Pearson David Todd 4

What Happened

• David Pearson, President & COO and a director of Saul Centers (BFS), received 341 shares as an award (dividend-equivalent restricted stock) that vested on May 17, 2026 (341 shares × $33.00 = $11,253). To satisfy tax withholding on the vesting, 1,205 shares were surrendered/withheld (1,205 × $33.00 = $39,765). This was not an open-market purchase or sale but routine vesting and tax withholding on equity compensation.

Key Details

• Transaction date: May 17, 2026; Filing date: May 19, 2026 (appears timely).
• Price used for reporting: $33.00 per share.
• Shares involved: 1,546 total dividend-equivalent shares vested; 341 acquired net, 1,205 disposed/withheld for taxes.
• Footnotes: F1 — these were dividend equivalents on a restricted stock award that vested on May 17, 2026; F2 — the filer’s options vest 25% per year over four years (vesting schedule noted in the filing).
• Shares owned after the transaction: not specified in the provided excerpt.

Context

• Code A = award/acquisition (grant of shares); Code F = shares used to satisfy tax withholding (disposition). Withholding of shares to cover taxes on vested awards is common and does not reflect an open-market sale or a change in investment stance.
• Awards like these are compensation-related and differ from purchases (which may indicate bullishness) or voluntary sales.