BENDHEIM JACK 4

What Happened
Jack Bendheim, a director and reported 10% owner of Phibro Animal Health Corporation (PAHC), sold a total of 14,080 shares in open-market transactions on February 19–20, 2026 for aggregate proceeds of approximately $715,775. Transactions reported:

• 7,040 shares on 2026-02-19 at a weighted avg price of $50.26 — proceeds $353,808 (prices ranged $49.965–$50.935).
• 6,643 shares on 2026-02-20 at a weighted avg price of $51.38 — proceeds $341,337 (prices ranged $50.90–$51.89).
• 397 shares on 2026-02-20 at a weighted avg price of $51.96 — proceeds $20,630 (prices ranged $51.92–$52.06).
  All disposals are sales (code S) and were effected pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction dates: Feb 19, 2026 (7,040 shares); Feb 20, 2026 (6,643 and 397 shares).
• Reported total proceeds: ~$715,775.
• Price reporting: weighted-average prices; per-footnote ranges provided for the individual trades. The filing offers to provide breakdowns by price on request.
• Holdings: some reported securities are held directly by BFI Co., LLC (a vehicle Mr. Bendheim controls and for which he disclaims beneficial ownership except to the extent of pecuniary interest); some securities are directly held by Mr. Bendheim per the filing.
• Plan: Sales were made under a 10b5-1 trading plan adopted by BFI on May 30, 2025.
• Timeliness: Form 4 was filed 2026-02-23 for trades on Feb 19–20, 2026 (timely under the two-business-day reporting rule).
• Shares owned after the transactions: not disclosed in the provided excerpt.

Context
These were planned open-market sales under a pre-established 10b5-1 plan by a 10% owner/director — a common mechanism for scheduled dispositions. Sales are routine disclosures and do not, by themselves, indicate management sentiment about the company’s outlook.