Business First Bancshares (BFST) EVP reports new RSUs and share moves

Rhea-AI Filing Summary

Business First Bancshares, Inc. EVP & General Counsel Saundra Strong reported multiple equity compensation transactions involving restricted stock units (RSUs) and common stock. On March 2, 2026, she received grants of 815 time-based RSUs and an additional 3,264 time-based RSUs at a price of $0.00 per unit. These RSUs are scheduled to vest in substantially equal installments on the first, second, and third anniversaries of the grant dates, running from 2027 through 2029, and each unit is economically equivalent to one share of common stock. A portion of these RSUs has been irrevocably deferred under the company’s deferred compensation plan, to be paid in cash after separation from service, death, or disability.

On March 1, 2026, 1,338 RSUs were exercised into 1,338 shares of common stock at $0.00 per share. In connection with this event, 295 shares at $27.30 per share were disposed of to satisfy tax withholding obligations, and a further 669 shares at $27.30 per share were disposed of to the issuer. Following these transactions, Strong directly held 7,082 shares of common stock and 9,377 RSUs.

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^*

Strong Saundra

(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 & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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	03/01/2026		M		1,338	A	(2)	8,046(1)	D
COMMON STOCK	03/01/2026		F		295	D	$27.3	7,751(1)	D
COMMON STOCK	03/01/2026		D		669(3)	D	$27.3	7,082(1)	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	(2)	03/01/2026		M			1,338	(2)	(2)	Common Stock	1,338	(2)	5,298	D
Restricted Stock Units	$0	03/02/2026		A		815(4)		(4)	(4)	Common Stock	815	(4)	6,113	D
Restricted Stock Units	$0	03/02/2026		A		3,264(5)		(5)	(5)	Common Stock	3,264	(5)	9,377(6)	D

Explanation of Responses:

1. Includes 2,732 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.

2. The reporting person received an award of 4,052 time-based restricted stock units on March 1, 2025, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

3. These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on March 1, 2025. The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan (the "Deferred Compensation Plan"). In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

4. Reflects the grant of 815 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 271 shares will vest on March 2, 2027, 271 shares will vest on March 2, 2028, and the remaining 273 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer.

5. Reflects the grant of 3,264 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,088 shares will vest on March 2, 2027, 1,088 shares will vest on March 2, 2028, and the remaining 1,088 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. The reporting person has irrevocably elected to defer the reported securities under the Deferred Compensation Plan. In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.

6. Includes: (a) 2,584 time-based restricted stock units granted to the reporting person on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 2,714 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (c) 815 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (d) 3,264 time-based restricted stock units, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.

	/s/ Heather Roemer, as attorney-in-fact for Saundra Strong	03/03/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did BFST executive Saundra Strong report on this Form 4?

Saundra Strong reported RSU grants, an RSU exercise, and related share dispositions. She exercised 1,338 restricted stock units into common stock, received new RSU awards, and had shares withheld and returned to the issuer to cover tax and other obligations.

How many restricted stock units were granted to BFST EVP Saundra Strong?

She received 815 time-based RSUs and an additional 3,264 time-based RSUs on March 2, 2026. These units vest in substantially equal installments over three years, beginning in 2027, and each RSU is economically equivalent to one share of Business First Bancshares common stock.

When will Saundra Strong’s new BFST RSU grants vest?

The 815 RSUs granted March 2, 2026 are scheduled to vest as 271 shares in 2027, 271 in 2028, and 273 in 2029. The 3,264 RSUs vest as 1,088 shares in 2027, 1,088 in 2028, and 1,088 in 2029, subject to grant terms.

What is the role of the deferred compensation plan in Saundra Strong’s BFST awards?

Certain RSUs have been irrevocably deferred under the b1BANK Deferred Compensation Plan. Instead of receiving shares, Strong will receive a lump-sum cash distribution equal to the vested deferred securities plus earnings or losses after separation of service, death, or disability, per plan terms.

Did Saundra Strong sell BFST shares on the open market in this filing?

The filing shows dispositions classified as tax-withholding and issuer dispositions, not open-market sales. Specifically, 295 shares at $27.30 per share were used to satisfy tax liabilities and 669 shares at $27.30 per share were disposed of directly to Business First Bancshares.

How many BFST common shares and RSUs does Saundra Strong hold after these transactions?

After the reported transactions, Saundra Strong directly held 7,082 shares of Business First Bancshares common stock. She also held 9,377 restricted stock units, representing time-based equity awards scheduled to vest in future years under their respective grant terms.

What was the exercise price for the BFST restricted stock units converted to common stock?

On March 1, 2026, 1,338 restricted stock units were exercised into 1,338 shares of Business First Bancshares common stock at an exercise price of $0.00 per share. Related share dispositions at $27.30 per share were used for tax withholding and a disposition to the issuer.