[Form 4] Business First Bancshares, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Business First Bancshares (BFST) filed a Form 4 for director Patrick E. Mockler on 06/30/2025.

• No common-stock transaction: the 18,047 BFST shares listed are pre-existing holdings; Explanation 1 clarifies that no purchase or sale occurred.
• Equity award granted: on 06/26/2025 Mr. Mockler received 1,016 time-based restricted stock units (RSUs) under the 2024 Equity Incentive Plan. Each RSU equals one BFST share, carries a $0 exercise price, and fully vests on 06/26/2026, subject to forfeiture conditions.
• Post-grant ownership: the director now beneficially owns 18,047 common shares plus the unvested 1,016 RSUs, all reported as directly held.

The filing is routine compensation disclosure without market-moving share activity. It modestly aligns the director’s incentives with shareholders but has no material impact on BFST’s financials or share float.

Insights

Corporate Governance Expert

TL;DR: Routine RSU grant; no share trades; neutral investor impact.

The Form 4 records a standard director compensation event—1,016 RSUs granted under the 2024 Equity Incentive Plan. No open-market transactions were executed, and the director’s existing 18,047 common shares remain untouched. The one-year vesting schedule is typical for non-employee directors and creates modest alignment with shareholder interests, yet the magnitude is immaterial relative to BFST’s equity base. With no signal of insider buying or selling pressure, I assess this disclosure as informational only, carrying neutral valuation consequences.

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^*

MOCKLER PATRICK E.

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

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								18,047(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	$0	06/26/2025		A		1,016		(2)	(2)	Common Stock	1,016	(2)	1,016	D

Explanation of Responses:

1. No transaction is being reported at this time. This line is only reporting holdings as of June 26, 2025.

2. Reflects the grant of time-based restricted stock units granted to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 26, 2025. The time-based restricted stock units will fully vest on June 26, 2026. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

	/s/ Heather Roemer, as attorney-in-fact for Patrick E. Mockler	06/30/2025
	** 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.

FAQ

What did Business First Bancshares' (BFST) Form 4 filed on 06/30/2025 disclose?

It reported a grant of 1,016 time-based RSUs to director Patrick E. Mockler and reiterated his 18,047 existing BFST common shares; no share trades occurred.

How many BFST shares does Patrick E. Mockler currently own?

After the filing, he holds 18,047 common shares directly, plus 1,016 unvested RSUs.

When will the newly granted RSUs to BFST director Mockler vest?

The RSUs fully vest on June 26, 2026.

Did the Form 4 report any purchase or sale of BFST common stock?

No. Explanation 1 explicitly states that no transaction in common stock was reported—only existing holdings were disclosed.

What are the key terms of the RSU grant mentioned in the BFST Form 4?

Each RSU is economically equivalent to one BFST share, carries a $0 exercise price, is time-based, and is subject to forfeiture upon certain events.