Garland Judith K. 4

What Happened Judith K. Garland, Senior Vice President, Office and Retail at Saul Centers (BFS), received a grant of 1,500 restricted shares on May 8, 2026 (reported May 12, 2026). The award shows an acquisition price of $0 (compensation award). On May 9, 2026, 13 shares were credited as dividend equivalents (acquired at $35.19 each, total $457) and 106 shares were surrendered/withheld to satisfy tax withholding at $35.19 each (disposed, total $3,730).

Key Details

• Transactions reported: May 8–9, 2026; Form 4 filed May 12, 2026 (timely).
• Grant: 1,500 restricted shares @ $0.00 (award).
• Dividend equivalents: 13 shares acquired @ $35.19 = $457 (vested May 9, 2026).
• Tax withholding: 106 shares withheld @ $35.19 = $3,730 (reported as disposition to cover taxes).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Relevant footnotes from the filing:
  • F1: Restricted shares vest in equal annual installments on the first five anniversaries of May 8, 2026 (subject to continued employment).
  • F2: The 13 shares were dividend equivalents on the filer’s restricted stock award that vested May 9, 2026.
  • F3: (Referenced) Options vest 25% per year over four years from grant (if applicable to other awards).
  • F4: Performance share award schedules further restricted-share grants over five anniversaries with cliff vesting May 8, 2031, contingent on FFO performance vs. board-approved targets.

Context

• The 1,500-share grant is compensation (award), not an open-market purchase—these are routine executive equity awards and do not in themselves signal a personal buy/sell decision.
• The 106-share disposition is a tax-withholding event (common when restricted stock vests) and not a market sale for cash.
• Filing was timely (reported within required business-day window).