What does the 1,016-share BFST RSU transaction represent in Patrick E. Mockler’s Form 4?

The 1,016-share transaction represents the exercise or conversion of previously granted time-based restricted stock units into 1,016 shares of Business First Bancshares common stock, classified as a derivative exercise rather than an open-market purchase.

BFST (BFST) director Mockler exercises 1,016 RSUs and receives 998-unit equity grant

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. director Patrick E. Mockler reported routine equity compensation and an option-like conversion. He received an award of 998 time-based restricted stock unitsJune 25, 2026, which fully vest on June 25, 2027. On June 26, 2026, he exercised 1,016 RSUs into the same number of common shares at a stated price of $0.00 per share, increasing his directly held common stock to 33,158.5 shares. He also reports 30,888.472 common shares held indirectly through the Rita Gardner Mockler Estate account, where he serves as executor and disclaims beneficial ownership except for any pecuniary interest.

Insider Trade Summary

1,016 shares exercised/converted

Mixed 4 txns

Insider MOCKLER PATRICK E.

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	1,016	$0.00	--
Exercise	COMMON STOCK	1,016	$0.00	--
Grant/Award	Restricted Stock Units	998	$0.00	--
holding	COMMON STOCK	--	--	--

Holdings After Transaction: Restricted Stock Units — 998 shares (Direct, null); COMMON STOCK — 33,158.5 shares (Direct, null); COMMON STOCK — 30,888.472 shares (Indirect, By: Rita Gardner Mockler Estate Account)

Footnotes (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. The reporting person received an award of 1,016 time-based restricted stock units on June 26, 2025, vesting on the first anniversary of the issuance date. 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.

Key Figures

RSUs granted: 998 units RSUs exercised: 1,016 units Direct common stock holding: 33,158.5 shares +3 more

6 metrics

RSUs granted 998 units Time-based restricted stock units granted on June 25, 2026

RSUs exercised 1,016 units RSUs converted into common stock on June 26, 2026

Direct common stock holding 33,158.5 shares Shares directly held after June 26, 2026 transactions

Indirect estate holdings 30,888.472 shares Common stock in Rita Gardner Mockler Estate account

RSU vesting date June 25, 2027 Full vesting date for 998-unit RSU grant

RSU exercise price $0.00 per unit Stated conversion price for RSU transactions

Key Terms

time-based restricted stock units, 2024 Equity Incentive Plan, pecuniary interest, beneficial ownership, +1 more

5 terms

time-based restricted stock units financial

"Reflects the grant of time-based restricted stock units to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"

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

"Reflects the grant of time-based restricted stock units to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"

pecuniary interest financial

"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"

beneficial ownership financial

"The reporting person disclaims beneficial ownership of the common stock held by the Rita Garnder Mockler Estate account"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

executor financial

"Represents the holdings of the Rita Gardner Mockler Estate account, of which the reporting person is the executor"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 06:21 PM Accepted by SEC EDGAR 06/29/2026 - 06:20 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^*

MOCKLER PATRICK E.

(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)
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	06/26/2026		M		1,016	A	⁽²⁾	33,158.5	D
COMMON STOCK								30,888.472	I	By: Rita Gardner Mockler Estate Account⁽³⁾

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	$0	06/25/2026		A		998		⁽¹⁾	⁽¹⁾	Common Stock	998	⁽¹⁾	2,014	D
Restricted Stock Units	⁽²⁾	06/26/2026		M			1,016	⁽²⁾	⁽²⁾	Common Stock	1,016	⁽²⁾	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. The reporting person received an award of 1,016 time-based restricted stock units on June 26, 2025, vesting on the first anniversary of the issuance date.

3. 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.

	/s/ Heather Roemer, as attorney-in-fact for Patrick E. Mockler	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did BFST director Patrick E. Mockler report?

Patrick E. Mockler reported routine equity compensation activity, including the grant of 998 time-based restricted stock units and the exercise of 1,016 restricted stock units into common stock at a stated price of $0.00 per share.

How many Business First Bancshares (BFST) shares does Patrick E. Mockler hold after these transactions?

After the reported transactions, Patrick E. Mockler directly holds 33,158.5 shares of Business First Bancshares common stock, plus an indirect position of 30,888.472 shares in an estate account where he serves as executor.

What are the key terms of Patrick E. Mockler’s new BFST restricted stock units?

Mockler received 998 time-based restricted stock units on June 25, 2026 under the 2024 Equity Incentive Plan. These RSUs fully vest on June 25, 2027 and are subject to forfeiture upon certain events described in the award terms.

How are the Rita Gardner Mockler Estate account holdings reported in this BFST Form 4?

The Form 4 shows 30,888.472 BFST common shares held by the Rita Gardner Mockler Estate account. Mockler is the executor and disclaims beneficial ownership of these shares except to the extent of his pecuniary interest in the estate.

Are Patrick E. Mockler’s BFST transactions open-market buys or sales?

The reported transactions are not open-market buys or sales. They consist of a grant of 998 restricted stock units and the exercise of 1,016 previously granted RSUs into common stock, both categorized as derivative-related acquisitions.