X0306 4 2020-01-15 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 2020-01-15 4 M 0 92400 10 A 121943 D Common Stock 2020-01-15 4 F 0 19294 24.92 D 102649 D Stock Options (Right to Buy) 10 2020-01-15 4 M 0 92400 0 D 2020-01-15 Common Stock 92400 0 D 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 2,627 shares. Stock Options (Right to Buy) were 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. /s/ Heather Roemer, as attorney-in-fact 2020-01-17