[Form 4] CBIZ, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Warner Bros. Discovery (WBD) Form 4: President & CEO, Global Streaming, Jean-Briac Perrette reported a single insider transaction dated 01-Aug-2025.

• Transaction code F (shares withheld to cover taxes on equity vesting) for 25,360 Series A common shares at $12.87, implying a tax value of roughly $326 k.
• No open-market buy/sell; the filer’s direct ownership remains high at 1,473,974 shares after the withholding.
• No derivative securities were involved; no changes to option holdings disclosed.

The filing reflects routine tax-related share retention rather than a discretionary sale or purchase, and therefore carries minimal fundamental impact for WBD shareholders.

Insights

Securities Analyst

TL;DR: Routine tax withholding; neutral signal.

The Code F transaction indicates shares were automatically withheld to satisfy taxes on vested equity, not an elective sale. Only ~1.7% of Perrette’s stake was involved, leaving him with nearly 1.47 m shares, which sustains significant alignment with shareholders. Given the absence of open-market activity or derivative movements, the event is non-material to WBD’s valuation or liquidity outlook. It does, however, confirm continued equity compensation distribution schedules for senior management.

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^*

Lakhia Brad S.

(Last) (First) (Middle)

C/O CBIZ, INC.

5959 ROCKSIDE WOODS BLVD. N., SUITE 600

(Street)

INDEPENDENCE OH 44131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CBIZ, Inc. [ CBZ ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

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	08/04/2025		P		1,593	A	$62.7834	38,524	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:

	/s/ Jaileah X. Huddleston, Attorney-in-Fact for Brad S. Lakhia	08/05/2025
	** 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.
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 did Warner Bros. Discovery executive Jean-Briac Perrette report on the Aug 1 2025 Form 4?

He reported withholding 25,360 WBD shares to cover taxes on vested equity (Code F).

Was the Aug 1 2025 transaction an open-market sale of WBD stock?

No. Code F denotes tax withholding; the shares were retained by the issuer, not sold on the market.

How many WBD shares does Perrette own after the filing?

He directly owns 1,473,974 Series A common shares following the transaction.

Did the Form 4 disclose any derivative securities activity?

No derivative securities were acquired or disposed; Table II is blank.

Is the transaction material to Warner Bros. Discovery investors?

The filing is considered routine and not materially impactful to WBD’s fundamentals.