Business First Bancshares (BFST) Proxy Filing summary

Executive summary

• The 2025 annual meeting will be held on May 22, 2025, both in person and via live webcast, with shareholders voting on director elections, executive compensation, and auditor ratification.

• Shareholders of record as of March 28, 2025, are eligible to vote and attend, with electronic and telephonic voting options available.

• The board recommends voting in favor of all proposals, including the election of 16 directors, approval of executive compensation, and ratification of Forvis Mazars, LLP as auditor.

Voting matters and shareholder proposals

• Shareholders will vote on electing 16 directors, a non-binding advisory vote on executive compensation (Say-on-Pay), and ratification of Forvis Mazars, LLP as the independent auditor for 2025.

• The board recommends a vote FOR all director nominees, FOR the Say-on-Pay proposal, and FOR auditor ratification.

• Shareholder proposals for the 2026 meeting must be submitted in accordance with SEC Rule 14a-8 and company bylaws.

Board of directors and corporate governance

• The board will be reduced from 19 to 16 members following the meeting, with three current members not standing for reelection.

• The board has met its 30% diversity goal, with 31% of nominees self-identifying as diverse by gender or race.

• Board committees include Audit, Compensation, and Nominating/Corporate Governance, all composed of independent directors.

• A mandatory retirement age of 75 for directors was established, with exceptions for current directors until 2026.