X0306 4 2019-03-31 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 2019-03-31 4 A 0 10345 23.20 A 32157 D COMMON STOCK 2019-03-31 4 F 0 2614 24.54 D 29543 D Reflects the grant of 10,345 shares of restricted stock to reporting person, 3,413 of which vested upon the grant date. The terms of the restricted stock grant are described in footnote 2 below. Includes (a) 3,740 shares of unvested restricted stock granted on 03/31/2018 and (b) 6,932 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. Includes units of employer stock fund through issuer's 401(k) plan equivalent to approximately 2,432 shares. /s/ Heather Roemer, as attorney-in-fact 2019-10-02