FSTR insider group led by Aron English discloses common stock sales

Rhea-AI Filing Summary

Foster L B Co (FSTR) director and more-than-10% owner group member Aron R. English, together with related entities 22NW Fund, LP, 22NW, LP, 22NW Fund GP, LLC and 22NW GP, Inc., reported open-market sales of the company’s common stock. On 11/21/2025, 3,412 shares were sold at a weighted average price of $27.0288. On 11/24/2025, 27,003 shares were sold at a weighted average price of $26.8357, and on 11/25/2025, 1,725 shares were sold at a weighted average price of $26.9375. After these transactions, 22NW Fund, LP is shown as beneficially owning 1,265,804 shares of Foster L B Co common stock indirectly. The prices on each day reflect multiple trades within disclosed ranges, and the reporting persons state that each may be deemed part of a Section 13(d) group owning more than 10% while disclaiming beneficial ownership beyond their pecuniary interest.

Insights

Equity Ownership and Governance Analyst

Large shareholder/director sold a modest block of shares over three days; ownership remains above 10%.

The filing shows that entities affiliated with 22NW Fund, LP and Aron English, who are treated together as more than 10% beneficial owners and include a director of L.B. Foster Company, sold common stock in three open-market transactions on 11/21/2025, 11/24/2025, and 11/25/2025. The total number of shares sold was 32,140, at weighted average prices of about $27.0288, $26.8357, and $26.9375, respectively. After these sales, the group reports beneficial ownership of 1,265,804 shares held indirectly through 22NW Fund, LP.

This means a significant holder and director trimmed, but did not exit, its position and continues to report more than 10% beneficial ownership as part of a Section 13(d) group. The sales occurred via multiple trades within narrow price ranges around the reported weighted averages, which are typical of open-market dispositions. The reporting persons expressly disclaim beneficial ownership beyond their economic interest, which is standard language for fund and general partner structures.

Key items to watch are whether subsequent Forms 4 show a pattern of continued selling, and whether future Schedule 13D or 13G filings update the reported aggregate ownership level or group status. The transaction dates from 11/21/2025 to 11/25/2025 provide a specific window to compare against any later ownership disclosures and assess how actively this large holder adjusts its stake over time.

Insider Trade Summary

Net Seller: 32,140 shares ($863,334)

Net Sell 4 txns

Insider English Aron R., 22NW, LP, 22NW Fund, LP, 22NW Fund GP, LLC, 22NW GP, Inc.

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner

Sold 32,140 shs ($863K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,725	$26.9375	$46K
Sale	Common Stock	27,003	$26.8357	$725K
Sale	Common Stock	3,412	$27.0288	$92K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,265,804 shares (Indirect, By: 22NW Fund, LP); Common Stock — 905 shares (Direct)

Footnotes (1)

1. This Form 4 is filed jointly by 22NW Fund, LP ("22NW Fund"), 22NW, LP ("22NW"), 22NW Fund GP, LLC ("22NW GP"), 22NW GP, Inc. ("22NW Inc.") and Aron English (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.0000 to $27.0500, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in each transaction. Securities owned directly by 22NW Fund. As the investment manager to 22NW Fund, 22NW may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW Fund, 22NW GP may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW, 22NW Inc. may be deemed to beneficially own the securities owned directly by 22NW Fund. Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the securities owned directly by 22NW Fund. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.8300 to $27.0000, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in each transaction. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.9100 to $26.9900, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

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^*

English Aron R.

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FOSTER L B CO [ FSTR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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

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

	Form filed by One Reporting Person
X	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(1)	11/21/2025		S		3,412	D	$27.0288(2)	1,294,532	I	By: 22NW Fund, LP(3)
Common Stock(1)	11/24/2025		S		27,003	D	$26.8357(4)	1,267,529	I	By: 22NW Fund, LP(3)
Common Stock(1)	11/25/2025		S		1,725	D	$26.9375(5)	1,265,804	I	By: 22NW Fund, LP(3)
Common Stock(1)								905	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

1. Name and Address of Reporting Person^*

English Aron R.

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

22NW, LP

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

22NW Fund, LP

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

22NW Fund GP, LLC

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

22NW GP, Inc.

(Last) (First) (Middle)

590 1ST AVE. S

UNIT C1

(Street)

SEATTLE WA 98104

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is filed jointly by 22NW Fund, LP ("22NW Fund"), 22NW, LP ("22NW"), 22NW Fund GP, LLC ("22NW GP"), 22NW GP, Inc. ("22NW Inc.") and Aron English (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

2. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.0000 to $27.0500, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in each transaction.

3. Securities owned directly by 22NW Fund. As the investment manager to 22NW Fund, 22NW may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW Fund, 22NW GP may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW, 22NW Inc. may be deemed to beneficially own the securities owned directly by 22NW Fund. Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the securities owned directly by 22NW Fund.

4. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.8300 to $27.0000, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in each transaction.

5. Represents a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.9100 to $26.9900, inclusive. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

	/s/ Aron R. English	11/25/2025
	22NW Fund, LP; By: 22NW Fund GP, LLC; By: /s/ Aron R. English, Manager	11/25/2025
	22NW, LP; By: 22NW GP, Inc.; By: /s/ Aron R. English, President and Sole Shareholder	11/25/2025
	22NW Fund GP, LLC; By: /s/ Aron R. English, Manager	11/25/2025
	22NW GP, Inc., By: /s/ Aron R. English, President and Sole Shareholder	11/25/2025
	** 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 insider transactions did FOSTER L B CO (FSTR) report on this Form 4?

The report shows that entities affiliated with Aron R. English, including 22NW Fund, LP, sold shares of FOSTER L B CO common stock on 11/21/2025, 11/24/2025 and 11/25/2025 in open-market transactions.

How many FSTR shares were sold on each reported date?

The report lists sales of 3,412 shares on 11/21/2025, 27,003 shares on 11/24/2025, and 1,725 shares on 11/25/2025 of FOSTER L B CO common stock.

At what prices were the FOSTER L B CO (FSTR) shares sold?

Each day’s sales are shown at a weighted average price: $27.0288 on 11/21/2025, $26.8357 on 11/24/2025, and $26.9375 on 11/25/2025. The footnotes state these sales occurred in multiple trades within specified price ranges.

How many FSTR shares do the reporting persons beneficially own after these transactions?

Following the reported sales, 22NW Fund, LP is shown as beneficially owning 1,265,804 shares of FOSTER L B CO common stock indirectly, with related entities and Aron R. English potentially deemed to share beneficial ownership.

Who are the reporting persons on this FSTR Form 4 and what is their relationship to the issuer?

The reporting persons are 22NW Fund, LP, 22NW, LP, 22NW Fund GP, LLC, 22NW GP, Inc. and Aron R. English. English is identified as a director, and the group may be deemed to beneficially own more than 10% of FOSTER L B CO’s outstanding common stock.

Do the reporting persons claim full beneficial ownership of all reported FSTR shares?

No. The explanation states that each of the reporting persons disclaims beneficial ownership of the securities reported except to the extent of his or its pecuniary interest in those shares.