Patricia E. Saul (BFS) logs small stock award and tax withholding on vested shares

Rhea-AI Filing Summary

SAUL CENTERS, INC. vice chair and director Patricia E. Saul reported routine equity compensation activity. On May 17, 2026 she acquired 37 shares of common stock at $33.00 per share as dividend equivalents on a restricted stock award that vested that day, while 152 shares were withheld to cover tax obligations. After these transactions, she directly held 23,547.641 shares of common stock. She also retained derivative interests in performance share awards tied to 2,000, 1,600, and 1,200 underlying common shares with a $0.00 exercise price and expiration dates from 2029 to 2031, plus a director stock option over 2,500 shares at a $33.79 exercise price expiring in 2033.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Saul Patricia E.

Role Vice Chair

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	152	$33.00	$5K
Grant/Award	Common Stock	37	$33.00	$1K
holding	Director Stock Option	--	--	--
holding	Performance Shares	--	--	--
holding	Performance Shares	--	--	--
holding	Performance Shares	--	--	--

Holdings After Transaction: Common Stock — 23,547.641 shares (Direct, null); Director Stock Option — 2,500 shares (Direct, null); Performance Shares — 1,200 shares (Direct, null)

Footnotes (1)

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Key Figures

Dividend-equivalent shares granted: 37 shares at $33.00 Tax-withholding shares: 152 shares at $33.00 Direct common shares held: 23,547.641 shares +4 more

7 metrics

Dividend-equivalent shares granted 37 shares at $33.00 Common stock grant on May 17, 2026

Tax-withholding shares 152 shares at $33.00 Shares withheld for tax obligations

Direct common shares held 23,547.641 shares Post-transaction common stock ownership

Performance shares 2031 2,000 underlying shares at $0.00 Performance Shares expiring May 8, 2031

Performance shares 2030 1,600 underlying shares at $0.00 Performance Shares expiring May 9, 2030

Performance shares 2029 1,200 underlying shares at $0.00 Performance Shares expiring May 17, 2029

Director stock option 2,500 shares at $33.79 Option expiring May 12, 2033

Key Terms

Performance Shares, Director Stock Option, tax-withholding disposition, dividend equivalents

4 terms

Performance Shares financial

"security_title": "Performance Shares""

Performance shares are a type of company stock given to executives or employees that only become theirs if the company meets specific goals, like hitting certain profits or growth targets. They motivate leaders to work toward the company’s success, because their additional shares depend on achieving these results.

Director Stock Option financial

"security_title": "Director Stock Option""

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

dividend equivalents financial

"Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

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^*

Saul Patricia E.

(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
X	Officer (give title below)		Other (specify below)
	Vice Chair

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2026

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	05/17/2026		F		152	D	$33	23,547.641	D
Common Stock	05/17/2026		A		37(1)	A	$33	23,584.641	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	$33.79							05/12/2023	05/12/2033	Common Stock	2,500		2,500	D
Performance Shares	$0							05/17/2029	05/17/2029	Common Stock	1,200		1,200	D
Performance Shares	$0							05/09/2030	05/09/2030	Common Stock	1,600		1,600	D
Performance Shares	$0							05/08/2031	05/08/2031	Common Stock	2,000		2,000	D

Explanation of Responses:

1. Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.

Remarks:

	/s/ Carlos L. Heard, by Power of Attorney	05/19/2026
	** 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)

FAQ

What insider transactions did BFS vice chair Patricia E. Saul report?

Patricia E. Saul reported an equity award of 37 common shares at $33.00 per share as dividend equivalents on vested restricted stock, and 152 shares withheld to satisfy tax obligations related to the award.

How many Saul Centers (BFS) shares does Patricia E. Saul now hold?

Following the reported transactions, Patricia E. Saul directly holds 23,547.641 shares of Saul Centers common stock. This figure reflects the net position after receiving the dividend-equivalent shares and the separate tax-withholding share disposition.

What derivative awards does Patricia E. Saul have in Saul Centers (BFS)?

She holds performance share awards linked to 2,000, 1,600, and 1,200 underlying common shares with a $0.00 exercise price, plus a director stock option over 2,500 shares at $33.79 per share.

Were Patricia E. Saul’s recent BFS share transactions open-market buys or sells?

The filing shows no open-market purchases or sales. It reports an exempt acquisition of 37 shares as dividend equivalents on vested restricted stock and a 152-share tax-withholding disposition, both compensation-related.

What does the tax-withholding disposition mean in the BFS Form 4 filing?

The 152-share tax-withholding disposition means Saul Centers withheld that number of shares, valued at $33.00 each, to cover tax liabilities triggered by the equity award vesting, rather than an open-market sale by the insider.