Business First Bancshares (BFST) CEO defers 4,938 vested shares into plan

Rhea-AI Filing Summary

Business First Bancshares President and CEO David R. Melville III, who also serves as a director, reported the vesting of 4,938 restricted stock units into common stock on December 12, 2025. He then deferred the resulting 4,938 shares, reported as a disposition at $27.71 per share, into the company’s b1BANK Deferred Compensation Plan. After these transactions, he directly beneficially owned 213,181 shares of common stock, which include unvested restricted stock, units held through the 401(k) plan, and pledged shares.

Insider Trade Summary

4,938 shares exercised/converted

Mixed 3 txns

Insider MELVILLE DAVID R. III

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	4,938	$0.00	--
Exercise	COMMON STOCK	4,938	$0.00	--
Disposition	COMMON STOCK	4,938	$27.71	$137K

Holdings After Transaction: Restricted Stock Units — 26,321 shares (Direct); COMMON STOCK — 218,119 shares (Direct)

Footnotes (1)

1. Includes 10,103 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 units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer. The reporting person received an award of 14,966 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. Includes: (a) 10,028 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) 16,293 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 5,376 shares will vest on March 1, 2026, 5,376 shares will vest on March 1, 2027, and the remaining 5,541 shares will vest on March 1, 2028. 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 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, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

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^*

MELVILLE DAVID R. III

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		4,938	A	(3)	218,119(1)(2)	D
COMMON STOCK	12/12/2025		D		4,938(5)	D	$27.71	213,181(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	12/12/2025		M			4,938	(3)	(3)	Common Stock	4,938	(3)	26,321(4)	D

Explanation of Responses:

1. Includes 10,103 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 units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer.

3. The reporting person received an award of 14,966 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.

4. Includes: (a) 10,028 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) 16,293 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 5,376 shares will vest on March 1, 2026, 5,376 shares will vest on March 1, 2027, and the remaining 5,541 shares will vest on March 1, 2028.

5. 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 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, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

	/s/ Heather Roemer, as attorney-in-fact for David R. Melville III	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).
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.

FAQ

What insider transaction did Business First Bancshares (BFST) report for its CEO?

David R. Melville III, President, CEO and director of Business First Bancshares, reported the vesting of 4,938 restricted stock units into common stock on December 12, 2025, followed by a disposition of 4,938 shares into a deferred compensation plan.

How many Business First Bancshares (BFST) shares were involved in the CEO’s latest Form 4?

The filing shows 4,938 restricted stock units converted into common stock and a corresponding 4,938-share disposition, both dated December 12, 2025.

At what price were the Business First Bancshares (BFST) shares valued in the reported disposition?

The 4,938 shares reported as disposed of in connection with the deferred compensation plan were valued at $27.71 per share.

How many Business First Bancshares (BFST) shares does the CEO beneficially own after this transaction?

After the reported transactions, David R. Melville III beneficially owned 213,181 shares of common stock in direct ownership.

What types of equity awards and holdings are included in the CEO’s Business First Bancshares (BFST) ownership?

His reported holdings include unvested restricted stock, units of the employer stock fund through the 401(k) plan equivalent to approximately 13,786 shares, and 96,288 pledged shares of common stock.

How does the deferred compensation plan affect the CEO’s Business First Bancshares (BFST) shares?

The CEO irrevocably elected to defer the vested securities under the b1BANK Deferred Compensation Plan and will receive a lump-sum cash distribution equal to the deferred securities’ value, plus earnings or losses, after separation of service, death, or disability.