Saul Centers director granted 2,000 restricted shares

SAUL CENTERS, INC. director Earl A. Powell III received an award of 2,000 shares of Common Stock, reported at a price of $0.00 per share.

Rhea-AI Filing Summary

SAUL CENTERS, INC. director Earl A. Powell III received an award of 2,000 shares of Common Stock, reported at a price of $0.00 per share. These restricted shares vest in three equal annual installments on each of the first three anniversaries of May 8, 2026, assuming continued service. Following this grant, he directly holds 7,200 Common Shares and maintains several director stock option awards over 2,500 underlying shares each at exercise prices between $33.79 and $55.71, with expirations from 2028 to 2033.

Insider Trade Summary

Grant/Award: 2,000 shares

Grant/Award 7 txns

Insider Powell Earl A III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,000	$0.00	$0.00
holding	Director Stock Option	--	--	--
holding	Director Stock Option	--	--	--
holding	Director Stock Option	--	--	--
holding	Director Stock Option	--	--	--
holding	Director Stock Option	--	--	--
holding	Director Stock Option	--	--	--

Holdings After Transaction: Common Stock — 7,200 shares (Direct); Director Stock Option — 15,000 contracts (Direct)

Footnotes (1)

1. F1. Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 8, 2026 in equal annual installments, assuming continued service.

Key Figures

Restricted share grant: 2,000 shares Shares owned after grant: 7,200 shares Option exercise price: $33.79 per share +5 more

8 metrics

Restricted share grant 2,000 shares Common Stock grant at $0.00 per share on May 8, 2026

Shares owned after grant 7,200 shares Total direct Common Stock holdings following the transaction

Option exercise price $33.79 per share Director Stock Option, expiration May 12, 2033, 2,500 underlying shares

Option exercise price $47.90 per share Director Stock Option, expiration May 13, 2032, 2,500 underlying shares

Option exercise price $43.89 per share Director Stock Option, expiration May 7, 2031, 2,500 underlying shares

Option exercise price $50.00 per share Director Stock Option, expiration April 24, 2030, 2,500 underlying shares

Option exercise price $55.71 per share Director Stock Option, expiration May 3, 2029, 2,500 underlying shares

Option exercise price $49.46 per share Director Stock Option, expiration May 11, 2028, 2,500 underlying shares

Key Terms

restricted shares of Common Stock, Director Stock Option, vest, exercise price, +1 more

5 terms

restricted shares of Common Stock financial

"Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 8, 2026..."

Restricted shares of common stock are company shares that cannot be sold or transferred until specific conditions are met, such as a set time period, performance targets, or regulatory approvals; they are often granted to founders, employees or early investors. They matter to investors because when the restrictions lift those shares can enter the market and increase the supply, potentially diluting existing holders and changing the stock’s price, similar to a locked faucet being opened and more water joining the flow.

Director Stock Option financial

"security_title: "Director Stock Option" with underlying security title Common Stock and specified exercise prices."

vest financial

"Such shares vest on the first three anniversaries of May 8, 2026 in equal annual installments..."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

exercise price financial

"exercisePrice values such as "33.7900", "47.9000" and others for Director Stock Options."

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expirationDate fields such as "2033-05-12T00:00:00.000Z" for the Director Stock Options."

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Saul Centers (BFS) director Earl A. Powell III report in this Form 4?

Earl A. Powell III reported receiving 2,000 shares of Saul Centers Common Stock as a grant at $0.00 per share. The filing also updates his total direct Common Stock holdings to 7,200 shares and lists multiple outstanding director stock option awards.

How do Earl A. Powell III’s new restricted Saul Centers (BFS) shares vest?

The 2,000 restricted shares of Common Stock vest in three equal annual installments on the first three anniversaries of May 8, 2026. Vesting is conditioned on Mr. Powell’s continued service, meaning unvested shares depend on him remaining in his role.

How many Saul Centers (BFS) Common Shares does Earl A. Powell III own after this grant?

After the reported grant, Earl A. Powell III directly holds 7,200 shares of Saul Centers Common Stock. This figure reflects his updated post-transaction ownership, including the newly awarded 2,000 restricted shares subject to future vesting conditions.

What director stock options does Earl A. Powell III hold in Saul Centers (BFS)?

He holds multiple director stock option awards, each tied to 2,500 underlying Common Shares, with exercise prices such as $33.79, $47.90, $43.89, $50.00, $55.71, and $49.46. These options expire between 2028 and 2033, according to the filing data.

Was the Saul Centers (BFS) Form 4 a market purchase or sale of shares?

The Form 4 shows a grant of 2,000 Common Shares reported under transaction code A, which represents a grant, award, or other acquisition. It does not report any open-market purchases or sales, only the compensation-related share award and existing option holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 05:30 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Powell Earl A III

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

SUITE 1500

(Street)

BETHESDA MARYLAND 20814

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	05/08/2026		A		2,000(1)	A	$0	7,200	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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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
Director Stock Option	$49.46							05/11/2018	05/11/2028	Common Stock	2,500		2,500	D
Director Stock Option	$55.71							05/03/2019	05/03/2029	Common Stock	2,500		2,500	D
Director Stock Option	$50							04/24/2020	04/24/2030	Common Stock	2,500		2,500	D
Director Stock Option	$43.89							05/07/2021	05/07/2031	Common Stock	2,500		2,500	D
Director Stock Option	$47.9							05/13/2022	05/13/2032	Common Stock	2,500		2,500	D
Director Stock Option	$33.79							05/12/2023	05/12/2033	Common Stock	2,500		2,500	D

Explanation of Responses:

1. Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 8, 2026 in equal annual installments, assuming continued service.

Remarks:

	/s/ Carlos L. Heard, by Power of Attorney	05/11/2026
	** Signature of Reporting Person	Date
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)