CEO-associated BFI Co. trims Phibro (PAHC) stake under 10b5-1 plan

Rhea-AI Filing Summary

Phibro Animal Health Corp reported that BFI Co., LLC, an entity associated with President and CEO Jack Bendheim, sold a total of 21,120 shares of Class A Common Stock in open-market transactions on April 28–30, 2026. The weighted average sale prices ranged from about $52.65 to $56.69 per share, with all sales executed under a Rule 10b5-1 trading plan adopted by BFI on December 11, 2025. Following these sales, BFI’s reported indirect holdings were 74,760 shares, and Bendheim also directly held 16,840 shares. Bendheim may be deemed to share voting and investment power over BFI’s holdings but disclaims beneficial ownership beyond his pecuniary interest.

Insider Trade Summary 10b5-1

Net Seller: 21,120 shares ($1,137,593)

Net Sell 8 txns

Insider BENDHEIM JACK, BFI Co., LLC

Role President and CEO | null

Sold 21,120 shs ($1.14M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	5,805	$52.6473	$306K
Sale	Class A Common Stock	1,235	$53.3179	$66K
Sale	Class A Common Stock	4,002	$52.7005	$211K
Sale	Class A Common Stock	3,038	$53.2078	$162K
Sale	Class A Common Stock	1,652	$55.096	$91K
Sale	Class A Common Stock	4,591	$56.0607	$257K
Sale	Class A Common Stock	797	$56.6896	$45K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 75,995 shares (Indirect, See); Class A Common Stock — 16,840 shares (Direct, null)

Footnotes (1)

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC ("BFI") on December 11, 2025. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.51 to $55.40. The Reporting Person undertakes to provide to Phibro Animal Health Corporation (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 and in footnotes 4 through 9. The reported securities are directly held by BFI. Jack Bendheim, a reporting person, director and officer of the Issuer, exercises voting and dispositive power over BFI and may be deemed to have shared voting and investment power over the securities held by BFI. Mr. Bendheim disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.51 to $56.50. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.53 to $56.875. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.00 to $52.97. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.775. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.16 to $53.09. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.22 to $53.39. The reported securities are directly held by Jack Bendheim.

Key Figures

Total shares sold: 21,120 shares Sale price example: $56.6896 per share Sale price example: $52.6473 per share +2 more

5 metrics

Total shares sold 21,120 shares Class A Common Stock, open-market sales on April 28–30, 2026

Sale price example $56.6896 per share Weighted average price for 797 shares sold on April 28, 2026

Sale price example $52.6473 per share Weighted average price for 5,805 shares sold on April 30, 2026

Indirect holdings after sales 74,760 shares BFI Co., LLC Class A holdings following April 30, 2026 transactions

Direct holdings reported 16,840 shares Class A Common Stock directly held by Jack Bendheim as of April 28, 2026

Key Terms

Rule 10b5-1 trading plan, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported is a weighted average price. These shares were sold in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficial ownership regulatory

"Mr. Bendheim disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein"

voting and dispositive power regulatory

"Jack Bendheim ... exercises voting and dispositive power over BFI and may be deemed to have shared voting and investment power"

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).

X

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^*

BENDHEIM JACK

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NEW JERSEY 07666

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PHIBRO ANIMAL HEALTH CORP [ PAHC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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

	Form filed by One Reporting Person
X	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
Class A Common Stock	04/28/2026		S(1)		1,652	D	$55.096(2)	94,228	I	See(3)
Class A Common Stock	04/28/2026		S(1)		4,591	D	$56.0607(4)	89,637	I	See(3)
Class A Common Stock	04/28/2026		S(1)		797	D	$56.6896(5)	88,840	I	See(3)
Class A Common Stock	04/29/2026		S(1)		4,002	D	$52.7005(6)	84,838	I	See(3)
Class A Common Stock	04/29/2026		S(1)		3,038	D	$53.2078(7)	81,800	I	See(3)
Class A Common Stock	04/30/2026		S(1)		5,805	D	$52.6473(8)	75,995	I	See(3)
Class A Common Stock	04/30/2026		S(1)		1,235	D	$53.3179(9)	74,760	I	See(3)
Class A Common Stock								16,840	D(10)

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^*

BENDHEIM JACK

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NEW JERSEY 07666

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BFI Co., LLC

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NEW JERSEY 07666

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC ("BFI") on December 11, 2025.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.51 to $55.40. The Reporting Person undertakes to provide to Phibro Animal Health Corporation (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 and in footnotes 4 through 9.

3. The reported securities are directly held by BFI. Jack Bendheim, a reporting person, director and officer of the Issuer, exercises voting and dispositive power over BFI and may be deemed to have shared voting and investment power over the securities held by BFI. Mr. Bendheim disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.51 to $56.50.

5. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.53 to $56.875.

6. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.00 to $52.97.

7. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.00 to $53.775.

8. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $52.16 to $53.09.

9. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.22 to $53.39.

10. The reported securities are directly held by Jack Bendheim.

	/s/ Judith Weinstein, as Attorney-in-Fact for Jack Bendheim	04/30/2026
	/s/ Judith Weinstein, as Attorney-in-Fact for BFI Co., LLC	04/30/2026
	** 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 transactions did Phibro Animal Health (PAHC) disclose in this Form 4?

Phibro Animal Health disclosed that BFI Co., LLC, an entity associated with CEO Jack Bendheim, sold 21,120 Class A shares in open-market transactions. These sales occurred on April 28–30, 2026 at weighted average prices in the low-to-mid $50s per share.

Who actually sold Phibro Animal Health (PAHC) shares in this filing?

The shares were sold by BFI Co., LLC, which directly holds the reported securities. CEO Jack Bendheim exercises voting and dispositive power over BFI and may be deemed to share power, but he disclaims beneficial ownership except for his pecuniary interest.

Were the Phibro Animal Health (PAHC) insider sales pre-planned under a Rule 10b5-1 plan?

Yes. The filing states the reported sales were effected under a Rule 10b5-1 trading plan adopted by BFI Co., LLC on December 11, 2025. Such plans pre-schedule trades, making the timing more routine rather than discretionary.

How many Phibro Animal Health (PAHC) shares were sold and at what prices?

BFI Co., LLC sold a total of 21,120 Class A shares. The weighted average sale prices for the different transactions ranged from about $52.65 to $56.69 per share, with each reported as a weighted average over multiple trades.

What are Jack Bendheim’s reported Phibro Animal Health (PAHC) holdings after these transactions?

After the reported sales, BFI Co., LLC held 74,760 Class A shares indirectly, over which Bendheim has voting and dispositive power. The filing also notes that 16,840 Class A shares are held directly by Jack Bendheim.

How does the filing describe the sale prices of Phibro Animal Health (PAHC) shares?

The filing reports each sale price as a weighted average price. Footnotes explain that shares were sold in multiple transactions within price ranges, for example between $54.51 and $55.40, and detailed breakdowns are available on request.