Business First director awarded 998 RSUs

Cummings George W. III reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 06/29/2026 - 06:17 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Cummings George W. III reported acquisition or exercise transactions in this Form 4 filing.

Business First Bancshares director Cummings George W. III received a grant of 998 time-based restricted stock units (RSUs). The RSUs were awarded under the 2024 Equity Incentive Plan and will fully vest on June 25, 2027, with each RSU economically equivalent to one share of common stock, subject to forfeiture conditions.

Following this filing, he holds 261,180 shares of common stock directly, including 223,669 pledged shares, and 3,911 shares indirectly through his spouse.

Insider Trade Summary

Grant/Award: 998 shares

Grant/Award 1 txn

Insider Cummings George W. III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	998	$0.00	$0.00
Holding	COMMON STOCK	--	--	--
Holding	COMMON STOCK	--	--	--

Holdings After Transaction: Restricted Stock Units — 998 contracts (Direct); COMMON STOCK — 261,180 shares (Direct); COMMON STOCK — 3,911 shares (Indirect, By Spouse)

Footnotes (2)

1. F1. Reflects the grant of time-based restricted stock units to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 25, 2026. The time-based restricted stock units will fully vest on June 25, 2027. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.
2. F2. Includes 223,669 pledged shares of common stock of the issuer.

Key Figures

RSU grant: 998 units RSU vesting date: June 25, 2027 Direct common shares: 261,180 shares +2 more

5 metrics

RSU grant 998 units Time-based restricted stock units granted June 25, 2026

RSU vesting date June 25, 2027 Full vesting date for the 998 time-based RSUs

Direct common shares 261,180 shares Direct BFST common stock holdings following the reported transactions

Indirect common shares 3,911 shares Indirect BFST holdings, owned by spouse

Pledged shares 223,669 shares Portion of direct BFST common stock reported as pledged

Key Terms

Restricted Stock Units, time-based restricted stock units, 2024 Equity Incentive Plan, pledged shares

4 terms

Restricted Stock Units financial

"Reflects the grant of time-based restricted stock units to the reporting person"

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

"The time-based restricted stock units will fully vest on June 25, 2027."

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.

2024 Equity Incentive Plan financial

"under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 25, 2026."

pledged shares financial

"Includes 223,669 pledged shares of common stock of the issuer."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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^*

Cummings George W. III

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2026

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)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK								261,180(2)	D
COMMON STOCK								3,911	I	By Spouse

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	$0	06/25/2026		A		998		(1)	(1)	Common Stock	998	(1)	998	D

Explanation of Responses:

1. Reflects the grant of time-based restricted stock units to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 25, 2026. The time-based restricted stock units will fully vest on June 25, 2027. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

2. Includes 223,669 pledged shares of common stock of the issuer.

	/s/ Heather Roemer, as attorney-in-fact for George W. Cummings III	06/29/2026
	** 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)