Business First (BFST) EVP exercises RSUs and receives 5,701-unit grant

Rhea-AI Filing Summary

Business First Bancshares, Inc. executive Philip Jordan, EVP & CBO of b1Bank, reported equity awards and related share movements. On March 2, 2026, he received a grant of 5,701 time-based restricted stock units (RSUs), which will vest in three installments from 2027 through 2029.

On March 1, 2026, he exercised 1,926 RSUs, acquiring the same number of common shares, and had 527 common shares withheld at $27.30 per share to cover tax obligations. After these transactions, he directly holds 82,041 shares of common stock and 13,335 RSUs, plus additional unvested restricted stock and retirement-plan holdings noted in the footnotes.

Insider Trade Summary

1,926 shares exercised/converted

Mixed 4 txns

Insider JORDAN PHILIP

Role EVP&CBO of b1Bank

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	5,701	$0.00	--
Exercise	Restricted Stock Units	1,926	$0.00	--
Exercise	COMMON STOCK	1,926	$0.00	--
Tax Withholding	COMMON STOCK	527	$27.30	$14K

Holdings After Transaction: Restricted Stock Units — 13,335 shares (Direct); COMMON STOCK — 82,568 shares (Direct)

Footnotes (1)

1. Includes 3,776 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. Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer. The reporting person received an award of 5,838 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 5,701 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,900 shares will vest on March 2, 2027, 1,900 shares will vest on March 2, 2028, and the remaining 1,901 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) 3,722 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) 3,912 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) 5,701 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

OMB Number:			3235-0287
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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^*

JORDAN PHILIP

(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&CBO of b1Bank

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		1,926	A	(3)	82,568(1)(2)	D
COMMON STOCK	03/01/2026		F		527	D	$27.3	82,041(1)(2)	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	(3)	03/01/2026		M			1,926	(3)	(3)	Common Stock	1,926	(3)	7,634	D
Restricted Stock Units	$0	03/02/2026		A		5,701(4)		(4)	(4)	Common Stock	5,701	(4)	13,335(5)	D

Explanation of Responses:

1. Includes 3,776 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. Includes 4,000 shares of common stock of the issuer held by the reporting person's investment retirement account and units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 14,993 shares of common stock of the issuer.

3. The reporting person received an award of 5,838 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.

4. Reflects the grant of 5,701 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,900 shares will vest on March 2, 2027, 1,900 shares will vest on March 2, 2028, and the remaining 1,901 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. Includes: (a) 3,722 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) 3,912 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) 5,701 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 Phillip Jordan	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.

FAQ

What insider transactions did BFST executive Philip Jordan report on this Form 4?

Philip Jordan reported an award of 5,701 time-based restricted stock units, exercise of 1,926 RSUs into common stock, and withholding of 527 common shares at $27.30 per share to satisfy tax obligations related to these equity awards.

How many Business First Bancshares (BFST) RSUs did Philip Jordan receive and when do they vest?

Philip Jordan received 5,701 time-based restricted stock units on March 2, 2026. According to the filing, 1,900 units vest on March 2, 2027, 1,900 on March 2, 2028, and the remaining 1,901 on March 2, 2029, each unit equal to one common share.

How many BFST common shares does Philip Jordan hold after these transactions?

After the reported transactions, Philip Jordan directly owns 82,041 shares of Business First Bancshares common stock. This figure reflects RSU exercises and 527 shares withheld at $27.30 per share to cover tax liabilities tied to his equity awards.

What RSU exercises and tax withholdings did BFST disclose for Philip Jordan?

The filing shows he exercised 1,926 restricted stock units on March 1, 2026, receiving the same number of common shares. It also reports a tax-withholding disposition of 527 common shares at $27.30 per share to pay exercise price or tax obligations.

What other equity awards and plan holdings does BFST’s Form 4 footnote describe for Philip Jordan?

Footnotes note earlier grants of unvested restricted stock and RSUs from 2024 and 2025, plus 4,000 shares in his retirement account and units of the employer stock fund in the company 401(k), equivalent to approximately 14,993 additional common shares.