Saul Centers (NYSE: BFS) SVP gains stock awards and details option positions

Rhea-AI Filing Summary

Saul Centers, Inc. senior vice president Judith K. Garland reported equity compensation activity, exercising performance share units and receiving additional restricted stock, all as awards from the company rather than open-market trades.

On March 11, 2026, she exercised performance share awards tied to 200 and 300 underlying shares of common stock, and a related entry shows 500 shares of common stock acquired through derivative exercise. She also received a separate grant of 250 restricted shares of common stock as a compensation award.

Following these acquisitions, Garland directly holds 3,489 shares of Saul Centers common stock. Footnotes state that 200 of the restricted shares vest on May 17, 2029 and 300 vest on May 9, 2030, subject to continued employment. An additional 100 and 150 restricted shares earned based on 2025 performance vest on the same respective dates under similar conditions. She also retains employee stock options over 5,000, 5,000, and 10,000 underlying common shares at exercise prices of $43.89, $47.90, and $33.79, expiring in 2031, 2032, and 2033.

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

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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^*

Garland Judith K.

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

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, Office and Retail

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		500(1)	A	$0	3,239	D
Common Stock	03/11/2026		A		250(2)	A	$0	3,489	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(3)	05/07/2031	Common Stock	5,000		5,000	D
Employee Stock Option	$47.9							05/13/2022(3)	05/13/2032	Common Stock	5,000		5,000	D
Employee Stock Option	$33.79							05/12/2023(3)	05/12/2033	Common Stock	10,000		10,000	D
Performance Shares	$0	03/11/2026		M			200	05/17/2029	05/17/2029	Common Stock	200	$0	600	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. Of these restricted shares, 200 shares vest on May 17, 2029, and 300 shares vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

2. 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. Of these restricted shares, 100 shares vest on May 17, 2029, and 150 shares vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.

3. 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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FAQ

What insider transactions did Saul Centers (BFS) SVP Judith Garland report?

Judith Garland reported equity compensation-related acquisitions. She exercised performance share units into 500 shares of common stock and received an additional grant of 250 restricted shares, all on March 11, 2026, with no open-market buying or selling disclosed.

How many Saul Centers (BFS) shares does Judith Garland hold after these Form 4 transactions?

Garland directly holds 3,489 Saul Centers common shares after the transactions. This total reflects 500 shares acquired via performance share exercises plus a 250-share restricted stock grant, along with her prior holdings, all reported as directly owned.

What are the vesting terms of Judith Garland’s Saul Centers (BFS) restricted shares?

Her restricted shares vest over long-term dates tied to continued employment. Two tranches of 200 and 300 shares vest on May 17, 2029 and May 9, 2030, and an additional 100 and 150 performance-earned shares vest on those same dates, subject to service.

Were Saul Centers (BFS) insider transactions by Judith Garland open-market trades?

No, the reported transactions are compensation-related, not open-market trades. The Form 4 shows derivative exercises of performance shares and a grant of restricted stock, all at a reported price of $0.00 per share, indicating awards rather than purchases or sales.

What stock options does Judith Garland retain in Saul Centers (BFS)?

Garland retains several employee stock option positions. She holds options over 5,000 shares at $43.89 expiring in 2031, 5,000 shares at $47.90 expiring in 2032, and 10,000 shares at $33.79 expiring in 2033, all on Saul Centers common stock.

How are performance criteria linked to Judith Garland’s Saul Centers (BFS) restricted stock?

Part of Garland’s restricted stock depends on 2025 performance. Footnotes state that 100 and 150 additional restricted shares were earned based on achieving performance criteria for a period from January 1, 2025 to December 31, 2025, then vesting in 2029 and 2030.