Business First Bancshares director sells 18,373 shares

Q: How many BFST shares did director George W. Cummings III sell?

George W. Cummings III sold 18,373 shares on October 29, 2026, at a weighted average price of $31.73 per share. The trades ranged from $31.73 to $31.74. No Rule 10b5-1 plan is reported.

Q: What restricted stock units did George W. Cummings III hold?

He held 998 unvested time-based restricted stock units, granted on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. They are scheduled to fully vest on June 25, 2027, and are subject to forfeiture upon certain events. Each unit is economically equivalent to one common share.

The 998 time-based restricted stock units were granted under the 2024 Equity Incentive Plan, and each is economically equivalent to one common share.

Available on EDGAR 11/02/2026 - 04:05 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:05 PM EST

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Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) director George W. Cummings III sold 18,373 shares of common stock on October 29, 2026, at a weighted average price of $31.73 per share. The trades ranged from $31.73 to $31.74, and his directly held common stock position afterward was 165,372 shares. No Rule 10b5-1 plan is reported. He also held 998 unvested time-based restricted stock units, scheduled to fully vest on June 25, 2027, subject to forfeiture upon certain events; his spouse held 3,911 common shares indirectly.

Insider Trade Summary

Net Seller: 18,373 shares

Net Sell 1 txn

Insider Cummings George W. III

Role Director

Sold 18,373 shs ($583K)

Type	Security	Shares	Price	Value
Sale	COMMON STOCK ^F1	18,373	$31.73	$583K
Holding	Restricted Stock Units ^F2	--	--	--
Holding	COMMON STOCK	--	--	--

Holdings After Transaction: COMMON STOCK — 165,372 shares (Direct); Restricted Stock Units — 998 contracts (Direct); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (2)

F1. This transaction was executed in multiple trades at prices ranging from $31.73 to $31.74. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a securityholder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
F2. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 25, 2027. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

Key Figures

Common shares sold: 18,373 shares Weighted average sale price: $31.73 per share Trade price range: $31.73–$31.74 per share +3 more

6 metrics

Common shares sold 18,373 shares Sale on October 29, 2026

Weighted average sale price $31.73 per share Sale on October 29, 2026

Trade price range $31.73–$31.74 per share Trades on October 29, 2026

Direct common shares after sale 165,372 shares Following the October 29, 2026 sale

Unvested time-based restricted stock units 998 units Scheduled to fully vest on June 25, 2027

Common shares held indirectly by spouse 3,911 shares Reported after the October 29, 2026 sale

Key Terms

weighted average sale price, time-based restricted stock units, forfeiture, 2024 Equity Incentive Plan, +1 more

5 terms

weighted average sale price financial

"reflects the weighted average sale price"

time-based restricted stock units financial

"time-based restricted stock units will fully vest"

Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.

forfeiture financial

"subject to forfeiture upon the occurrence of certain events"

2024 Equity Incentive Plan financial

"under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"

economically equivalent financial

"Each time-based restricted stock unit is economically equivalent to one share"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BFST shares did director George W. Cummings III sell?

George W. Cummings III sold 18,373 shares on October 29, 2026, at a weighted average price of $31.73 per share. The trades ranged from $31.73 to $31.74. No Rule 10b5-1 plan is reported.

What restricted stock units did George W. Cummings III hold?

He held 998 unvested time-based restricted stock units, granted on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. They are scheduled to fully vest on June 25, 2027, and are subject to forfeiture upon certain events. Each unit is economically equivalent to one common share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED 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^*

Cummings George W. III

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

LOUISIANA

70801

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Business First Bancshares, Inc. [ BFST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	10/29/2026		S		18,373	D	$31.73⁽¹⁾	165,372	D
COMMON STOCK								3,911	I	By Spouse

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0.0000							⁽²⁾	⁽²⁾	Common Stock	998		998	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $31.73 to $31.74. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a securityholder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 25, 2027. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

	/s/ / Heather Roemer, as attorney-in-fact for George W. Cummings III	11/02/2026
	** Signature of Reporting Person	Date
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