Saul Centers (NYSE: BFS) vice chair gains 1,200 shares through equity awards

Rhea-AI Filing Summary

Saul Centers, Inc. director and vice chair Patricia Saul reported compensation-related equity activity, not open-market trading. She exercised performance share awards to acquire 800 shares of Common Stock at $0 per share and received a grant of 400 additional restricted Common shares. Her direct Common Stock holdings increased to 21,833.641 shares. The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, conditioned on continued employment. She also continues to hold a director stock option covering 2,500 Common shares at an exercise price of $33.79, expiring in 2033.

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

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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^*

Lotuff Patricia Saul

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice Chair

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
Common Stock	03/11/2026		M		800(1)	A	$0	21,433.641(2)	D
Common Stock	03/11/2026		A		400(3)	A	$0	21,833.641	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	03/11/2026		M			400	05/17/2029	05/17/2029	Common Stock	400	$0	1,200	D
Performance Shares	$0	03/11/2026		M			400	05/09/2030	05/09/2030	Common Stock	400	$0	1,600	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 410.113 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).
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FAQ

What insider transactions did Patricia Saul report for Saul Centers (BFS)?

Patricia Saul exercised performance share awards and received a new restricted stock grant, acquiring a total of 1,200 Common shares. These were compensation-related equity events at $0 per share rather than open-market purchases or sales of Saul Centers, Inc. stock.

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

After the reported transactions, Patricia Saul directly holds 21,833.641 shares of Saul Centers Common Stock. This reflects the addition of 800 shares from performance share exercises and 400 restricted shares granted as part of her director and executive compensation.

What types of equity awards were involved in the latest Saul Centers (BFS) Form 4?

The filing shows two performance share awards exercised into 800 Common shares and a separate grant of 400 restricted Common shares. All transactions occurred at $0 per share and represent compensation awards rather than open-market buying or selling activity in Saul Centers stock.

What is the vesting schedule for Patricia Saul’s new restricted Saul Centers (BFS) shares?

The 400 newly granted restricted shares vest in two equal installments. Fifty percent vest on May 17, 2029, and the remaining fifty percent vest on May 9, 2030, contingent on Patricia Saul’s continued employment through each applicable vesting date.

Does Patricia Saul still hold stock options in Saul Centers (BFS) after these awards?

Yes. She continues to hold a director stock option over 2,500 Saul Centers Common shares at an exercise price of $33.79 per share. This option became exercisable in May 2023 and is scheduled to expire in May 2033, according to the Form 4 disclosure.

Were there any open-market buys or sells of Saul Centers (BFS) shares in this Form 4?

No open-market buys or sells are reported. The Form 4 only shows derivative exercises of performance shares and a restricted stock grant, all at $0 per share. These reflect compensation awards rather than discretionary trading in Saul Centers, Inc. Common Stock.