Form 4 for BFS SAUL CENTERS, INC.

Accepted 2026-05-12 20:56:41 ET · period of report 2026-05-08 · accession 0001849366-26-000001 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X	Filed	Traded	Ticker	Insider	Title	Type	Price	Qty	Owned	ΔOwn	Value
DM	2026-05-12 20:56	2026-05-08+	BFS	Garland Judith K.	SVP, Office, Retail	A - Grant	$0.3024	+1,513	4,896	+45%	+$457.47
D	2026-05-12 20:56	2026-05-09	BFS	Garland Judith K.	SVP, Office, Retail	F - Tax	$35.19	-106	4,883	-2%	-$3,730
D	2026-05-12 20:56	2026-05-08	BFS	Garland Judith K.	SVP, Office, Retail	A - Grant	$0.00	+1,500	1,500	New	$0

Purchase Sale Sale after option exercise All abbreviations

#	Table	Security	Date	Code	A/D	Shares	Price	Owned after	Own	Exercise / expiry	Underlying	Footnotes
1	Common	Common Stock	2026-05-08	A	A	1,500	$0.00	4,989	D	—	—	(F1) Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment.
2	Common	Common Stock	2026-05-09	F	D	106	$35.19	4,883	D	—	—
3	Common	Common Stock	2026-05-09	A	A	13	$35.19	4,896	D	—	—	(F2) Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026.
4	Derivative	Performance Shares	2026-05-08	A	A	1,500	$0.00	1,500	D	$0.00 · 2031-05-08 to 2031-05-08	1,500 Common Stock	(F4) The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 8, 2026 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 8, 2031, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.