Why is the 1,600-share transaction on BFST stock labeled as tax withholding?

The transaction uses code F , described as “payment of exercise price or tax liability by delivering securities.” This means 1,600 BFST shares were surrendered at $27.04 per share to satisfy tax obligations associated with equity awards, instead of paying cash.

BFST (BFST) bank president has 1,600 shares withheld for tax obligations

Q: What insider transaction did BFST executive Norman Vascocu report on this Form 4?

The filing shows 1,600 BFST common shares were withheld at $27.04 per share to satisfy tax obligations. This is a tax-withholding disposition , not an open-market purchase or sale, tied to his existing equity awards and compensation.

Q: What Restricted Stock Units (RSUs) in BFST does Norman Vascocu own?

He holds 18,409 Restricted Stock Units tied to BFST common stock. These RSUs represent future share delivery and are subject to time-based vesting schedules, with installments vesting on specified anniversaries of the respective grant dates described in the footnote.

Q: How are Norman Vascocu’s BFST RSUs scheduled to vest over time?

The RSUs include grants from December 12, 2024 , March 1, 2025 , and March 2, 2026 . They vest in substantially equal installments over two or three years, beginning on the first, second, or third anniversaries of each issue date, subject to continued service conditions.

Q: Does this BFST Form 4 show any open-market buying or selling by Norman Vascocu?

The disclosed transaction is a tax-withholding disposition of 1,600 shares at $27.04 , used to cover tax liabilities. The data do not show open-market purchases or sales; it reflects a compensation-related withholding mechanism rather than discretionary trading activity.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. President of b1Bank Norman Jerome Vascocu Jr reported a Form 4 showing a tax-related share disposition and his current equity holdings. On March 31, 2026, 1,600 shares of common stock were withheld at $27.04 per share to cover tax obligations, not as an open-market sale.

After this tax-withholding disposition, he directly owned 21,595 shares of common stock. He also held 18,409 Restricted Stock Units (RSUs) tied to common stock, which will vest in installments over future years under previously granted time-based awards.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Vascocu Norman Jerome Jr

Role President of b1Bank

Type	Security	Shares	Price	Value
Tax Withholding	COMMON STOCK	1,600	$27.04	$43K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: COMMON STOCK — 21,595 shares (Direct); Restricted Stock Units — 18,409 shares (Direct)

Footnotes (1)

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Key Figures

Tax-withheld shares: 1,600 shares Tax-withholding price: $27.04 per share Shares held after transaction: 21,595 shares +5 more

8 metrics

Tax-withheld shares 1,600 shares Common stock withheld for taxes at $27.04 on March 31, 2026

Tax-withholding price $27.04 per share Value used for 1,600-share tax-withholding disposition

Shares held after transaction 21,595 shares Direct BFST common stock ownership following tax withholding

Restricted Stock Units held 18,409 RSUs RSUs convertible into BFST common stock, vesting over future years

RSUs granted Dec. 12, 2024 5,131 RSUs Time-based RSUs vesting in two equal installments on 2nd and 3rd anniversaries

RSUs granted Mar. 1, 2025 5,392 RSUs Time-based RSUs vesting in two equal installments on 2nd and 3rd anniversaries

RSUs granted Mar. 2, 2026 (1) 1,577 RSUs Time-based RSUs vesting in three equal installments on 1st–3rd anniversaries

RSUs granted Mar. 2, 2026 (2) 6,309 RSUs Time-based RSUs vesting in three equal installments on 1st–3rd anniversaries

Key Terms

Restricted Stock Units, time-based restricted stock units, tax-withholding disposition, vesting, +1 more

5 terms

Restricted Stock Units financial

"The filing lists “Restricted Stock Units” with 18,409 underlying common shares."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

time-based restricted stock units financial

"Includes: (a) 5,131 time-based restricted stock units granted to the reporting person..."

Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.

tax-withholding disposition financial

"transaction_action is described as a tax-withholding disposition of 1,600 common shares."

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

vesting financial

"These RSUs will vest in substantially equal installments on specified anniversaries of the issue dates."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

exercise price or tax liability by delivering securities financial

"Transaction code F is described as payment of exercise price or tax liability by delivering securities."

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:09 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^*

Vascocu Norman Jerome Jr

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

LOUISIANA

70801

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/31/2026		F		1,600	D	$27.04	21,595	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	$0.0000							⁽¹⁾	⁽¹⁾	Common Stock	18,409		18,409⁽¹⁾	D

Explanation of Responses:

1. 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.	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BFST executive Norman Vascocu report on this Form 4?

The filing shows 1,600 BFST common shares were withheld at $27.04 per share to satisfy tax obligations. This is a tax-withholding disposition, not an open-market purchase or sale, tied to his existing equity awards and compensation.

How many BFST shares does Norman Vascocu hold after the reported transaction?

Following the tax-withholding disposition, Norman Vascocu directly holds 21,595 shares of BFST common stock. This reflects his post-transaction ownership position as reported, providing context for the scale of the tax-related share withholding on March 31, 2026.

What Restricted Stock Units (RSUs) in BFST does Norman Vascocu own?

He holds 18,409 Restricted Stock Units tied to BFST common stock. These RSUs represent future share delivery and are subject to time-based vesting schedules, with installments vesting on specified anniversaries of the respective grant dates described in the footnote.

How are Norman Vascocu’s BFST RSUs scheduled to vest over time?

The RSUs include grants from December 12, 2024, March 1, 2025, and March 2, 2026. They vest in substantially equal installments over two or three years, beginning on the first, second, or third anniversaries of each issue date, subject to continued service conditions.

Does this BFST Form 4 show any open-market buying or selling by Norman Vascocu?

The disclosed transaction is a tax-withholding disposition of 1,600 shares at $27.04, used to cover tax liabilities. The data do not show open-market purchases or sales; it reflects a compensation-related withholding mechanism rather than discretionary trading activity.