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

Role: EVP & Chief Credit Officer
Signature: /s/ Heather Roemer, as attorney-in-fact for Warren McDonald
Issuer symbol: BFST
Transactions as of: 01 Mar 2026
Net transactions value: -$15,424
Form type: 4
Filing time: 03 Mar 2026, 18:50:54 UTC
Previous filing: 16 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
McDonald Warren	EVP & Chief Credit Officer	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Warren McDonald	03 Mar 2026	0001841232

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,337	+9.2%		15,918	01 Mar 2026	Direct	F1, F2
transaction	BFST	COMMON STOCK	Tax liability	$15,424	-565	-3.5%	$27.30	15,353	01 Mar 2026	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		-1,337	-20%		5,299	01 Mar 2026	Common Stock	1,337		Direct	F2
transaction	BFST	Restricted Stock Units	Award		+3,974	+75%		9,273	02 Mar 2026	Common Stock	3,974	$0.000000	Direct	F3, F4

* 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	The reporting person received an award of 4,052 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	Reflects the grant of 3,974 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 1,324 shares will vest on March 2, 2027, 1,324 shares will vest on March 2, 2028, and the remaining 1,326 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.
F4	Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, which will vest in two substantially equal installments on the second and third anniversary of the issuance date; (b) 2,715 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; and (c) 3,974 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.