Business First (NASDAQ: BFST) EVP uses 1,204 shares to cover tax liability

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Business First Bancshares EVP & General Counsel Saundra Strong had shares withheld to cover taxes on equity compensation. On March 31, 2026, 1,204 shares of common stock were disposed of at $27.04 per share as a tax-withholding transaction, leaving her with 5,878 common shares held directly.

She also holds 9,377 restricted stock units tied to common stock at an exercise price of $0.00 per share. Footnotes show these RSUs are time-based awards granted between December 12, 2024 and March 2, 2026, vesting in two or three equal installments on future anniversaries of their grant dates.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Strong Saundra

Role EVP & General Counsel

Type	Security	Shares	Price	Value
Tax Withholding	COMMON STOCK	1,204	$27.04	$33K
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: COMMON STOCK — 5,878 shares (Direct); Restricted Stock Units — 9,377 shares (Direct)

Footnotes (1)

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Key Figures

Tax-withholding shares: 1,204 shares Tax-withholding price: $27.04 per share Direct common shares after transaction: 5,878 shares +5 more

8 metrics

Tax-withholding shares 1,204 shares Common stock delivered for tax liability on Mar. 31, 2026

Tax-withholding price $27.04 per share Value used for tax-withholding disposition of common stock

Direct common shares after transaction 5,878 shares Direct ownership following March 31, 2026 disposition

Restricted stock units held 9,377 units RSUs tied to common stock with $0.00 exercise price

RSU exercise price $0.00 per share Exercise price for restricted stock units underlying common stock

Time-based RSU tranche 1 2,584 units Granted Dec. 12, 2024, vesting in two equal installments

Time-based RSU tranche 2 2,714 units Granted Mar. 1, 2025, vesting in two equal installments

Time-based RSU tranche 3 815 units Granted Mar. 2, 2026, vesting in three equal installments

Key Terms

tax-withholding disposition, Restricted Stock Units, time-based restricted stock units, vesting in two substantially equal installments, +1 more

5 terms

tax-withholding disposition financial

"transaction_action: "tax-withholding disposition" for 1,204 common shares"

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 9,377 underlying shares"

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) 2,584 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.

vesting in two substantially equal installments financial

"which will vest in two substantially equal installments on the second and third anniversary"

vesting in three substantially equal installments financial

"which will vest in three substantially equal installments on the first, second, and third anniversary"

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^*

Strong Saundra

(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 & General Counsel

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		1,204	D	$27.04	5,878	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	9,377		9,377⁽¹⁾	D

Explanation of Responses:

1. Includes: (a) 2,584 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) 2,714 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) 815 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) 3,264 time-based restricted stock units, 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 Saundra Strong	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 executive Saundra Strong report?

Saundra Strong reported a tax-withholding disposition of 1,204 shares of Business First Bancshares common stock. The shares were delivered at $27.04 per share to satisfy tax obligations tied to equity compensation, rather than being sold in an open-market trade.

How many BFST shares does Saundra Strong hold after this Form 4 filing?

After the March 31, 2026 transaction, Saundra Strong holds 5,878 shares of Business First Bancshares common stock directly. In addition, she has 9,377 restricted stock units linked to common stock that represent future share delivery, subject to vesting schedules.

Was the BFST insider transaction a market sale of shares?

The transaction was a tax-withholding disposition, not an open-market sale. Shares were delivered at $27.04 per share to cover tax liability associated with equity awards, consistent with the Form 4 code F description for payment of tax obligations using securities.

What restricted stock units does Saundra Strong hold in BFST?

She holds 9,377 restricted stock units tied to Business First Bancshares common stock with a $0.00 exercise price. These RSUs reflect unvested equity awards that can settle in shares as they vest, according to the time-based vesting schedules described in the footnote.

How are Saundra Strong’s BFST restricted stock units scheduled to vest?

The RSUs vest in time-based installments over multiple years. Grants from December 12, 2024, March 1, 2025, and March 2, 2026 vest in two or three substantially equal installments on the first, second, or third anniversaries of their respective issuance dates.

What is Saundra Strong’s role at Business First Bancshares?

Saundra Strong serves as Executive Vice President and General Counsel of Business First Bancshares. Her Form 4 filing reflects equity-related activity in that capacity, including common stock holdings and time-based restricted stock unit awards that vest over future anniversaries.