Business First Bancshares (BFST) executive details 1,833-share vesting

Rhea-AI Filing Summary

Business First Bancshares, Inc.December 12, 2025. The executive had 1,833 restricted stock units convert into an equal number of shares of common stock and then disposed of those 1,833 shares at $27.71 per share in connection with a deferral election under the b1BANK Deferred Compensation Plan.

After these transactions, the executive directly owned 80,642 shares of common stock and held 9,560 restricted stock units. The holdings also include 3,776 shares of unvested restricted stock granted on February 1, 2024, vesting on March 31, 2026, plus 4,000 shares in an investment retirement account and employer stock fund units equivalent to approximately 14,993 shares through the issuer's 401(k) plan.

12/16/2025 - 05:43 PM

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

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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^*

JORDAN PHILIP

(Last) (First) (Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE LA 70801

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP&CBO of b1Bank

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	12/12/2025		M		1,833	A	(3)	82,475(1)(2)	D
COMMON STOCK	12/12/2025		D		1,833(5)	D	$27.71	80,642(1)(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	12/12/2025		M			1,833	(3)	(3)	Common Stock	1,833	(3)	9,560(4)	D

Explanation of Responses:

1. Includes 3,776 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events.

2. Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer.

3. The reporting person received an award of 5,555 time-based restricted stock units on December 12, 2024, vesting on three substantially equal installments on the first, second, and third anniversary of the issuance date.

4. Includes: (a) 3,722 time-based restricted stock units granted to the reporting person on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; and (b) 5,838 restricted stock units granted to the reporting person on March 1, 2025, of which 1,926 shares will vest on March 1, 2026, 1,926 shares will vest on March 1, 2027, and the remaining 1,986 shares will vest on March 1, 2028.

5. These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on December 12, 2024. The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan (the "Deferred Compensation Plan"). In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

	/s/ Heather Roemer, as attorney-in-fact for Phillip Jordan	12/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Business First Bancshares (BFST) report on December 12, 2025?

The EVP & CBO of b1Bank reported that 1,833 restricted stock units vested and converted into common stock on December 12, 2025, and the same 1,833 shares were then disposed of at $27.71 per share in connection with a deferral under the b1BANK Deferred Compensation Plan.

How many Business First Bancshares (BFST) shares does the executive own after the reported transaction?

Following the reported transactions, the executive directly owned 80,642 shares of Business First Bancshares common stock.

How many restricted stock units does the Business First Bancshares (BFST) executive still hold?

After the vesting of 1,833 units, the executive held 9,560 restricted stock units, which include awards granted on December 12, 2024 and March 1, 2025 with future vesting dates.

What other equity awards and plan holdings does the BFST executive have?

The executive’s holdings include 3,776 shares of unvested restricted stock granted on February 1, 2024, vesting on March 31, 2026, plus 4,000 shares of common stock in an investment retirement account and 401(k) employer stock fund units equivalent to approximately 14,993 shares.

What is the b1BANK Deferred Compensation Plan mentioned in the BFST insider filing?

Under the b1BANK Deferred Compensation Plan, the executive has irrevocably elected to defer the vested securities. The executive will receive a lump sum cash distribution equal to the deferred vested securities, plus any earnings or losses, on the first business day following the month in which separation of service, death, or disability occurs.

What role does the reporting person hold at Business First Bancshares (BFST)?

The reporting person serves as an officer of Business First Bancshares, Inc., with the title EVP & CBO of b1Bank.