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  4. [Form 4] FIRST BUSINESS FINANCIAL SERVICES, INC. Insider Trading Activity

First Business (FBIZ) COO nets shares from RSU vesting and tax withholding

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

First Business Financial Services President and COO David R. Seiler reported routine equity compensation activity. On the vesting of Performance Restricted Stock Unit awards for the 2023-2025 period, he received 4,780 shares of Common Stock. To cover tax obligations, 1,912 shares were withheld at $58.60 per share. Following these transactions, he directly holds 37,372 shares, and 27,031 additional shares are held by the David & Lisa Seiler Revocable Trust.

Positive

  • None.

Negative

  • None.
Insider Seiler David R.
Role President and COO
Type Security Shares Price Value
Grant/Award Common Stock 4,780 $0.00 --
Tax Withholding Common Stock 1,912 $58.60 $112K
Holdings After Transaction: Common Stock — 39,284 shares (Direct)
Footnotes (1)
  1. Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025. 27,031 shares are held by the David & Lisa Seiler Revocable Trust.
RSU vesting shares 4,780 shares Common Stock issued upon vesting of Performance RSUs for 2023-2025
Tax-withheld shares 1,912 shares Shares withheld to cover tax liability at $58.60 per share
Tax-withholding price $58.60 per share Value used for tax-withholding disposition of 1,912 shares
Direct holdings after transactions 37,372 shares Total Common Stock directly owned by Seiler following reported transactions
Trust-held shares 27,031 shares Common Stock held by the David & Lisa Seiler Revocable Trust
Performance Restricted Stock Unit financial
"Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025."
tax-withholding disposition financial
"transaction_action": "tax-withholding disposition""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Common Stock financial
"Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards"
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
Revocable Trust financial
"27,031 shares are held by the David & Lisa Seiler Revocable Trust."
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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).
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*
Seiler David R.
(Last)(First)(Middle)
401 CHARMANY DRIVE
(Street)
MADISON WISCONSIN 53719
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
FIRST BUSINESS FINANCIAL SERVICES, INC. [ FBIZ ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
President and COO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
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)
CodeVAmount(A) or (D)Price
Common Stock04/10/2026A4,780(1)A$039,284D
Common Stock04/10/2026F1,912D$58.637,372(2)D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Issuance of Common Stock upon vesting of Performance Restricted Stock Unit awards for the performance period 2023-2025.
2. 27,031 shares are held by the David & Lisa Seiler Revocable Trust.
Peter J. Wilder (pursuant to Power of Attorney filed previously)04/14/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did FBIZ executive David R. Seiler report in this Form 4?

David R. Seiler reported a routine equity compensation event. He received 4,780 shares of First Business Financial Services Common Stock from vesting Performance RSUs and had 1,912 shares withheld to satisfy tax obligations, rather than selling shares on the open market.

How many FBIZ shares did David R. Seiler receive and at what cost?

He received 4,780 shares of Common Stock as a grant with a reported price of $0.00 per share, reflecting a compensation award rather than a market purchase. These shares came from Performance Restricted Stock Units for the 2023-2025 performance period.

Why were 1,912 FBIZ shares disposed of in Seiler’s Form 4 filing?

The 1,912 shares were classified as a tax-withholding disposition. They were surrendered at $58.60 per share to cover tax liabilities associated with the vesting of Performance Restricted Stock Units, not as an open-market sale initiated for portfolio or valuation reasons.

What are David R. Seiler’s FBIZ shareholdings after these transactions?

After these transactions, he directly holds 37,372 shares of First Business Financial Services Common Stock. In addition, a footnote states that 27,031 shares are held by the David & Lisa Seiler Revocable Trust, reflecting further ownership associated with him and his spouse.

What triggered the FBIZ Performance Restricted Stock Unit vesting for Seiler?

The vesting relates to Performance Restricted Stock Unit awards covering the 2023-2025 performance period. Upon vesting, 4,780 shares of Common Stock were issued, indicating that applicable performance and service conditions for that award cycle were satisfied under the company’s equity compensation program.

Did David R. Seiler conduct any open-market trades in FBIZ shares?

The filing shows no open-market purchases or sales. It reports a grant of 4,780 shares as equity compensation and a tax-withholding disposition of 1,912 shares at $58.60 per share, both classified as non-derivative, compensation-related transactions rather than discretionary market trades.