Kathryn Manning - 01 Mar 2026 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP & Chief Risk Officer
Signature: /s/ Heather Roemer, as attorney-in-fact for Kathryn Manning
Issuer symbol: BFST
Transactions as of: 01 Mar 2026
Net transactions value: -$33,825
Form type: 4
Filing time: 03 Mar 2026, 18:50:02 UTC
Previous filing: 16 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Manning Kathryn	EVP & Chief Risk Officer	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Kathryn Manning	03 Mar 2026	0001927057

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,239	+7.4%		17,904	01 Mar 2026	Direct	F1, F2
transaction	BFST	COMMON STOCK	Disposed to Issuer	$33,825	-1,239	-6.9%	$27.30	16,665	01 Mar 2026	Direct	F1, F3

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		-1,239	-20%		4,912	01 Mar 2026	Common Stock	1,239		Direct	F2
transaction	BFST	Restricted Stock Units	Award		+745	+15%		5,657	02 Mar 2026	Common Stock	745	$0.000000	Direct	F4
transaction	BFST	Restricted Stock Units	Award		+2,984	+53%		8,641	02 Mar 2026	Common Stock	2,984	$0.000000	Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	Includes 2,470 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 3,756 time-based restricted stock units on March 1, 2025, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.
F3	These shares were acquired upon the partial vesting of the previously reported time-based restricted stock units granted to the reporting person on March 1, 2025. 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.
F4	Reflects the grant of 745 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 248 shares will vest on March 2, 2027, 248 shares will vest on March 2, 2028, and the remaining 249 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer.
F5	Reflects the grant of 2,984 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 994 shares will vest on March 2, 2027, 994 shares will vest on March 2, 2028, and the remaining 996 shares will vest on March 2, 2029. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. The reporting person has irrevocably elected to defer the reported securities under 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.
F6	Includes: (a) 2,395 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; (b) 2,517 time-based restricted stock units granted to the reporting person on March 1, 2025, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (c) 745 time-based restricted stock units granted to the reporting person on March 2, 2026, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (d) 2,984 time-based restricted stock units, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date.