Business First Bancshares Form 4 shows new grant, RSU vesting

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) reported insider equity activity by its President of b1Bank, Norman Jerome Vascocu, Jr. On November 21, 2025, he acquired 1,945 shares of common stock, reported as a grant of restricted stock at a price of $25.72 per share, which fully vested on that date. On the same day, 824 shares of common stock at $25.72 per share were disposed of using transaction code “F,” indicating shares were withheld, leaving him with 23,195 shares of common stock held directly.

The filing notes that this total includes 3,776 shares of unvested restricted stock granted on February 1, 2024, scheduled to vest on March 31, 2026, which remain subject to forfeiture under certain conditions. In addition, he beneficially owns 15,704 time-based restricted stock units, consisting of 7,657 units granted on December 12, 2024 that vest in three equal annual installments, and 8,047 units granted on March 1, 2025 that vest in tranches in 2026, 2027, and 2028.

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^*

Vascocu Norman Jerome Jr

(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)
	President of b1Bank

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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	11/21/2025		A(1)		1,945	A	$25.72	24,019(2)	D
COMMON STOCK	11/21/2025		F		824	D	$25.72	23,195(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		15,704(3)	D

Explanation of Responses:

1. Reflects the grant of restricted stock to the reporting person. The restricted stock fully vested on November 21, 2025.

2. Includes 3,776 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) 7,657 time-based restricted stock units granted to the Reporting Person on December 12, 2024, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (b) 8,047 time-based restricted stock units granted to the Reporting Person on March 1, 2025, of which 2,655 shares will vest on March 1, 2026, 2,655 shares will vest on March 1, 2027, and the remaining 2,737 shares will vest on March 1, 2028.

	/s/ Heather Roemer, as attorney-in-fact for Norman Jerome Vascocu, Jr.	11/25/2025
	** 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 insider transaction did BFST disclose for the President of b1Bank?

The President of b1Bank, Norman Jerome Vascocu, Jr., reported acquiring 1,945 shares of Business First Bancshares common stock as a restricted stock grant on November 21, 2025, and a related disposition of 824 shares on the same date.

How many BFST common shares does the reporting person hold after the November 21, 2025 transactions?

Following the reported transactions on November 21, 2025, the reporting person beneficially owns 23,195 shares of Business First Bancshares common stock in direct ownership.

What price per share was used in the BFST insider stock transactions?

Both the acquisition of 1,945 shares of restricted common stock and the disposition of 824 shares were reported at a price of $25.72 per share.

What unvested restricted stock does the BFST insider currently have?

The filing states that the reporting person’s holdings include 3,776 shares of unvested restricted stock granted on February 1, 2024, scheduled to vest on March 31, 2026, and subject to forfeiture upon certain events.

How many restricted stock units (RSUs) does the BFST insider hold and when do they vest?

The reporting person beneficially owns 15,704 time-based restricted stock units, consisting of 7,657 RSUs granted on December 12, 2024 that vest in three equal annual installments, and 8,047 RSUs granted on March 1, 2025 that vest in tranches on March 1, 2026, March 1, 2027, and March 1, 2028.

What do the transaction codes A and F mean in the BFST Form 4 filing?

In this filing, code A is used for the grant of restricted stock to the reporting person, and code F reflects shares disposed of to cover tax obligations associated with the equity award.