Saul Andrew M. II 4

What Happened Saul Andrew M. II, a director of Saul Centers, Inc. (BFS), received an award of 2,000 restricted shares on May 8, 2026. The Form 4 reports an acquisition price of $0 (grant/award), so the filing shows $0 paid for the shares; no market value is stated in the filing excerpt.

Key Details

• Transaction date: May 8, 2026; Filing date: May 11, 2026 (timely filing within the SEC 3-business-day window).
• Transaction type/code: A — Grant / Award / Other acquisition.
• Shares granted: 2,000 restricted shares; acquisition price reported as $0.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: These are restricted shares that vest in equal annual installments on the first three anniversaries of May 8, 2026, subject to continued service.
• No 10b5-1 plan, tax-withholding sale, or option exercise noted in this filing.

Context Restricted share awards are a form of compensation that vest over time and typically cannot be sold until vesting conditions are met. Such awards reflect compensation or retention incentives rather than an immediate open-market purchase or sale; they should not be interpreted alone as a clear bullish or bearish signal about the company.