X0306 4 2018-11-30 0001624322 Business First Bancshares, Inc. BFST 0001759712 Vascocu Norman Jerome Sr 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 Common Stock 2018-11-30 4 A 0 79781 A 79781 D Acquired in exchange for 4,800 shares of Richland State Bancorp, Inc. ("RSBI") common stock in connection with the merger of RSBI with and into the issuer (the "Merger"). At the effective time of the Merger, each share of RSBI common stock was converted into the right to receive approximately 16.62 shares of the issuer's common stock. On the effective date of the Merger, the closing price of the issuer's common stock was $25.29 per share. /s/ Heather Roemer, as attorney-in-fact 2018-12-04