[Form 4] Business First Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Business First Bancshares, Inc. executive vice president and CFO Gregory Robertson reported equity transactions dated 12/12/2025. One line item shows 1,833 shares of common stock associated with a transaction coded “M,” and another shows 502 shares of common stock disposed of in a transaction coded “F” at $27.71 per share. After these transactions, he directly owns 69,166 shares of common stock.

The filing notes that this direct holding includes 3,776 shares of unvested restricted stock granted on February 1, 2024, scheduled to vest on March 31, 2026 and subject to forfeiture under certain conditions. Robertson also beneficially owns 9,560 time‑based restricted stock units, reflecting grants made on December 12, 2024 and March 1, 2025, with tranches scheduled to vest between 2026 and 2028.

Insider Trade Summary

1,833 shares exercised/converted

Mixed 3 txns

Insider ROBERTSON GREG

Role EVP and CFO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,833	$0.00	--
Exercise	COMMON STOCK	1,833	$0.00	--
Tax Withholding	COMMON STOCK	502	$27.71	$14K

Holdings After Transaction: Restricted Stock Units — 9,560 shares (Direct); COMMON STOCK — 69,668 shares (Direct)

Footnotes (1)

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. The reporting person received an award of 5,555 time-based restricted stock units granted on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date. Includes: (a) 3,722 time-based restricted stock units granted on December 12, 2024, of which 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

ROBERTSON GREG

(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 and CFO

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	(2)	69,668(1)	D
COMMON STOCK	12/12/2025		F		502	D	$27.71	69,166(1)	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	(2)	12/12/2025		M			1,833	(2)	(2)	Common Stock	1,833	(2)	9,560(3)	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. The reporting person received an award of 5,555 time-based restricted stock units granted on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

3. Includes: (a) 3,722 time-based restricted stock units granted on December 12, 2024, of which 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based 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.

	/s/ Heather Roemer, as attorney-in-fact for Gregory Robertson	12/16/2025
	** 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).
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