X0306 4/A 2021-01-15 2021-02-02 0001624322 Business First Bancshares, Inc. BFST 0001841232 McDonald Warren 500 LAUREL STREET, SUITE 101 BATON ROUGE LA 70801 1 Chief Credit Officer COMMON STOCK 2021-01-15 4 M 0 22000 12 A 24456 D COMMON STOCK 2021-01-15 4 F 0 15319 22.04 D 9137 D STOCK OPTIONS (RIGHT TO BUY) 12 2021-01-15 4 M 0 22000 0 D 2021-01-15 Common Stock 22000 0 D Includes (a) 931 shares of unvested restricted stock granted on 2/1/2020, of which 459 will vest on 3/31/2021 and 472 will vest on 3/31/2022, and (b) 538 shares of unvested restricted stock granted on 3/31/2019, all of which will vest on 3/31/2021. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events. 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, 2021, 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. This amended Form 4 is being filed to correct the transaction dates from 01/15/2020 to 01/15/2021 /s/ Heather Roemer, as attorney-in-fact for Warren McDonald 2021-03-05