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

Rhea-AI Filing Summary

Business First Bancshares, Inc. officer Norman Jerome Vascocu Jr., President of b1Bank, reported equity compensation activity on December 12, 2025. He acquired 2,526 shares of common stock through the vesting and settlement of restricted stock units, then disposed of 2,526 shares at $27.71 per share in connection with an election under the b1BANK Deferred Compensation Plan to receive future cash payments instead of holding the stock.

Following these transactions, he beneficially owns 23,195 shares of common stock directly and 13,178 time-based restricted stock units subject to multi-year vesting schedules extending through March 31, 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^*

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)
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		2,526	A	(2)	25,721(1)	D
COMMON STOCK	12/12/2025		D		2,526(4)	D	$27.71	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)	12/12/2025		M			2,526	(2)	(2)	Common Stock	2,526	(2)	13,178(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 7,657 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) 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; and (b) 8,047 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 2,655 shares will vest on March 1, 2026, 2,655 shares will vest on March 1, 2027, and the remaining 2,737 shares will vest on March 1, 2028.

4. 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.

	/s/ Heather Roemer, as attorney-in-fact for Norman Jerome Vascocu, Jr.	12/16/2025
	** Signature of Reporting Person	Date
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