Bio-Rad (BIO) CEO Reports RSU Vesting and Small Sale; Ownership Remains Large

Rhea-AI Filing Summary

Norman D. Schwartz, Chairman & CEO of Bio-Rad Laboratories (BIO), reported changes in his beneficial ownership on September 1, 2025. He acquired 6,353 Class A shares on vesting of restricted stock units and had 3,084 Class A shares disposed of at $297.88 per share. After these transactions he directly owned 444,591 Class A shares. The filing also reports direct ownership of 361,466 Class B shares and indirect holdings of 13,006 Class B shares (by spouse) and 4,060,054 Class B shares (by Blue Raven Partners, L.P.). Several restricted stock unit vesting events are noted, reflecting prior grants from 2021–2023 that vest in annual installments.

Positive

• RSU vesting increased direct Class A holdings by 6,353 shares, reinforcing executive equity alignment
• Substantial long-term holdings retained: 444,591 Class A shares direct and over 4 million Class B shares held indirectly

Negative

• Open-market disposition of 3,084 Class A shares at $297.88 indicates some insider selling activity

Insights

Corporate Governance Expert

TL;DR: Insider received RSU vesting and executed a small open-market sale; overall ownership remains substantial and governance alignment persists.

The report shows executive compensation settling through restricted stock unit vesting, which increases the reporting person’s direct equity stake by 6,353 Class A shares. A sale of 3,084 Class A shares at $297.88 is recorded, but the reporting person still holds a large position in Class A and significant Class B holdings both directly and indirectly through family and an affiliated partnership. The filing discloses the grant schedules (2021–2023) that vest in four annual installments, indicating multi-year compensation alignment with shareholders.

Securities Analyst

TL;DR: Transactions are routine compensation vesting plus a minor sale; unlikely to be materially market-moving.

The material items are vesting of previously granted restricted stock units (totaling 6,353 Class A shares acquired on 09/01/2025) and an open-market disposition of 3,084 Class A shares at $297.88. Post-transaction direct ownership of 444,591 Class A shares and large Class B holdings (including 4,060,054 held by Blue Raven Partners, L.P.) suggest continued concentrated insider ownership, which can affect liquidity and control considerations but does not, in itself, indicate a change in corporate strategy or financial condition.

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

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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^*

SCHWARTZ NORMAN D

(Last) (First) (Middle)

C/O BIO-RAD LABORATORIES, INC.

1000 ALFRED NOBEL DRIVE

(Street)

HERCULES CA 94547

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BIO-RAD LABORATORIES, INC. [ BIO BIO.B ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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
Bio-Rad A Common Stock	09/01/2025		M		6,353(1)	A	$0	444,591	D
Bio-Rad A Common Stock	09/01/2025		F		3,084	D	$297.88	441,507	D
Bio-Rad B Common Stock								361,466	D
Bio-Rad B Common Stock								13,006	I	By Spouse(2)
Bio-Rad B Common Stock								4,060,054	I	By Blue Raven Partners, L.P.(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(4)	09/01/2025		M			1,266	(5)	(5)	Bio-Rad A Common Stock	1,266	$0	0	D
Restricted Stock Units	$0(4)	09/01/2025		M			2,082	(6)	(6)	Bio-Rad A Common Stock	2,082	$0	2,082	D
Restricted Stock Units	$0(4)	09/01/2025		M			3,005	(7)	(7)	Bio-Rad A Common Stock	3,005	$0	6,010	D

Explanation of Responses:

1. Shares of Class A common stock acquired on the vesting of restricted stock units.

2. The reporting person disclaims beneficial ownership of these shares.

3. The shares are held by a limited partnership of which the reporting person is a limited and general partner. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

4. Each restricted stock unit represents a contingent right to receive one share of Bio-Rad Class A common stock.

5. On September 1, 2021, the reporting person was granted 5,064 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date.

6. On September 1, 2022, the reporting person was granted 8,326 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date.

7. On September 1, 2023, the reporting person was granted 12,020 restricted stock units, vesting in four equal annual installments beginning on the first anniversary of the grant date.

Remarks:

	/s/ Norman Schwartz	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What trades did Norman D. Schwartz report on Form 4 for BIO?

The filing reports acquisition of 6,353 Class A shares on vesting of RSUs and a disposition of 3,084 Class A shares at $297.88 on 09/01/2025.

How many Bio-Rad Class A shares does Norman Schwartz own after the transactions?

The filing reports direct ownership of 444,591 Class A shares following the reported transactions.

Does Norman Schwartz hold Class B shares or indirect interests in BIO?

Yes. The filing shows direct ownership of 361,466 Class B shares, 13,006 Class B shares held by spouse (reported as indirect), and 4,060,054 Class B shares held by Blue Raven Partners, L.P.

What do the restricted stock units represent in this filing?

Each restricted stock unit represents a contingent right to receive one share of Bio-Rad Class A common stock; vesting dates reflect grants from 2021, 2022, and 2023 that vest in annual installments.

When were the reported transactions executed?

The transactions are reported with a transaction date of 09/01/2025 and the Form 4 is signed on 09/03/2025.