Saul Centers (BFS) EVP boosts stake with option exercise and restricted stock grant

Rhea-AI Filing Summary

Saul Centers, Inc. executive Bettina T. Guevara reported compensation-related equity activity. On March 11, 2026, she exercised performance share awards into 1,000 shares of Common Stock at $0 per share and received an additional 500 restricted shares as a grant, bringing her direct Common Stock holdings to 7,305.306 shares.

The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, with part of the award tied to performance criteria for the period from January 1, 2025 through December 31, 2025. She also continues to hold employee stock options over 2,500, 3,000 and 4,000 underlying Common shares at exercise prices of $43.89, $47.90 and $33.79, expiring between 2031 and 2033.

Insider Trade Summary

1,000 shares exercised/converted

Mixed 7 txns

Insider Guevara Bettina T.

Role Exec. VP /Chf Legal & Adm Off

Type	Security	Shares	Price	Value
Exercise	Performance Shares	500	$0.00	--
Exercise	Performance Shares	500	$0.00	--
Exercise	Common Stock	1,000	$0.00	--
Grant/Award	Common Stock	500	$0.00	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--
holding	Employee Stock Option	--	--	--

Holdings After Transaction: Performance Shares — 1,500 shares (Direct); Common Stock — 6,805.306 shares (Direct); Employee Stock Option — 2,500 shares (Direct)

Footnotes (1)

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. Balance increased by October 31, 2025 Dividend Reinvestment Plan award and January 31, 2026 award totaling 13.306 shares. 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. The options vest 25% per year over four years from the date of grant.

Form 4 Insider Transactions: What Each Field Means →

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^*

Guevara Bettina T.

(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)
	Exec. VP /Chf Legal & Adm Off

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		1,000(1)	A	$0	6,805.306(2)	D
Common Stock	03/11/2026		A		500(3)	A	$0	7,305.306	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	2,500		2,500	D
Employee Stock Option	$47.9							05/13/2022(4)	05/13/2032	Common Stock	3,000		3,000	D
Employee Stock Option	$33.79							05/12/2023(4)	05/12/2033	Common Stock	4,000		4,000	D
Performance Shares	$0	03/11/2026		M			500	05/17/2029	05/17/2029	Common Stock	500	$0	1,500	D
Performance Shares	$0	03/11/2026		M			500	05/09/2030	05/09/2030	Common Stock	500	$0	2,000	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 13.306 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.
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FAQ

What insider transactions did Bettina T. Guevara report for Saul Centers (BFS)?

Bettina T. Guevara reported acquiring equity through compensation events, including exercising 1,000 performance shares into Common Stock and receiving a grant of 500 restricted shares. These actions increased her direct Common Stock holdings to 7,305.306 shares, with no sales disclosed.

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 1,000 Common shares and a 500-share restricted stock grant. All transactions are compensation-related, with no open-market purchases or dispositions disclosed in this filing.

How many Saul Centers (BFS) shares does Bettina T. Guevara hold after these transactions?

Following the reported equity awards, Bettina T. Guevara directly holds 7,305.306 shares of Saul Centers Common Stock. This total reflects the 1,000 shares from performance share exercises, the 500-share restricted grant, and prior holdings including small increases from dividend reinvestment awards.

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

The restricted Common Stock vests in two equal installments: 50% on May 17, 2029 and 50% on May 9, 2030. A portion of the restricted shares was earned based on 2025 performance criteria, and vesting requires continued employment through each vesting date.

What stock options does Bettina T. Guevara retain in Saul Centers (BFS)?

She holds employee stock options over 2,500, 3,000 and 4,000 underlying Saul Centers Common shares, with exercise prices of $43.89, $47.90 and $33.79. These options expire on May 7, 2031, May 13, 2032 and May 12, 2033, respectively, and vest 25% per year.

What does the performance period for Bettina T. Guevara’s Saul Centers (BFS) awards cover?

A portion of the restricted Common Stock was earned based on performance criteria for a period starting January 1, 2025 and ending December 31, 2025. The number of additional restricted shares reflects achievement against those criteria, with vesting spread across 2029 and 2030.