What other equity interests related to BFST does the CEO have according to the Form 4 footnotes?

Footnotes state his holdings include unvested restricted stock granted February 1, 2024, units in the employer stock fund under the 401(k) plan equivalent to about 13,786 shares, and 96,288 pledged common shares, in addition to his directly held stock and restricted stock units.

Business First Bancshares (BFST) CEO reports new RSUs and share disposition

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. reported that President and CEO David R. Melville III had multiple equity-related transactions. On March 2, 2026, he received grants of 3,280 and 13,121 time-based restricted stock units, which will vest in installments from 2027 through 2029.

On March 1, 2026, 5,376 restricted stock units were exercised into the same number of common shares, followed by a disposition of 5,376 common shares to the issuer at $27.30 per share. After these transactions, he directly held 213,181 shares of common stock and 37,346 restricted stock units, some of which are deferred under the b1BANK Deferred Compensation Plan.

Insider Trade Summary

5,376 shares exercised/converted

Mixed 5 txns

Insider MELVILLE DAVID R. III

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	3,280	$0.00	--
Grant/Award	Restricted Stock Units	13,121	$0.00	--
Exercise	Restricted Stock Units	5,376	$0.00	--
Exercise	COMMON STOCK	5,376	$0.00	--
Disposition	COMMON STOCK	5,376	$27.30	$147K

Holdings After Transaction: Restricted Stock Units — 24,225 shares (Direct); COMMON STOCK — 218,557 shares (Direct)

Footnotes (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 16,293 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. These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on March 1, 2025. 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. Reflects the grant of 3,280 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,093 shares will vest on March 2, 2027, 1,093 shares will vest on March 2, 2028, and the remaining 1,094 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. Reflects the grant of 13,121 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 4,373 shares will vest on March 2, 2027, 4,373 shares will vest on March 2, 2028, and the remaining 4,375 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, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs. 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; (b) 10,917 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) 3,280 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; and (d) 13,121 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.

Form 4 Insider Transactions: What Each Field Means →

03/03/2026 - 06:51 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^*

MELVILLE DAVID R. III

(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)

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

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		5,376	A	⁽³⁾	218,557⁽¹⁾⁽²⁾	D
COMMON STOCK	03/01/2026		D		5,376⁽⁴⁾	D	$27.3	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)
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			5,376	⁽³⁾	⁽³⁾	Common Stock	5,376	⁽³⁾	20,945	D
Restricted Stock Units	$0	03/02/2026		A		3,280⁽⁵⁾		⁽⁵⁾	⁽⁵⁾	Common Stock	3,280	⁽⁵⁾	24,225	D
Restricted Stock Units	$0	03/02/2026		A		13,121⁽⁶⁾		⁽⁶⁾	⁽⁶⁾	Common Stock	13,121	⁽⁶⁾	37,346⁽⁷⁾	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 16,293 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. These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on March 1, 2025. 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.

5. Reflects the grant of 3,280 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,093 shares will vest on March 2, 2027, 1,093 shares will vest on March 2, 2028, and the remaining 1,094 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.

6. Reflects the grant of 13,121 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 4,373 shares will vest on March 2, 2027, 4,373 shares will vest on March 2, 2028, and the remaining 4,375 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, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

7. 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; (b) 10,917 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) 3,280 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; and (d) 13,121 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 David R. Melville III	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 insider transactions did BFST CEO David R. Melville III report?

He reported RSU grants, an RSU vesting, and a related share disposition. On March 1–2, 2026, he received new restricted stock unit awards, exercised 5,376 units into common shares, and disposed of 5,376 common shares to the issuer at $27.30 per share.

How many restricted stock units were granted to the BFST CEO in March 2026?

He received 3,280 and 13,121 time-based restricted stock units on March 2, 2026. These RSUs vest in three annual installments, with each unit economically equivalent to one share of Business First Bancshares common stock, creating a long-term, performance-linked compensation structure.

What is the vesting schedule for David Melville’s March 2, 2026 BFST RSU awards?

The 3,280 RSUs vest 1,093, 1,093, and 1,094 shares in 2027, 2028, and 2029. The 13,121 RSUs vest 4,373, 4,373, and 4,375 shares in those same years, aligning compensation with multi-year company performance and retention objectives.

How many BFST common shares does the CEO hold after these Form 4 transactions?

After the reported transactions, he directly holds 213,181 common shares. He also holds 37,346 time-based restricted stock units, plus additional interests noted in footnotes, such as unvested restricted stock and employer stock fund units in the company’s 401(k) plan.

At what price were BFST shares disposed of by the CEO on March 1, 2026?

He disposed of 5,376 shares of common stock to the issuer at $27.30 per share. This disposition followed the exercise of an equal number of restricted stock units and is coded as a disposition to the issuer, not an open-market sale transaction.

How does the BFST Deferred Compensation Plan affect the CEO’s RSU awards?

Some vested RSUs are deferred into the b1BANK Deferred Compensation Plan. Instead of receiving shares, he will get a lump-sum cash payment equal to the deferred vested securities plus earnings or losses after separation from service, death, or disability, as described in the plan.