Garland Judith K. 4

What Happened Judith K. Garland, Senior Vice President, Office and Retail at Saul Centers (BFS), received 19 shares at $33.00 each (total $627) as dividend equivalents when a restricted-stock award vested on May 17, 2026. On the same date 71 shares at $33.00 each (total $2,343) were disposed/withheld to satisfy tax withholding obligations. These transactions reflect award vesting and routine tax withholding rather than an open-market purchase or investment decision.

Key Details

• Transaction date: 2026-05-17; Price per share: $33.00.
• Acquired (A): 19 shares = $627 (dividend equivalents on vested restricted-stock award).
• Disposed/Withheld (F): 71 shares = $2,343 (tax withholding to cover liabilities).
• Net effect from these entries: -52 shares (19 acquired minus 71 withheld).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: F1 — shares were dividend equivalents on filer’s restricted-stock award that vested May 17, 2026; F2 — related options vest 25% per year over four years from grant date.
• Filing timeliness: Report filed May 19, 2026 for transactions dated May 17, 2026 (filed timely).

Context The 19 shares were issued as dividend equivalents on a restricted-stock award that vested — a common form of compensation for insiders. The 71-share disposition is a tax withholding event, not necessarily an open-market sale; such withholdings are routine when equity awards vest. Footnote F2 notes the filer’s options vest on a 4-year schedule, but this Form 4 reports the restricted-stock vesting and related tax withholding only.