Why did Keith Mansfield dispose of BFST shares at $27.30 per share?

Keith Mansfield disposed of 676 shares of Business First Bancshares common stock at $27.30 per share to satisfy tax withholding obligations. The transaction is coded as “F,” meaning shares were delivered to cover the exercise price or tax liabilities, not sold in an open-market trade.

What are Keith Mansfield’s Business First Bancshares share holdings after these Form 4 transactions?

Following the reported transactions, Keith Mansfield directly holds 82,663 shares of Business First Bancshares common stock. He also holds 13,374 restricted stock units, including grants from December 12, 2024, March 1, 2025, and March 2, 2026, all subject to future vesting schedules.

BFST (BFST) COO Keith Mansfield granted 5,740 RSUs and disposes shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares EVP & COO of b1Bank Keith Mansfield reported multiple equity transactions in company stock and restricted stock units. On March 2, 2026, he received a grant of 5,740 time-based restricted stock units, which will vest in three annual installments from March 2, 2027 through March 2, 2029.

On March 1, 2026, he exercised 1,926 restricted stock units into an equal number of common shares at no cash cost and disposed of 676 common shares at $27.30 per share to satisfy tax withholding. After these transactions, he directly held 82,663 common shares and 13,374 restricted stock units.

Insider Trade Summary

1,926 shares exercised/converted

Mixed 4 txns

Insider MANSFIELD KEITH

Role EVP&COO of b1Bank

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	5,740	$0.00	--
Exercise	Restricted Stock Units	1,926	$0.00	--
Exercise	COMMON STOCK	1,926	$0.00	--
Tax Withholding	COMMON STOCK	676	$27.30	$18K

Holdings After Transaction: Restricted Stock Units — 13,374 shares (Direct); COMMON STOCK — 83,339 shares (Direct)

Footnotes (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. Includes 27,000 shares held by the reporting person's investment retirement account. The reporting person received an award of 5,838 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. Reflects the grant of 5,740 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,913 shares will vest on March 2, 2027, 1,913 shares will vest on March 2, 2028, and the remaining 1,914 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. 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; (b) 3,912 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; and (c) 5,740 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 issuance date.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 03/03/2026 - 06:50 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

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^*

MANSFIELD KEITH

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

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&COO 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)
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	03/01/2026		M		1,926	A	⁽³⁾	83,339⁽¹⁾⁽²⁾	D
COMMON STOCK	03/01/2026		F		676	D	$27.3	82,663⁽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)
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	⁽³⁾	03/01/2026		M			1,926	⁽³⁾	⁽³⁾	Common Stock	1,926	⁽³⁾	7,634	D
Restricted Stock Units	$0	03/02/2026		A		5,740⁽⁴⁾		⁽⁴⁾	⁽⁴⁾	Common Stock	5,740	⁽⁴⁾	13,374⁽⁵⁾	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 27,000 shares held by the reporting person's investment retirement account.

3. The reporting person received an award of 5,838 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.

4. Reflects the grant of 5,740 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,913 shares will vest on March 2, 2027, 1,913 shares will vest on March 2, 2028, and the remaining 1,914 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. 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; (b) 3,912 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; and (c) 5,740 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 issuance date.

	/s/ Heather Roemer, as attorney-in-fact for Keith Mansfield	03/03/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What equity award did BFST executive Keith Mansfield receive on March 2, 2026?

Keith Mansfield received 5,740 time-based restricted stock units on March 2, 2026. These RSUs vest in three installments on March 2, 2027, March 2, 2028, and March 2, 2029, each unit economically equivalent to one share of Business First Bancshares common stock.

How many Business First Bancshares (BFST) shares did Keith Mansfield acquire through RSU exercise?

On March 1, 2026, Keith Mansfield acquired 1,926 shares of Business First Bancshares common stock by exercising 1,926 restricted stock units at a price of $0.00 per share. This derivative exercise increased his directly held common stock position as reported in the filing.

How do the new 5,740 BFST restricted stock units vest for Keith Mansfield?

The 5,740 restricted stock units granted to Keith Mansfield on March 2, 2026 vest in three substantially equal annual installments. Specifically, 1,913 units vest on March 2, 2027, another 1,913 on March 2, 2028, and 1,914 units on March 2, 2029, assuming vesting conditions are met.

What other unvested BFST equity awards does Keith Mansfield hold according to the Form 4 footnotes?

Footnotes indicate Keith Mansfield holds several unvested awards, including 3,722 time-based RSUs from December 12, 2024 and 3,912 RSUs from March 1, 2025. These vest in future installments on the second and third anniversaries of their respective issuance dates, subject to forfeiture conditions.