Donald Chad Carter - 01 Mar 2025 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP, Correspondent Banking
Signature: /s/ Heather Roemer, as attorney-in-fact for Donald Chad Carter
Issuer symbol: BFST
Transactions as of: 01 Mar 2025
Transactions value $: $0
Form type: 4
Filing time: 05 Mar 2025, 06:22:00 UTC
Previous filing: 19 Mar 2025
Next filing: 02 Apr 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFST	COMMON STOCK						17,223	01 Mar 2025	Direct	F1, F2, 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	Award		+4,052	+105%		7,908	01 Mar 2025	Common Stock	4,052	$0.000000	Direct	F4, F5

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

Explanation of Responses:

Id	Content
F1	No transaction is being reported at this time. This line is only reporting holdings as of the date hereof.
F2	Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to 6,799 shares of common stock of the issuer.
F3	Includes 3,068 shares of unvested restricted stock granted on February 1, 2024, of which 1,912 shares will vest on March 31, 2025 and the remaining 1,156 shares 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.
F4	Reflects the grant of 4,052 time-based restricted stock units granted to the Reporting Person on March 1, 2025, of which 1,337 shares will vest on March 1, 2026, 1,337 shares will vest on March 1, 2027, and the remaining 1,378 shares will vest on March 1, 2028. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer.
F5	Includes: (a) 3,856 time-based restricted stock units granted on December 12, 2024, of which 1,272 shares will vest on December 12, 2025, 1,272 shares will vest on December 12, 2026, and the remaining 1,312 shares will vest on December 12, 2027; and (b) 4,052 time-based restricted stock units granted to the Reporting Person on March 1, 2025, of which 1,337 shares will vest on March 1, 2026, 1,337 shares will vest on March 1, 2027, and the remaining 1,378 shares will vest on March 1, 2028.