Donald Chad Carter - 12 Dec 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: 12 Dec 2025
Net transactions value: -$9,643
Form type: 4
Filing time: 16 Dec 2025, 17:41:56 UTC
Previous filing: 02 Apr 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carter Donald Chad	EVP, Correspondent Banking	500 LAUREL STREET, SUITE 101, BATON ROUGE	/s/ Heather Roemer, as attorney-in-fact for Donald Chad Carter	16 Dec 2025	0002021584

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise		+1,272	+7.6%		17,989	12 Dec 2025	Direct	F1, F2, F3
transaction	BFST	COMMON STOCK	Tax liability	$9,643	-348	-1.9%	$27.71	17,641	12 Dec 2025	Direct	F1, F2

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		-1,272	-16%		6,636	12 Dec 2025	Common Stock	1,272		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	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.
F2	Includes 1,156 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.
F3	The reporting person received an award of 3,856 time-based restricted stock units on December 12, 2024, vesting in three substantially equal installments on the first, second, and third anniversary of the issuance date.
F4	Includes: (a) 2,584 time-based restricted stock units granted on December 12, 2024, of which 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.