[Form 4] Barrett Business Services Insider Trading Activity

Rhea-AI Filing Summary

SI-BONE, Inc. (SIBN) has filed a Form 144 disclosing a proposed insider sale of common stock.

The notice covers the planned disposition of 1,695 shares at an aggregate market value of $31,238.85. The transaction is scheduled for on or about 07/03/2025 and will be executed through Morgan Stanley Smith Barney LLC on the NASDAQ exchange. According to the filing, SI-BONE has 42,614,514 shares outstanding, so the upcoming sale represents less than 0.01% of the float.

The securities being sold were acquired on 07/01/2025 via restricted stock units issued by the company. Payment details are listed as “N/A,” indicating no cash consideration was required at acquisition.

Recent trading activity by the same account is also disclosed. Over the past three months, the filer completed six sales totaling 50,233 shares for approximately $929,583 in gross proceeds. Five of those trades were executed under a Rule 10b5-1 trading plan.

• Shares to be sold: 1,695
• Approximate value: $31,238.85
• Broker: Morgan Stanley Smith Barney LLC, New York
• Outstanding shares: 42,614,514
• Prior 3-month insider sales: 50,233 shares / $929,582.89

The signer of the notice certifies that no undisclosed material adverse information is known and that the trade complies with Rule 10b5-1, underscoring procedural adherence. Given the very small percentage of shares involved, the immediate financial impact appears limited, though the continued pattern of insider selling may draw investor attention.

Positive

• Trade executed under Rule 10b5-1 plan, indicating advance scheduling and regulatory compliance.
• Proposed sale represents less than 0.01% of outstanding shares, limiting dilution or supply concerns.

Negative

• Cumulative insider sales of 50,233 shares (~$0.93 M) in past 3 months could be viewed as a bearish signal.
• Additional insider selling, even if small, may affect investor sentiment when viewed alongside recent disposals.

Insights

Financial Analyst

TL;DR: Planned sale of 1,695 SIBN shares is immaterial (<0.01% float); overall market impact likely neutral.

The Form 144 reveals a forthcoming sale worth roughly $31k against a 42.6 million-share base, translating to a negligible dilution effect. Although the insider has disposed of 50k shares in the last quarter, those trades were executed under a 10b5-1 plan, suggesting pre-scheduled diversification rather than reactive selling. From a valuation standpoint, neither earnings nor operational guidance are affected, so I view the disclosure as routine and not price-moving.

Corporate Governance Expert

TL;DR: Repeated insider sales (~50k shares) may raise optics issues; compliance via 10b5-1 limits governance concern.

Form 144 filings offer transparency into insider intent. Here, the total shares sold over three months (~50k) dwarf the new 1,695-share notice, but both remain small relative to float. The presence of a documented 10b5-1 plan and the standard certification mitigate suspicions of trading on undisclosed information. Governance risk is therefore low-to-moderate, but investors might monitor future filings for pattern persistence.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CARLEY THOMAS J

(Last) (First) (Middle)

8100 NE PARKWAY DRIVE, SUITE 200

(Street)

VANCOUVER WA 98662

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BARRETT BUSINESS SERVICES INC [ BBSI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/01/2025		M		3,064	A	$0.00	94,692	D
Common Stock								12,008	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	07/01/2025		M			3,064	(2)	(2)	Common Stock	3,064	$0.00	0.00	D
Restricted Stock Units	(1)	07/01/2025		A		2,344		(3)	(3)	Common Stock	2,344	$0.00	2,344	D

Explanation of Responses:

1. Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock.

2. The Restricted Stock Units vest in one installment on July 1, 2025, and will be settled by delivery of unrestricted shares of common stock on the vesting date.

3. The Restricted Stock Units vest in one installment on July 1, 2026, and will be settled by delivery of unrestricted shares of common stock on the vesting date.

Remarks:

	/s/ Anthony Harris, as attorney-in-fact	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many SI-BONE (SIBN) shares are covered by the latest Form 144?

The filing discloses a proposed sale of 1,695 common shares.

What is the approximate date of the planned SIBN share sale?

The sale is expected to occur on or about 07/03/2025.

Who is the insider selling SI-BONE stock?

The shares are being sold for the account of Anshul Maheshwari (address provided in the filing).

How many SI-BONE shares has the filer sold in the past three months?

The insider sold a total of 50,233 shares for gross proceeds of about $929,583.

What percentage of SI-BONE’s outstanding shares does the new sale represent?

With 42,614,514 shares outstanding, the 1,695-share sale equals approximately 0.004% of the float.

Which brokerage firm is handling the transaction?

The sale will be executed through Morgan Stanley Smith Barney LLC.