Friedlis Zachary Maxwell 4

What Happened Zachary Maxwell Friedlis, Senior Vice President and Director of Leasing at Saul Centers (BFS), received 31 shares (award code A) from a restricted stock award that vested on May 17, 2026, valued at $33.00 per share ($1,023 total). Simultaneously, 96 shares were surrendered/withheld (code F) to cover tax obligations at the same $33.00 per-share price, representing $3,168 in tax withholding. This is a vesting/event-driven acquisition rather than an open-market buy or sale.

Key Details

• Transaction dates: May 17, 2026 (period of report); Form 4 filed May 19, 2026 — filing appears timely.
• Acquisitions: 31 shares @ $33.00 = $1,023 (code A, award/grant).
• Disposition for taxes: 96 shares @ $33.00 = $3,168 (code F, tax withholding).
• Post-transaction holdings: Not specified in the provided excerpt of the filing.
• Footnote: Shares were acquired as dividend equivalents on a restricted stock award that vested on May 17, 2026 (F1). This withholding is routine to satisfy tax liabilities and not an open-market sale.

Context This was a routine vesting event of restricted stock with shares withheld to cover taxes — a common administrative transaction that does not necessarily signal insider sentiment. The acquisition is small in value and derived from compensation rather than a purchase of additional company stock.