Business First Bancshares (BFST) CFO uses 1,033 shares for tax withholding

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares, Inc. EVP and CFO Greg Robertson reported a tax-related share withholding rather than an open-market trade. On March 31, 2026, 1,033 shares of common stock were withheld at $27.04 per share to satisfy tax obligations tied to equity compensation, leaving him with 69,532 common shares held directly.

He also holds 13,374 time-based restricted stock units convertible into common stock, vesting in installments between the second and third anniversaries of grants made in 2024, 2025, and 2026.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider ROBERTSON GREG

Role EVP and CFO

Type	Security	Shares	Price	Value
Tax Withholding	COMMON STOCK	1,033	$27.04	$28K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: COMMON STOCK — 69,532 shares (Direct); Restricted Stock Units — 13,374 shares (Direct)

Footnotes (1)

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Key Figures

Tax-withheld shares: 1,033 shares Withholding price: $27.04 per share Common shares after transaction: 69,532 shares +5 more

8 metrics

Tax-withheld shares 1,033 shares Common stock withheld for taxes on March 31, 2026

Withholding price $27.04 per share Price used for 1,033-share tax-withholding disposition

Common shares after transaction 69,532 shares Direct holdings following March 31, 2026 transaction

Restricted stock units 13,374 units Time-based RSUs convertible into common stock, held directly

RSUs granted Dec 12, 2024 3,722 units Time-based RSUs vesting in two equal installments on 2nd and 3rd anniversaries

RSUs granted Mar 1, 2025 3,912 units Time-based RSUs vesting in two equal installments on 2nd and 3rd anniversaries

RSUs granted Mar 2, 2026 (tranche 1) 1,148 units Vesting in three equal installments on 1st, 2nd, 3rd anniversaries

RSUs granted Mar 2, 2026 (tranche 2) 4,592 units Vesting in three equal installments on 1st, 2nd, 3rd anniversaries

Key Terms

tax-withholding disposition, Restricted Stock Units, time-based restricted stock units, exercise price, +1 more

5 terms

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for the 1,033-share event"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Restricted Stock Units financial

"security_title: "Restricted Stock Units" with underlying common stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

time-based restricted stock units financial

"Includes: (a) 3,722 time-based restricted stock units granted to the reporting person"

Time-based restricted stock units are a form of employee compensation where individuals are granted company shares that are earned over a set period, often as a reward for staying with the company. These shares typically become fully owned and transferable only after passing specific time milestones, encouraging long-term commitment. For investors, they highlight a company's focus on employee retention and can influence future stock supply and company stability.

exercise price financial

"conversion_or_exercise_price: "0.0000" for the Restricted Stock Units"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Payment of exercise price or tax liability by delivering securities financial

"transaction_code_description: "Payment of exercise price or tax liability by delivering securities""

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:08 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ROBERTSON GREG

(Last)

(First)

(Middle)

500 LAUREL STREET, SUITE 101

(Street)

BATON ROUGE

LOUISIANA

70801

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Business First Bancshares, Inc. [ BFST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP and CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	03/31/2026		F		1,033	D	$27.04	69,532	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0.0000							⁽¹⁾	⁽¹⁾	Common Stock	13,374		13,374⁽¹⁾	D

Explanation of Responses:

1. Includes: (a) 3,722 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) 3,912 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) 1,148 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 issuance date; and (d) 4,592 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 issuance date.

	/s/ Heather Roemer, as attorney-in-fact for Gregory Robertson	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BFST CFO Greg Robertson report on March 31, 2026?

Greg Robertson reported a tax-withholding disposition, where 1,033 Business First Bancshares common shares were withheld at $27.04 per share to cover tax liabilities from equity compensation rather than sold in the open market.

How many BFST shares does the CFO hold after the latest Form 4 filing?

After the March 31, 2026 transaction, BFST’s CFO directly holds 69,532 shares of Business First Bancshares common stock, according to the Form 4. This figure reflects his position following the 1,033-share tax-withholding event.

What restricted stock unit (RSU) position does the BFST CFO currently have?

The CFO holds 13,374 time-based restricted stock units, each convertible into Business First Bancshares common stock. These RSUs represent additional potential equity exposure beyond his 69,532 directly held common shares.

How are the BFST CFO’s restricted stock units scheduled to vest?

The 13,374 RSUs include grants from December 2024 and March 2025 that vest in two equal installments on the second and third anniversaries, and March 2026 grants that vest in three equal installments on the first, second, and third anniversaries.

Was the BFST CFO’s March 31, 2026 transaction an open-market sale of shares?

No, the Form 4 identifies the transaction as a tax-withholding disposition under code F. Shares were delivered to satisfy tax liabilities, not sold in an open-market transaction initiated for portfolio or valuation reasons.