BENDHEIM JACK 4

What Happened
Jack Bendheim, a director/officer and 10% owner of Phibro Animal Health Corp (PAHC), sold a total of 21,120 shares in open‑market transactions from Feb 24–26, 2026. The sales amounted to approximately $1,103,938 (roughly $1.10M). Reported weighted‑average prices by trade were $51.27, $51.88, $51.71, $53.67 and $54.28 per share. These were sales (not purchases), and were effected under a prearranged Rule 10b5‑1 trading plan.

Key Details

• Total sold: 21,120 shares for ~$1,103,938 total.
• Trade breakdown (date — shares — reported weighted avg price — reported price range):
  • 2026-02-24 — 5,889 shares @ $51.27 (prices ranged ~$50.755–$51.75)
  • 2026-02-24 — 1,151 shares @ $51.88 (prices ranged ~$51.80–$52.065)
  • 2026-02-25 — 7,040 shares @ $51.71 (prices ranged ~$51.275–$52.27)
  • 2026-02-26 — 6,329 shares @ $53.67 (prices ranged ~$53.21–$54.10)
  • 2026-02-26 — 711 shares @ $54.28 (prices ranged ~$54.27–$54.355)
• Footnotes: Sales were effected pursuant to a Rule 10b5‑1 plan adopted by BFI Co., LLC on May 30, 2025. Some reported shares were held directly by BFI (an entity over which Bendheim exercises voting/dispositive power) and some were held directly by Jack Bendheim; Bendheim disclaims beneficial ownership except to the extent of his pecuniary interest.
• Shares owned after the transactions: not disclosed in the filing.
• Filing date: Feb 26, 2026 (reporting period begins Feb 24, 2026) — appears to be filed timely (Form 4 is generally due within two business days of the transaction).

Context: These were sales under a prearranged 10b5‑1 plan, which typically indicates automated, scheduled dispositions rather than ad‑hoc market timing. As a 10% owner and director, Bendheim’s sales reflect dispositions by a principal/controlling shareholder (and related entity) rather than a routine employee purchase — interpret accordingly and note that sales do not necessarily signal negative private information.