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

Rhea-AI Filing Summary

Insider sale reported: Saundra Strong, Executive Vice President & General Counsel of Business First Bancshares, Inc. (BFST), sold 2,363 shares of the company's common stock at a weighted average price of $25.38, executed on 08/22/2025. After the sale she beneficially owns 5,997 shares directly. The filing also reports ownership of 7,908 restricted stock units that convert to common stock on future vesting dates: 3,856 RSUs granted 12/12/2024 vesting through 2027, and 4,052 RSUs granted 03/01/2025 vesting through 2028. Additionally, 2,732 shares of unvested restricted stock (granted 02/01/2024) remain subject to forfeiture and vest on 03/31/2026.

Positive

• Transparent disclosure of sale details and weighted average sale price
• Substantial retained equity via 7,908 restricted stock units and 2,732 unvested restricted shares
• Detailed vesting schedules provided for RSUs and restricted stock, clarifying future dilution/timing

Negative

• Insider sale of 2,363 shares reduces direct ownership to 5,997 shares
• Some shares remain subject to forfeiture, indicating contingent ownership until vesting conditions are met

Insights

Securities Analyst

TL;DR: Insider sold a modest block of shares while retaining several thousand restricted stock units and unvested shares.

The reported sale of 2,363 common shares at a weighted average of $25.38 reduces the reporting person's direct holdings to 5,997 shares. The filing discloses significant remaining exposure via 7,908 RSUs and 2,732 unvested restricted shares with specified vesting schedules through 2028. This pattern—partial sale alongside substantial unvested awards—is common for executives who diversify while maintaining incentive alignment.

Corporate Governance Expert

TL;DR: Transaction is a routine insider disposition with clear disclosure of vesting schedules and forfeiture conditions.

The Form 4 includes explicit details on vesting dates and forfeiture conditions for restricted stock and RSUs, improving transparency for shareholders. The reporting person continues to hold both direct shares and time-based equity awards that vest over multiple years, indicating ongoing alignment with long-term compensation structure. No information in the filing indicates an amendment or exception to grant terms.

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^*

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)
08/22/2025

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	08/22/2025		S		2,363	D	$25.38(1)	5,997(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0.0000							(3)	(3)	Common Stock	0		7,908(3)	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $25.34 to $25.41. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. 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.

3. Includes: (a) 3,856 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2025, 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	08/25/2025
	** 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.
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.

FAQ

What did Saundra Strong report on the Form 4 for BFST?

The Form 4 reports a sale of 2,363 common shares at a weighted average price of $25.38, leaving 5,997 shares beneficially owned directly, plus 7,908 RSUs and 2,732 unvested restricted shares.

How many restricted stock units does the reporting person hold?

The filing shows 7,908 RSUs in total: 3,856 granted 12/12/2024 (vesting 2025–2027) and 4,052 granted 03/01/2025 (vesting 2026–2028).

What price did the insider receive for the sold shares?

The sale was executed in multiple trades at prices ranging from $25.34 to $25.41; the reported weighted average price is $25.38.

Are any of the reported shares subject to forfeiture?

Yes. The filing states 2,732 shares of restricted stock granted on 02/01/2024 are unvested and subject to forfeiture until their vesting on 03/31/2026 under the grant terms.

Did the filing indicate whether the sale was part of a Rule 10b5-1 plan?

The Form 4 includes the standard checkbox language, but the filing does not state that the transaction was executed pursuant to a Rule 10b5-1 plan.