Business First Bancshares (BFST) EVP logs 3,778-share sale and RSU holdings

Rhea-AI Filing Summary

Business First Bancshares EVP Donald Chad Carter reported a stock sale and updated equity holdings. On January 29, 2026, he sold 3,778 shares of common stock at a weighted average price of $27.27, with trades executed between $27.27 and $27.28.

After the sale, he beneficially owns 13,863 common shares, including 6,799 shares held through the employer stock fund in the 401(k) plan and 1,156 unvested restricted shares scheduled to vest on March 31, 2026. He also holds 6,636 time-based restricted stock units that are scheduled to vest in tranches from March 1, 2026 through March 1, 2028.

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^*

Carter Donald Chad

(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, Correspondent Banking

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2026

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	01/29/2026		S		3,778	D	$27.27(1)	13,863(2)(3)	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	$0.0000							(4)	(4)	Common Stock	6,636		6,636(4)	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $27.27 to $27.28. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to 6,799 shares of common stock of the issuer.

3. Includes 1,156 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.

4. Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2026 and the remaining 1,312 shares will vest on December 12, 2027; and (b) 4,052 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,337 shares will vest on March 1, 2026, 1,337 shares will vest on March 1, 2027, and the remaining 1,378 shares will vest on March 1, 2028.

	/s/ Heather Roemer, as attorney-in-fact for Donald Chad Carter	01/30/2026
	** 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 insider transaction did BFST report for EVP Donald Chad Carter?

EVP Donald Chad Carter of Business First Bancshares reported selling 3,778 shares of common stock on January 29, 2026, at a weighted average price of $27.27 per share. The sale was executed in multiple trades within a narrow $27.27 to $27.28 price range.

How many BFST shares does Donald Chad Carter own after this Form 4 filing?

After the reported sale, Donald Chad Carter beneficially owns 13,863 shares of Business First Bancshares common stock. This figure includes 6,799 shares held via the employer stock fund in the 401(k) plan and 1,156 unvested restricted shares scheduled to vest on March 31, 2026.

What price did Donald Chad Carter receive for his BFST share sale?

Carter’s sale was executed in multiple trades between $27.27 and $27.28 per share. The Form 4 reports a weighted average sales price of $27.27 per share for the 3,778 shares, and he has agreed to provide detailed trade breakdowns to interested regulatory or shareholder parties upon request.

What restricted stock and RSUs does Donald Chad Carter still hold in BFST?

He holds 1,156 shares of unvested restricted stock granted February 1, 2024, vesting March 31, 2026, subject to forfeiture on certain events. He also holds 6,636 time-based RSUs granted in 2024 and 2025, vesting in scheduled tranches from 2026 through 2028.

How are Donald Chad Carter’s BFST holdings structured through retirement plans?

His beneficial ownership includes units of the employer stock fund in the company’s 401(k) plan, equivalent to 6,799 shares of Business First Bancshares common stock. These retirement-plan units form a significant portion of his reported 13,863 beneficially owned common shares after the transaction.

Over what period will Donald Chad Carter’s BFST RSUs vest?

His 6,636 time-based restricted stock units vest in multiple tranches. Grants from December 12, 2024 and March 1, 2025 are scheduled to vest on specific dates from March 1, 2026 through March 1, 2028, spreading equity compensation over several future years.