Warren McDonald - Mar 11, 2024 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: Chief Credit Officer
Signature: /s/ Heather Roemer, as attorney-in-fact for Warren McDonald
Stock symbol: BFST
Transactions as of: Mar 11, 2024
Transactions value $: -$156,591
Form type: 4
Date filed: 3/13/2024, 05:57 PM
Previous filing: Feb 2, 2024
Next filing: Apr 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise	$128K	+7.5K	+25.41%	$17.11	37K	Mar 11, 2024	Direct	F1
transaction	BFST	COMMON STOCK	Tax liability	-$128K	-5.71K	-15.43%	$22.47	31.3K	Mar 11, 2024	Direct	F1
transaction	BFST	COMMON STOCK	Sale	-$157K	-7K	-22.36%	$22.37	24.3K	Mar 11, 2024	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFST	STOCK OPTIONS (RIGHT TO BUY)	Options Exercise	$0	-7.5K	-100%	$0.00^*	0	Mar 11, 2024	Common Stock	7.5K	$17.11	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes (a) 1,354 shares of unvested restricted stock granted on 2/1/2022, which will vest on 3/31/2024, (b) 7,545 shares of unvested restricted stock granted on 2/1/2023, of which 3,716 shares will vest on 3/31/2024 and the remaining 3,829 shares will vest on 3/31/2025, and (c) 8,034 shares of unvested restricted stock granted on 2/1/2024, of which 2,651 shares will vest on 3/31/2024, 2,651 shares will vest on 3/31/2025, and the remaining 2,732 shares will vest on 3/31/2026. 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	Stock Options (Right to Buy) were structured to comply with Section 409A of the Internal Revenue Code and are exercised automatically upon the earlier of the expiration date, July 31, 2024, a change in control of the issuer, the reporting person's death or disability, or the reporting person's separation from service, and may not be exercised n any other manner.

Content

Includes (a) 1,354 shares of unvested restricted stock granted on 2/1/2022, which will vest on 3/31/2024, (b) 7,545 shares of unvested restricted stock granted on 2/1/2023, of which 3,716 shares will vest on 3/31/2024 and the remaining 3,829 shares will vest on 3/31/2025, and (c) 8,034 shares of unvested restricted stock granted on 2/1/2024, of which 2,651 shares will vest on 3/31/2024, 2,651 shares will vest on 3/31/2025, and the remaining 2,732 shares will vest on 3/31/2026. 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.

Stock Options (Right to Buy) were structured to comply with Section 409A of the Internal Revenue Code and are exercised automatically upon the earlier of the expiration date, July 31, 2024, a change in control of the issuer, the reporting person's death or disability, or the reporting person's separation from service, and may not be exercised n any other manner.