X0306 4 2020-05-01 0001624322 Business First Bancshares, Inc. BFST 0001811398 Buquet James J. III 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 Common Stock 2020-05-01 4 A 0 150304 A 150304 D Acquired in exchange for 86,136 shares of Pedestal Bancshares, Inc. ("Pedestal") in connection with the merger of Pedestal with and into the issuer (the "Merger"). At the effective time of the Merger, each share of Pedestal common stock was converted into the right to receive approximately 1.745 shares of the issuer's common stock. On the effective date of the Merger, the closing price of the issuer's common stock was $12.96 per share. /s/ Heather Roemer, as attorney-in-fact for James J. Buquet, III 2020-05-05