Saul Centers (NYSE: BFS) VP exercises awards and holds 5,206 Common shares

Rhea-AI Filing Summary

Saul Centers, Inc. senior vice president Zachary Maxwell Friedlis reported equity compensation activity, primarily acquiring shares through performance-based awards and grants. He exercised performance share units to acquire 600 shares of Common Stock at a stated price of $0.00 per share and now directly holds 4,906.093 Common shares afterward.

He also received a grant of 300 additional restricted shares of Common Stock, increasing his direct Common Stock holdings to 5,206.093 shares. Footnotes state that these restricted shares, including those earned based on 2025 performance criteria, vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment. The filing also shows a direct holding of 3,704.552 shares of Series D Preferred Stock.

Insights

Insider transactions analyst

Routine equity compensation: awards exercised and granted, no open-market trades.

Senior executive Zachary Maxwell Friedlis exercised performance share awards to receive 600 shares of Saul Centers Common Stock and was granted 300 additional restricted shares, all at a stated price of $0.00 per share. These are compensation-related equity movements, not open-market buying or selling.

The filing shows he now directly holds 5,206.093 Common shares and 3,704.552 Series D Preferred shares. Footnotes describe the new restricted shares as vesting 50% on May 17, 2029 and 50% on May 9, 2030, contingent on continued employment. This pattern is typical of long-term incentive plans and does not, by itself, signal a change in outlook.

Insider Trade Summary

600 shares exercised/converted

Mixed 5 txns

Insider Friedlis Zachary Maxwell

Role Sr. VP-Director of Leasing

Type	Security	Shares	Price	Value
Exercise	Performance Shares	300	$0.00	--
Exercise	Performance Shares	300	$0.00	--
Exercise	Common Stock	600	$0.00	--
Grant/Award	Common Stock	300	$0.00	--
holding	Series D Preferred Stock	--	--	--

Holdings After Transaction: Performance Shares — 900 shares (Direct); Common Stock — 4,906.093 shares (Direct); Series D Preferred Stock — 3,704.552 shares (Direct)

Footnotes (1)

1. Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates. Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 61.074 shares Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

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^*

Friedlis Zachary Maxwell

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

SUITE 1500

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP-Director of Leasing

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

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

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

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

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
Series D Preferred Stock								3,704.552	D
Common Stock	03/11/2026		M		600(1)	A	$0	4,906.093(2)	D
Common Stock	03/11/2026		A		300(3)	A	$0	5,206.093	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
Performance Shares	$0	03/11/2026		M			300	05/17/2029	05/17/2029	Common Stock	300	$0	900	D
Performance Shares	$0	03/11/2026		M			300	05/09/2030	05/09/2030	Common Stock	300	$0	1,200	D

Explanation of Responses:

1. Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

2. Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 61.074 shares

3. Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

Remarks:

	/s/ Carlos L. Heard, by Power of Attorney	03/12/2026
	** 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.

FAQ

What insider transactions did BFS executive Zachary Maxwell Friedlis report?

He reported exercising performance share awards for 600 Saul Centers Common shares and receiving a grant of 300 additional restricted Common shares at a stated price of $0.00 per share, reflecting routine equity compensation rather than open-market trading activity.

How many Saul Centers (BFS) Common Stock shares does the executive now hold?

After these transactions, Zachary Maxwell Friedlis directly holds 5,206.093 shares of Saul Centers Common Stock. This total reflects prior holdings, dividend reinvestment awards noted in the footnotes, and the newly exercised and granted equity awards reported in this Form 4 filing.

What are the vesting terms of the new restricted Saul Centers (BFS) shares?

The restricted Common shares vest 50% on May 17, 2029 and the remaining 50% on May 9, 2030. Vesting is subject to the reporting person’s continued employment through each vesting date, aligning the long-term incentive with ongoing service at Saul Centers.

Were the Saul Centers (BFS) insider transactions open-market buys or sells?

No. The transactions reflect derivative exercises and grants of restricted stock, all reported at a price of $0.00 per share. They are compensation-related equity awards rather than open-market purchases or sales and therefore carry limited directional trading signal for outside investors.

How many Saul Centers (BFS) Series D Preferred shares does the insider hold?

The Form 4 shows a direct holding of 3,704.552 shares of Saul Centers Series D Preferred Stock. This entry is reported as a holding line item, without a new transaction code, indicating the number of preferred shares beneficially owned after the reported equity compensation activity.

What performance period is tied to the additional restricted BFS shares earned?

A footnote explains that some additional restricted Common shares were earned based on performance criteria for a period from January 1, 2025 through December 31, 2025. These performance-based shares follow the same May 2029 and May 2030 vesting schedule, subject to continued employment.