First Busey (BUSE) interim CFO boosts stake despite tax withholding

Rhea-AI Filing Summary

Form 4 Filing Overview – First Busey Corp. (BUSE)

Chief Accounting Officer and Interim Chief Financial Officer Scott A. Phillips reported three transactions involving First Busey common stock between 25 April 2025 and 7 July 2025.

• 25 Apr 2025 – Acquisition (Code A): 56.2135 shares acquired through dividend reinvestment at $20.8288 per share. Post-transaction direct holdings: 4,739.6528 shares.
• 30 Jun 2025 – Acquisition (Code A): 212.4996 shares purchased via the Employee Stock Purchase Plan at $18.3345 per share. Post-transaction direct holdings: 4,952.1524 shares.
• 07 Jul 2025 – Tax Withholding (Code F): 437 shares withheld at $24.00 per share upon settlement of vested RSUs to satisfy tax obligations. Despite the withholding, direct ownership increased to 10,804 shares, indicating delivery of a larger RSU block.

Context & Materiality

The net result is an increase of roughly 5,852 shares over the period, reflecting continued participation in company equity programs by a senior financial executive. Transaction sizes are modest relative to First Busey’s public float and are routine in nature (dividend reinvestment, ESPP purchases, and RSU settlement). No derivative securities were reported.

Positive

• Net increase of approximately 5,852 shares by the interim CFO indicates continued personal investment in BUSE equity.
• Acquisitions executed through ESPP and dividend reinvestment plans suggest ongoing confidence and alignment with shareholder interests.

Negative

• 437 shares disposed to cover tax on RSU settlement, though this is administrative and not a strategic sale.

Insights

Financial Analyst

TL;DR: Routine insider buying via ESPP and DRIP; minor tax-related sale; signal modestly positive but not material.

Phillips’ acquisitions were automatic plan purchases and dividend reinvestment—both typical for insiders leveraging company benefit programs. The RSU withholding is administrative. Net share count rose by ~5.9k, suggesting alignment of executive incentives with shareholders. However, volumes are immaterial versus market capitalization, so the filing should not meaningfully affect valuation or liquidity.

Corporate Governance Specialist

TL;DR: Insider continues to build stake; no red flags detected.

The use of Rule 16b-3 exemptions confirms the transactions were within approved compensation plans, reducing governance risk. Continued participation by the interim CFO during a leadership transition can be viewed as a confidence signal, but given limited size, impact is limited to optics rather than fundamentals.

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^*

Phillips Scott A.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CAO and Interim CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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	04/25/2025		A	V	56.2135(1)	A	$20.8288	4,739.6528	D
Common Stock	06/30/2025		A	V	212.4996(2)	A	$18.3345	4,952.1524	D
Common Stock	07/07/2025		F		437(3)	D	$24	10,804	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

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. Shares were purchased through the First Busey Corporation Employee Stock Purchase Plan in transactions that were exempt under Rule 16b-3(c).

3. Upon settlement of vested Restricted Stock Units, shares were withheld to satisfy the related tax obligation.

Remarks:

	/s/ Catherine Alqallaf, attorney-in-fact	07/09/2025
	** 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

How many First Busey (BUSE) shares did CFO Scott Phillips acquire?

He acquired 56.2135 shares on 25 Apr 2025 and 212.4996 shares on 30 Jun 2025, plus RSU shares net of tax withholding.

What was the price paid for the ESPP purchase on 30 June 2025?

Shares were purchased at $18.3345 per share through the Employee Stock Purchase Plan.

Why were 437 shares disposed of on 7 July 2025?

They were withheld to satisfy tax obligations upon settlement of vested Restricted Stock Units (Code F transaction).

Did the insider use any trading plans (Rule 10b5-1)?

The filing does not indicate use of a Rule 10b5-1 plan; transactions were under compensation and dividend plans exempt under Rule 16b-3.

What is Scott Phillips' current ownership after these transactions?

Following the reported transactions, he directly owns 10,804 shares of First Busey common stock.