LIND · Lindblad Expeditions Holdings, Inc.

The price reported in Column 4 is a weighted average price. The prices actually received ranged from $23.84 to $24.53. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

On May 29, 2026, the reporting person entered into a prepaid variable share forward transaction with Citibank, N.A. ("Citibank"). See Footnote 2 for details of the transaction.

The prepaid forward transaction with Citibank is divided into 10 components (each a "Component"). During a specified period during the transaction, the reporting person may request prepayments with respect to one or more Components (each a "Funded Component"), and receive from Citibank for each Funded Component, the present value of the product of (x) the Subject Number (as defined below) for such Funded Component and (y) a forward floor price of $20.16 per Share. For each Funded Component, the reporting person is obligated to deliver to Citibank, on the relevant settlement date, determined based on the specified scheduled valuation date within the period from June 12, 2029 to June 26, 2029, either, at the reporting person's option, (i) up to 30,000 shares of common stock of the Issuer ("Shares") (such Share number, "Subject Number") or (ii) an amount of cash equivalent to the value of such Shares as determined under the terms of the transaction.

(Continued from footnote 2) The forward cap price for the transaction is $31.36 per Share. In connection with the transaction, the reporting person will pay an upfront cash payment of $255,360 to Citibank.

On July 8, 2015, Capital Acquisition Management 2 LLC acquired 3,456,416 shares of common stock from the Issuer. Leland Investments, Inc., an entity controlled by Mr. Ein, is the sole member of Capitol Acquisition Management 2 LLC. Accordingly, Mr. Ein is deemed to have beneficial ownership of shares held by Capitol Acquisition Management 2 LLC..

The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $20.25 to $20.27, 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.

The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $19.43 to $19.48, 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.

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.

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.

The price reported in Column 4 is a weighted average price. The prices actually received ranged from $20.05 to $20.70. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

On May 8, 2026, the reporting person entered into a prepaid variable share forward transaction with Citibank, N.A. ("Citibank"). See Footnote 2 for details of the transaction.

The prepaid forward transaction with Citibank is divided into 25 components (each a "Component"). During a specified period during the transaction, the reporting person may request prepayments with respect to one or more Components (each a "Funded Component"), and receive from Citibank for each Funded Component, the present value of the product of (x) the Subject Number (as defined below) for such Funded Component and (y) a forward floor price of $17.8650 per Share. For each Funded Component, the reporting person is obligated to deliver to Citibank, on the relevant settlement date, determined based on the specified scheduled valuation date within the period from May 7, 2029 to June 11, 2029, either, at the reporting person's option, (i) up to 40,000 shares of common stock of the Issuer ("Shares") (such Share number, "Subject Number") or (ii) an amount of cash equivalent to the value of such Shares as determined under the terms of the transaction.

(Continued from footnote 2) The forward cap price for the transaction is $29.7750 per Share. In connection with the transaction, the reporting person will pay an upfront cash payment of $1,230,700 to Citibank.

On July 8, 2015, Capital Acquisition Management 2 LLC acquired 3,456,416 shares of common stock from the Issuer. Leland Investments, Inc., an entity controlled by Mr. Ein, is the sole member of Capitol Acquisition Management 2 LLC. Accordingly, Mr. Ein is deemed to have beneficial ownership of shares held by Capitol Acquisition Management 2 LLC..

Represents award of restricted stock units vesting one-third on March 31, 2027, 2028 and 2029, subject to continued service.

Represents award of restricted stock units vesting one-third on March 31, 2027, 2028 and 2029, subject to continued service.

Represents award of restricted stock units vesting one-third on March 31, 2027, 2028 and 2029, subject to continued service.

Represents award of restricted stock units vesting one-third on March 31, 2027, 2028 and 2029, subject to continued service.

Represents award of restricted stock units vesting one-third on March 31, 2027, 2028 and 2029, subject to continued service.

Amending solely to correct the amount beneficially owned following the reported transaction.

Shares earned with respect to a performance share unit awarded March 31, 2023.

Amending solely to correct the amount beneficially owned following the reported transaction.

Represents award of restricted stock units that vested 100% on March 16, 2026.

Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.52 to $17.77, 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.

The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.06 to $17.86, 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.

Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

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.

Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

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.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $17.43 to $17.72. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $17.08 to $17.72. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

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 $17.22, 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.

Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $16.30 to $17.30. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $17.31 to $17.50. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $16.42 to $16.82. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.

Stock option granted under the 2021 Long Term Incentive Plan pursuant to his employment agreement.

Sales were made pursuant to a Rule 10b5-1 trading plan. The price reported in Column 4 is a weighted average price. The prices actually received ranged from $16.50 to $17.05. The reporting person has provided to the issuer, and will provide to any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range for all transactions reported in this Form 4 utilizing a weighted average price.