Business First Bancshares (BFST) executive details stock award and sale

Rhea-AI Filing Summary

Business First Bancshares, Inc. reported insider equity activity by its EVP & General Counsel, Saundra Strong. On December 12, 2025, 1,272 restricted stock units were converted into 1,272 shares of common stock in a transaction coded M.

On the same date, 561 shares of common stock were disposed of at $27.71 per share in a transaction coded F. After these transactions, Strong directly beneficially owned 6,708 shares of common stock, including 2,732 shares of unvested restricted stock scheduled to vest on March 31, 2026, and held 6,636 time-based restricted stock units that are scheduled to vest in installments from 2026 through 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^*

Strong Saundra

(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)
	EVP & General Counsel

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		1,272	A	(2)	7,269(1)	D
COMMON STOCK	12/12/2025		F		561	D	$27.71	6,708(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			1,272	(2)	(2)	Common Stock	1,272	(2)	6,636(3)	D

Explanation of Responses:

1. Includes 2,732 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 3,856 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) 2,584 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2026 and the remaining 1,312 shares will vest on December 12, 2027; and (b) 4,052 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,337 shares will vest on March 1, 2026, 1,337 shares will vest on March 1, 2027, and the remaining 1,378 shares will vest on March 1, 2028.

	/s/ Heather Roemer, as attorney-in-fact for Saundra Strong	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.
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FAQ

Who is the insider in the latest BFST Form 4 filing?

The filing reports transactions by Saundra Strong, who serves as EVP & General Counsel of Business First Bancshares, Inc. (BFST) and is listed as an officer of the issuer.

What equity transactions did Saundra Strong report on December 12, 2025 for BFST?

On December 12, 2025, Strong reported the conversion of 1,272 restricted stock units into 1,272 shares of common stock in a transaction coded M, and the disposal of 561 shares of common stock at $27.71 per share in a transaction coded F.

How many Business First Bancshares (BFST) shares does Saundra Strong own after the reported transactions?

Following the reported transactions, Saundra Strong directly beneficially owned 6,708 shares of common stock, which includes 2,732 shares of unvested restricted stock scheduled to vest on March 31, 2026.

What unvested restricted stock and RSU awards does Saundra Strong hold at BFST?

Strong holds 2,732 shares of unvested restricted stock granted on February 1, 2024 that will vest on March 31, 2026. She also beneficially owns 6,636 time-based restricted stock units, with installments scheduled to vest in 2026, 2027, and 2028 as described in the award schedules.

What is the price associated with the share disposal in the BFST Form 4?

The Form 4 shows that 561 shares of Business First Bancshares common stock were disposed of in a transaction coded F at a price of $27.71 per share.

What RSU grant did Saundra Strong previously receive from Business First Bancshares (BFST)?

The filing notes that Strong received an award of 3,856 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.