JORDAN PHILIP 4

What Happened
Jordan Philip, EVP & CBO of b1Bank (a Business First Bancshares subsidiary), disposed of 1,033 shares as a payment for tax liability/exercise price (transaction code F). The shares were disposed at $27.04 per share for a total reported value of $27,932 on March 31, 2026. This was a withholding-style disposition to cover taxes (not an open-market sale for investment purposes).

Key Details

• Transaction date and price: March 31, 2026 — 1,033 shares at $27.04 each ($27,932 total).
• Transaction type: Code F — payment of exercise price or tax liability (shares withheld/disposed to satisfy tax withholding).
• Filing date: April 2, 2026 (Form 4 accession 0001437749-26-011108). No indication of a late filing in the form.
• Shares owned after transaction: Filing notes beneficial holdings that include 4,000 shares held in the reporting person’s retirement account and units of the employer stock fund equal to approximately 14,993 shares (combined ≈ 18,993).
• Unvested awards: Footnote F2 lists unvested time‑based RSUs totaling 13,335 units (granted Dec 12, 2024; Mar 1, 2025; Mar 2, 2026) with scheduled vesting over one to three years.

Context
A Code F disposition typically reflects mandatory withholding to cover taxes from vested awards or option exercises (a routine administrative step). It is not the same as an open‑market sale that might reflect a change in an insider’s view of the company. Retail investors should view this as a tax-related transfer rather than a clear signal of insider sentiment.