Saul Centers (NYSE: BFS) director receives 2,000-share stock award and updates holdings

Rhea-AI Filing Summary

SAUL CENTERS, INC. director Platts H. Gregory reported a stock award and updated his holdings. On May 8, 2026, he received 2,000 restricted shares of Common Stock at no cost. These shares vest in three equal annual installments on the first three anniversaries of May 8, 2026, assuming continued service.

Following this award, Gregory directly owns 8,900 shares of Common Stock. He also holds several director stock options, each covering 2,500 underlying shares with exercise prices ranging from $33.79 to $59.41 per share and expirations between 2027 and 2033, providing additional potential equity exposure.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider Platts H. Gregory

Role null

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

Holdings After Transaction: Common Stock — 8,900 shares (Direct, null); Director Stock Option — 2,500 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Restricted stock grant: 2,000 shares Post-award common shares: 8,900 shares Option exercise price: $33.79 per share +4 more

7 metrics

Restricted stock grant 2,000 shares Restricted Common Stock awarded on May 8, 2026

Post-award common shares 8,900 shares Direct Common Stock holdings after grant

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

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

Option exercise price $59.41 per share Director Stock Option expiring May 5, 2027, 2,500 underlying shares

Underlying shares per option 2,500 shares Each Director Stock Option’s underlying Common Stock

Option expiration range 2027–2033 Director Stock Option expirations reported in derivative holdings

Key Terms

restricted shares of Common Stock, Director Stock Option, Grant, award, or other acquisition, transaction code A, +1 more

5 terms

restricted shares of Common Stock financial

"Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries"

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 Common Stock and exercise prices"

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

transaction code A regulatory

"transaction_code: A for the Common Stock grant entry"

underlying security shares financial

"underlying_security_shares: 2500.0000 for each Director Stock Option"

Form 4 Insider Transactions: What Each Field Means →

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^*

Platts H. Gregory

(Last) (First) (Middle)

7501 WISCONSIN AVE

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	8,900	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	$59.41							05/05/2017	05/05/2027	Common Stock	2,500		2,500	D
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)