Willoughby B. Laycock - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role
SVP-Res. Design/Mrkt Research, Director
Signature
/s/ Carlos L. Heard, by Power of Attorney
Issuer symbol
BFS
Transactions as of
11 Mar 2026
Net transactions value
$0
Form type
4
Filing time
12 Mar 2026, 17:23:45 UTC
Previous filing
21 May 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Laycock Willoughby B. SVP-Res. Design/Mrkt Research, Director 7501 WISCONSIN AVE., SUITE 1400, BETHESDA /s/ Carlos L. Heard, by Power of Attorney 12 Mar 2026 0001771496

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFS Common Stock Options Exercise +200 +4.9% $0.000000* 4,270 11 Mar 2026 Direct F1
transaction BFS Common Stock Award +100 +2.3% $0.000000* 4,370 11 Mar 2026 Direct F2
holding BFS Common Stock 250 11 Mar 2026 Spouse-401K

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 -100 -25% $0.000000* 300 11 Mar 2026 Common Stock 100 $0.000000 Direct
transaction BFS Performance Shares Options Exercise -100 -20% $0.000000* 400 11 Mar 2026 Common Stock 100 $0.000000 Direct
holding BFS Employee Stock Option 5,000 11 Mar 2026 Common Stock 5,000 $55.71 Direct F3
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $55.71 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $50.00 Direct F3
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $50.00 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $43.89 Direct F3
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $43.89 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $47.90 Direct F3
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Shares 2,500 $47.90 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $33.79 Direct F3
holding BFS Director Stock Option 2,500 11 Mar 2026 Common Stock 2,500 $33.79 Direct
holding BFS Phantom Stock 4,169 11 Mar 2026 Common Stock 4,169 Direct F4, F5, F6
* 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 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.
F3 The options vest 25% per year over four years from the date of grant.
F4 Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.
F5 The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.
F6 Includes 234.804 shares awarded July 31, 2025, October 31, 2025 and January 31, 2026 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.