Insider BFI Co. linked to CEO converts and sells PAHC shares

Rhea-AI Filing Summary

Phibro Animal Health insider activity shows trades by major shareholder BFI Co., LLC, an entity over which President and CEO Jack Bendheim has voting and dispositive power. On January 23, 2026, BFI sold 1,235 shares of Class A Common Stock at a weighted average price of $40.5538 per share under a Rule 10b5-1 trading plan adopted on May 30, 2025. On January 26, 2026, BFI converted 30,000 shares of Class B Common Stock into Class A Common Stock on a one-for-one basis at an exercise price of $0. Following these transactions, BFI indirectly held 45,445 Class A shares, while Jack Bendheim also directly held 16,840 Class A shares.

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
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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 NJ 07666

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/23/2026

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
Class A Common Stock	01/23/2026		S(1)		1,235	D	$40.5538(2)	15,445	I	See(3)
Class A Common Stock	01/26/2026		C(4)		30,000	A	$0	45,445	I	See(3)
Class A Common Stock								16,840	D(5)

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
Class B Common Stock	$0	01/26/2026		C			30,000	(4)	(4)	Class A Common Stock	30,000	$0	19,911,034	I	See(3)

1. Name and Address of Reporting Person^*

BENDHEIM JACK

(Last) (First) (Middle)

300 FRANK W. BURR BLVD., STE 21

(Street)

TEANECK NJ 07666

(City) (State) (Zip)

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 NJ 07666

(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. The reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC ("BFI") on May 30, 2025.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.175 to $41.01. 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.

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. Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, at the holder's election, and has no expiration date.

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

	/s/ Judith Weinstein, as Attorney-in-Fact for Jack Bendheim	01/27/2026
	/s/ Judith Weinstein, as Attorney-in-Fact for BFI Co., LLC	01/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions were reported in Phibro Animal Health (PAHC) Form 4?

The filing reports that BFI Co., LLC sold 1,235 Class A shares at a weighted average price of $40.5538 on January 23, 2026, and converted 30,000 Class B shares into Class A shares on January 26, 2026.

Who is BFI Co., LLC in relation to Phibro Animal Health (PAHC)?

BFI Co., LLC is a 10% owner of Phibro Animal Health. President and CEO Jack Bendheim exercises voting and dispositive power over BFI and may be deemed to share voting and investment power over BFI-held securities.

Was the Phibro Animal Health (PAHC) insider sale part of a 10b5-1 trading plan?

Yes. The 1,235-share sale of Class A stock by BFI on January 23, 2026 was executed under a Rule 10b5-1 trading plan adopted by BFI on May 30, 2025.

What is the relationship of Jack Bendheim to Phibro Animal Health (PAHC)?

Jack Bendheim is a director, President and CEO, and a 10% owner of Phibro Animal Health. He has voting and dispositive power over BFI Co., LLC and directly holds additional Class A shares.

How many Phibro Animal Health (PAHC) shares does BFI Co., LLC hold after the reported transactions?

After the reported trades, BFI Co., LLC indirectly held 45,445 shares of Phibro Animal Health Class A Common Stock, as shown in the filing.

How many Phibro Animal Health (PAHC) shares does Jack Bendheim hold directly?

The filing shows that Jack Bendheim directly held 16,840 shares of Phibro Animal Health Class A Common Stock after the reported transactions.

How does the Class B to Class A conversion work for Phibro Animal Health (PAHC)?

The filing states that Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis at the holder’s election and has no expiration date.