[Form 4] Business First Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Patrick E. Mockler, a director of Business First Bancshares, Inc. (BFST), reported transactions dated 08/18/2025. The filing shows a disposition of 32,142.5 shares of the issuer's common stock and an acquisition of 30,888.472 shares reported at $0, reflected as indirectly owned through the Rita Gardner Mockler Estate account, of which Mockler is executor and for which he disclaims beneficial ownership except to the extent of any pecuniary interest. The report also discloses 1,016 time-based restricted stock units granted on June 26, 2025 under the 2024 Equity Incentive Plan; those RSUs are unvested, will fully vest on June 26, 2026, are economically equivalent to one share each, and are subject to forfeiture under certain conditions. The form is signed by an attorney-in-fact on behalf of Mockler.

Positive

• Full disclosure of transactions including estate-held shares, sale quantity, and RSU grant provides transparency.
• RSU grant terms are specified: 1,016 units, granted 06/26/2025, vesting 06/26/2026, economically equivalent to one share each.

Negative

• Disposition of 32,142.5 shares could be perceived as a significant insider sale; filing does not state sale proceeds or price in detail.
• Beneficial ownership disclaimed for the estate account, which may limit clarity about actual economic interests other than the noted pecuniary interest.

Insights

Corporate Governance Expert

TL;DR: Director executed a mix of disposition, inherited indirect holdings, and received time‑based RSUs; disclosure clarifies executor role.

The Form 4 shows three distinct items: a reported disposition of 32,142.5 common shares, the reporting of 30,888.472 shares held indirectly by the Rita Gardner Mockler Estate (acquired at $0 per the filing and described as inherited), and grant of 1,016 RSUs that vest on June 26, 2026. The filing appropriately discloses the reporting person’s role as executor and includes a disclaimer of beneficial ownership of estate assets except for any pecuniary interest. From a governance perspective, such filings are routine for insider transitions tied to estate matters and equity compensation, and they provide transparency on related-party holdings and potential future vesting dilution from RSUs.

Securities Analyst

TL;DR: Transaction mix includes a sizable sale, an inherited indirect position, and 1,016 RSUs that will convert to common shares if vested.

The Form 4 documents a disposition of 32,142.5 shares and an indirect holding of 30,888.472 shares reported via the Rita Gardner Mockler Estate account; the estate holdings are described as acquired by inheritance. Separately, the reporting person received 1,016 time‑based RSUs (granted 6/26/2025) that vest 6/26/2026 and are economically equivalent to common shares but subject to forfeiture. For investors, the filing clarifies potential short‑term dilution from the RSUs and ownership structure due to estate holdings; it does not include price or proceeds for the disposition beyond the reported figures and inheritance notation.

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
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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^*

MOCKLER PATRICK E.

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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								32,142.5	D
COMMON STOCK	08/18/2025		W	V	30,888.472	A	$0(1)	30,888.472	I	By: Rita Gardner Mockler Estate Account(2)

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	$0.0000							(3)	(3)	Common Stock	1,016		1,016	D

Explanation of Responses:

1. Shares acquired by inheritance.

2. Represents the holdings of the Rita Gardner Mockler Estate account, of which the reporting person is the executor. The reporting person disclaims beneficial ownership of the common stock held by the Rita Garnder Mockler Estate account except to the extent of his pecuniary interest therein.

3. The time-based restricted stock units were granted to the reporting person on June 26, 2025 under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. The time-based restricted stock units will fully vest on June 26, 2026. 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.

	/s/ Heather Roemer, as attorney-in-fact for Patrick E. Mockler	08/20/2025
	** 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

What transactions did BFST insider Patrick E. Mockler report on Form 4?

The Form 4 reports a disposition of 32,142.5 common shares, an indirect holding of 30,888.472 shares reported via the Rita Gardner Mockler Estate (acquired by inheritance), and a grant of 1,016 RSUs.

Are the 1,016 RSUs for BFST vested immediately?

No. The RSUs were granted on June 26, 2025 and will fully vest on June 26, 2026; they are subject to forfeiture under certain conditions.

Does Patrick Mockler claim beneficial ownership of the estate shares reported for BFST?

The filing states Mockler is the executor of the Rita Gardner Mockler Estate account and disclaims beneficial ownership

When were the reported transactions dated on the BFST Form 4?

The transactions are dated 08/18/2025 and the Form 4 bears a signature date of 08/20/2025 by an attorney-in-fact.

How many shares are economically represented by the RSUs reported by BFST insider?

Each RSU is economically equivalent to one share, so the grant represents 1,016 potential common shares