secwatch.observer — SEC 8-K summary
======================================

Issuer:     LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)
CIK:        0001512499
Form:       8-K
Filed at:   2025-07-11T23:59:59+00:00
Accession:  0001437749-25-022599
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1512499/000143774925022599/0001437749-25-022599-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1512499/000143774925022599/lindb20250627_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-022599

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer