Business First Bancshares (BFST) executive details insider share activity

Rhea-AI Filing Summary

Business First Bancshares executive Kathryn Manning, EVP & Chief Risk Officer, reported equity award activity dated December 12, 2025. 1,179 restricted stock units converted into common stock, while 417 shares were disposed of at $27.71 per share, leaving 16,665 common shares held directly.

Her direct holdings include 2,470 unvested restricted shares granted February 1, 2024 that are scheduled to vest on March 31, 2026 and are subject to forfeiture upon certain events. She also beneficially owns 6,151 time-based restricted stock units that are scheduled to vest in installments from December 12, 2026 through March 1, 2028.

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^*

Manning Kathryn

(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 & Chief Risk Officer

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		1,179	A	(2)	17,082(1)	D
COMMON STOCK	12/12/2025		F		417	D	$27.71	16,665(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			1,179	(2)	(2)	Common Stock	1,179	(2)	6,151(3)	D

Explanation of Responses:

1. Includes 2,470 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 3,574 time-based restricted stock units on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

3. Includes: (a) 2,395 time-based restricted stock units granted on December 12, 2024, of which 1,179 shares will vest on December 12, 2026 and the remaining 1,216 shares will vest on December 12, 2027; and (b) 3,756 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,239 shares will vest on March 1, 2026, 1,239 shares will vest on March 1, 2027, and the remaining 1,278 shares will vest on March 1, 2028.

	/s/ Heather Roemer, as attorney-in-fact for Kathryn Manning	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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** 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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FAQ

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

The report shows that on December 12, 2025, EVP & Chief Risk Officer Kathryn Manning had 1,179 restricted stock units convert into common stock and 417 shares of common stock were disposed of at $27.71 per share.

How many Business First Bancshares shares does Kathryn Manning own after this transaction?

After the reported transactions, Kathryn Manning directly holds 16,665 shares of common stock. This amount includes 2,470 shares of unvested restricted stock subject to future vesting conditions.

What derivative securities are involved in this BFST insider report?

The derivative securities are restricted stock units. A total of 1,179 restricted stock units were converted into common stock, and Manning beneficially owns 6,151 additional time-based restricted stock units after the transaction.

What unvested restricted stock awards does Kathryn Manning hold at Business First Bancshares?

Manning holds 2,470 shares of unvested restricted stock that were granted on February 1, 2024. These shares are scheduled to vest on March 31, 2026 and are subject to forfeiture upon certain events under the grant terms.

What is the vesting schedule for Kathryn Mannings remaining restricted stock units at BFST?

The report states that she beneficially owns 6,151 time-based restricted stock units. These include 2,395 units granted on December 12, 2024, with 1,179 units vesting on December 12, 2026 and 1,216 units vesting on December 12, 2027, plus 3,756 units granted on March 1, 2025, of which 1,239 units vest on March 1, 2026, 1,239 units vest on March 1, 2027, and 1,278 units vest on March 1, 2028.

What is Kathryn Mannings relationship to Business First Bancshares?

The report identifies Kathryn Manning as an officer of Business First Bancshares, serving as EVP & Chief Risk Officer, and the Form 4 is filed by one reporting person.