STOCK TITAN

Saul Centers, Inc. (NYSE: BFS) vice chair reports stock grant and tax withholding

(Neutral)
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Saul Centers vice chair Patricia E. Saul reported a tax-withholding disposition of 152 shares of common stock at $33 per share and a grant of 37 common shares on May 17, 2026.

After these transactions she holds 23,584.641 common shares directly and 4,800 performance shares, plus director stock options over 2,500 shares at an exercise price of $33.79.

Positive

  • None.

Negative

  • None.
Insider Saul Patricia E.
Role Vice Chair
Type Security Shares Price Value
Exercise Price or Tax Liability 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 — 23,584.641 shares (Direct); Director Stock Option — 2,500 shares (Direct); Performance Shares — 4,800 shares (Direct)
Footnotes (1)
  1. F1. Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.
Tax-withholding shares 152 shares Common Stock F-code disposition at $33 per share on May 17, 2026
Granted shares 37 shares Common Stock A-code grant/award at $33 per share on May 17, 2026
Common shares held 23,584.641 shares Direct common stock holdings after the reported transactions
Performance shares held 4,800 shares Direct performance share holdings after the reported transactions
Director stock option exercise price $33.7900 Director Stock Option expiring May 12, 2033, on 2,500 underlying shares
Director stock option underlying shares 2,500 shares Underlying common shares for the reported Director Stock Option holding
tax-withholding disposition financial
"reported a tax-withholding disposition of 152 shares of common stock"
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.
grant/award acquisition financial
"a grant of 37 common shares on May 17, 2026"
Director Stock Option financial
"director stock options over 2,500 shares at an exercise price"
Performance Shares financial
"holds 4,800 performance shares tied to Saul Centers common stock"
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.
dividend equivalents financial
"shares were acquired in an exempt transaction as dividend equivalents"
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.

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

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FAQ

What insider transactions did BFS report for Patricia E. Saul?

Patricia E. Saul reported two equity events on May 17, 2026: a tax-withholding disposition of 152 common shares at $33 per share and a grant of 37 common shares. The transactions relate to her role as vice chair of Saul Centers, Inc. (BFS).

How many Saul Centers (BFS) shares were withheld for taxes?

The filing shows a tax-withholding disposition of 152 common shares at $33 per share. This reflects shares delivered to cover a tax liability or exercise price, rather than an open-market sale, as indicated by the Form 4 transaction code F description.

What are Patricia E. Saul’s post-transaction holdings in BFS common stock?

After the reported transactions, Patricia E. Saul directly holds 23,584.641 Saul Centers common shares. This balance comes from the canonical post-transaction holdings and represents her direct ownership position in the company’s common stock as of the Form 4 reporting date.

What performance-based awards does Patricia E. Saul hold in BFS?

She holds 4,800 performance shares tied to Saul Centers common stock. Derivative holdings also include a director stock option over 2,500 underlying shares with a $33.79 exercise price, expiring in 2033, reflecting ongoing equity-based incentives.

Does the BFS Form 4 mention dividend equivalents or restricted stock awards?

Yes. A footnote states that shares were acquired in an exempt transaction as dividend equivalents on a restricted stock award that vested on May 17, 2026. The footnote provides context but does not specify the exact share count tied to that acquisition.
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
XOfficer (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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock05/17/2026F152D$3323,547.641D
Common Stock05/17/2026A37(1)A$3323,584.641D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Director Stock Option$33.7905/12/202305/12/2033Common Stock2,5002,500D
Performance Shares$005/17/202905/17/2029Common Stock1,2001,200D
Performance Shares$005/09/203005/09/2030Common Stock1,6001,600D
Performance Shares$005/08/203105/08/2031Common Stock2,0002,000D
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 Attorney05/19/2026
** Signature of Reporting PersonDate
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)