Business First Bancshares, Inc. — Director's Dealing 2025

Dec 16, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Business First Bancshares, Inc. (BFST)
CIK: 0001624322
Period of Report: 2025-12-12

Reporting Person: Vascocu Norman Jerome Jr (President of b1Bank)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-12	COMMON STOCK	M	2526	—	Acquired	25721	Direct
2025-12-12	COMMON STOCK	D	2526	$27.71	Disposed	23195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-12	Restricted Stock Units	$	M	2526	Disposed		Common Stock (2526)	Direct

Footnotes

F1: 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.

F2: The reporting person received an award of 7,657 time-based restricted stock units on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.

F3: Includes: (a) 5,131 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; and (b) 8,047 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 2,655 shares will vest on March 1, 2026, 2,655 shares will vest on March 1, 2027, and the remaining 2,737 shares will vest on March 1, 2028.

F4: These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on December 12, 2024. 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 has elected to received cash in an amount equal to the vested securities under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, distributed in equal annual installments over a 10-year period commencing on the first business day of the month following the month in with the reporting person's separation of service occurs.