Norman Jerome Vascocu Jr. - 01 Mar 2026 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: President of b1Bank
Signature: /s/ Heather Roemer, as attorney-in-fact for Norman Jerome Vascocu, Jr.
Issuer symbol: BFST
Transactions as of: 01 Mar 2026
Net transactions value: -$72,482
Form type: 4
Filing time: 03 Mar 2026, 18:53:10 UTC
Previous filing: 16 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Vascocu Norman Jerome Jr	President of b1Bank	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Norman Jerome Vascocu, Jr.	03 Mar 2026	0001955172

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+2,655	+11%		25,850	01 Mar 2026	Direct	F1, F2
transaction	BFST	COMMON STOCK	Disposed to Issuer	$72,482	-2,655	-10%	$27.30	23,195	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		-2,655	-20%		10,523	01 Mar 2026	Common Stock	2,655		Direct	F2
transaction	BFST	Restricted Stock Units	Award		+1,577	+15%		12,100	02 Mar 2026	Common Stock	1,577	$0.000000	Direct	F4
transaction	BFST	Restricted Stock Units	Award		+6,309	+52%		18,409	02 Mar 2026	Common Stock	6,309	$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 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 8,047 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 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 has elected to received cash in an amount equal to the vested securities under the Deferred Compensation Plan, plus any earnings or losses attributable thereto, distributed in equal annual installments over a 10-year period commencing on the first business day of the month following the month in with the reporting person's separation of service occurs.
F4	Reflects the grant of 1,577 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 525 shares will vest on March 2, 2027, 525 shares will vest on March 2, 2028, and the remaining 527 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 6,309 time-based restricted stock units granted to the reporting person on March 2, 2026, of which 2,103 shares will vest on March 2, 2027, 2,103 shares will vest on March 2, 2028, and the remaining 2,103 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, distributed in equal annual installments over a 10-year period commencing on the first business day of the month following the month in which the reporting person's separation of service occurs.
F6	Includes: (a) 5,131 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) 5,392 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) 1,577 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 issue date; and (d) 6,309 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 issue date.