X0306 4 2019-03-31 0001624322 Business First Bancshares, Inc. BFST 0001734771 ROBERTSON GREG 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 CFO and Treasurer COMMON STOCK 2019-03-31 4 A 0 4190 23.74 A 17929 D COMMON STOCK 2019-03-31 4 F 0 1041 24.54 D 16888 D Reflects the grant of 4,190 shares of restricted stock to reporting person, 1,382 of which vested upon the grant date. The terms of the restricted stock grant are described in footnote 2 below. Includes (a) 1,642 shares of unvested restricted stock granted on 03/31/2018 and (b) 2,808 shares of unvested restricted stock granted on 03/31/2019, 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. /s/ Heather Roemer, as attorney-in-fact 2019-10-02