BENDHEIM JACK 4

What Happened
Jack Bendheim, a director, officer and 10% owner of Phibro Animal Health Corp (PAHC), sold a total of 72,198 shares in open-market transactions on Feb 10–11, 2026 for aggregate gross proceeds of approximately $3,737,711. The reported disposals (weighted-average prices shown) were:

• 50,994 shares @ $51.76 = $2,639,271
• 7,020 shares @ $52.17 = $366,254
• 13,950 shares @ $51.61 = $719,969
• 234 shares @ $52.21 = $12,217

These were sales (not purchases) — typically viewed as routine cashing-out rather than a bullish signal.

Key Details

• Transaction dates: Feb 10, 2026 and Feb 11, 2026. Filing date: Feb 11, 2026 (timely).
• Total shares sold: 72,198; total proceeds: ~$3.74 million. Individual weighted-average prices listed above.
• The filing notes several weighted-average price ranges (sales occurred in multiple trades); the reporting person will provide per-price breakdowns on request.
• Sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC on May 30, 2025.
• Many of the reported securities are directly held by BFI, which Mr. Bendheim controls; he disclaims beneficial ownership of those shares except for any pecuniary interest. A small lot is reported as directly held by Mr. Bendheim.
• Shares owned after the transactions are not specified in the provided extract — see the full Form 4 for exact post-transaction holdings.

Context

• These were pre-planned sales under a 10b5-1 plan (common for insiders to schedule dispositions). For retail investors, purchases tend to be more informative of insider conviction; routine plan-based sales are often for portfolio/tax/liquidity reasons.
• As a 10% owner and controller of BFI, Bendheim’s transactions reflect institutional/owner-level dispositions rather than an ordinary employee sale.