BFST (BFST) EVP McDonald granted 3,974 RSUs and settles tax with shares

Rhea-AI Filing Summary

Business First Bancshares EVP & Chief Credit Officer Warren McDonald reported equity compensation and related share movements. On March 2, 2026, he received a grant of 3,974 time-based restricted stock units, each equivalent to one share of common stock. These RSUs are scheduled to vest in three installments: 1,324 units on March 2, 2027, 1,324 units on March 2, 2028, and 1,326 units on March 2, 2029.

On March 1, 2026, he exercised 1,337 restricted stock units into 1,337 shares of common stock and disposed of 565 common shares at $27.30 per share to satisfy tax withholding obligations. After these transactions, he directly held 15,353 shares of common stock and 9,273 restricted stock units, alongside other previously granted time-based RSUs vesting in stages through 2029.

Insider Trade Summary

1,337 shares exercised/converted

Mixed 4 txns

Insider McDonald Warren

Role EVP & Chief Credit Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	3,974	$0.00	--
Exercise	Restricted Stock Units	1,337	$0.00	--
Exercise	COMMON STOCK	1,337	$0.00	--
Tax Withholding	COMMON STOCK	565	$27.30	$15K

Holdings After Transaction: Restricted Stock Units — 9,273 shares (Direct); COMMON STOCK — 15,918 shares (Direct)

Footnotes (1)

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. 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. Reflects the grant of 3,974 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,324 shares will vest on March 2, 2027, 1,324 shares will vest on March 2, 2028, and the remaining 1,326 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. Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 2,715 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; and (c) 3,974 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.

Form 4 Insider Transactions: What Each Field Means →

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

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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^*

McDonald Warren

(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 & Chief Credit Officer

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		1,337	A	(2)	15,918(1)	D
COMMON STOCK	03/01/2026		F		565	D	$27.3	15,353(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			1,337	(2)	(2)	Common Stock	1,337	(2)	5,299	D
Restricted Stock Units	$0	03/02/2026		A		3,974(3)		(3)	(3)	Common Stock	3,974	(3)	9,273(4)	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. Reflects the grant of 3,974 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,324 shares will vest on March 2, 2027, 1,324 shares will vest on March 2, 2028, and the remaining 1,326 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.

4. Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 2,715 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; and (c) 3,974 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.

	/s/ Heather Roemer, as attorney-in-fact for Warren McDonald	03/03/2026
	** 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.
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FAQ

What did BFST executive Warren McDonald report in this Form 4?

Warren McDonald reported new equity awards and related share movements. He received 3,974 restricted stock units, exercised 1,337 units into common shares, and had 565 shares withheld to cover taxes, updating his direct ownership balances accordingly.

How many restricted stock units did BFST grant to Warren McDonald?

He received 3,974 time-based restricted stock units. According to the filing, 1,324 units vest on March 2, 2027, another 1,324 on March 2, 2028, and the remaining 1,326 units on March 2, 2029, if vesting conditions are met.

What share exercise did Warren McDonald report for Business First Bancshares?

He reported exercising 1,337 restricted stock units into 1,337 shares of BFST common stock on March 1, 2026. This transaction is coded as an exercise or conversion of a derivative security at a stated price per share of $0.00 in the filing.

Why were 565 BFST common shares disposed of in Warren McDonald’s Form 4?

The Form 4 shows a disposition of 565 common shares at $27.30 per share. The transaction is coded as a tax-withholding disposition, meaning shares were delivered to cover exercise price or tax liabilities associated with the equity award.

What are Warren McDonald’s BFST holdings after these transactions?

After the reported transactions, he directly held 15,353 shares of BFST common stock and 9,273 restricted stock units. The RSU total includes several time-based awards that vest in installments on future anniversary dates through March 2029.

How do the new RSUs for BFST’s Warren McDonald vest over time?

The 3,974 RSUs granted March 2, 2026 vest in three tranches. The filing states 1,324 units vest on March 2, 2027, another 1,324 on March 2, 2028, and 1,326 on March 2, 2029, subject to forfeiture conditions.