First Busey (BUSE) Insider Report: Dividend Reinvestment and Preferred Purchases

Rhea-AI Filing Summary

Mike Maddox, President and Director of First Busey Corporation (BUSE), reported multiple transactions in the issuer's common and preferred-related securities. On 07/28/2025 he acquired 1.809 shares of common stock through dividend reinvestment at a weighted average price of $23.1925, bringing his reported common stock ownership to 210,307.6211 shares. He also reports 4,739 common shares and 100 series A preferred shares as indirectly held by his spouse.

On 09/02/2025 he purchased 21,780 depositary shares (each representing 1/40 of a Series B preferred) at a weighted average price of $25.2622. He holds several outstanding stock appreciation rights exercisable through 2033 covering a total of 110,741 underlying common shares across four strike levels ($9.37, $11.24, $14.01, $21.35).

Positive

• Dividend reinvestment acquisition of common stock under the ESPP (exempt under Rule 16b-3)
• Open-market purchase of 21,780 depositary shares in Series B preferred (weighted avg price $25.2622)
• Transparency on indirect holdings with spouse-held common and preferred disclosed
• Detailed SAR disclosure showing exercisable amounts and strike prices, aiding dilution analysis

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider acquired common and preferred-related securities via dividend reinvestment and open-market purchases; holdings include sizable SAR positions.

The reported dividend-reinvestment acquisition and the 21,780 depositary share purchase are routine compensation and reinvestment activities rather than discrete strategic transactions. The large aggregate common share count reported (210,307.6211) and the material stock appreciation rights exposure (total underlying 110,741 shares) are relevant for calculating potential dilution and executive compensation expense.

Corporate Governance Expert

TL;DR: Transactions appear consistent with plan-based reinvestment and compensation; indirect spouse holdings are disclaimed.

The Form 4 discloses acquisitions through the ESPP reinvestment mechanism exempt under Rule 16b-3 provisions, and the reporting person explicitly disclaims beneficial ownership of certain spouse-held securities. These disclosures follow Section 16 reporting norms and clarify direct versus indirect ownership for governance review.

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^*

Maddox Mike

(Last) (First) (Middle)

11440 TOMAHAWK CREEK PARKWAY

(Street)

LEAWOOD KS 66211

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST BUSEY CORP /NV/ [ BUSE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	07/28/2025		A	V	1.809(1)	A	$23.1925	210,307.6211	D
Series A Non-Cumulative Perpetual Preferred Stock								50	D
Common Stock								4,739(2)	I	Spouse
Series A Non-Cumulative Perpetual Preferred Stock								100(2)	I	Spouse
Depositary Shares, 1/40 interest in Series B Preferred Stock(3)	09/02/2025		P		21,780	A	$25.2622(4)	21,780(2)	I	Spouse

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 Appreciation Right	$9.37							03/01/2025	01/24/2028	Common Stock	38,142		38,142	D
Stock Appreciation Right	$11.24							03/01/2025	05/01/2028	Common Stock	15,257		15,257	D
Stock Appreciation Right	$14.01							03/01/2025	06/01/2030	Common Stock	17,292		17,292	D
Stock Appreciation Right	$21.35							03/01/2025	07/26/2033	Common Stock	40,050		40,050	D

Explanation of Responses:

1. Shares were acquired through dividend reinvestment in the First Busey Corporation Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(c) and Rule 16b-3(d).

2. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

3. Each Depositary Share represents 1/40th interest in a share of the issuer's 8.25% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.001 per share.

4. The price reported above reflects the weighted average purchase price. The purchase was executed in multiple trades at prices ranging from $25.2300 to $25.2699, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the shares purchased at each separate price within the range set forth in this footnote (4) to this Form 4.

Remarks:

	/s/ Catherine Alqallaf, attorney-in-fact	09/04/2025
	** 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 Mike Maddox report on the Form 4 for BUSE?

He reported a 07/28/2025 dividend-reinvestment acquisition of 1.809 common shares at $23.1925 and a 09/02/2025 purchase of 21,780 depositary shares at a weighted average $25.2622.

How many common shares does Maddox beneficially own after the reported transactions?

The Form 4 reports 210,307.6211 common shares beneficially owned following the transactions.

What derivative awards does Maddox hold according to the filing?

He holds stock appreciation rights exercisable at strikes $9.37, $11.24, $14.01, and $21.35 covering a total of 110,741 underlying common shares with expirations through 07/26/2033.

Are any holdings reported as indirect or held by a spouse?

Yes. The filing reports 4,739 common shares and 100 Series A preferred shares as indirectly held by his spouse; the reporting person disclaims beneficial ownership of those securities.

What price range applied to the depositary share purchases?

The weighted average price was $25.2622, with individual trade prices reported between $25.2300 and $25.2699.