Saul Patricia E. 4

What Happened
Patricia Saul, Vice Chair and Director of Saul Centers (BFS), had a restricted stock award vest on May 17, 2026, resulting in the acquisition of 37 shares as dividend equivalents at $33.00 each (value $1,221). On the same date, 152 shares were disposed/withheld at $33.00 each to cover tax withholding obligations (value $5,016). The transactions were reported on a Form 4 filed May 19, 2026.

Key Details

• Transaction dates: May 17, 2026 (vesting and tax-withholding dispositions).
• Prices: $33.00 per share for both the 37-share acquisition and 152-share withholding/disposition.
• Values: Acquired 37 shares = $1,221; 152 shares withheld/disposed = $5,016.
• Shares owned after transaction: Not disclosed in the provided filing.
• Footnote: Shares were acquired as dividend equivalents on a restricted stock award that vested on May 17, 2026 (per filing footnote).
• Filing timeliness: Form 4 filed May 19, 2026, reporting the May 17 transactions; the filing shows no indication of being late.

Context
The 37-share entry is an award/acquisition (A) tied to a vesting event; the 152-share disposition is a tax-withholding (F), a routine administrative step when restricted stock vests. Tax withholding or share withholding to satisfy tax liabilities is common and not necessarily a signal of insider sentiment.