BFST (BFST) director Mark Folse receives RSU grant and converts awards to shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. director Mark P. Folse reported routine equity compensation activity. He received a grant of 998 time-based restricted stock units under the 2024 Equity Incentive Plan on June 25, 2026, each economically equivalent to one share of common stock and subject to vesting and forfeiture conditions.

On June 26, 2026, 1,016 previously awarded restricted stock units were exercised and converted into 1,016 shares of common stock, increasing his direct common stock holdings to 54,302 shares. Following these transactions, he also holds 998 unvested restricted stock units scheduled to fully vest on June 25, 2027.

Insider Trade Summary

998 shares exercised/converted

Mixed 3 txns

Insider Folse Mark P.

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	998	$0.00	--
Exercise	COMMON STOCK	1,016	$0.00	--
Grant/Award	Restricted Stock Units	998	$0.00	--

Holdings After Transaction: Restricted Stock Units — 998 shares (Direct, null); COMMON STOCK — 54,302 shares (Direct, null)

Footnotes (1)

Reflects the grant of time-based restricted stock units 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.

Key Figures

Common shares acquired via RSU conversion: 1,016 shares New RSU grant: 998 restricted stock units Common shares held after transactions: 54,302 shares +1 more

4 metrics

Common shares acquired via RSU conversion 1,016 shares Exercise/conversion of restricted stock units on June 26, 2026

New RSU grant 998 restricted stock units Grant under 2024 Equity Incentive Plan on June 25, 2026

Common shares held after transactions 54,302 shares Direct ownership following June 26, 2026 transactions

Unvested RSUs remaining 998 restricted stock units Time-based units scheduled to vest on June 25, 2027

Key Terms

Restricted Stock Units, 2024 Equity Incentive Plan, time-based restricted stock units, economically equivalent to one share

4 terms

Restricted Stock Units financial

"Reflects the grant of time-based restricted stock units to the reporting person"

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.

2024 Equity Incentive Plan financial

"under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 25, 2026"

time-based restricted stock units financial

"The time-based restricted stock units will fully vest on June 25, 2027"

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 06:19 PM Accepted by SEC EDGAR 06/29/2026 - 06:19 PM

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

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^*

Folse Mark P.

(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)

X	Director	10% 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)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	06/26/2026		M		1,016	A	⁽²⁾	54,302	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0	06/25/2026		A		998		⁽¹⁾	⁽¹⁾	Common Stock	998	⁽¹⁾	2,014	D
Restricted Stock Units	⁽²⁾	06/26/2026		M			998	⁽²⁾	⁽²⁾	Common Stock	1,016	⁽²⁾	998	D

Explanation of Responses:

1. Reflects the grant of time-based restricted stock units 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.

	/s/ Heather Roemer, as attorney-in-fact for Mark P. Folse	06/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did BFST director Mark P. Folse report?

Mark P. Folse reported equity compensation-related transactions, including receiving 998 restricted stock units and converting 1,016 previously granted units into common shares. These are routine grants and vesting events, not open-market purchases or sales, and reflect standard director compensation in stock-based form.

How many BFST common shares does Mark P. Folse hold after these transactions?

After the reported transactions, Mark P. Folse directly holds 54,302 shares of Business First Bancshares common stock. This figure reflects the conversion of 1,016 restricted stock units into shares and shows his ongoing equity stake as a director in the company’s stock.

What restricted stock unit grant did Mark P. Folse receive from BFST?

On June 25, 2026, Mark P. Folse received a grant of 998 time-based restricted stock units under Business First Bancshares’ 2024 Equity Incentive Plan. Each unit is economically equivalent to one share of common stock, subject to vesting conditions and potential forfeiture under specified circumstances.

When will Mark P. Folse’s new BFST restricted stock units vest?

The 998 time-based restricted stock units granted to Mark P. Folse on June 25, 2026, will fully vest on June 25, 2027. Vesting means the units convert to non-forfeitable rights to shares, assuming the specified conditions are satisfied during the one-year vesting period.

Did Mark P. Folse buy or sell BFST shares on the open market?

The reported transactions do not show any open-market purchases or sales by Mark P. Folse. Instead, they reflect a grant of restricted stock units and an exercise of previously awarded units into common shares, both typical components of stock-based director compensation.

What is the value relationship between BFST restricted stock units and common stock?

Each time-based restricted stock unit granted to Mark P. Folse is economically equivalent to one share of Business First Bancshares common stock. Once vested and settled, these units convert into shares, aligning his compensation with shareholder interests through direct equity exposure.