What is the nature of the 710-share FBIZ transaction reported?

The 710-share transaction is classified as a grant, award, or other acquisition of Common Stock. It is coded “A” on Form 4, with a transaction price of $0.00 per share, indicating a compensation-related stock award rather than a market trade or option exercise.

FBIZ director receives 710-share stock grant

Graham Jason R reported acquisition or exercise transactions in this Form 4 filing.

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Form Type

Rhea-AI Filing Summary

Graham Jason R reported acquisition or exercise transactions in this Form 4 filing.

FIRST BUSINESS FINANCIAL SERVICES, INC. director Jason R. Graham received a grant of 710 shares of Common Stock, recorded at a price of $0.00 per share as a compensation-related award. Following this grant, he directly holds 3,930 shares. The filing notes that 1,600 additional shares are held in his IRA and 1,000 shares are held by the Graham Living Trust dated August 7, 2009.

Insider Trade Summary

Grant/Award: 710 shares

Grant/Award 1 txn

Insider Graham Jason R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	710	$0.00	$0.00

Holdings After Transaction: Common Stock — 3,930 shares (Direct)

Footnotes (1)

F1. 1,600 shares are held by reporting person's IRA and 1,000 shares are held by the GRAHAM LIVING TRUST, dated August 7, 2009.

Key Figures

Stock grant: 710 shares Grant price: $0.00 per share Direct holdings after grant: 3,930 shares +2 more

5 metrics

Stock grant 710 shares Common Stock grant on May 16, 2026

Grant price $0.00 per share Recorded transaction price for award

Direct holdings after grant 3,930 shares Common Stock directly held post-transaction

IRA holdings 1,600 shares Shares held in reporting person's IRA

Trust holdings 1,000 shares Shares held by Graham Living Trust dated August 7, 2009

Key Terms

Grant, award, or other acquisition, Common Stock, IRA, Living Trust

4 terms

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

IRA financial

"1,600 shares are held by reporting person's IRA"

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

Living Trust financial

"1,000 shares are held by the GRAHAM LIVING TRUST, dated August 7, 2009"

FAQ

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

What did FBIZ director Jason R. Graham report in this Form 4?

Jason R. Graham reported receiving a grant of 710 shares of FIRST BUSINESS FINANCIAL SERVICES Common Stock. The award was recorded at $0.00 per share, indicating it is a compensation-related grant rather than an open-market purchase, and increases his reported holdings.

How many FBIZ shares does Jason R. Graham hold directly after this grant?

After the 710-share grant, Jason R. Graham directly holds 3,930 shares of FIRST BUSINESS FINANCIAL SERVICES Common Stock. This figure comes from the post-transaction ownership line in the Form 4 and reflects only his direct holdings, not his IRA or trust positions.

Does Jason R. Graham have additional indirect holdings of FBIZ shares?

Yes. A footnote explains that 1,600 shares are held in Jason R. Graham’s IRA and 1,000 shares are held by the Graham Living Trust dated August 7, 2009. These positions are in addition to his directly held shares reported after the grant.

Was the FBIZ stock grant to Jason R. Graham an open-market purchase?

No. The filing shows a 710-share acquisition with a transaction price of $0.00 per share and the code “A.” This indicates a grant or award of shares, not an open-market purchase where cash is paid to buy shares on the stock market.

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

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Accepted by SEC EDGAR 05/19/2026 - 04:20 PM EDT

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^*

Graham Jason R

(Last)

(First)

(Middle)

401 CHARMANY DRIVE

(Street)

MADISON

WISCONSIN

53719

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FIRST BUSINESS FINANCIAL SERVICES, INC. [ FBIZ ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/16/2026		A		710	A	$0.0	3,930⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. 1,600 shares are held by reporting person's IRA and 1,000 shares are held by the GRAHAM LIVING TRUST, dated August 7, 2009.

	Peter J. Wilder (Pursuant to Power of Attorney)	05/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR