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

Business First (NASDAQ: BFST) director sells 3,235 shares, selling at $31.80

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Business First Bancshares, Inc. (BFST) director George W. Cummings III reported an open-market sale of 3,235 shares of common stock on August 19, 2026 at $31.80 per share. After the sale, he held 197,945 common shares directly, plus 3,911 common shares indirectly through his spouse and 998 time-based restricted stock units that are scheduled to fully vest on June 25, 2027, subject to forfeiture on certain events. The filing’s Rule 10b5-1 checkbox was not marked as being under a trading plan.

Positive

  • None.

Negative

  • None.
Insider Cummings George W. III
Role Director
Sold 3,235 shs ($103K)
Type Security Shares Price Value
Sale COMMON STOCK 3,235 $31.80 $103K
holding Restricted Stock Units F1 -- -- --
holding COMMON STOCK -- -- --
Holdings After Transaction: COMMON STOCK — 197,945 shares (Direct); Restricted Stock Units — 998 shares (Direct); COMMON STOCK — 3,911 shares (Indirect, By Spouse)
Footnotes (1)
  1. F1. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. 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.
Shares sold 3,235 shares of common stock Sale reported on August 19, 2026
Sale price per share $31.80 per share Open market or private sale of common stock
Direct common shares after transaction 197,945 shares Direct ownership following the August 19, 2026 sale
Indirect common shares by spouse 3,911 shares Indirect ownership reported as held by spouse
Time-based restricted stock units 998 units Unvested RSUs, each equivalent to one common share
RSU vesting date June 25, 2027 Full vesting date for time-based restricted stock units
RSU exercise price $0.00 Exercise price per underlying share for RSUs
Restricted Stock Units financial
"securityTitle": "Restricted Stock Units"
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
"The time-based restricted stock units were 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
"under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"
economically equivalent financial
"Each time-based restricted stock unit is economically equivalent to one share"

FAQ

What insider transaction did BFST director George W. Cummings III report?
He reported a sale of 3,235 shares of Business First Bancshares, Inc. common stock on August 19, 2026. The transaction was coded as a sale in an open market or private transaction at a reported price of $31.80 per share.

How many BFST shares does George W. Cummings III hold after this Form 4 transaction?
After the transaction, he held 197,945 common shares directly and 3,911 common shares indirectly through his spouse. He also had 998 time-based restricted stock units, each economically equivalent to one share of Business First Bancshares, Inc. common stock.

At what price were the BFST shares sold in this Form 4 filing?
The reported sale price was $31.80 per share for 3,235 shares of Business First Bancshares, Inc. common stock on August 19, 2026. The transaction was identified as a sale in an open market or private transaction.

What are the key terms of George W. Cummings III’s restricted stock units in BFST?
He holds 998 time-based restricted stock units granted on June 25, 2026 under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. They are economically equivalent to common stock, fully vest on June 25, 2027, and are subject to forfeiture upon certain events.

Was the BFST insider sale reported under a Rule 10b5-1 trading plan?
The Form 4 indicates the Rule 10b5-1 checkbox was not affirmed for this transaction. That means the sale of 3,235 shares at $31.80 per share was not stated to be pursuant to a Rule 10b5-1 trading plan in the filing data provided.

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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*
Cummings George W. III
(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)
08/19/2026		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 STOCK08/19/2026S3,235D$31.8197,945D
COMMON STOCK3,911IBy Spouse
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$0.0000 (1) (1)Common Stock998998D
Explanation of Responses:
1. The time-based restricted stock units were granted to the reporting person on June 25, 2026, under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. 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.
/s/ Heather Roemer, as attorney-in-fact for George W. Cummings III08/21/2026
** 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