What indirect BFST share holdings are reported for Heather Roemer?

The Form 4 shows indirect ownership of Business First Bancshares common stock held two ways: shares held by her spouse and shares held as custodian for minor children. These indirect positions are reported separately from her directly held and restricted stock unit positions.

Business First Bancshares (NASDAQ: BFST) EVP Roemer details RSU awards and stock disposition

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares EVP and CAO Heather G. Roemer reported multiple equity compensation transactions. On March 1, 2026, 1,141 restricted stock units were exercised into the same number of common shares, and those 1,141 shares were then disposed of to the issuer at $27.30 per share. She also reported indirect holdings of common stock held by her spouse and as custodian for minor children.

On March 2, 2026, Roemer received grants of 722 and 2,891 time-based restricted stock units, each economically equivalent to one common share. The 722-unit grant vests in tranches on March 2, 2027, 2028, and 2029, and the 2,891-unit grant vests in similar annual installments over the same three dates, with the larger grant deferred into the company’s Deferred Compensation Plan for cash settlement after separation, death, or disability.

Insider Trade Summary

1,141 shares exercised/converted

Mixed 7 txns

Insider Roemer Heather G.

Role EVP, CAO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	722	$0.00	--
Grant/Award	Restricted Stock Units	2,891	$0.00	--
Exercise	Restricted Stock Units	1,141	$0.00	--
Exercise	COMMON STOCK	1,141	$0.00	--
Disposition	COMMON STOCK	1,141	$27.30	$31K
holding	COMMON STOCK	--	--	--
holding	COMMON STOCK	--	--	--

Holdings After Transaction: Restricted Stock Units — 5,238 shares (Direct); COMMON STOCK — 20,733 shares (Direct); COMMON STOCK — 8,817 shares (Indirect, By spouse)

Footnotes (1)

Includes: (a) 1,927 shares of restricted stock granted on February 1, 2024, which vest on March 31, 2026; and (b) 725 shares held jointly with spouse. The reporting person received an award of 3,459 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. 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. Reflects the grant of 722 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 240 shares will vest on March 2, 2027, 240 shares will vest on March 2, 2028, and the remaining 242 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. Reflects the grant of 2,891 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 963 shares will vest on March 2, 2027, 963 shares will vest on March 2, 2028, and the remaining 965 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. Includes: (a) 2,198 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) 2,318 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) 722 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) 2,891 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 →

03/03/2026 - 06:52 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^*

Roemer Heather G.

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

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, CAO

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)
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	03/01/2026		M		1,141	A	⁽²⁾	20,733⁽¹⁾	D
COMMON STOCK	03/01/2026		D		1,141⁽³⁾	D	$27.3	19,592⁽¹⁾	D
COMMON STOCK								8,817	I	By spouse
COMMON STOCK								7,230	I	As custodian for minor children

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	⁽²⁾	03/01/2026		M			1,141	⁽²⁾	⁽²⁾	Common Stock	1,141	⁽²⁾	4,516	D
Restricted Stock Units	$0	03/02/2026		A		722⁽⁴⁾		⁽⁴⁾	⁽⁴⁾	Common Stock	722	⁽⁴⁾	5,238	D
Restricted Stock Units	$0	03/02/2026		A		2,891⁽⁵⁾		⁽⁵⁾	⁽⁵⁾	Common Stock	2,891	⁽⁵⁾	8,129⁽⁶⁾	D

Explanation of Responses:

1. Includes: (a) 1,927 shares of restricted stock granted on February 1, 2024, which vest on March 31, 2026; and (b) 725 shares held jointly with spouse.

2. The reporting person received an award of 3,459 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 722 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 240 shares will vest on March 2, 2027, 240 shares will vest on March 2, 2028, and the remaining 242 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 2,891 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 963 shares will vest on March 2, 2027, 963 shares will vest on March 2, 2028, and the remaining 965 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) 2,198 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) 2,318 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) 722 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) 2,891 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/ Saundra Strong, as attorney-in-fact for Heather G. Roemer	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.
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.

Source: View Original Filing on SEC EDGAR

FAQ

What did BFST executive Heather Roemer report in this Form 4?

Heather Roemer reported several equity compensation moves, including exercising 1,141 restricted stock units into common shares and disposing of those 1,141 shares to Business First Bancshares at $27.30 per share, along with new restricted stock unit grants and updated indirect share holdings.

How many restricted stock units did BFST grant to Heather Roemer?

Heather Roemer received two new time-based restricted stock unit grants totaling 3,613 units. One grant covers 722 units and the other covers 2,891 units, each unit economically equivalent to one share of Business First Bancshares common stock, subject to multi‑year vesting schedules.

What are the vesting terms for Heather Roemer’s new BFST RSU awards?

The 722-unit award vests in three tranches: 240 units on March 2, 2027, 240 units on March 2, 2028, and 242 units on March 2, 2029. The 2,891-unit award vests 963, 963, and 965 units on the same three annual vesting dates.

How is the BFST Deferred Compensation Plan involved in these transactions?

For certain vested restricted stock units, Heather Roemer elected to defer the securities into the b1BANK Deferred Compensation Plan. Under this plan, she will receive a lump sum cash distribution, reflecting the deferred securities’ value plus earnings or losses, after separation of service, death, or disability.

Did Heather Roemer dispose of any BFST common stock in this filing?

Yes. After exercising 1,141 restricted stock units into common shares on March 1, 2026, she reported a disposition of those 1,141 Business First Bancshares common shares back to the issuer at a price of $27.30 per share, classified as a disposition to the issuer.