Blue Bird (BLBD) insider Horlock exercises options at $16.99, sells at $57–$58

Rhea-AI Filing Summary

Blue Bird Corp (BLBD) insider filing: Director Phil Horlock reported option exercises and open-market sales in mid-August 2025. On 08/15/2025 he exercised 21,129 stock options with an exercise price of $16.99 and sold 21,129 shares at $57.18. On 08/18/2025 he exercised another 21,129 options at $16.99 and sold 21,129 shares at $58.16. Following these transactions Mr. Horlock is reported to beneficially own 240,766 shares (direct).

Background detail in filing: the option awards referenced were originally scheduled to vest on 12/11/2019 but vesting was accelerated to 10/31/2021 upon Mr. Horlock's initial retirement. The Form 4 was signed by an attorney-in-fact on 08/19/2025.

Positive

• Detailed disclosure provided: exercise prices, sale prices, transaction dates, and post-transaction beneficial ownership are all reported
• Vesting explanation included: filing states vesting was accelerated due to initial retirement, clarifying award history

Negative

• Insider sold 42,258 shares (two sales of 21,129 shares each), representing a decrease in immediate holdings
• Form 4 filed after transactions: earliest transaction 08/15/2025 with filing signature dated 08/19/2025 (short reporting lag)

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold shares in two transactions, reducing holdings by 42,258 shares while retaining 240,766 shares.

The filing documents routine option exercises followed by contemporaneous open-market sales executed on 08/15/2025 and 08/18/2025. Each exercise was for 21,129 options at an exercise price of $16.99 with subsequent sales at $57.18 and $58.16 respectively. The disclosure notes acceleration of vesting tied to Mr. Horlock's initial retirement. From a governance perspective, these are typical post-vesting liquidity events documented under Section 16; the filing properly reports direct beneficial ownership and provides the vesting explanation required for transparency.

Securities Analyst

TL;DR: Two option exercises and sales realized a material per-share spread; insider still holds a significant direct stake of 240,766 shares.

The transactions show exercise at $16.99 and sales near $57–$58 per share for 42,258 total shares sold across two dates. The Form 4 reports the resulting direct beneficial ownership of 240,766 shares. This is a clear, quantifiable insider disposition event and is presented with the necessary exercise and sale prices, dates, and post-transaction holdings for investor assessment.

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)
08/15/2025

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	08/15/2025		M		21,129	A	$16.99	261,895	D
Common Stock, par value $0.0001 per share	08/15/2025		S		21,129	D	$57.18	240,766	D
Common Stock, par value $0.0001 per share	08/18/2025		M		21,129	A	$16.99	261,895	D
Common Stock, par value $0.0001 per share	08/18/2025		S		21,129	D	$58.16	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	08/15/2025		M			21,129	12/11/2019	12/31/2026	Common Stock, par value $0.0001 per share	21,129	$0	0	D
Stock Option (right to buy)	$16.99	08/18/2025		M			21,129	10/31/2021(1)	12/31/2026	Common Stock, par value $0.0001 per share	21,129	$0	0	D

Explanation of Responses:

1. Award represents a stock option grant that was originally scheduled to vest on 12/11/2021, but for which vesting was accelerated to 10/31/2021 upon Mr. Horlock's initial retirement.

Remarks:

	/s/ Matthew Meziere as attorney-in-fact	08/19/2025
	** 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 Phil Horlock report on the BLBD Form 4?

He exercised two stock option awards of 21,129 shares each at $16.99 per share and sold those 21,129 shares on 08/15/2025 at $57.18 and 21,129 shares on 08/18/2025 at $58.16.

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

240,766 shares (direct beneficial ownership) as reported on the Form 4.

Why were the option vesting dates accelerated for Mr. Horlock?

The filing states vesting was accelerated to 10/31/2021 upon Mr. Horlock's initial retirement.

When was the Form 4 signed and who signed it?

The Form 4 bears a signature by Matthew Meziere as attorney-in-fact dated 08/19/2025.

What exercise and sale prices are reported on the Form 4?

Exercise price: $16.99 per share; Sale prices: $57.18 (08/15/2025) and $58.16 (08/18/2025).