David R. Melville III - Mar 31, 2021 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: President and CEO, Director
Signature: /s/ Heather Roemer, as attorney-in-fact for David R. Melville, III
Stock symbol: BFST
Transactions as of: Mar 31, 2021
Transactions value $: -$415,082
Form type: 4
Date filed: 8/16/2021, 07:26 PM
Next filing: Feb 3, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	Common Stock	Tax liability	-$127K	-5.29K	-3.72%	$23.93	137K	Mar 31, 2021	Direct	F1, F2
transaction	BFST	Common Stock	Options Exercise	$750K	+50K	+36.49%	$15.00	187K	Apr 30, 2021	Direct	F1, F2
transaction	BFST	Common Stock	Tax liability	-$884K	-36.8K	-19.7%	$24.00	150K	Apr 30, 2021	Direct	F1, F2
transaction	BFST	Common Stock	Options Exercise	$750K	+50K	+33.29%	$15.00	200K	May 10, 2021	Direct	F1, F2
transaction	BFST	Common Stock	Tax liability	-$904K	-37.2K	-18.61%	$24.28	163K	May 10, 2021	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	Stock Options (Right to Buy)	Options Exercise	$0	-50K	-50%	$0.00	50K	Apr 30, 2021	Common Stock	50K	$15.00	Direct	F3
transaction	BFST	Stock Options (Right to Buy)	Options Exercise	$0	-50K	-100%	$0.00^*	0	May 10, 2021	Common Stock	50K	$15.00	Direct	F3

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

Explanation of Responses:

Id	Content
F1	Includes (a) 4,659 shares of unvested restricted stock granted on 2/1/2020, all of which will vest on 3/31/2022, and (b) 19,082 shares of unvested restricted stock granted on 2/1/2021, 9,399 shares of which will vest on 3/31/2022 and the remaining 9,683 shares will vest on 3/31/2023. 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	Includes units of employer stock fund through issuer's 401(k) plan equivalent to approximately 4,851 shares.
F3	Stock Options (Right to Buy) vested in four equal installments beginning on the first anniversary of the grant date, May 17, 2011, and ending May 17, 2015.