[Form 4] Blue Bird Corporation Insider Trading Activity

Rhea-AI Filing Summary

Blue Bird Corporation (BLBD) – Insider Form 4 filing dated 07/03/2025

CFO Razvan Radulescu reported two transactions related to the vesting of previously granted restricted stock units (RSUs):

• 07/01/2025 – 16,854 common shares withheld (Code F) at an implied price of $44.20
• 07/02/2025 – 3,607 common shares withheld (Code F) at an implied price of $45.45

The Code F designation indicates shares were automatically surrendered to cover payroll-tax obligations; they were not discretionary open-market sales. After the transactions the executive’s direct holding declined from 71,810 to 68,203 shares, reflecting continued ownership worth roughly US$3.1 million at the referenced prices. No derivative securities were bought or sold, and no other insiders were involved.

For investors, the filing is generally considered neutral: it confirms RSU vesting and ongoing insider equity alignment, while the share surrender does not signal a change in the executive’s outlook on the company.

Insights

Securities Analyst

TL;DR: Routine tax-withholding disposal; no bearish signal.

The CFO’s 20,461-share disposition is mechanically linked to RSU vesting, classified under Code F. Such transactions neither generate cash for the insider nor indicate sentiment. Importantly, Radulescu still controls 68,203 shares, maintaining meaningful skin-in-the-game. No options were exercised, and no open-market sales occurred. From a governance perspective, the event is immaterial to Blue Bird’s valuation or liquidity profile.

Corporate Governance Expert

TL;DR: Neutral governance event; compensation plan functioning as designed.

RSU vesting followed by share withholding to satisfy tax obligations is standard practice. The filing confirms compliance with Section 16 reporting and signals that long-term incentive plans are maturing. The CFO’s residual stake remains sizeable, supporting shareholder alignment. There are no red flags regarding discretionary selling or potential conflicts of interest.

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
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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^*

Radulescu Razvan

(Last) (First) (Middle)

3920 ARKWRIGHT ROAD

SUITE 200

(Street)

MACON GA 31210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blue Bird Corp [ BLBD ]

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

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

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, par value $0.0001	07/01/2025		F		16,854(1)	D	$44.2	71,810	D
Common Stock, par value $0.0001	07/02/2025		F		3,607(1)	D	$45.45	68,203	D

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

Explanation of Responses:

1. These transactions represent shares withheld to satisfy payroll tax withholding obligations related to restricted stock units that vested on 07/01/2025 and 07/02/2025.

Remarks:

	/s/ Matthew Meziere 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).
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