Saul Centers SVP exercises awards, granted shares

Saul Centers, Inc. senior vice president and chief construction officer Donald A. Hachey exercised performance share awards and received additional stock-based compensation.

Rhea-AI Filing Summary

Saul Centers, Inc. senior vice president and chief construction officer Donald A. Hachey exercised performance share awards and received additional stock-based compensation. He exercised 600 Performance Shares into 600 shares of Common Stock and was granted 300 restricted shares of Common Stock.

The 300 restricted shares were earned based on 2025 performance criteria and vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to his continued employment. Following these transactions, he holds 4,277.777 shares of Common Stock directly and retains multiple employee stock option grants expiring between 2026 and 2033.

Insider Trade Summary

600 shares exercised/converted

Exercise 12 txns

Insider Hachey Donald A

Role SVP-Chief Construction Officer

Type	Security	Shares	Price	Value
Exercise	Performance Shares	300	$0.00	$0.00
Exercise	Performance Shares	300	$0.00	$0.00
Exercise	Common Stock	600	$0.00	$0.00
Grant/Award	Common Stock	300	$0.00	$0.00
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--

Holdings After Transaction: Performance Shares — 2,100 contracts (Direct); Common Stock — 4,277.777 shares (Direct); Employee Stock Option — 62,500 contracts (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 October 31, 2025 Dividend Reinvestment Plan award and January 31, 2026 award totaling 8.777 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 did Saul Centers (BFS) executive Donald Hachey report in this Form 4?

Donald A. Hachey reported equity compensation activity, not open-market trading. He exercised 600 Performance Shares into Common Stock and received 300 additional restricted shares, increasing his direct ownership and reflecting routine stock-based compensation tied to performance and continued employment conditions.

How many Saul Centers (BFS) Performance Shares did Donald Hachey exercise?

He exercised 600 Performance Shares on the reported date, receiving 600 shares of Common Stock at a stated exercise price of $0.00 per share. These transactions convert previously awarded performance-based units into actual shares, increasing his direct equity stake without an open-market purchase.

What new restricted shares did Donald Hachey receive from Saul Centers (BFS)?

He received 300 restricted shares of Common Stock earned under 2025 performance criteria. Half of these shares vest on May 17, 2029 and the other half on May 9, 2030, contingent on his continued employment through the respective vesting dates.

What is Donald Hachey’s direct Saul Centers (BFS) share ownership after these transactions?

After the reported activity, Donald A. Hachey directly owns 4,277.777 shares of Saul Centers Common Stock. This figure reflects the exercise of 600 Performance Shares and the grant of 300 restricted shares, plus prior balance adjustments disclosed in the footnotes.

Does Donald Hachey still hold Saul Centers (BFS) stock options after this Form 4?

Yes. He continues to hold multiple employee stock option grants on Saul Centers Common Stock. These options have exercise prices and expiration dates running between 2026 and 2033, indicating a significant remaining derivative-based equity position alongside his direct share holdings.

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

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Accepted by SEC EDGAR 03/12/2026 - 05:24 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^*

Hachey Donald A

(Last) (First) (Middle)

7501 WISCONSIN AVE

SUITE 1500

(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)
	SVP-Chief Construction Officer

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
Common Stock	03/11/2026		M		600(1)	A	$0	3,969(2)	D
Common Stock	03/11/2026		A		300(3)	A	$0	4,277.777	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	$57.74							05/06/2016(4)	05/06/2026	Common Stock	5,000		5,000	D
Employee Stock Option	$59.41							05/05/2017(4)	05/05/2027	Common Stock	5,000		5,000	D
Employee Stock Option	$49.46							05/11/2018(4)	05/11/2028	Common Stock	5,000		5,000	D
Employee Stock Option	$55.71							05/03/2019(4)	05/03/2029	Common Stock	5,000		5,000	D
Employee Stock Option	$50							04/24/2020(4)	04/24/2030	Common Stock	7,500		7,500	D
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	10,000		10,000	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			300	05/17/2029	05/17/2029	Common Stock	300	$0	900	D
Performance Shares	$0	03/11/2026		M			300	05/09/2030	05/09/2030	Common Stock	300	$0	1,200	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 October 31, 2025 Dividend Reinvestment Plan award and January 31, 2026 award totaling 8.777 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:

	/s/ Carlos L. Heard, by Power of Attorney	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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