X0206 3 2018-04-09 0 0001624322 Business First Bancshares, Inc. BFST 0001734795 MELVILLE DAVID R. III 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 1 President and CEO Common Stock 19745 D Stock Options (Right to Buy) 10.0000 2020-01-15 Common Stock 92400 D Stock Options (Right to Buy) 15.0000 2021-05-17 Common Stock 100000 D Includes (a) 1,566 shares of unvested restricted stock granted on 03/31/2017 and (b) 7,370 shares of unvested restricted stock granted on 03/31/2018, in each case subject to vesting in three equal installments over a period of two years beginning on the grant date and subject to the terms of the relevant restricted stock grant. The reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events specified in the restricted stock grant. Stock Options (Right to Buy) have been structured to comply with Section 409A of the Internal Revenue Code and are exercised automatically upon the earlier of the expiration date, January 15, 2020, a change in control of the issuer, the reporting person's death or disability, or the reporting person's separation from service, and may not be exercised in any other manner. Stock Options (Right to Buy) vested in four equal installments beginning on the first anniversary of the grant date, May 17, 2011, and ending May 17, 2015. /s/ David R. Melville 2018-04-09