Business First Bancshares (BFST) EVP Donald Carter reports stock activity

Rhea-AI Filing Summary

Business First Bancshares, Inc. executive vice president Donald Chad Carter reported equity activity dated December 12, 2025. He recorded acquisition of 1,272 shares of common stock and a disposition of 348 shares at $27.71 per share, resulting in direct ownership of 17,641 common shares following the reported transactions.

After these changes, he also beneficially owns 6,636 time-based restricted stock units, which are scheduled to vest in installments between March 1, 2026 and March 1, 2028 under awards granted on December 12, 2024 and March 1, 2025. His reported common stock holdings include units of the employer stock fund in the company 401(k) plan equivalent to 6,799 shares and 1,156 shares of unvested restricted stock that are subject to forfeiture upon certain events.

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^*

Carter Donald Chad

(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, Correspondent Banking

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		1,272	A	(3)	17,989(1)(2)	D
COMMON STOCK	12/12/2025		F		348	D	$27.71	17,641(1)(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	(3)	12/12/2025		M			1,272	(3)	(3)	Common Stock	1,272	(3)	6,636(4)	D

Explanation of Responses:

1. Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to 6,799 shares of common stock of the issuer.

2. Includes 1,156 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. The reporting person received an award of 3,856 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.

4. Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, of which 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 Donald Chad Carter	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).
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FAQ

What insider transaction did BFST executive Donald Chad Carter report?

Executive vice president Donald Chad Carter reported equity activity in Business First Bancshares, Inc. common stock dated December 12, 2025, including both an acquisition and a disposition of shares.

How many Business First Bancshares (BFST) shares were acquired and disposed of?

On December 12, 2025, Donald Chad Carter reported acquiring 1,272 shares of Business First Bancshares common stock and disposing of 348 shares at a price of $27.71 per share.

What is Donald Chad Carters direct ownership in BFST after this Form 4 transaction?

Following the reported December 12, 2025 transactions, Donald Chad Carter directly owns 17,641 shares of Business First Bancshares common stock, as reflected in the filing.

How many restricted stock units does the BFST executive hold and how do they vest?

After the reported activity, he beneficially owns 6,636 time-based restricted stock units. These include 2,584 units granted on December 12, 2024 (1,272 shares vesting on December 12, 2026 and 1,312 shares vesting on December 12, 2027) and 4,052 units granted on March 1, 2025 (1,337 shares vesting on March 1, 2026, 1,337 shares on March 1, 2027, and 1,378 shares on March 1, 2028).

What restricted stock unit awards are referenced for BFST in this filing?

The filing notes that on December 12, 2024 the reporting person received an award of 3,856 time-based restricted stock units, vesting in three substantially equal installments on the first, second, and third anniversaries of the issuance date. It also explains that the 6,636 units currently reported include grants of 2,584 units on December 12, 2024 and 4,052 units on March 1, 2025 with specified vesting dates through March 1, 2028.

What additional Business First Bancshares equity interests are included in Carters reported holdings?

His reported holdings include units of the employer stock fund through the issuers 401(k) plan equivalent to 6,799 shares of common stock, and 1,156 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026 and are subject to forfeiture upon certain events.

Is this BFST Form 4 filed for more than one reporting person?

No. The Form 4 is marked as filed by one reporting person, indicating it covers only Donald Chad Carters holdings and transactions.