[Form 4] Blue Bird Corporation Insider Trading Activity

Rhea-AI Filing Summary

Phil Horlock, a director of Blue Bird Corporation (BLBD), reported transactions on 08/28/2025. The filing shows acquisition of 13,000 shares via a stock option exercise transaction coded M at an exercise price of $20.26 and a contemporaneous disposition of 13,000 shares sold at $59.02, reducing his directly held common stock from 253,766 to 240,766 shares. Table II reports a stock option with exercise price $20.26 covering 13,000 underlying shares exercisable as of 10/31/2021 and expiring 12/31/2026, leaving 13,578 shares of derivative securities beneficially owned after the transactions. The form is signed by an attorney-in-fact on 09/02/2025.

Insights

Securities Analyst

TL;DR: Routine insider option exercise and share sale by a director; net direct holdings decreased by 13,000 shares.

The filing documents a paired transaction: an option-related acquisition at an exercise price of $20.26 and a sale of the same number of shares at $59.02, indicating cashing out of shares associated with prior grants. The director remains a significant holder with 240,766 direct shares and 13,578 derivative shares after the reported activity. This appears to be an ordinary Section 16 disclosure of insider activity rather than a corporate-change event.

Corporate Governance Expert

TL;DR: Disclosure shows accelerated vesting history and routine reporting; no governance action or departure is reported here.

The explanatory note clarifies that option vesting dates were accelerated earlier upon the director's initial retirement, which explains the exercisable date and the current option holdings. The form identifies Mr. Horlock as a director and is filed as a single reporting person submission. The signature via attorney-in-fact is properly noted; the filing does not disclose changes to board composition or executive roles.

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^*

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)
08/28/2025

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	08/28/2025		M		13,000	A	$20.26	253,766	D
Common Stock, par value $0.0001 per share	08/28/2025		S		13,000	D	$59.02	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)	$20.26	08/28/2025		M			13,000	10/31/2021(1)	12/31/2026	Common Stock, par value $0.0001 per share	13,000	$0	13,578	D

Explanation of Responses:

1. Award represents stock option grants that were originally scheduled to vest over a three year period in equal installments (12/11/2020, 12/11/2021 and 12/11/2022), but for which vesting of the last two installments was accelerated to 10/31/2021 upon Mr. Horlock's initial retirement.

Remarks:

	/s/ Matthew Meziere as attorney-in-fact	09/02/2025
	** 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 Form 4 for BLBD?

He reported acquiring 13,000 shares via an option exercise at $20.26 and disposing of 13,000 shares sold at $59.02 on 08/28/2025.

How did Phil Horlock's direct ownership change after the reported transactions?

Direct ownership decreased from 253,766 shares to 240,766 shares following the transactions.

What are the key terms of the derivative security reported?

A stock option with an exercise price of $20.26 covering 13,000 underlying shares, exercisable 10/31/2021 and expiring 12/31/2026; 13,578 derivative shares are reported beneficially owned after the transaction.

What is the filing date and signature information on the Form 4?

The form was signed by an attorney-in-fact, Matthew Meziere, on 09/02/2025.

Does the Form 4 indicate any change in Mr. Horlock's role with Blue Bird (BLBD)?

No. The form lists Mr. Horlock as a Director and does not report any change in his relationship to the issuer.