette Reavis

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Annette Reavis are complete.

Director

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Annette Reavis

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Annette Reavis are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Benjamin Bressler

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Benjamin Bressler are complete.

*Founder & CEO of NHA

n/a

−782K

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Benjamin Bressler

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Benjamin Bressler are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−111Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
309,867	$8.44	Mar 17, 2034	$4.9M
1,111,933	$8.44	Mar 17, 2034	$17.5M
222,389	$8.44	Mar 17, 2034	$3.5M
771,863	$17.65	Mar 10, 2036	$5.1M
771,863	$17.65	Mar 10, 2036	$5.1M

Estimate: options held × ($24.21 − strike price), using the most recent insider trade price on Form 4 (Jun 17, 2026), not a market close.

Keith Taylor

!

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Keith Taylor are complete.

Chief Maritime Officer

n/a

0

n/a

n/a

Vesting, gifts, unvested awards and holding lines for Keith Taylor

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Keith Taylor are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−2Kwithheld by the company for taxes

Holdings and share of stake for Lindblad Expeditions Holdings, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$35.0M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $35.0M across 2,027,414 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $29.8M · 85%

15%

The lighter segment is sales with no plan disclosed in the filing ($5.2M), including tax-related sales outside a plan.

No plan disclosed · $5.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.1M of it is Dyson Dryden. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Dyson Dryden, May 29, 2026

Taxes

201,896 shares ($2.8M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Sven-Olof Lindblad Director	1.00M	$16.7M	100%	48%	Jan 20, 2026 to Feb 4, 2026
Benjamin Bressler *Founder & CEO of NHA	782K	$13.1M	100%	37%	Dec 22, 2025 to Feb 5, 2026
Dyson Dryden Director	93K	$2.1M	0%	6%	May 29, 2026 to Jun 4, 2026
Michael Bisnow Director	45K	$1.1M	0%	3%	Jun 17, 2026 to Jun 17, 2026
Thomas Smith Jr. Director	56K	$984K	0%	3%	Mar 9, 2026 to Mar 9, 2026
Trey Byus Chief Expedition Officer	36K	$736K	0%	2%	May 11, 2026 to May 21, 2026
John Fahey Jr. Director	15K	$287K	7%	0.8%	Mar 10, 2026 to May 21, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$242K	$242K	$0	$0
Jan 2026	$17.3M	$17.3M	$0	$0
Feb 2026	$12.2M	$12.2M	$0	$0
Mar 2026	$1.1M	$0	$0	$1.1M
Apr 2026	$0	$0	$0	$0
May 2026	$2.1M	$19K	$0	$2.1M
Jun 2026	$2.0M	$0	$0	$2.0M
Jul 2026	$0	$0	$0	$0
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 4x the 5-year average. 7 insiders sold; the average is 3 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 16, 2026 Latest 12 months	2.03M	7	$35.0M
Oct 16, 2025 1 year earlier	743K	3	$10.2M
Oct 16, 2024 2 years earlier	38K	2	$329K
Oct 17, 2023 3 years earlier	204K	1	$2.5M
Oct 17, 2022 4 years earlier	1.06M	7	$17.6M
Oct 17, 2021 5 years earlier	268K	4	$4.1M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty17 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Lindblad Expeditions Holdings, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology566 filings on record, 58 filed in the 12-month period, and how we read them

All 566 Forms 3, 4 and 5 on record for Lindblad Expeditions Holdings, Inc. (SEC CIK 1512499), filed from May 9, 2013 to Oct 2, 2026; 58 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 16, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (18)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Craig Felenstein	Apr 2, 2024	239,877 shares, last reported balance as of Mar 31, 2024
Bernard Aronson	Jan 3, 2024	103,211 shares, last reported balance as of Aug 8, 2023
Dolf Berle	Apr 4, 2023	179,759 shares, last reported balance as of Mar 31, 2023
David Goodman	Apr 4, 2022	155,583 shares, last reported balance as of Mar 31, 2022
Daniel Hanrahan	Aug 10, 2021	33,719 shares, last reported balance as of Dec 31, 2020
Sarah Farrell	Jan 5, 2021	8,526 shares, last reported balance as of Dec 31, 2020
Philip Auerbach	Jul 8, 2020	193,615 shares, last reported balance as of Jun 30, 2020
VA Partners I, LLC	Apr 6, 2020	No balance on record
Paul Brown	Aug 10, 2017	21,958 shares, last reported balance as of Aug 8, 2017
Ian Rogers	Jun 28, 2017	195,029 shares, last reported balance as of Jun 26, 2017
Richard Fontaine	Apr 19, 2017	4,295 shares, last reported balance as of Jan 10, 2017
Tyler Skarda	Apr 4, 2017	No balance on record
Johann Killinger	Nov 21, 2016	4,503,998 shares, last reported balance as of Sep 28, 2016
John McClain	Nov 12, 2015	No balance on record
Lawrence Calcano	Mar 20, 2015	44,444 shares, last reported balance as of May 21, 2013
Piyush Sodha	Mar 16, 2015	44,444 shares, last reported balance as of May 21, 2013
Richard Donaldson	Mar 16, 2015	44,444 shares, last reported balance as of May 21, 2013
Peter Miller		No balance on record

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