# EDGAR Filing Document

**Accession Number:** 0001512499
**File Stem:** 0001437749-25-020781
**Filing Date:** 2025-6
**Character Count:** 20345
**Document Hash:** a9e5e617167d99dc6a995dac5950def6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-020781.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001437749-25-020781

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**EFFECTIVENESS DATE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINDBLAD EXPEDITIONS HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001512499
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 274749725
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288143
- **FILM NUMBER:** 251056985

**BUSINESS ADDRESS:**
- **STREET 1:** 96 MORTON STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014
- **BUSINESS PHONE:** 212-261-9000

**MAIL ADDRESS:**
- **STREET 1:** 96 MORTON STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Capitol Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20110208

**Registration No. 333-**

**As filed with the United States Securities and Exchange Commission on June 18, 2025**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**LINDBLAD EXPEDITIONS HOLDINGS, INC.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **27-4749725** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **96 Morton Street, 9th Floor, New York, New York** | **10014** |
| (Address of principal executive offices) | (Zip Code) |

---

**LINDBLAD EXPEDITIONS HOLDINGS, INC. 2021 LONG-TERM INCENTIVE PLAN** 

(Full title of the plan)

**Natalya Leahy**

**Chief Executive Officer**

**Lindblad Expeditions Holdings, Inc.**

**96 Morton Street, 9th Floor**

**New York, New York, 10014**

**(212) 261-9000**

(Name, address and telephone number of agent for service)

***With a copy to:***

**John J. Wolfel, Esq.**

**Foley & Lardner LLP**

**One Independent Drive, Suite 1300**

**Jacksonville, Florida 32202**

**(904) 359-2000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | |
|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ |
| Smaller reporting company ☐ | Emerging growth company☐ | Emerging growth company☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ |

---

------

**STATEMENT PURSUANT TO GENERAL INSTRUCTION E TO FORM S-8**

The purpose of this Registration Statement is to register 4,600,000 additional shares of common stock of Lindblad Expeditions Holdings, Inc. (the "Company") in connection with the Lindblad Expeditions Holdings, Inc. 2021 Long-Term Incentive Plan (the "Plan").

Pursuant to General Instruction E of Form S-8, the contents of the Company's Registration Statement on Form S-8 relating to the Plan, Registration No. 333-257719 are incorporated by reference into this Registration Statement, except as set forth below.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| **Item 3.** | **<u>Incorporation of Documents by Reference</u>**. |

---

The following documents, filed by the Registrant with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated herein by reference and deemed to be a part hereof:

● [<u>The Registrant</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925005544/lindb20241231c_10k.htm#fact-identifier-1046) [<u>'</u> <u>s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on February 28, 2025</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925005544/lindb20241231c_10k.htm#fact-identifier-1046) ;

● [<u>The information specifically incorporated by reference in our Annual Report on Form 10-K from our Definitive Proxy Statement on Schedule 14A (filed with the SEC on April</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000110465925037411/tm252431-1_def14a.htm) <u>[22, 2025)](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000110465925037411/tm252431-1_def14a.htm) ;</u> 

● [<u>The Registrant</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925014765/lindb20250331_10q.htm#equity) [<u>'</u> <u>s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Commission on May 6, 2025</u>](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925014765/lindb20250331_10q.htm#equity) ;

● The Registrant's Current Reports on Form 8-K filed with the Commission on [January 10, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1512499/000143774925000798/lindb20250109_8k.htm) , [February 27, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925005336/lindb20250127_8k.htm) , [May 6, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001512499/000143774925014616/lindb20250418_8k.htm) and [June 5, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1512499/000143774925019558/lindb20250603_8k.htm) ; and

● [<u>The description of the Registrant</u>](http://www.sec.gov/Archives/edgar/data/1512499/000114420413024410/v341809_s1a.htm) [<u>'</u> <u>s common stock contained in or incorporated into the Registrant</u> <u>'</u> <u>s Registration Statement on Form 8-A, filed April 29, 2013, and any amendment or report updating that description</u>](http://www.sec.gov/Archives/edgar/data/1512499/000114420413024410/v341809_s1a.htm) .

All other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of the filing of such documents, except as to any portion of any Current Report furnished under Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.

Any statement contained in a document incorporated or deemed incorporated herein by reference shall be deemed to be modified or superseded for the purpose of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is, or is deemed to be, incorporated herein by reference modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

---

| | |
|:---|:---|
| **Item 8.**  | **<u>Exhibits</u>**. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Description** | **Included** | **Form** | **Filing Date** |
| [<u>4.1</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015004690/defm14a0615_capitolacq.htm) | [<u>Second Amended and Restated Certificate of Incorporation.</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015004690/defm14a0615_capitolacq.htm) | [<u>By Reference</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015004690/defm14a0615_capitolacq.htm) | [<u>DEFM 14-A</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015004690/defm14a0615_capitolacq.htm) | [<u>June 24, 2015</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015004690/defm14a0615_capitolacq.htm) |
| [<u>4.2</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774924022956/ex_698959.htm) | [<u>Amended Bylaws.</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774924022956/ex_698959.htm) | [<u>By Reference</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774924022956/ex_698959.htm) | [<u>8-K</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774924022956/ex_698959.htm) | [July 18<u>, 2024</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774924022956/ex_698959.htm) |
| [<u>4.3</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015005097/f8k070715ex4ii_capitolacq.htm) | [<u>Specimen Common Stock Certificate.</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015005097/f8k070715ex4ii_capitolacq.htm) | [<u>By Reference</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015005097/f8k070715ex4ii_capitolacq.htm) | [<u>8-K</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015005097/f8k070715ex4ii_capitolacq.htm) | [<u>July 10, 2015</u>](http://www.sec.gov/Archives/edgar/data/1512499/000121390015005097/f8k070715ex4ii_capitolacq.htm) |
| [5.1](ex_826475.htm) | [Opinion of <u>Foley & Lardner LLP.</u>](ex_826475.htm) | [Herewith](ex_826475.htm) |  |  |
| [23.1](ex_826475.htm) | [Consent of <u>Foley & Lardner LLP (included in Exhibit 5.1).</u>](ex_826475.htm) | [Herewith](ex_826475.htm) |  |  |
| [23.2](ex_826476.htm) | [Consent of <u>Ernst & Young LLP.</u>](ex_826476.htm) | [Herewith](ex_826476.htm) |  |  |
| [<u>24</u>](#Signatures) | [<u>Powers of Attorney (included on the signature page to this Registration Statement).</u>](#Signatures) | [<u>Herewith</u>](#Signatures) |  |  |
| [<u>99.1</u>](http://www.sec.gov/Archives/edgar/data/1512499/000110465921051984/tm2113013-1_def14a.htm) | [<u>Lindblad Expeditions Holdings, Inc. 2021 Long Term Incentive Plan.</u>](http://www.sec.gov/Archives/edgar/data/1512499/000110465921051984/tm2113013-1_def14a.htm) | [<u>By Reference</u>](http://www.sec.gov/Archives/edgar/data/1512499/000110465921051984/tm2113013-1_def14a.htm) | [<u>DEF 14-A</u>](http://www.sec.gov/Archives/edgar/data/1512499/000110465921051984/tm2113013-1_def14a.htm) | [<u>April 19, 2021</u>](http://www.sec.gov/Archives/edgar/data/1512499/000110465921051984/tm2113013-1_def14a.htm) |
| [<u>99.2</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774925019558/ex_827173.htm) | [<u>Amendment No. 1 to the Lindblad Expeditions Holdings, Inc. 2021 Long Term Incentive Plan.</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774925019558/ex_827173.htm) | [<u>By Reference</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774925019558/ex_827173.htm) | [Form 8-K](http://www.sec.gov/Archives/edgar/data/1512499/000143774925019558/ex_827173.htm) | [<u>June 5, 2025</u>](http://www.sec.gov/Archives/edgar/data/1512499/000143774925019558/ex_827173.htm) |
| [<u>107</u>](ex_832284.htm) | [<u>Filing Fee Table.</u>](ex_832284.htm) | [<u>Herewith</u>](ex_832284.htm) |  |  |

---

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on June 18, 2025.

---

| | |
|:---|:---|
| **LINDBLAD EXPEDITIONS HOLDINGS, INC.** | **LINDBLAD EXPEDITIONS HOLDINGS, INC.** |
| By: | /s/ Natalya Leahy |
|  | Natalya Leahy |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated below. Each person whose signature appears below constitutes and appoints Natalya Leahy and Frederick Goldberg, and each of them individually, his or her true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Natalya Leahy | Chief Executive Officer  | June 18, 2025 |
| Natalya Leahy | (Principal Executive Officer) |  |
| /s/ Frederick Goldberg | Chief Financial Officer  | June 18, 2025 |
| Frederick Goldberg | (Principal Financial and Accounting Officer) |  |
| /s/ Mark D. Ein | Co-Chair of the Board | June 18, 2025 |
| Mark D. Ein |  |  |
| /s/ Sven-Olof Lindblad | Co-Chair of the Board  | June 18, 2025 |
| Sven-Olof Lindblad |  |  |
| /s/ Pamela O. Kaufman | Director  | June 18, 2025 |
| Pamela O. Kaufman |  |  |
| /s/ Elliott Bisnow | Director  | June 18, 2025 |
| Elliott Bisnow |  |  |
| /s/ L. Dyson Dryden | Vice Chair | June 18, 2025 |
| L. Dyson Dryden |  |  |
| /s/ John M. Fahey Jr. | Director | June 18, 2025 |
| John M. Fahey Jr. |  |  |
| /s/ Catherine B. Reynolds | Director  | June 18, 2025 |
| Catherine B. Reynolds |  |  |
| /s/ Thomas S. Smith, Jr. | Director | June 18, 2025 |
| Thomas S. Smith, Jr. |  |  |
| /s/ Annette Reavis | Director | June 18, 2025 |
| Annette Reavis |  |  |
| /s/ Alexander P. Schultz | Director | June 18, 2025 |
| Alexander P. Schultz |  |  |
| /s/ Andy Stuart | Director | June 18, 2025 |
| Andy Stuart |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![image01.jpg](image01.jpg) | **ATTORNEYS AT LAW**<br> ONE INDEPENDENT DRIVE, SUITE 1300<br> JACKSONVILLE, FLORIDA 32202-5017<br> www.foley.com |
|  | June 18, 2025 |
| Lindblad Expeditions Holdings, Inc.<br> 96 Morton Street, 9th Floor<br> New York, New York 10014 |  |

---

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

This opinion is being furnished in connection with the Registration Statement on Form S-8 (the "<u>Registration Statement</u>") of Lindblad Expeditions Holdings, Inc (the "<u>Company</u>"), under the Securities Act of 1933, as amended, for the registration of 4,600,000 additional shares of common stock of the Company issuable pursuant to the Lindblad Expeditions Holdings, Inc. 2021 Long-Term Incentive Plan, as amended (the "Plan"). The common stock issuable pursuant to the Plan is referred to herein as the "<u>Shares</u>."

In connection with this opinion, we have examined and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to form the basis for the opinions hereinafter set forth. In all such examinations, we have assumed the genuineness of signatures on original documents and the conformity to such original documents of all copies submitted to us as certified, conformed or photographic copies, and as to certificates of public officials, we have assumed the same to have been properly given and to be accurate. As to matters of fact material to this opinion, we have relied upon statements and representations of representatives of the Company and of public officials.

The opinions expressed herein are limited in all respects to the federal laws of the United States of America and the applicable provisions of the corporate law of the State of Delaware, and no opinion is expressed with respect to the laws of any other jurisdiction or any effect which such laws may have on the opinions expressed herein. This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.

Based upon and subject to the foregoing, we are of the opinion that the Shares are duly authorized and upon the issuance of the Shares as provided in the Plan, the Shares will be validly issued, fully paid and nonassessable.

We hereby consent to the inclusion of this opinion as Exhibit 5.1 in the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules or regulations of the Securities and Exchange Commission promulgated thereunder.

**/s/ Foley & Lardner LLP**

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Lindblad Expeditions Holdings, Inc. 2021 Long-Term Incentive Plan of Lindblad Expeditions Holdings, Inc. of our reports dated February 28, 2025, with respect to the consolidated financial statements of Lindblad Expeditions Holdings, Inc. and Subsidiaries and the effectiveness of internal control over financial reporting of Lindblad Expeditions Holdings, Inc. and Subsidiaries included in its Annual Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Hartford, Connecticut

June 18, 2025

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

**LINDBLAD EXPEDITIONS HOLDINGS, INC.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security<br> Type<sup>(1)</sup> | Security Class Title | Fee<br> Calculation<br> Rule | Amount<br> Registered<sup>(1)</sup> | Proposed<br> Maximum<br> Offering<br> Price Per<br> Share<sup>(2)</sup> | Maximum<br> Aggregate<br> Offering<br> Price<sup>(2)</sup> | Fee Rate | Amount of<br> Registration<br> Fee |
| Equity | Common Stock, $0.0001 par value per share | 457 <sup>(C)</sup> | 4600000 | $10.91 | $50186000 | 0.00015310 | $7683.48 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $7683.48 |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | $- |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $7683.48 |

---

(1) In accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall be deemed to cover an indeterminate number of additional shares of common stock to be offered or issued from stock splits, stock dividends or similar transactions.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, on the basis of the average of the high and low prices for a share of the registrant's common stock as reported on the Nasdaq Capital Market on June 16 , 2025, which date is a date within five business days of the filing of this registration statement.