Greg Robertson - 12 Dec 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP and CFO
Signature: /s/ Heather Roemer, as attorney-in-fact for Gregory Robertson
Issuer symbol: BFST
Transactions as of: 12 Dec 2025
Net transactions value: -$13,910
Form type: 4
Filing time: 16 Dec 2025, 17:42:56 UTC
Previous filing: 02 Dec 2025
Next filing: 03 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
ROBERTSON GREG	EVP and CFO	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Gregory Robertson	16 Dec 2025	0001734771

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,833	+2.7%		69,668	12 Dec 2025	Direct	F1, F2
transaction	BFST	COMMON STOCK	Tax liability	$13,910	-502	-0.72%	$27.71	69,166	12 Dec 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
transaction	BFST	Restricted Stock Units	Options Exercise		-1,833	-16%		9,560	12 Dec 2025	Common Stock	1,833		Direct	F2, F3

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

Explanation of Responses:

Id	Content
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 5,555 time-based restricted stock units granted on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.
F3	Includes: (a) 3,722 time-based restricted stock units granted on December 12, 2024, of which 1,833 shares will vest on December 12, 2026 and the remaining 1,889 shares will vest on December 12, 2027; and (b) 5,838 time-based restricted stock units granted to the reporting person on March 1, 2025, of which 1,926 shares will vest on March 1, 2026, 1,926 shares will vest on March 1, 2027, and the remaining 1,986 shares will vest on March 1, 2028.