[Form 4] Blue Bird Corporation Insider Trading Activity

Rhea-AI Filing Summary

Phil Horlock, a director of Blue Bird Corp (BLBD), reported offsetting transactions on 08/13/2025. He exercised 15,848 stock options with an exercise price of $16.99, receiving 15,848 shares and increasing his beneficial ownership to 256,614 shares. On the same date he sold 15,848 shares at $56.06, leaving 240,766 shares reported as beneficially owned after the sale. The Form 4 was signed by an attorney-in-fact on 08/15/2025.

Positive

• Exercise and sale fully disclosed with transaction codes, quantities, prices, and resulting ownership provided
• Reported ownership figures show the director continues to hold a substantial stake of 240,766 shares after the transactions

Negative

• No explanation provided
• Form was signed by attorney-in-fact

Insights

Securities Analyst

TL;DR: Director exercised options and sold the same number of shares the same day, leaving a net increase in reported holdings.

The filing documents a routine director-level option exercise and an immediate sale of the resulting shares on 08/13/2025. The exercise price was $16.99 and the sale price was $56.06, indicating a material per-share gain on the exercised options. Reported beneficial ownership figures changed from 240,766 to 256,614 after the exercise then back to 240,766 after the sale as shown on the form. The filing appears complete for these transactions and was executed via attorney-in-fact.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 reporting requirements for option exercise and subsequent sale by a director.

The Form 4 clearly lists the transaction codes, quantities, prices, and resulting ownership counts. It identifies the reporting person as a director and shows a previously granted option (dated 12/11/2020) exercised on 08/13/2025. Signature was provided by an authorized attorney-in-fact. From a compliance perspective, the filing supplies the necessary details for public transparency of insider activity.

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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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^*

Horlock Phil

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

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 per share	08/13/2025		M		15,848	A	$16.99	256,614	D
Common Stock, par value $0.0001 per share	08/13/2025		S		15,848	D	$56.06	240,766	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
Stock Option (right to buy)	$16.99	08/13/2025		M			15,848	12/11/2020	12/31/2026	Common Stock, par value $0.0001 per share	15,848	$0	0	D

Explanation of Responses:

Remarks:

	/s/ Matthew Meziere as attorney-in-fact	08/15/2025
	** 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

What transactions did BLBD director Phil Horlock report on Form 4?

On 08/13/2025 he exercised 15,848 options at $16.99 per share and sold 15,848 shares at $56.06 per share, as reported.

How many BLBD shares does Phil Horlock beneficially own after these transactions?

The filing reports 240,766 shares beneficially owned after the reported sale.

What option details were disclosed on the Form 4?

The option had an exercise price of $16.99, was exercisable beginning 12/11/2020, and expires 12/31/2026; 15,848 underlying shares were involved.

When was the Form 4 signed and by whom?

The Form 4 was signed on 08/15/2025 by Matthew Meziere as attorney-in-fact.

Did the Form 4 indicate the reporting person’s relationship to Blue Bird Corp?

Yes, the form identifies the reporting person as a Director of Blue Bird Corp.