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

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

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.

Positive

  • None.

Negative

  • None.
Insider Guevara Bettina T.
Role Exec. VP /Chf Legal & Adm Off
Type Security Shares Price Value
Exercise Performance Shares 500 $0.00 $0.00
Exercise Performance Shares 500 $0.00 $0.00
Exercise Common Stock 1,000 $0.00 $0.00
Grant/Award Common Stock 500 $0.00 $0.00
holding Employee Stock Option -- -- --
holding Employee Stock Option -- -- --
holding Employee Stock Option -- -- --
Holdings After Transaction: Performance Shares — 3,500 shares (Direct); Common Stock — 7,305.306 shares (Direct); Employee Stock Option — 9,500 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 October 31, 2025 Dividend Reinvestment Plan award and January 31, 2026 award totaling 13.306 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.

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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.
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.
* 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.

Source: View Original Filing on SEC EDGAR