David R. Melville III - 12 Dec 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: President and CEO, Director
Signature: /s/ Heather Roemer, as attorney-in-fact for David R. Melville III
Issuer symbol: BFST
Transactions as of: 12 Dec 2025
Net transactions value: -$136,832
Form type: 4
Filing time: 16 Dec 2025, 17:42:35 UTC
Previous filing: 02 Apr 2025
Next filing: 03 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
MELVILLE DAVID R. III	President and CEO, Director	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for David R. Melville III	16 Dec 2025	0001734795

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+4,938	+2.3%		218,119	12 Dec 2025	Direct	F1, F2, F3
transaction	BFST	COMMON STOCK	Disposed to Issuer	$136,832	-4,938	-2.3%	$27.71	213,181	12 Dec 2025	Direct	F1, F2, F5

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	Restricted Stock Units	Options Exercise		-4,938	-16%		26,321	12 Dec 2025	Common Stock	4,938		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Includes 10,103 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 units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer.
F3	The reporting person received an award of 14,966 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.
F4	Includes: (a) 10,028 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) 16,293 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 5,376 shares will vest on March 1, 2026, 5,376 shares will vest on March 1, 2027, and the remaining 5,541 shares will vest on March 1, 2028.
F5	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 will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, on the first business day following the month in which the reporting person's separation of service, death, or disability occurs.