Business First Bancshares (BFST) officer details RSU vesting, deferral

Rhea-AI Filing Summary

Business First Bancshares executive Heather G. Roemer, EVP and CAO, reported the vesting and conversion of 1,082 time-based restricted stock units into common stock on December 12, 2025. She elected to defer the vested securities under the b1BANK Deferred Compensation Plan, which will pay a lump-sum cash amount equal to the deferred shares plus any earnings or losses after her separation of service, death, or disability.

After these transactions, she directly owns 19,592 shares of common stock, plus 8,817 shares held by her spouse and 7,230 shares held as custodian for her minor children. She also beneficially owns 5,657 time-based restricted stock units that are scheduled to vest in installments on future anniversaries of the underlying grant dates.

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^*

Roemer Heather G.

(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, CAO

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		1,082	A	(2)	20,674(1)	D
COMMON STOCK	12/12/2025		D		1,082(4)	D	$27.71	19,592(1)	D
COMMON STOCK								8,817	I	By spouse
COMMON STOCK								7,230	I	As custodian for minor children

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			1,082	(2)	(2)	Common Stock	1,082	(2)	5,657(3)	D

Explanation of Responses:

1. Includes: (a) 1,927 shares of restricted stock granted on February 1, 2024, which vest on March 31, 2026; and (b) 725 shares held jointly with spouse.

2. The reporting person received an award of 3,280 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) 2,198 time-based restricted stock units granted to the reporting person on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; and (b) 3,459 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.

4. These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on December 12, 2024. The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan (the "Deferred Compensation Plan"). In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

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

What insider transaction did Business First Bancshares (BFST) executive Heather G. Roemer report?

EVP and CAO Heather G. Roemer reported the vesting and conversion of 1,082 time-based restricted stock units into Business First Bancshares common stock on December 12, 2025, and elected to defer the vested securities under the b1BANK Deferred Compensation Plan.

How many Business First Bancshares (BFST) shares does Heather G. Roemer now own directly?

After the reported transactions, Heather G. Roemer directly owns 19,592 shares of Business First Bancshares common stock.

What indirect holdings of BFST stock does Heather G. Roemer report?

She reports indirect ownership of 8,817 shares held by her spouse and 7,230 shares held as custodian for her minor children.

What restricted stock and RSU awards remain outstanding for Heather G. Roemer at BFST?

Her direct holdings include 1,927 shares of restricted stock granted on February 1, 2024 that vest on March 31, 2026. She also beneficially owns 5,657 time-based restricted stock units, consisting of 2,198 units granted on December 12, 2024 and 3,459 units granted on March 1, 2025, which vest in substantially equal installments on specified anniversaries of their issuance dates.

How does the b1BANK Deferred Compensation Plan affect the reported BFST shares?

Under the b1BANK Deferred Compensation Plan, the vested securities that Heather G. Roemer elected to defer will be paid as a lump-sum cash distribution equal to the deferred securities plus any earnings or losses, on the first business day following the month in which her separation of service, death, or disability occurs.