Business First Bancshares (NASDAQ: BFST) details RSU grants and deferrals

Rhea-AI Filing Summary

Business First Bancshares, Inc. reported multiple equity-related transactions by Norman Jerome Vascocu Jr., President of b1Bank. On March 2, 2026, he received grants of 1,577 and 6,309 time-based restricted stock units, each economically equivalent to one share of common stock and vesting in three annual installments beginning March 2, 2027.

On March 1, 2026, 2,655 restricted stock units were exercised into 2,655 shares of common stock, followed by a disposition of 2,655 common shares to the issuer at $27.30 per share. Certain awards are deferred into the b1BANK Deferred Compensation Plan, with future cash paid over 10 years after separation from service.

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^*

Vascocu Norman Jerome Jr

(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)
	President of b1Bank

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		M		2,655	A	(2)	25,850(1)	D
COMMON STOCK	03/01/2026		D		2,655(3)	D	$27.3	23,195(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)	03/01/2026		M			2,655	(2)	(2)	Common Stock	2,655	(2)	10,523	D
Restricted Stock Units	$0	03/02/2026		A		1,577(4)		(4)	(4)	Common Stock	1,577	(4)	12,100	D
Restricted Stock Units	$0	03/02/2026		A		6,309(5)		(5)	(5)	Common Stock	6,309	(5)	18,409(6)	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 8,047 time-based restricted stock units on March 1, 2025, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

3. 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 has elected to received cash in an amount equal to the vested securities under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, distributed in equal annual installments over a 10-year period commencing on the first business day of the month following the month in with the reporting person's separation of service occurs.

4. Reflects the grant of 1,577 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 525 shares will vest on March 2, 2027, 525 shares will vest on March 2, 2028, and the remaining 527 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer.

5. Reflects the grant of 6,309 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 2,103 shares will vest on March 2, 2027, 2,103 shares will vest on March 2, 2028, and the remaining 2,103 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. The reporting person has irrevocably elected to defer the reported securities under 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, distributed in equal annual installments over a 10-year period commencing on the first business day of the month following the month in which the reporting person's separation of service occurs.

6. Includes: (a) 5,131 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; (b) 5,392 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (c) 1,577 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issue date; and (d) 6,309 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issue date.

	/s/ Heather Roemer, as attorney-in-fact for Norman Jerome Vascocu, Jr.	03/03/2026
	** 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 transactions did BFST’s Norman Jerome Vascocu Jr report?

He reported RSU grants and related stock movements. On March 2, 2026, he received 1,577 and 6,309 restricted stock units. On March 1, 2026, 2,655 units were exercised into common stock, then 2,655 shares were disposed to the issuer at $27.30 per share.

How do the new RSU grants for BFST’s bank president vest?

The RSUs vest in equal annual installments. The 1,577-unit grant vests 525, 525, and 527 units in 2027, 2028, and 2029. The 6,309-unit grant vests 2,103 units in each of 2027, 2028, and 2029, subject to the grant terms.

How is the BFST Deferred Compensation Plan used in these Form 4 transactions?

Some vested RSUs are deferred into the b1BANK Deferred Compensation Plan. Under the plan, the executive elects to receive cash equal to the deferred vested securities, plus investment gains or losses, paid in equal annual installments over 10 years after separation from service.

What stock price was used in the BFST insider share disposition?

The disposition to the issuer used a price of $27.30 per share. On March 1, 2026, 2,655 common shares were transferred back to Business First Bancshares, Inc. at this stated price, as part of the reported non-derivative transaction.

What securities does Norman Jerome Vascocu Jr hold after these BFST transactions?

Post-transactions, he directly holds common stock and multiple RSU awards. Totals reported include 18,409 restricted stock units after the March 2, 2026 grants and 23,195 shares of common stock following the March 1, 2026 disposition back to the issuer.