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Business First (NASDAQ: BFST) director exercises RSUs and receives new 998-unit award

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

Rhea-AI Filing Summary

Business First Bancshares director David A. Montgomery Jr. reported routine equity compensation activity. On June 25, 2026 he received 998 time-based restricted stock units under the 2024 Equity Incentive Plan, which will fully vest on June 25, 2027. On June 26, 2026 he exercised 1,016 previously granted restricted stock units into common stock, increasing his direct common stock holdings to 14,268 shares and leaving 998 unvested restricted stock units outstanding.

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Insider MONTGOMERY DAVID A. JR.
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 --
Holdings After Transaction: Restricted Stock Units — 998 shares (Direct, null); COMMON STOCK — 14,268 shares (Direct, null)
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.
RSUs exercised into common stock 1,016 shares Time-based restricted stock units converted on June 26, 2026
New RSU award 998 units Grant under 2024 Equity Incentive Plan on June 25, 2026
Common shares held after transactions 14,268 shares Direct common stock holdings following June 26, 2026 exercise
Unvested RSUs remaining 998 units Time-based restricted stock units vesting June 25, 2027
Exercise price per RSU $0.00 per share Stated transaction price for RSU conversion
Restricted Stock Units financial
"Reflects the grant of time-based restricted stock units granted 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.
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.
2024 Equity Incentive Plan financial
"granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan"
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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*
MONTGOMERY DAVID A. JR.
(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)14,268D
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$006/26/2026M1,016 (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.
/s/ Heather Roemer, as attorney-in-fact for David A. Montgomery, Jr.06/29/2026
** 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 BFST director David A. Montgomery Jr. report?

He reported an equity award and a vesting. He received 998 time-based restricted stock units and exercised 1,016 previously granted restricted stock units into common stock, all as routine compensation-related activity with no open-market buying or selling.

How many BFST shares does David A. Montgomery Jr. hold after these transactions?

After exercising restricted stock units, he directly holds 14,268 shares of Business First Bancshares common stock. In addition, he has 998 unvested time-based restricted stock units outstanding that are economically equivalent to additional shares of common stock when they vest.

What new equity award did the BFST director receive in this Form 4?

He received a grant of 998 time-based restricted stock units on June 25, 2026 under the Business First Bancshares, Inc. 2024 Equity Incentive Plan. Each unit is economically equivalent to one share of common stock and is subject to forfeiture under specified conditions.

When will the newly granted BFST restricted stock units vest?

The 998 time-based restricted stock units granted on June 25, 2026 will fully vest on June 25, 2027. Vesting means they convert into common stock, assuming the director continues to satisfy the applicable service-based conditions under the equity incentive plan.

What was the source of the 1,016 BFST shares acquired through exercise?

The 1,016 shares came from time-based restricted stock units awarded on June 26, 2025. Those units vested on the first anniversary of their issuance date, and this Form 4 records the resulting conversion into common stock at a stated price of $0.00 per share.