Manning Kathryn 4

What Happened
Kathryn Manning, EVP and Chief Risk Officer of Business First Bancshares (BFST), had 874 shares disposed on 2026-03-31 to pay an exercise price or tax liability (transaction code F). The shares were valued at $27.04 each for a total of $23,633. This was a tax-withholding disposition (not an open-market sale).

Key Details

• Transaction date: 2026-03-31; Filing date: 2026-04-02 (filed timely).
• Disposal: 874 shares withheld at $27.04 per share, total $23,633. (SEC code F = payment of exercise price or tax liability.)
• Shares owned after the transaction: not specified in the filing.
• Footnote (F1) details related awards:
  • 2,395 time-based RSUs granted Dec 12, 2024 — vest in two substantially equal installments on the 2nd and 3rd anniversaries;
  • 2,517 time-based RSUs granted Mar 1, 2025 — vest in two substantially equal installments on the 2nd and 3rd anniversaries;
  • 745 time-based RSUs granted Mar 2, 2026 — vest in three substantially equal installments on the 1st, 2nd, and 3rd anniversaries;
  • 2,984 time-based RSUs (grant date not shown) — vest in three substantially equal installments on the 1st, 2nd, and 3rd anniversaries.
• This disposition appears to be tax withholding tied to equity awards (routine compensation-related action), not an indicator of an open-market sale.

Context
Tax-withholding dispositions (code F) are common when restricted stock units or option exercises generate tax obligations; companies often withhold or cancel a portion of shares to cover those taxes. Such transactions are administrative and generally less informative about an insider’s view of the company than open-market purchases or sales.