---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-022599"
form_type: "8-K"
ticker: "LIND"
cik: "0001512499"
company_name: "LINDBLAD EXPEDITIONS HOLDINGS, INC."
filed_at: "2025-07-11T23:59:59+00:00"
generated_at: "2026-05-18T06:54:45.086501+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Lindblad amends NatHab stockholder agreement to perpetual put; extends Bressler employment to 2028

## Summary
- Replaces 2026 put right with perpetual annual put right for Bressler's ~9.9% NatHab stake at 7x EBITDA formula.
- Employment through Dec 31, 2028; bonus pool = 5% of NatHab net profits, excluding Managed Businesses.
- Bressler gets option awards (Parent common stock) triggered by future put/call exercises.
- 2022 Note of $9.27M included in cash for put-call calculations; EBITDA excludes income from that note.
- Managed Businesses (DuVine, Off the Beaten Path, Classic Journeys) excluded from net profits and consolidated for put-call.

## SEC filing metadata
- accession: 0001437749-25-022599
- form_type: 8-K
- ticker: LIND
- cik: 0001512499
- company_name: LINDBLAD EXPEDITIONS HOLDINGS, INC.
- filed_at: 2025-07-11T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1512499/000143774925022599/0001437749-25-022599-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1512499/000143774925022599/lindb20250627_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-022599
- JSON: https://secwatch.observer/filing/0001437749-25-022599.json
- Plain text: https://secwatch.observer/filing/0001437749-25-022599.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.