Bendheim-linked BFI Co. LLC (PAHC) sells 14,080 shares under 10b5-1

Rhea-AI Filing Summary

Phibro Animal Health (PAHC) insider activity centers on BFI Co., LLC, an entity associated with President and CEO Jack Bendheim. BFI Co., LLC reported open-market sales totaling 14,080 shares of Class A Common Stock on March 30 and March 31 under a pre-arranged Rule 10b5-1 trading plan adopted on December 11, 2025. Reported weighted average sale prices were about $53.54 and $54.31 per share on March 30 and about $53.87 and $54.35 per share on March 31. After these transactions, BFI Co., LLC holds 38,120 shares indirectly, while Bendheim directly holds 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.

Insights

Insider trading analyst

BFI Co., LLC, tied to CEO Jack Bendheim, sold 14,080 PAHC shares under a pre-set 10b5-1 plan and retains a sizable position.

The filing shows BFI Co., LLC, a ten-percent owner associated with Jack Bendheim, executed four open-market sales of Class A Common Stock totaling 14,080 shares on March 30–31, 2026. All sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan, which indicates the trades were scheduled in advance rather than timed discretionarily.

Reported weighted average prices ranged from about $53.54 to $54.35 per share. Following the sales, BFI Co., LLC holds 38,120 shares indirectly, and Bendheim holds 16,840 shares directly, so a meaningful equity stake remains. Bendheim may share voting and investment power over BFI’s holdings but disclaims beneficial ownership except for his pecuniary interest. Overall, this appears as routine, pre-planned liquidity rather than a clear directional signal.

Insider Trade Summary 10b5-1

Net Seller: 14,080 shares ($756,834)

Net Sell 5 txns

Insider BENDHEIM JACK, BFI Co., LLC

Role President and CEO | 10% Owner

Sold 14,080 shs ($757K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	6,609	$53.8662	$356K
Sale	Class A Common Stock	431	$54.3533	$23K
Sale	Class A Common Stock	6,423	$53.5415	$344K
Sale	Class A Common Stock	617	$54.309	$34K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 38,551 shares (Indirect, See); Class A Common Stock — 16,840 shares (Direct)

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 $53.23 to $54.075. 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, 5 and 6. 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 $54.23 to $54.385. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.27 to $54.26. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.28 to $54.51. The reported securities are directly held by Jack Bendheim.

Key Figures

Shares sold: 14,080 shares Sale price March 30 (trade 1): $53.5415 per share Sale price March 30 (trade 2): $54.3090 per share +5 more

8 metrics

Shares sold 14,080 shares Total open-market sales on March 30–31, 2026

Sale price March 30 (trade 1) $53.5415 per share Weighted average price for 6,423 shares sold March 30, 2026

Sale price March 30 (trade 2) $54.3090 per share Weighted average price for 617 shares sold March 30, 2026

Sale price March 31 (trade 1) $53.8662 per share Weighted average price for 6,609 shares sold March 31, 2026

Sale price March 31 (trade 2) $54.3533 per share Weighted average price for 431 shares sold March 31, 2026

Indirect holdings after trades 38,120 shares BFI Co., LLC Class A Common Stock after March 31, 2026

Direct holdings 16,840 shares Class A Common Stock directly held by Jack Bendheim

Plan adoption date December 11, 2025 Rule 10b5-1 trading plan adopted by BFI Co., LLC

Key Terms

Rule 10b5-1 trading plan, weighted average price, voting and dispositive power, beneficial ownership, +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.

voting and dispositive power financial

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

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"

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)
03/30/2026

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	03/30/2026		S(1)		6,423	D	$53.5415(2)	45,777	I	See(3)
Class A Common Stock	03/30/2026		S(1)		617	D	$54.309(4)	45,160	I	See(3)
Class A Common Stock	03/31/2026		S(1)		6,609	D	$53.8662(5)	38,551	I	See(3)
Class A Common Stock	03/31/2026		S(1)		431	D	$54.3533(6)	38,120	I	See(3)
Class A Common Stock								16,840	D(7)

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 $53.23 to $54.075. 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, 5 and 6.

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 $54.23 to $54.385.

5. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.27 to $54.26.

6. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.28 to $54.51.

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

	/s/ Judith Weinstein, as Attorney-in-Fact for Jack Bendheim	03/31/2026
	/s/ Judith Weinstein, as Attorney-in-Fact for BFI Co., LLC	03/31/2026
	** 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 PAHC report for BFI Co., LLC and Jack Bendheim?

The report shows BFI Co., LLC, associated with Jack Bendheim, executed open-market sales totaling 14,080 PAHC Class A Common Stock shares on March 30–31, 2026. These trades were made under a pre-arranged Rule 10b5-1 trading plan and left a significant remaining share position.

How many PAHC shares did BFI Co., LLC sell and at what prices?

BFI Co., LLC sold 14,080 PAHC Class A Common Stock shares across four open-market transactions. The filing reports weighted average prices around $53.54 and $54.31 per share on March 30, and about $53.87 and $54.35 per share on March 31, 2026.

Were the PAHC insider sales by BFI Co., LLC pre-planned under a Rule 10b5-1 plan?

Yes. The filing states the reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC on December 11, 2025. Such plans pre-schedule trades, which typically makes the timing less informative about short-term views on the stock.

What PAHC shareholdings remain for BFI Co., LLC and Jack Bendheim after these sales?

After the reported transactions, BFI Co., LLC holds 38,120 PAHC Class A Common Stock shares indirectly. A separate holding line shows Jack Bendheim directly owns 16,840 shares. Together, these figures indicate he remains exposed to the company’s equity performance through both direct and indirect stakes.

How is beneficial ownership over BFI Co., LLC’s PAHC shares described for Jack Bendheim?

The filing explains that securities sold and held indirectly are directly owned by BFI Co., LLC. Jack Bendheim exercises voting and dispositive power over BFI and may be deemed to share voting and investment power, but he disclaims beneficial ownership except to the extent of his pecuniary interest.