Blue Bird director exercises options, sells 13,000 shares

Blue Bird Corp director Phil Horlock exercised stock options for 13,000 shares of common stock on August 28, 2025 at an exercise price of $20.26 per share, then sold 13,000 shares at $59.02 per share the same day.

Rhea-AI Filing Summary

Blue Bird Corp director Phil Horlock exercised stock options for 13,000 shares of common stock on August 28, 2025 at an exercise price of $20.26 per share, then sold 13,000 shares at $59.02 per share the same day. Following these transactions, he holds 240,766 shares of Blue Bird common stock directly. The option award was originally scheduled to vest over three years, with the final two installments accelerated to October 31, 2021 upon his initial retirement.

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.

Insider Trade Summary

Exercise and Sale: 13,000 shares ($504K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Horlock Phil

Role Director

Sold 13,000 shs ($767K)

Approx. gross sale proceeds $767K

Approx. exercise cost $263K

Approx. pre-tax spread $504K

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	13,000	$0.00	$0.00
Exercise	Common Stock, par value $0.0001 per share	13,000	$20.26	$263K
Sale	Common Stock, par value $0.0001 per share	13,000	$59.02	$767K

Holdings After Transaction: Stock Option (right to buy) — 13,578 contracts (Direct); Common Stock, par value $0.0001 per share — 240,766 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Options exercised: 13,000 shares Shares sold: 13,000 shares Exercise price: $20.26 per share +3 more

6 metrics

Options exercised 13,000 shares Stock options for common stock exercised on August 28, 2025

Shares sold 13,000 shares Common stock sold on August 28, 2025 following option exercise

Exercise price $20.26 per share Exercise price of stock options converted into common stock

Sale price $59.02 per share Price at which 13,000 common shares were sold

Post-transaction holdings 240,766 shares Directly held Blue Bird common shares after the reported transactions

Option expiration date 2026-12-31 Expiration date of the stock option award that was exercised

Key Terms

Stock Option (right to buy), Exercise or conversion of derivative security, par value $0.0001 per share

3 terms

Stock Option (right to buy) financial

"security_title: Stock Option (right to buy)"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

par value $0.0001 per share financial

"Common Stock, par value $0.0001 per share"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Blue Bird (BLBD) director Phil Horlock do on August 28, 2025?

Phil Horlock exercised 13,000 stock options and then sold 13,000 shares of Blue Bird common stock on August 28, 2025, converting an option position into a fully realized stock sale the same day.

How many Blue Bird (BLBD) shares did Phil Horlock sell, and at what price?

Phil Horlock sold 13,000 shares of Blue Bird common stock at $59.02 per share. These shares were sold on August 28, 2025 after being acquired through the exercise of stock options earlier that day.

At what price did Phil Horlock exercise his Blue Bird (BLBD) stock options?

Phil Horlock exercised 13,000 stock options at an exercise price of $20.26 per share. The options related to Blue Bird common stock and were exercised on August 28, 2025 before the corresponding share sale.

How many Blue Bird (BLBD) shares does Phil Horlock own after these transactions?

After the reported transactions, Phil Horlock directly holds 240,766 shares of Blue Bird common stock. This post-transaction holding reflects his remaining direct equity stake as reported in the Form 4 data.

What were the vesting terms of Phil Horlock’s Blue Bird (BLBD) stock option award?

The stock option award originally vested in three equal installments on 12/11/2020, 12/11/2021 and 12/11/2022. The vesting of the last two installments was accelerated to 10/31/2021 upon Phil Horlock’s initial retirement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/02/2025 - 11:16 AM Learn about SEC filing dates

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
Estimated average burden
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)
08/28/2025

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.