# EDGAR Filing Document

**Accession Number:** 0002040034
**File Stem:** 0001437749-26-022046
**Filing Date:** 2026-6
**Character Count:** 7815
**Document Hash:** e6a56c0c2f41d30afd116898c1080144
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-022046.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001437749-26-022046

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260625

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Hall William G.
- **CENTRAL INDEX KEY:** 0002040034

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38447
- **FILM NUMBER:** 261137309

**MAIL ADDRESS:**
- **STREET 1:** 500 LAUREL STREET
- **STREET 2:** SUITE 101
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70801
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Business First Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001624322
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 205340628
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 500 LAUREL STREET
- **STREET 2:** SUITE 101
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70801
- **BUSINESS PHONE:** 225-248-7600

**MAIL ADDRESS:**
- **STREET 1:** 500 LAUREL STREET
- **STREET 2:** SUITE 101
- **CITY:** BATON ROUGE
- **STATE:** LA
- **ZIP:** 70801

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Hall William G.<br><sub>(Last) (First) (Middle)</sub><br>500 LAUREL STREET, SUITE 101<br><sub>(Street)</sub><br>BATON ROUGE, LA 70801<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-06-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Business First Bancshares, Inc. [ BFST ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| COMMON STOCK | 2026-06-26 |  | M |  | 1016 | A | <sup>(5)</sup> | 20990<sup>(1)</sup> | D |  |
| COMMON STOCK |  |  |  |  |  |  |  | 14939<sup>(2)</sup> | I | By: Align Opportunities, LP<sup>(3)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | $0 | 2026-06-25 |  | A |  | 998 |  | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 998 | <sup>(4)</sup> | 2014 | D |  |
| Restricted Stock Units | <sup>(5)</sup> | 2026-06-26 |  | M |  |  | 1016 | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 1016 | <sup>(5)</sup> | 998 | D |  |
| Stock Options (Right to Buy) | $24.45 | 2024-10-01<sup>(6)</sup> |  | A<sup>(6)</sup> |  | 511 |  | <sup>(6)</sup> | 2029-10-16 | Common Stock | 511 | $0 | 511 | D |  |
| Stock Options (Right to Buy) | $24.45 | 2024-10-01<sup>(6)</sup> |  | A<sup>(6)</sup> |  | 767 |  | <sup>(6)</sup> | 2031-01-01 | Common Stock | 767 | $0 | 767 | D |  |
| Stock Options (Right to Buy) | $24.45 | 2024-10-01<sup>(6)</sup> |  | A<sup>(6)</sup> |  | 767 |  | <sup>(6)</sup> | 2032-08-17 | Common Stock | 767 | $0 | 767 | D |  |

---

### Footnotes:

(1) Includes 72 shares currently being held in escrow pursuant to the Agreement and Plan of Reorganization (the "Reorganization Agreement") by and between the issuer and Oakwood Bancshares, Inc. ("Oakwood").

(2) Includes 3,550 shares currently being held in escrow pursuant to the Reorganization Agreement by and between the issuer and Oakwood.

(3) The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

(4) Reflects the grant of time-based restricted stock units to the reporting person under the Business First Bancshares, Inc. 2024 Equity Incentive Plan on June 25, 2026. The time-based restricted stock units will fully vest on June 25, 2027. Each time-based restricted stock unit is economically equivalent to one share of common stock of the issuer. Under the terms of the relevant restricted stock unit grant, the reported unvested restricted stock units are subject to forfeiture upon the occurrence of certain events.

(5) The reporting person received an award of 1,016 time-based restricted stock units on June 26, 2025, vesting on the first anniversary of the issuance date.

(6) The stock options (right to buy) were granted to the reporting person on October 1, 2024, pursuant to the Reorganization Agreement by and between the issuer and Oakwood.

**Signature:** /s/ Heather Roemer, as attorney-in-fact for William G. Hall  
**Date:** 2026-06-29

### Remarks:

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.**