Tillage Keith Alexis 4

What Happened
Keith Tillage, a director of Business First Bancshares, received a grant of 998 time‑based restricted stock units (RSUs) on June 25, 2026. On June 26, 2026, 1,016 previously granted time‑based RSUs converted/exercised (reported as an exercise/conversion of a derivative). The filing shows N/A for per‑share prices and total value. The newly granted 998 RSUs vest on June 25, 2027; the 1,016 RSUs converted were originally awarded on June 26, 2025 and were scheduled to vest on their first anniversary (per footnote).

Key Details

• Transaction dates: Grant of 998 RSUs on 2026-06-25; conversion/exercise of 1,016 RSUs on 2026-06-26.
• Prices/values: Per‑share price and total dollar values are reported as N/A in the Form 4 excerpt.
• Shares owned after transaction: Not specified in the provided summary of the filing. See the full Form 4 for post‑transaction holdings.
• Footnotes:
  • F1: 998 time‑based RSUs granted under the 2024 Equity Incentive Plan; vest 6/25/2027 and are subject to forfeiture on certain events.
  • F2: The 1,016 RSUs converted were from an award granted 6/26/2025 that vested on its first anniversary.
• Filing timeliness: Form filed 2026-06-29. The 6/25 grant meets the two‑business‑day reporting window, but the 6/26 conversion appears to have been reported one business day late (filed 6/29).

Context

• RSUs are compensation awards, not open‑market purchases; the 998 RSUs are a future economic interest that vests in one year.
• The conversion/exercise entry showing equal shares acquired and disposed (1,016 acquired and 1,016 disposed) typically indicates immediate disposition (e.g., sell‑to‑cover for tax withholding or net settlement), resulting in no net increase in the insider’s shares from that event.
• These transactions are routine compensation‑related events and should be interpreted differently from open‑market insider buys or outright sales.