BENDHEIM JACK 4

What Happened

• Jack Bendheim, a 10% owner and director/officer of Phibro Animal Health Corp. (PAHC), sold a total of 21,120 shares in multiple open-market transactions between April 14–16, 2026, generating approximately $1,201,594 in gross proceeds. Individual sales reported: 6,548 sh @ $59.03 ($386,553); 492 sh @ $59.69 ($29,369); 2,623 sh @ $56.27 ($147,594); 3,618 sh @ $57.21 ($206,985); 799 sh @ $58.11 ($46,432); 5,190 sh @ $54.56 ($283,141); 1,850 sh @ $54.88 ($101,520).
• On April 16, 2026, the filing also shows conversion activity of 100,000 shares (reported as derivative conversions at $0.00). Footnote information indicates Class B common stock is convertible into Class A on a one-for-one basis.

Key Details

• Transaction dates: April 14–16, 2026. Filing date: April 16, 2026 (period of report begins Apr 14).
• Sales totaled 21,120 shares for about $1.20M in aggregate proceeds.
• Conversion activity: 100,000 shares acquired and a corresponding 100,000-share derivative disposition reported at $0.00 on April 16 (reflects class conversion per footnote).
• Pricing: some sale entries are weighted-average prices covering multiple executions and small price ranges (see filing footnotes for exact ranges); the filer offers to provide per-price breakdown on request.
• Reported holdings after the transactions are not specified in the Form 4 filing.
• Footnotes: Sales were effected pursuant to a Rule 10b5-1 trading plan adopted by BFI Co., LLC (Dec 11, 2025). Some securities are directly held by Bendheim and some are held by BFI (Bendheim exercises voting/dispositive power over BFI).
• Timeliness: Filing appears timely (reporting period Apr 14; filed Apr 16); no late-filing indication was shown.

Context

• This filing is dominated by open-market sales (routine liquidity or portfolio management) and a class-conversion of shares (Class B to Class A). Conversion entries at $0 reflect the mechanical conversion of share class rather than a cash purchase.
• As a 10% owner and director with holdings both directly and via BFI, Bendheim’s transactions include sales under a pre-established 10b5‑1 plan — a common method for insiders to sell shares according to a pre-set schedule. These sales do not by themselves indicate his personal view of the company’s prospects.