Saul Centers director granted 2,000 restricted shares

Leffall LaSalle D. III reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Leffall LaSalle D. III reported acquisition or exercise transactions in this Form 4 filing.

Saul Centers, Inc. director LaSalle D. Leffall III received an award of 2,000 shares of Common Stock as a restricted stock grant. These restricted shares vest in three equal annual installments on the first three anniversaries of May 8, 2026, assuming he continues in service. After this grant, he directly holds a total of 6,000 shares of Common Stock.

Insider Trade Summary

Grant/Award: 2,000 shares

Grant/Award 1 txn

Insider Leffall LaSalle D. III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,000	$0.00	$0.00

Holdings After Transaction: Common Stock — 6,000 shares (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 shares granted: 2,000 shares Total shares after grant: 6,000 shares Vesting schedule: 3 equal annual installments

3 metrics

Restricted shares granted 2,000 shares Grant of Common Stock on May 8, 2026

Total shares after grant 6,000 shares Director’s direct Common Stock holdings following transaction

Vesting schedule 3 equal annual installments First three anniversaries of May 8, 2026, assuming continued service

Key Terms

restricted shares, vest, Common Stock, grant, award, or other acquisition

4 terms

restricted shares financial

"Represents restricted shares of Common Stock."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

vest financial

"Such shares vest on the first three anniversaries of May 8, 2026"

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.

Common Stock financial

"Represents restricted shares of Common Stock."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

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

What insider transaction did Saul Centers (BFS) report for LaSalle D. Leffall III?

Saul Centers reported that director LaSalle D. Leffall III received 2,000 restricted shares of Common Stock as a grant. This was recorded as an acquisition under a compensation award, not as an open-market purchase or sale on an exchange.

How many Saul Centers (BFS) shares does LaSalle D. Leffall III hold after this Form 4?

After the restricted stock grant, LaSalle D. Leffall III directly holds 6,000 shares of Saul Centers Common Stock. This total includes the newly awarded 2,000 restricted shares and represents his reported direct ownership following the reported transaction.

What are the vesting terms of the restricted shares granted to the Saul Centers (BFS) director?

The 2,000 restricted shares vest over three years in equal annual installments. Vesting occurs on the first three anniversaries of May 8, 2026, and is conditioned on LaSalle D. Leffall III’s continued service with Saul Centers through each vesting date.

Was the Saul Centers (BFS) director’s Form 4 transaction an open-market stock purchase?

No, the transaction was not an open-market purchase. It was reported with code “A,” meaning a grant, award, or other acquisition of 2,000 restricted shares of Common Stock provided as compensation rather than shares bought on the open market.

Does the Saul Centers (BFS) Form 4 show any stock sales by LaSalle D. Leffall III?

The Form 4 shows no stock sales by LaSalle D. Leffall III. It reports only one acquisition transaction, a grant of 2,000 restricted shares of Common Stock, with his direct holdings increasing to a total of 6,000 shares after the award.

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^*

Leffall LaSalle D. 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	6,000	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

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)