LINDBLAD EXPEDITIONS HOLDINGS, INC. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   Recent Sales by the Company of Unregistered Securities   There were no unregistered sales of equity securities during the quarter ended March 31, 2022.   Stock and Warrant Repurchase Plan   Our Board of Directors approved a stock and warrant repurchase plan (“Repurchase Plan”) in November 2015 and increased the repurchase plan to $35.0 million in November 2016. The Repurchase Plan authorizes us to purchase from time to time our outstanding common stock and our previously outstanding warrants. Any shares and warrants purchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated at the sole discretion of our Board of Directors. These repurchases exclude shares repurchased to settle statutory employee tax withholding related to the exercise of stock options and vesting of stock awards. During March 2020, the Repurchase Plan was suspended due to the uncertain impact of the COVID-19 pandemic, and it remains suspended due to restrictions related to the Main Street Expanded Loan Facility program places restrictions on stock repurchases. We have cumulatively repurchased 875,218 shares of common stock for $8.3 million and 6,011,926 warrants for $14.7 million, since plan inception. All repurchases were made using cash resources. The balance for the Repurchase Plan was $12.0 million as of March 31, 2022.    Repurchases of Securities   The following table represents information with respect to shares of common stock withheld from vesting's of stock-based compensation awards for employee income tax withholding for the periods indicated:   Period   Total number of shares purchased     Average price paid per share     Dollar value of shares purchased as part of publicly announced plans or programs     Maximum dollar value of warrants and shares that may be purchased under approved plans or programs   January 1 through January 31, 2022     387     $ 15.35     $ -     $ 11,974,787   February 1 through February 28, 2022     -       -       -       11,974,787   March 1 through March 31, 2022     38,238       15.11       -       11,974,787   Total     38,625             $ -             ITEM 3. DEFAULTS UPON SENIOR SECURITIES   Not applicable.   31 Table of Contents   ITEM 4. MINE SAFETY DISCLOSURES   Not applicable.