Greg Robertson - Jan 3, 2024 Form 4 Insider Report for Business First Bancshares, Inc. (BFST)

Role: EVP and CFO
Signature: /s/ Heather Roemer, as attorney-in-fact for Gregory Robertson
Stock symbol: BFST
Transactions as of: Jan 3, 2024
Transactions value $: $0
Form type: 4
Date filed: 1/4/2024, 04:51 PM
Previous filing: May 12, 2023
Next filing: Feb 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFST	COMMON STOCK	Options Exercise	$257K	+15K	+24.79%	$17.11	75.5K	Jan 3, 2024	Direct	F1
transaction	BFST	COMMON STOCK	Tax liability	-$257K	-10.4K	-13.8%	$24.64	65.1K	Jan 3, 2024	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	Stock Options (Right to Buy)	Options Exercise	$0	-15K	-100%	$0.00^*	0	Jan 3, 2024	Common Stock	15K	$17.11	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Includes (a) 3,116 shares of unvested restricted stock granted on 2/1/2022, which will vest on 3/31/2024, and (b) 10,838 shares of restricted stock granted on 2/1/2023, of which 5,338 shares will vest on 3/31/2024 and the remaining 5,500 shares will vest on 3/31/2025. 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 Stock Options (Right to Buy) vested in three equal installments beginning on the first anniversary of the grant date, July 31 2014, and ending on July 31, 2017.

Content

Includes (a) 3,116 shares of unvested restricted stock granted on 2/1/2022, which will vest on 3/31/2024, and (b) 10,838 shares of restricted stock granted on 2/1/2023, of which 5,338 shares will vest on 3/31/2024 and the remaining 5,500 shares will vest on 3/31/2025. 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.

The Stock Options (Right to Buy) vested in three equal installments beginning on the first anniversary of the grant date, July 31 2014, and ending on July 31, 2017.