What does the 4,875-share tax-withholding transaction mean for FBIZ?

The 4,875-share transaction reflects shares withheld to cover tax liabilities at $58.60 per share. This is a non-market disposition to satisfy taxes associated with the equity award, not an open-market sale, so it mainly affects the CEO's net received shares, not trading activity.

First Business CEO granted 10,370 shares

FIRST BUSINESS FINANCIAL SERVICES, INC.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

FIRST BUSINESS FINANCIAL SERVICES, INC. CEO Corey A. Chambas reported compensation-related share activity. He received 10,370 shares of Common Stock at no cost upon vesting of Performance Restricted Stock Unit awards for the 2023-2025 performance period, and 4,875 shares were withheld at $58.60 per share to cover tax obligations. After these entries, he directly holds 122,080 shares and indirectly holds 16,992 shares through a 401(k) plan.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider CHAMBAS COREY A

Role CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	10,370	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	4,875	$58.60	$286K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 122,080 shares (Direct); Common Stock — 16,992 shares (Indirect, by 401(k) Plan)

Footnotes (1)

F1. Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025.

Key Figures

Equity award shares: 10,370 shares Tax-withheld shares: 4,875 shares Tax-withholding price: $58.60 per share +2 more

5 metrics

Equity award shares 10,370 shares Common Stock issued upon vesting of Performance RSUs for 2023-2025

Tax-withheld shares 4,875 shares Withheld to cover tax liability at $58.60 per share

Tax-withholding price $58.60 per share Value used for 4,875-share tax-withholding disposition

Direct holdings after transaction 122,080 shares Common Stock directly owned by Corey A. Chambas after transactions

Indirect 401(k) holdings 16,992 shares Common Stock held indirectly by 401(k) Plan

Key Terms

Performance Restricted Stock Unit, tax-withholding disposition, 401(k) Plan, grant/award acquisition

4 terms

Performance Restricted Stock Unit financial

"Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025."

tax-withholding disposition financial

"Payment of exercise price or tax liability by delivering securities"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

401(k) Plan financial

"Common Stock indirectly owned by 401(k) Plan"

A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

FAQ

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

What insider transaction did FBIZ CEO Corey Chambas report on this Form 4?

Corey Chambas reported a compensation-related share grant and tax withholding. He received 10,370 shares of Common Stock upon vesting of Performance Restricted Stock Units, with 4,875 shares withheld to satisfy tax obligations rather than sold in the open market.

How many FBIZ shares did Corey Chambas receive and at what cost?

He received 10,370 shares of Common Stock at no purchase cost. The filing describes this as an issuance upon vesting of Performance Restricted Stock Unit awards for the 2023-2025 performance period, reflecting equity compensation rather than an open-market share purchase.

How many FIRST BUSINESS (FBIZ) shares does Corey Chambas own after these transactions?

After these entries, he directly owns 122,080 Common Stock shares. The filing also shows an indirect holding of 16,992 shares through a 401(k) plan, providing context for his total reported economic exposure to FIRST BUSINESS FINANCIAL SERVICES, INC. shares.

What is the role of Performance Restricted Stock Units in this FBIZ filing?

The filing footnote states the shares were issued upon vesting of Performance Restricted Stock Unit awards for 2023-2025. These units convert into Common Stock only when performance conditions are met, aligning executive compensation with the company’s performance over the specified period.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 04/14/2026 - 04:22 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^*

CHAMBAS COREY A

(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
X	Officer (give title below)	Other (specify below)
	CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

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	04/10/2026		A		10,370⁽¹⁾	A	$0.0	126,955	D
Common Stock	04/10/2026		F		4,875	D	$58.6	122,080	D
Common Stock								16,992	I	by 401(k) Plan

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. Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025.

	Peter J. Wilder (Pursuant to Power of Attorney filed previously)	04/14/2026
	** 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