SEC Contract Filing

Filing Date: 2022-08-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_401527.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exhibit 10.1</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>CHANGE IN CONTROL AGREEMENT</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">This Change in Control Agreement (&#8220;Agreement&#8221;) is made and entered into effective as of the 6th day of October, 2019 by and among Business First Bancshares, Inc., a Louisiana corporation and registered bank holding company (&#8220;BFST&#8221;), Business First Bank, a Louisiana chartered bank and wholly-owned subsidiary of BFST with its principal office in Baton Rouge, Louisiana (the &#8220;Bank&#8221;), and Keith Mansfield (the &#8220;Executive&#8221;).</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><u>WITNESSETH</u></b><b>:</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">WHEREAS, the Executive is an officer of BFST and/or the Bank;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">WHEREAS, the boards of directors of BFST and the Bank (the &#8220;Boards&#8221;), without the Executive&#8217;s participation in its deliberations, recognizes that the possibility of a Change in Control (as hereinafter defined) of BFST or the Bank exists or may exist in the future, and that the prospect or the occurrence of a Change in Control can result in significant distractions of its key management personnel because of the uncertainties inherent in such a situation;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">WHEREAS, the Boards believe that it is beneficial to diminish the distraction of the Executive by virtue of the personal uncertainties and risks created by a potential Change in Control, and has determined that it is in the best interest of BFST, its stockholders and the Bank for the services of the Executive to be retained in the event of an occurrence of a Change in Control and to provide for the Executive&#8217;s continued dedication and efforts in such event without undue concern for the Executive&#8217;s personal financial and employment security; and</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">WHEREAS, to induce the Executive to remain employed with BFST and/or the Bank, particularly in the event of a threat or the occurrence of a Change in Control, BFST and the Bank desire to enter into this Agreement with the Executive to provide the Executive with certain benefits in the event of a Change in Control.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements contained herein, BFST, the Bank and the Executive hereby agree as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>ARTICLE 1</b><br>
<b><u>DEFINITIONS</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">1.1&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; <u>Definitions</u>. The following terms shall have the definitions set forth below for purposes of this Agreement.</p>

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