SAUL B FRANCIS II 4

What Happened
B. Francis Saul II, a reported 10% owner of Saul Centers, Inc. (BFS), received 572 shares on May 17, 2026. The shares were issued at a reported value of $33.00 each, for a total value of $18,876. The transaction is reported as an award/acquisition (code A) rather than an open-market purchase or sale.

Key Details

• Transaction date: May 17, 2026; Filing date: May 19, 2026 (filed promptly).
• Price/value: $33.00 per share; total value $18,876.
• Transaction type: A = Award/Grant (exempt issuance).
• Shares received: 572.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Relevant footnote (F12): Shares were issued as dividend equivalents on the filer’s restricted stock award that vested on May 17, 2026.
• Beneficial ownership notes: Filing includes multiple entity/spouse footnotes (e.g., F1, F2, F11) indicating Mr. Saul may be deemed to beneficially own additional shares held by affiliated entities and his spouse.
• Timeliness: No late filing indicated.

Context
These shares were issued as dividend equivalents tied to a restricted stock award that vested — an internal, exempt compensation-related issuance, not a market purchase. Such awards are routine compensation/benefit events and do not necessarily reflect a direct trading signal about the insider’s view of the stock. As a 10% owner and with ties to multiple affiliated entities, Mr. Saul’s holdings include positions held directly and indirectly through related entities and plans (see footnotes).