Director at First Business (NASDAQ: FBIZ) receives 710-share stock grant

Rhea-AI Filing Summary

CHAVARRIA CARLA C reported acquisition or exercise transactions in this Form 4 filing.

FIRST BUSINESS FINANCIAL SERVICES, INC. director Carla C. Chavarria received a stock award of 710 shares of Common Stock on May 16, 2026. The award was recorded at a price of $0.00 per share, reflecting equity compensation rather than an open-market purchase.

After this grant, Chavarria directly owns a total of 8,446 shares, including 4,191 shares held by The Carla Sanders Revocable Trust dated August 2, 2018. This filing mainly updates her reported ownership and does not indicate any share sales.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider CHAVARRIA CARLA C

Role null

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

Holdings After Transaction: Common Stock — 8,446 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 710 shares Grant price per share: $0.00 per share Total shares after transaction: 8,446 shares +1 more

4 metrics

Shares granted 710 shares Stock award on May 16, 2026

Grant price per share $0.00 per share Equity compensation grant

Total shares after transaction 8,446 shares Chavarria’s reported holdings after grant

Shares held by trust 4,191 shares Held by The Carla Sanders Revocable Trust

Key Terms

Grant, award, or other acquisition, Common Stock, Revocable Trust

3 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.

Revocable Trust financial

"held by The Carla Sanders Revocable Trust dated August 2, 2018"

A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.

Form 4 Insider Transactions: What Each Field Means →

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^*

CHAVARRIA CARLA C

(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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/16/2026		A		710	A	$0.00	8,446(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 4,191 shares held by The Carla Sanders Revocable Trust dated August 2, 2018.

Remarks:

Reporting person's former name: Carla C. Sanders

	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)

FAQ

What insider transaction did FBIZ director Carla C. Chavarria report?

Director Carla C. Chavarria reported receiving a grant of 710 shares of FIRST BUSINESS FINANCIAL SERVICES Common Stock. The shares were awarded at $0.00 per share, indicating equity compensation rather than an open-market purchase, and increased her total reported holdings.

How many FBIZ shares does Carla C. Chavarria own after this Form 4?

After the reported transaction, Carla C. Chavarria holds 8,446 FIRST BUSINESS FINANCIAL SERVICES shares. This total includes stock received in the 710-share grant and 4,191 shares held by The Carla Sanders Revocable Trust dated August 2, 2018.

Was the FBIZ Form 4 transaction a stock purchase or a grant?

The Form 4 for FIRST BUSINESS FINANCIAL SERVICES shows a stock grant, coded “A” for grant, award, or other acquisition. Chavarria received 710 Common Stock shares at a price of $0.00 per share as part of an equity compensation award.

Did Carla C. Chavarria sell any FBIZ shares in this Form 4 filing?

No share sales were reported in this Form 4 for FIRST BUSINESS FINANCIAL SERVICES. The filing discloses only an acquisition of 710 shares through a grant, with no dispositions or open-market sales listed in the transaction summary.

How many FBIZ shares are held through The Carla Sanders Revocable Trust?

The footnote states that 4,191 FIRST BUSINESS FINANCIAL SERVICES shares are held by The Carla Sanders Revocable Trust dated August 2, 2018. These trust-held shares are included within Carla C. Chavarria’s reported total ownership of 8,446 shares after the transaction.