Saundra Strong - 31 Mar 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP & General Counsel
Signature: /s/ Heather Roemer, as attorney-in-fact for Saundra Strong
Issuer symbol: BFST
Transactions as of: 31 Mar 2025
Net transactions value: -$70,980
Form type: 4
Filing time: 02 Apr 2025, 18:20:22 UTC
Previous filing: 05 Mar 2025
Next filing: 25 Aug 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Tax liability	$70,980	-2,915	-26%	$24.35	8,360	31 Mar 2025	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
holding	BFST	Restricted Stock Units						7,908	31 Mar 2025	Common Stock	0		Direct	F2

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

Explanation of Responses:

Id	Content
F1	Includes 2,732 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	Includes: (a) 3,856 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2025, 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.

Content

Includes 2,732 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: (a) 3,856 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2025, 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.