First Busey insider Mike Maddox reports large common sale and preferred depositary purchases

Rhea-AI Filing Summary

Mike Maddox, President and Director of First Busey Corp (BUSE), reported insider transactions on Form 4. The filing shows dispositions of 210,307.6211 shares of Common Stock and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock. On 09/04/2025 and 09/05/2025 he purchased multiple Depositary Shares (each representing 1/40th of a Series B preferred share): 10,000 at a weighted average price of $25.5162 on 09/04/2025, then 7,500 at $25.44 and two separate 460-share purchases at $25.44 on 09/05/2025. The report disclaims direct beneficial ownership of certain listed holdings and identifies indirect holdings attributed to spouse and stepson. Reported derivative holdings include outstanding Stock Appreciation Rights exercisable into Common Stock totaling 110,741 underlying shares across four grant tranches with exercise prices of $9.37, $11.24, $14.01, and $21.35.

Insights

Securities Analyst

TL;DR: Significant open-market sales and targeted purchases of depositary shares suggest portfolio rebalancing by a senior insider.

The Form 4 documents a large disposal of Common Stock totaling 210,307.6211 shares alongside a small Series A preferred disposition, and near-term purchases of depositary shares tied to the issuer's Series B preferred. The filing also shows material derivative awards in the form of Stock Appreciation Rights exercisable into a combined 110,741 common shares with staggered strikes and expirations. For investors, the mix of disposals and purchases is factual evidence of insider activity but does not, by itself, reveal intent or percentage ownership change relative to outstanding shares. The report’s disclaimer of beneficial ownership for certain positions and identification of indirect holdings through family members are important for accurately mapping control and voting influence.

Corporate Governance Expert

TL;DR: Filing transparently discloses personal and family holdings plus equity-derived compensation, consistent with Section 16 reporting.

The report names the reporting person as both President and a Director and lists transactions involving direct disposals, direct purchases, and indirect holdings attributed to spouse and stepson. The presence of multiple SAR tranches with varying exercise prices indicates ongoing equity-based compensation that aligns management incentives with shareholder value over time. The explicit disclaimer regarding beneficial ownership of certain securities and the attorney-in-fact signature complete the technical requirements of Form 4. From a governance perspective, the filing meets disclosure obligations and clarifies family-linked ownership, which is relevant for assessing related-party concentrations and voting power.

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^*

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)
09/04/2025

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								210,307.6211	D
Series A Non-Cumulative Perpetual Preferred Stock								50	D
Common Stock								4,739(1)	I	Spouse
Series A Non-Cumulative Perpetual Preferred Stock								100(1)	I	Spouse
Depositary Shares, 1/40 interest in Series B Preferred Stock(2)	09/04/2025		P		10,000	A	$25.5162(3)	31,780(1)	I	Spouse
Depositary Shares, 1/40 interest in Series B Preferred Stock(2)	09/05/2025		P		7,500	A	$25.44	39,280(1)	I	Spouse
Depositary Shares, 1/40 interest in Series B Preferred Stock(2)	09/05/2025		P		460	A	$25.44	460(1)	I	Stepson
Depositary Shares, 1/40 interest in Series B Preferred Stock(2)	09/05/2025		P		460	A	$25.44	460(1)	I	Stepson

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. 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.

2. Each Depositary Share represents a 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.

3. The price reported above reflects the weighted average purchase price. The purchase was executed in multiple trades at prices ranging from $25.45 to $25.54, 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 (3) to this Form 4.

Remarks:

	/s/ Catherine Alqallaf, attorney-in-fact	09/05/2025
	** 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.
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FAQ

What insider transactions did Mike Maddox report on Form 4 for BUSE?

The filing reports a disposition of 210,307.6211 common shares, a disposition of 50 Series A preferred shares, and purchases of depositary shares on 09/04/2025 and 09/05/2025.

How many depositary shares did the reporting person buy and at what prices?

Purchases include 10,000 depositary shares at a weighted average $25.5162 on 09/04/2025, 7,500 at $25.44 on 09/05/2025, and two separate 460-share purchases at $25.44 on 09/05/2025.

Does the Form 4 show any derivative awards for Mike Maddox?

Yes. It discloses Stock Appreciation Rights exercisable into common stock totaling 110,741 underlying shares across four grants with exercise prices of $9.37, $11.24, $14.01, and $21.35.

Are any holdings reported as indirect or held by family members?

Yes. Several holdings are reported as indirect through the reporting person’s spouse and stepson, including common stock, Series A preferred and depositary shares.

What dates are the reported transactions?

The earliest transaction date listed is 09/04/2025, with additional transactions on 09/05/2025.