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

Director Steven Gerard White adds BFST equity via RSU vesting and new grant

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Business First Bancshares director Steven Gerard White reported routine equity compensation activity. On June 25, 2026, he received 998 time-based restricted stock units under the company’s 2024 Equity Incentive Plan, which will fully vest on June 25, 2027 and are each economically equivalent to one share of common stock, subject to forfeiture under certain conditions.

On June 26, 2026, 1,016 previously awarded restricted stock units vested and were converted into 1,016 shares of common stock, increasing his direct holdings to 14,930 common shares. After these transactions, he also holds 2,014 restricted stock units directly and has indirect exposure to 29,749 common shares held by the William A. Robinson Private Foundation, where he serves as trustee and disclaims beneficial ownership except for any pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider WHITE STEVEN GERARD
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 — 14,930 shares (Direct, null); COMMON STOCK — 29,749 shares (Indirect, By William A. Robinson Trust)
Footnotes (1)
  1. Reflects the grant of time-based restricted stock units granted 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 William A. Robinson Private Foundation, of which the reporting person is the trustee. The reporting person disclaims beneficial ownership of registrant common stock held by William A. Robinson Private Foundation except to the extent of his pecuniary interest.
RSUs granted 998 units Time-based restricted stock units granted June 25, 2026
New RSU vesting date June 25, 2027 Full vesting date for 998 time-based RSUs
RSUs exercised 1,016 units Restricted stock units converted into common stock on June 26, 2026
Direct common shares after exercise 14,930 shares Direct holdings of common stock following June 26, 2026 transaction
RSUs outstanding after transactions 2,014 units Total direct restricted stock units held after June 25–26, 2026 activity
Indirect foundation holdings 29,749 shares Common stock held by William A. Robinson Private Foundation
Restricted Stock Units financial
"The reporting person received an award of 1,016 time-based restricted stock units on June 26, 2025"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
time-based restricted stock units financial
"Reflects the grant of time-based restricted stock units granted to the reporting person"
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
"granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"
pecuniary interest financial
"disclaims beneficial ownership of registrant common stock held by William A. Robinson Private Foundation except to the extent of his pecuniary interest"
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
WHITE STEVEN GERARD
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
COMMON STOCK06/26/2026M1,016A(2)14,930D
COMMON STOCK29,749IBy William A. Robinson Trust(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units$006/25/2026A998 (1) (1)Common Stock998(1)2,014D
Restricted Stock Units(2)06/26/2026M1,016 (2) (2)Common Stock1,016(2)998D
Explanation of Responses:
1. Reflects the grant of time-based restricted stock units granted 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 William A. Robinson Private Foundation, of which the reporting person is the trustee. The reporting person disclaims beneficial ownership of registrant common stock held by William A. Robinson Private Foundation except to the extent of his pecuniary interest.
/s/ Heather Roemer, as attorney-in-fact for Steven Gerard White06/29/2026
** Signature of Reporting PersonDate
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 Steven Gerard White report at Business First Bancshares (BFST)?

Steven Gerard White reported equity compensation activity, including a grant of 998 time-based restricted stock units on June 25, 2026 and the conversion of 1,016 previously granted units into common stock on June 26, 2026, with no open-market buying or selling disclosed.

How many Business First Bancshares (BFST) shares does Steven Gerard White hold after these transactions?

After the reported transactions, Steven Gerard White directly holds 14,930 shares of Business First Bancshares common stock and 2,014 restricted stock units. He is also trustee for 29,749 indirectly held common shares in the William A. Robinson Private Foundation, subject to a beneficial ownership disclaimer.

What are the terms of Steven Gerard White’s new restricted stock unit grant at BFST?

White received 998 time-based restricted stock units on June 25, 2026 under the 2024 Equity Incentive Plan. These units vest in full on June 25, 2027, are economically equivalent to one common share each, and are subject to forfeiture if specified conditions occur.

Did Steven Gerard White buy or sell BFST shares in the open market?

The reported transactions involve equity awards and the conversion of restricted stock units into common stock, not open-market purchases or sales. The filing shows derivative exercises and grants, so these events reflect compensation and vesting rather than discretionary trading in the market.

What is the William A. Robinson Private Foundation’s BFST holding and White’s relationship to it?

The William A. Robinson Private Foundation holds 29,749 shares of Business First Bancshares common stock. Steven Gerard White serves as trustee and disclaims beneficial ownership of these shares except to the extent of his pecuniary interest, indicating indirect exposure rather than full economic ownership.