Sanchez Alejandro M 4

What Happened

• Alejandro M. Sanchez, a director of Business First Bancshares, Inc. (BFST), converted/exercised 1,016 derivative awards into 1,016 shares on June 26, 2026 and disposed of (sold/transferred) those 1,016 shares the same day. There is no price or dollar value reported for these transactions (price = N/A).
• Sanchez was also granted 998 time‑based restricted stock units (RSUs) on June 25, 2026; those RSUs are economically equivalent to common shares and vest on June 25, 2027.

Key Details

• Transaction dates: June 25, 2026 (grant of 998 RSUs); June 26, 2026 (conversion/exercise and same‑day disposition of 1,016 shares).
• Prices/values: All reported transactions show price = N/A; no total dollar amounts disclosed in the filing.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes: F1 — the 998 RSUs granted 6/25/26 vest 6/25/27 and are subject to forfeiture on certain events. F2 — the 1,016 RSUs converted on 6/26/26 were originally awarded on 6/26/25 and vested on their first anniversary.
• Filing timeliness: Form 4 was filed on June 29, 2026 and covers transactions through June 26, 2026; the filing appears to be timely under the two‑business‑day Rule 16b‑3 reporting window.

Context

• These were derivative/RSU transactions: previously awarded time‑based RSUs vested (or were converted) into shares, and those shares were immediately disposed of the same day — a common settlement pattern when shares vest (for example, to realize value or satisfy tax withholding), though the filing itself does not state the reason.
• The June 25 grant is a new time‑based RSU award that will not vest until June 25, 2027, so it represents future potential ownership rather than an immediate purchase signal.