BLBD SVP Scartz exercises options at $12.35 and sells shares at $55.22

Rhea-AI Filing Summary

Ted Scartz, SVP General Counsel of Blue Bird Corporation (BLBD), exercised vested stock options and completed a sale on 08/12/2025. The filing shows exercises of two vested tranches that produced 5,918 and 2,959 shares at an exercise price of $12.35 per share. The report also shows a sale of 8,877 shares at $55.22 per share. Following these transactions the reporting person’s beneficial ownership is reported as 48,769 common shares. The option award consisted of three equal annual tranches and this filing documents the exercise of the first two tranches, which vested on December 12, 2023 and December 12, 2024.

Positive

• Exercise of options generated 8,877 underlying shares via two vested tranches at an exercise price of $12.35
• Full disclosure of transactions including exercise and sale prices and post-transaction beneficial ownership (48,769 shares)

Negative

• Sale of 8,877 shares at $55.22 reduced the reporting person’s beneficial ownership to 48,769 shares
• No disclosure of use of sale proceeds or any plans for further transactions in the filing

Insights

Securities Analyst

TL;DR: Insider exercised two vested option tranches and sold shares; net beneficial ownership decreased to 48,769 shares.

The Form 4 documents option exercises at an exercise price of $12.35 for 5,918 and 2,959 shares respectively, and a contemporaneous sale of 8,877 shares at $55.22. These transactions reflect routine option vesting and monetization by an officer rather than an extraordinary corporate event. The filing does not disclose proceeds retained or use of proceeds, nor any change to control or 10% ownership status. Impact on ownership is explicit: beneficial holdings are reported as 48,769 shares after the activity.

Corporate Governance Expert

TL;DR: Documented exercise of two vested option tranches and a sale; disclosures align with Rule 16 reporting for an officer.

The filing identifies Ted Scartz as an officer (SVP General Counsel) and reports the exercise of option tranches that vested on December 12, 2023 and December 12, 2024. The explanatory note states the award vests in three equal installments and confirms this filing covers the first two tranches. The Form 4 shows the required detail: transaction codes, share counts, exercise and sale prices, and post-transaction beneficial ownership. There are no additional governance actions or amendments disclosed.

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^*

Scartz Ted

(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)
	SVP General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

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	08/12/2025		M		5,918	A	$12.35	54,687	D
Common Stock, par value $0.0001 per share	08/12/2025		M		2,959	A	$12.35	57,646	D
Common Stock, par value $0.0001 per share	08/12/2025		S		8,877	D	$55.22	48,769	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)	$12.35	08/12/2025		M			5,918	(1)	12/12/2032	Common Stock, par value $0.0001 per share	5,918	$0	2,958	D
Stock Option (right to buy)	$12.35	08/12/2025		M			2,959	12/12/2024	12/12/2032	Common Stock, par value $0.0001 per share	2,959	$0	0	D

Explanation of Responses:

1. The option consists of three tranches that vest in equal annual installments. This is an exercise of the first two tranches, which vested on December 12, 2023 and December 12, 2024.

Remarks:

	/s/ Matthew Meziere as attorney-in-fact	08/14/2025
	** 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 did Blue Bird (BLBD) insider Ted Scartz do on 08/12/2025?

The Form 4 reports that Ted Scartz exercised two vested option tranches (5,918 and 2,959 shares) at $12.35 and sold 8,877 shares at $55.22 on 08/12/2025.

How many shares does Ted Scartz beneficially own after the reported transactions?

The filing reports a post-transaction beneficial ownership of 48,769 common shares.

What were the exercise and sale prices reported on the Form 4 for BLBD?

The exercises were at an exercise price of $12.35 per share; the sale was reported at $55.22 per share.

Which option tranches were exercised and when did they vest?

The explanatory note states the award vests in three equal annual tranches; this filing covers the exercise of the first two tranches that vested on December 12, 2023 and December 12, 2024.

What is Ted Scartz’s role at Blue Bird (BLBD) as stated in the filing?

The filing identifies Ted Scartz as an officer with the title SVP General Counsel.