Saul Centers director granted 2,000 restricted shares

Walker Helgi C. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Walker Helgi C. reported acquisition or exercise transactions in this Form 4 filing.

Saul Centers, Inc. director Helgi C. Walker received a grant of 2,000 restricted shares of Common Stock at no cash cost. According to the filing, these shares vest in three equal annual installments on the first three anniversaries of May 8, 2026, assuming continued service. Following this award, Walker directly holds 2,000 shares.

Insider Trade Summary

Grant/Award: 2,000 shares

Grant/Award 1 txn

Insider Walker Helgi C.

Role Director

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

Holdings After Transaction: Common Stock — 2,000 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 stock grant: 2,000 shares Grant price: $0.0000 per share Post-transaction holdings: 2,000 shares +1 more

4 metrics

Restricted stock grant 2,000 shares Common Stock award to director Helgi C. Walker on May 8, 2026

Grant price $0.0000 per share Reported transaction price per share for restricted stock award

Post-transaction holdings 2,000 shares Total Common Stock directly held after the award

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

Key Terms

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

4 terms

restricted shares financial

"Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 8, 2026"

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.

Common Stock financial

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

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.

vest financial

"Such shares vest on the first three anniversaries of May 8, 2026 in equal annual installments"

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.

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 BFS director Helgi C. Walker report?

Helgi C. Walker reported receiving 2,000 restricted shares of Saul Centers Common Stock as an award. The Form 4 shows this as a grant at no cash cost, increasing Walker’s direct holdings to 2,000 shares after the transaction.

How many Saul Centers (BFS) shares does Helgi C. Walker hold after the grant?

After the reported grant, Helgi C. Walker directly holds 2,000 shares of Saul Centers Common Stock. The entire reported position comes from this single restricted stock award described in the Form 4 insider filing.

Are the 2,000 Saul Centers shares granted to Helgi C. Walker restricted?

Yes, the 2,000 shares are restricted shares of Common Stock. A footnote explains they are subject to vesting conditions over time, rather than being fully transferable immediately upon grant.

What is the vesting schedule for Helgi C. Walker’s restricted BFS shares?

The restricted shares vest over three years. The filing states they vest on the first three anniversaries of May 8, 2026, in equal annual installments, and this vesting depends on Walker’s continued service.

Did Helgi C. Walker buy Saul Centers shares on the open market?

No, this transaction is classified as a grant or award acquisition, not an open-market purchase. The transaction price is reported as 0.0000 per share, indicating compensation rather than a market trade.

Does the Form 4 for BFS show any stock option exercises or sales?

No, the Form 4 shows only one non-derivative transaction: the grant of 2,000 restricted Common Stock shares. The derivative section is empty, and there are no reported sales or option exercises in this filing.

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

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Accepted by SEC EDGAR 05/11/2026 - 05:45 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^*

Walker Helgi C.

(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	2,000	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)