Carlos L. Heard - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role
Senior Vice President & CFO
Signature
Carlos L. Heard
Issuer symbol
BFS
Transactions as of
11 Mar 2026
Net transactions value
$0
Form type
4
Filing time
12 Mar 2026, 17:23:25 UTC
Previous filing
20 Nov 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Heard Carlos Lawrence Senior Vice President & CFO 7501 WISCONSIN AVENUE, SUITE 1500E, BETHESDA Carlos L. Heard 12 Mar 2026 0001849267

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFS Common Stock Options Exercise +800 +17% $0.000000* 5,531 11 Mar 2026 Direct F1, F2
transaction BFS Common Stock Award +400 +7.2% $0.000000* 5,931 11 Mar 2026 Direct F3
holding BFS Series D Preferred Stock 4,000 11 Mar 2026 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BFS Performance Shares Options Exercise -400 -25% $0.000000* 1,200 11 Mar 2026 Common Stock 400 $0.000000 Direct
transaction BFS Performance Shares Options Exercise -400 -20% $0.000000* 1,600 11 Mar 2026 Common Stock 400 $0.000000 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $43.89 Direct F4
holding BFS Employee Stock Option 15,000 11 Mar 2026 Common Stock 15,000 $47.90 Direct F4
holding BFS Employee Stock Option 15,000 11 Mar 2026 Common Stock 15,000 $33.79 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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.
F2 Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 5.659 shares.
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.
F4 The options vest 25% per year over four years from the date of grant.