Saul Centers director granted 2,000 shares

Saul Centers, Inc. director Andrew M. Saul II reported a compensation-related stock award.

Rhea-AI Filing Summary

Saul Centers, Inc. director Andrew M. Saul II reported a compensation-related stock award. On May 8, 2026 he received 2,000 restricted shares of Common Stock at $0.00 per share, classified as a grant, award, or other acquisition.

The footnote states these restricted shares vest on the first three anniversaries of May 8, 2026 in equal annual installments, assuming continued service. After this award, his direct Common Stock holdings total 10,800 shares. The filing also lists multiple outstanding stock options, each covering 2,500 underlying Common shares at exercise prices between $33.79 and $59.41, with expiration dates from 2027 through 2033.

Insider Trade Summary

Grant/Award: 2,000 shares

Grant/Award 8 txns

Insider Saul Andrew M. II

Role Director

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

Holdings After Transaction: Common Stock — 10,800 shares (Direct); Stock Option — 17,500 contracts (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 Common shares held: 10,800 shares Option exercise price: $33.79/share +3 more

6 metrics

Restricted stock grant 2,000 shares Common Stock granted on May 8, 2026 at $0.00 per share

Common shares held 10,800 shares Direct Common Stock holdings following the grant

Option exercise price $33.79/share Stock Option on Common Stock expiring May 12, 2033

Underlying option shares 2,500 shares Underlying Common Stock for each listed Stock Option position

Highest option exercise price $59.41/share Stock Option on Common Stock expiring May 5, 2027

Vesting schedule 3 annual installments Restricted shares vest on first three anniversaries of May 8, 2026

Key Terms

restricted shares of Common Stock, Stock Option, Grant, award, or other acquisition, exercise price, +1 more

5 terms

restricted shares of Common Stock financial

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

Restricted shares of common stock are company shares that cannot be sold or transferred until specific conditions are met, such as a set time period, performance targets, or regulatory approvals; they are often granted to founders, employees or early investors. They matter to investors because when the restrictions lift those shares can enter the market and increase the supply, potentially diluting existing holders and changing the stock’s price, similar to a locked faucet being opened and more water joining the flow.

Stock Option financial

"security_title": "Stock Option""

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

exercise price financial

"conversion_or_exercise_price": "33.7900""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

expiration date financial

"expiration_date": "2033-05-12T00:00:00.000Z""

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

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

What did Andrew M. Saul II report in his latest Form 4 for Saul Centers (BFS)?

He reported receiving 2,000 restricted shares of Saul Centers Common Stock as a grant. The award was recorded at $0.00 per share and increased his direct Common Stock holdings to 10,800 shares, according to the Form 4 filing.

How many Saul Centers (BFS) shares does Andrew M. Saul II own after this Form 4?

After the reported transaction, he directly holds 10,800 shares of Saul Centers Common Stock. This total reflects the addition of 2,000 restricted shares granted on May 8, 2026, as disclosed in the Form 4 filing.

How do the 2,000 restricted Saul Centers (BFS) shares vest for Andrew M. Saul II?

The 2,000 restricted shares vest over three years in equal parts. The footnote states they vest on the first three anniversaries of May 8, 2026 in equal annual installments, assuming he continues to provide service to the company.

Was the 2,000-share Saul Centers (BFS) award an open-market purchase?

No, it was not an open-market purchase. The Form 4 classifies the 2,000-share transaction under code “A,” described as a grant, award, or other acquisition, with a reported price of $0.00 per share, indicating a compensation-related grant.

What stock options for Saul Centers (BFS) are reported for Andrew M. Saul II?

The filing lists several stock option positions on Saul Centers Common Stock. Each option covers 2,500 underlying shares, with exercise prices ranging from $33.79 to $59.41 and expiration dates between 2027 and 2033, all held as direct ownership.

Does the Form 4 for Saul Centers (BFS) show any stock sales by Andrew M. Saul II?

The summarized data show no reported stock sales. The only non-derivative transaction is an “A” code grant of 2,000 restricted shares, and the transaction summary indicates zero sell transactions and a neutral net buy/sell share count.

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^*

Saul Andrew M. II

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

15TH FLOOR

(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	10,800	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
Stock Option	$59.41							05/05/2017	05/05/2027	Common Stock	2,500		2,500	D
Stock Option	$49.46							05/11/2018	05/11/2028	Common Stock	2,500		2,500	D
Stock Option	$55.71							05/03/2019	05/03/2029	Common Stock	2,500		2,500	D
Stock Option	$50							04/24/2020	04/24/2030	Common Stock	2,500		2,500	D
Stock Option	$43.89							05/07/2021	05/07/2031	Common Stock	2,500		2,500	D
Stock Option	$47.9							05/13/2022	05/13/2032	Common Stock	2,500		2,500	D
Stock Option	$33.79							05/12/2023	05/12/2033	Common Stock	2,500		2,500	D

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)