Sec Form 4 Filing - ROBERTSON ALICIA @ Business First Bancshares, Inc. - 2021-02-17

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 ROBERTSON ALICIA 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) EVP - b1BANK (Last) (First) (Middle) C/O BUSINESS FIRST BANCSHARES, INC., 500 LAUREL STREET, SUITE 101 3. Date of Earliest Transaction (MM/DD/YY) 02/17/2021 (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 02/17/2021 M 6,000 A $ 15 15,317 ( 1 ) D COMMON STOCK 02/17/2021 M 6,000 A $ 17.11 21,317 ( 1 ) D COMMON STOCK 02/17/2021 S 8,630 D $ 21.89 ( 2 ) 12,687 ( 1 ) 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) $ 15 02/17/2021 M 6,000 ( 3 ) 10/27/2021 Common Stock 6,000 $ 0 0 D Stock Options (Right to Buy) $ 17.11 02/17/2021 M 6,000 ( 4 ) 07/31/2024 Common Stock 6,000 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ROBERTSON ALICIA C/O BUSINESS FIRST BANCSHARES, INC. 500 LAUREL STREET, SUITE 101 BATON ROUGE, LA70801 EVP - b1BANK Signatures /s/ Heather Roemer, as attorney-in-fact for Alicia Robertson 02/19/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes (a) 231 shares of unvested restricted stock granted on 03/31/2019, all of which will vest on 3/31/2021, (b) 2,130 shares of unvested restricted stock granted on 2/1/2020, which will vest in two equal installments on 3/31/2021 and 3/31/2022, and (c) 4,416 shares of unvested restricted stock granted on 2/1/2021, 1,457 shares of which will vest on each of 3/31/2021 and 3/31/2022 and the remaining 1,501 shares will vest on 3/31/2023. 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 )This transaction was executed in multiple trades at prices ranging from $21.86 to $22.02. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. ( 3 )The Stock Options (Right to Buy) vested in four equal installments beginning on the grant date, October 27, 2011, and ending on October 27, 2014. ( 4 )The Stock Options (Right to Buy) vested in three equal installments beginning on the first anniversary of the grant date, July 31, 2014, and ending on July 31, 2017.

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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