Saul Centers CFO acquires 1,200 common shares

Saul Centers, Inc. reported that Senior Vice President & CFO Carlos Lawrence Heard acquired additional equity through compensation-related awards.

Rhea-AI Filing Summary

Saul Centers, Inc. reported that Senior Vice President & CFO Carlos Lawrence Heard acquired additional equity through compensation-related awards. He exercised performance share awards covering 800 shares of Common Stock at a conversion price of $0.00 per share and received a further grant of 400 restricted Common shares, bringing his direct Common Stock holdings to 5,930.835 shares.

The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to his continued employment. He also continues to hold employee stock options over 10,000, 15,000 and 15,000 Common shares at exercise prices of $43.89, $47.90 and $33.79, expiring between 2031 and 2033.

Insider Trade Summary

800 shares exercised/converted

Exercise 8 txns

Insider Heard Carlos Lawrence

Role Senior Vice President & CFO

Type	Security	Shares	Price	Value
Exercise	Performance Shares	400	$0.00	$0.00
Exercise	Performance Shares	400	$0.00	$0.00
Exercise	Common Stock	800	$0.00	$0.00
Grant/Award	Common Stock	400	$0.00	$0.00
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Series D Preferred Stock	--	--	--

Holdings After Transaction: Performance Shares — 2,800 contracts (Direct); Common Stock — 5,930.835 shares (Direct); Employee Stock Option — 40,000 contracts (Direct); Series D Preferred Stock — 4,000 shares (Direct)

Footnotes (4)

1. F1. Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
2. F2. Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 5.659 shares.
3. F3. Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
4. F4. The options vest 25% per year over four years from the date of grant.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Saul Centers (BFS) report for its CFO?

Saul Centers reported that CFO Carlos Lawrence Heard exercised performance share awards into 800 shares of Common Stock and received 400 additional restricted Common shares. These compensation-related transactions increased his direct Common Stock holdings to 5,930.835 shares as of the reported date.

How many Saul Centers (BFS) shares does the CFO hold after these transactions?

After the reported transactions, CFO Carlos Lawrence Heard directly holds 5,930.835 shares of Saul Centers Common Stock. This figure reflects the exercise of 800 performance shares and a grant of 400 restricted shares, plus prior holdings and a small dividend reinvestment plan increase.

What are the vesting terms of the new Saul Centers (BFS) restricted shares?

The restricted Common shares granted to the Saul Centers CFO vest in two equal installments. Fifty percent vest on May 17, 2029, and the remaining fifty percent vest on May 9, 2030, conditioned on his continued employment through each applicable vesting date.

What stock options does the Saul Centers (BFS) CFO still hold?

The CFO continues to hold three employee stock option grants over 10,000, 15,000 and 15,000 Saul Centers Common shares. These options have exercise prices of $43.89, $47.90 and $33.79 per share and expire in 2031, 2032 and 2033, respectively.

Were any Saul Centers (BFS) shares sold in this Form 4 filing?

No sales were reported. The Form 4 shows only acquisitions: exercises of performance share awards into 800 Common shares and a grant of 400 restricted Common shares, along with updates to existing option and preferred stock holdings for the Saul Centers CFO.

Are the Saul Centers (BFS) CFO’s new shares subject to performance conditions?

Yes. Additional restricted Common shares were earned based on performance criteria for a period from January 1, 2025, to December 31, 2025. These performance-based restricted shares then vest 50% in 2029 and 50% in 2030, assuming continued employment through each vesting date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/12/2026 - 05:23 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heard Carlos Lawrence

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

SUITE 1500E

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series D Preferred Stock								4,000	D
Common Stock	03/11/2026		M		800(1)	A	$0	5,530.835(2)	D
Common Stock	03/11/2026		A		400(3)	A	$0	5,930.835	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$43.89							05/07/2021(4)	05/07/2031	Common Stock	10,000		10,000	D
Employee Stock Option	$47.9							05/13/2022(4)	05/13/2032	Common Stock	15,000		15,000	D
Employee Stock Option	$33.79							05/12/2023(4)	05/12/2033	Common Stock	15,000		15,000	D
Performance Shares	$0	03/11/2026		M			400	05/17/2029	05/17/2029	Common Stock	400	$0	1,200	D
Performance Shares	$0	03/11/2026		M			400	05/09/2030	05/09/2030	Common Stock	400	$0	1,600	D

Explanation of Responses:

1. Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

2. Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 5.659 shares.

3. Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

4. The options vest 25% per year over four years from the date of grant.

Remarks:

	Carlos L. Heard	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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