X0206 3 2018-04-09 0 0001624322 Business First Bancshares, Inc. BFST 0001734772 ROBERTSON ALICIA 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 EVP&CRO of Business First Bank Common Stock 1059 D Stock Options (Right to Buy) 15.0000 2021-10-27 Common Stock 6000 D Stock Options (Right to Buy) 17.1100 2024-07-31 Common Stock 6000 D Includes (a) 94 shares of unvested restricted stock granted on 03/31/2017 and (b) 523 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. The Stock Options (Right to Buy) vested in four equal installments beginning on the grant date, October 27, 2011, and ending on October 27, 2014. The Stock Options (Right to Buy) vested in three equal installments beginning on the first anniversary of the grant date, July 31, 2014, and ending on July 31, 2017. /s/ David R. Melville, as Attorney-in-Fact 2018-04-09