What is the Gerspach 2020 GST Exempt Trust’s role in BFH share ownership?

The Gerspach 2020 GST Exempt Trust holds 6,000 shares of Bread Financial common stock indirectly for John C. Gerspach. His spouse serves as trustee, and these trust-held shares are included in his reported beneficial ownership in the Form 4 filing.

Bread Financial (NYSE: BFH) director granted 483 share units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Gerspach John C reported acquisition or exercise transactions in this Form 4 filing.

Bread Financial Holdings director John C. Gerspach received an equity grant of 483 shares of common stock in the form of restricted stock units. These units will vest on April 15, 2027, reflecting compensation rather than an open-market purchase. Following the grant, he beneficially owns 47,206 common shares directly and 6,000 shares indirectly through the Gerspach 2020 GST Exempt Trust, for which his spouse serves as trustee.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Gerspach John C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	483	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 47,206 shares (Direct); Common Stock — 6,000 shares (Indirect, By Gerspach 2020 GST Exempt Trust)

Footnotes (1)

The new grant is for 483 shares of common stock represented by restricted stock units, which will vest on April 15, 2027. The total amount of securities beneficially owned includes: (a) 18,762 unrestricted shares; (b) 5,981 unvested restricted stock units granted 6/22/20; (c) 2,241 unvested restricted stock units granted 6/15/21; (d) 431 unvested restricted stock units granted 9/15/21; (e) 474 unvested restricted stock units granted 12/15/21; (f) 538 unvested restricted stock units granted 3/15/22; (g) 2,650 unvested restricted stock units granted 6/15/22; (h) 934 unvested restricted stock units granted 7/15/22; (i) 969 unvested restricted stock units granted 10/17/22; (j) 912 unvested restricted stock units granted 1/17/23; (k) 1,038 unvested restricted stock units granted 4/17/23; (l) 4,932 unvested restricted stock units granted 6/15/23; (m) 1,186 unvested restricted stock units granted 7/17/23; (n) 1,033 unvested restricted stock units granted 10/16/23; The shares are held by the Gerspach 2020 GST Exempt Trust, for which the Reporting Person's spouse serves as trustee.

Key Figures

Equity grant size: 483 shares Direct holdings after grant: 47,206 shares Indirect trust holdings: 6,000 shares +1 more

4 metrics

Equity grant size 483 shares Restricted stock units granted to director on April 15, 2026

Direct holdings after grant 47,206 shares Common stock beneficially owned directly after transaction

Indirect trust holdings 6,000 shares Common stock held by Gerspach 2020 GST Exempt Trust

Vesting date April 15, 2027 Vesting date for 483 restricted stock units

Key Terms

restricted stock units, beneficially owned, GST Exempt Trust

3 terms

restricted stock units financial

"The new grant is for 483 shares of common stock represented by restricted stock units, which will vest on April 15, 2027."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

beneficially owned financial

"The total amount of securities beneficially owned includes: (a) 18,762 unrestricted shares; (b) 5,981 unvested restricted stock units granted 6/22/20;"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

GST Exempt Trust financial

"The shares are held by the Gerspach 2020 GST Exempt Trust, for which the Reporting Person's spouse serves as trustee."

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 03:08 PM

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^*

Gerspach John C

(Last)

(First)

(Middle)

3095 LOYALTY CIRCLE

(Street)

COLUMBUS

OHIO

43219

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BREAD FINANCIAL HOLDINGS, INC. [ BFH ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/15/2026		A		483	A	⁽¹⁾	47,206⁽²⁾	D
Common Stock								6,000	I	By Gerspach 2020 GST Exempt Trust⁽³⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The new grant is for 483 shares of common stock represented by restricted stock units, which will vest on April 15, 2027.

2. The total amount of securities beneficially owned includes: (a) 18,762 unrestricted shares; (b) 5,981 unvested restricted stock units granted 6/22/20; (c) 2,241 unvested restricted stock units granted 6/15/21; (d) 431 unvested restricted stock units granted 9/15/21; (e) 474 unvested restricted stock units granted 12/15/21; (f) 538 unvested restricted stock units granted 3/15/22; (g) 2,650 unvested restricted stock units granted 6/15/22; (h) 934 unvested restricted stock units granted 7/15/22; (i) 969 unvested restricted stock units granted 10/17/22; (j) 912 unvested restricted stock units granted 1/17/23; (k) 1,038 unvested restricted stock units granted 4/17/23; (l) 4,932 unvested restricted stock units granted 6/15/23; (m) 1,186 unvested restricted stock units granted 7/17/23; (n) 1,033 unvested restricted stock units granted 10/16/23;

3. The shares are held by the Gerspach 2020 GST Exempt Trust, for which the Reporting Person's spouse serves as trustee.

Remarks:

Footnote 2, continued: (o) 2,802 unvested restricted stock units granted 6/16/25; (p) 671 unvested restricted stock units granted 7/15/25; (q) 670 unvested restricted stock units granted 10/15/25; (r) 499 unvested restricted stock units granted 01/15/26; and (s) the new grant for 483 restricted stock units.

	/s/ Benjamin L. Morgan, Attorney in Fact	04/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BFH director John C. Gerspach report?

John C. Gerspach reported receiving a grant of 483 shares of Bread Financial common stock as restricted stock units. The award is compensation, not an open-market purchase, and increases his equity stake in the company as part of director-level incentives.

When do John C. Gerspach’s new BFH restricted stock units vest?

The 483 restricted stock units granted to John C. Gerspach will vest on April 15, 2027. Vesting means the units convert into common shares he can own outright, aligning his interests with long-term company performance over this multi-year period.

How many BFH shares does John C. Gerspach own after this Form 4?

After the reported grant, John C. Gerspach beneficially owns 47,206 Bread Financial common shares directly. He also has indirect ownership of 6,000 shares through the Gerspach 2020 GST Exempt Trust, increasing his total economic exposure to the company’s stock.

Is the BFH Form 4 transaction an insider stock purchase or a grant?

The Form 4 for Bread Financial shows a grant of 483 restricted stock units to director John C. Gerspach, coded as an award (A). This represents equity compensation at no cash cost to him, not an open-market share purchase on the stock exchange.