STOCK TITAN

[Form 4] SAUL CENTERS, INC. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Saul Centers, Inc. executive Lori Godby, Senior Vice President–Residential, reported a small tax-related share disposition. On May 17, 2026, 34 shares of Common Stock were withheld at $33.00 per share to satisfy tax obligations, a non-market transaction.

Following this withholding, she directly holds 1,848 Common shares. She also holds derivative awards tied to Common Stock, including 1,200 Performance Shares with a $0.00 exercise price and 15,000 Employee Stock Options with exercise prices of $33.79, $47.90, and $43.89, expiring between 2031 and 2033.

Positive

  • None.

Negative

  • None.
Insider Godby Lori
Role Senior Vice Pres.-Residential
Type Security Shares Price Value
Tax Withholding Common Stock 34 $33.00 $1K
holding Employee Stock Option -- -- --
holding Employee Stock Option -- -- --
holding Employee Stock Option -- -- --
holding Performance Shares -- -- --
holding Performance Shares -- -- --
holding Performance Shares -- -- --
Holdings After Transaction: Common Stock — 1,848 shares (Direct, null); Employee Stock Option — 5,000 shares (Direct, null); Performance Shares — 300 shares (Direct, null)
Footnotes (1)
  1. [object Object]
Tax-withholding shares 34 shares at $33.00 Common Stock withheld for taxes on May 17, 2026
Direct Common shares after transaction 1,848 shares Post-transaction Common Stock holding
Performance Shares underlying 1,200 shares Common Stock underlying Performance Shares at $0.00 exercise price
Employee Stock Options block 1 5,000 options at $33.79 Exercise price; expiration May 12, 2033
Employee Stock Options block 2 5,000 options at $47.90 Exercise price; expiration May 13, 2032
Employee Stock Options block 3 5,000 options at $43.89 Exercise price; expiration May 7, 2031
Performance Shares financial
"Performance Shares with a $0.00 exercise price linked to Common Stock"
Performance shares are a type of company stock given to executives or employees that only become theirs if the company meets specific goals, like hitting certain profits or growth targets. They motivate leaders to work toward the company’s success, because their additional shares depend on achieving these results.
Employee Stock Option financial
"Employee Stock Option grants covering 5,000 underlying Common shares each"
An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.
tax-withholding disposition financial
"34 shares of Common Stock were withheld in a tax-withholding disposition"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
exercise price financial
"Employee Stock Options with exercise prices of $33.79, $47.90, and $43.89"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
vest 25% per year financial
"The options vest 25% per year over four years from the date of grant"
SEC Form 4
FORM 4UNITED 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*
Godby Lori

(Last)(First)(Middle)
7501 WISCONSIN AVENUE
SUITE 1500

(Street)
BETHESDA MARYLAND 20814

(City)(State)(Zip)

UNITED STATES

(Country)
2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Senior Vice Pres.-Residential
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/17/2026
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock05/17/2026F34D$331,848D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option$43.8905/07/2021(1)05/07/2031Common Stock5,0005,000D
Employee Stock Option$47.905/13/2022(1)05/13/2032Common Stock5,0005,000D
Employee Stock Option$33.7905/12/2023(1)05/12/2033Common Stock5,0005,000D
Performance Shares$005/17/202905/17/2029Common Stock300300D
Performance Shares$005/09/203005/09/2030Common Stock400400D
Performance Shares$005/08/203105/08/2031Common Stock500500D
Explanation of Responses:
1. The options vest 25% per year over four years from the date of grant.
Remarks:
/s/ Carlos L. Heard, by Power of Attorney05/19/2026
** Signature of Reporting PersonDate
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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)