BFST risk officer reports RSU grants and share disposition

Business First Bancshares EVP & Chief Risk Officer Kathryn Manning reported multiple equity compensation transactions.

Rhea-AI Filing Summary

Business First Bancshares EVP & Chief Risk Officer Kathryn Manning reported multiple equity compensation transactions. She received grants of 745 and 2,984 time-based restricted stock units on March 2, 2026, each unit economically equivalent to one share of common stock and vesting in annual installments through 2029.

On March 1, 2026, 1,239 restricted stock units partially vested and converted into 1,239 common shares, followed by a disposition of 1,239 common shares back to the issuer at $27.30 per share. Part of the new and previously granted units has been deferred into the company’s b1BANK Deferred Compensation Plan, to be paid in cash after separation, death, or disability.

Insider Trade Summary

1,239 shares exercised/converted

Exercise 5 txns

Insider Manning Kathryn

Role EVP & Chief Risk Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	745	$0.00	$0.00
Grant/Award	Restricted Stock Units	2,984	$0.00	$0.00
Exercise	Restricted Stock Units	1,239	$0.00	$0.00
Exercise	COMMON STOCK	1,239	$0.00	$0.00
Disposition	COMMON STOCK	1,239	$27.30	$34K

Holdings After Transaction: Restricted Stock Units — 8,641 contracts (Direct); COMMON STOCK — 16,665 shares (Direct)

Footnotes (6)

1. F1. Includes 2,470 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. F2. The reporting person received an award of 3,756 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. F3. 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. F4. Reflects the grant of 745 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 248 shares will vest on March 2, 2027, 248 shares will vest on March 2, 2028, and the remaining 249 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. F5. Reflects the grant of 2,984 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 994 shares will vest on March 2, 2027, 994 shares will vest on March 2, 2028, and the remaining 996 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. F6. Includes: (a) 2,395 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) 2,517 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) 745 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) 2,984 time-based restricted stock units, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.

FAQ

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What insider transactions did BFST executive Kathryn Manning report on this Form 4?

Kathryn Manning reported new restricted stock unit grants, a partial vesting and conversion of prior units into common stock, and a matching disposition of 1,239 common shares back to Business First Bancshares at $27.30 per share, reflecting routine equity compensation activity and plan-related movements.

How many restricted stock units did Kathryn Manning receive from Business First Bancshares (BFST)?

Manning received two new time-based restricted stock unit awards totaling 3,729 units: 745 units and 2,984 units granted on March 2, 2026. These units are each economically equivalent to one BFST common share and vest over three years in substantially equal annual installments.

What are the vesting schedules for Kathryn Manning’s new BFST restricted stock units?

The 745 restricted stock units vest in three installments: 248 on March 2, 2027, 248 on March 2, 2028, and 249 on March 2, 2029. The 2,984 units vest 994 on March 2, 2027, 994 on March 2, 2028, and 996 on March 2, 2029, subject to grant terms.

What happened with the 1,239 BFST restricted stock units that vested for Kathryn Manning?

On March 1, 2026, 1,239 previously granted time-based restricted stock units partially vested and converted into 1,239 shares of Business First Bancshares common stock. Those 1,239 common shares were then disposed of back to the issuer at $27.30 per share, as an issuer disposition transaction.

How does the b1BANK Deferred Compensation Plan affect Kathryn Manning’s BFST awards?

Manning elected to defer certain vested restricted stock units into the b1BANK Deferred Compensation Plan. Under this plan, she will receive a lump-sum cash payment equal to the deferred vested securities, plus associated earnings or losses, after her separation from service, death, or disability, according to plan terms.

Do the BFST restricted stock units carry the same value as common shares for Kathryn Manning?

Each time-based restricted stock unit granted to Manning is economically equivalent to one share of Business First Bancshares common stock. While units do not represent actual shares until vesting and settlement, their value tracks the underlying common stock subject to the plan and grant conditions.

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Accepted by SEC EDGAR 03/03/2026 - 06:50 PM Learn about SEC filing dates

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^*

Manning Kathryn

(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 Risk 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		1,239	A	(2)	17,904(1)	D
COMMON STOCK	03/01/2026		D		1,239(3)	D	$27.3	16,665(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			1,239	(2)	(2)	Common Stock	1,239	(2)	4,912	D
Restricted Stock Units	$0	03/02/2026		A		745(4)		(4)	(4)	Common Stock	745	(4)	5,657	D
Restricted Stock Units	$0	03/02/2026		A		2,984(5)		(5)	(5)	Common Stock	2,984	(5)	8,641(6)	D

Explanation of Responses:

1. Includes 2,470 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 3,756 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 745 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 248 shares will vest on March 2, 2027, 248 shares will vest on March 2, 2028, and the remaining 249 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 2,984 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 994 shares will vest on March 2, 2027, 994 shares will vest on March 2, 2028, and the remaining 996 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) 2,395 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) 2,517 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) 745 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) 2,984 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 Kathryn Manning	03/03/2026
	** Signature of Reporting Person	Date
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