Sec Form 4 Filing - McDonald Warren @ Business First Bancshares, Inc. - 2021-01-15

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
McDonald Warren
2. Issuer Name and Ticker or Trading Symbol
Business First Bancshares, Inc. [ BFST]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Chief Credit Officer
(Last) (First) (Middle)
500 LAUREL STREET, SUITE 101
3. Date of Earliest Transaction (MM/DD/YY)
01/15/2021
(Street)
BATON ROUGE, LA70801
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
COMMON STOCK 01/15/2020 M 22,000 A $ 12 24,456 ( 1 ) ( 2 ) D
COMMON STOCK 01/15/2020 F 15,319 D $ 22.04 9,137 ( 1 ) ( 2 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
STOCK OPTIONS (RIGHT TO BUY) $ 12 01/15/2021 M 22,000 ( 2 ) 01/15/2021 Common Stock 22,000 $ 0 0 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
McDonald Warren
500 LAUREL STREET, SUITE 101
BATON ROUGE, LA70801
Chief Credit Officer
Signatures
/s/ Heather Roemer, as attorney-in-fact for Warren McDonald 02/01/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )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.
( 2 )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.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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