Heard Carlos Lawrence 4

4 · SAUL CENTERS, INC. · Filed Mar 12, 2026

AI-generated summary of this filing

Updated Mar 12, 2026

Saul Centers (BFS) CFO Carlos Heard Exercises Options, Receives 400 RSUs

What Happened

Carlos Lawrence Heard, Senior Vice President & Chief Financial Officer of Saul Centers, exercised derivative awards and received a separate restricted share award on March 11, 2026. The filing shows: 800 shares acquired via exercise/conversion (code M), a 400-share grant/award (code A), and two 400-share derivative dispositions (code M) that offset the exercise. All transactions reported at $0.00 per share. Net effect: +400 shares from the award after 800 shares from the exercise were effectively withheld/ disposed.

Key Details

Transaction date: March 11, 2026; Form 4 filed March 12, 2026 (timely filing).
Reported prices: $0.00 for all entries (conversion/award/withholding).
Net change: +400 shares (the 400-share award); the 800-share exercise appears offset by two 400-share derivative dispositions (likely shares withheld to cover taxes or exercise costs).
Vesting and other notes:
- F1/F3: The restricted shares (including the 400-share award) vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment.
- F3: The 400-share award was earned based on 2025 performance metrics.
- F4: Reported options vest 25% per year over four years from grant.
- F2: Prior balance was increased by a Jan 31, 2026 Dividend Reinvestment Plan award of 5.659 shares.
Shares owned after the transactions are not specified in the excerpt provided.

Context

Code M = exercise or conversion of a derivative security (options); code A = award/grant of restricted shares. The paired acquisition and derivative dispositions are commonly used when shares are withheld to cover taxes or exercise costs (a cashless or share-withholding settlement), rather than an open-market sale. The meaningful item for investors here is the 400-share performance-based restricted award that vests over multi-year dates; the option exercises did not result in a net open-market sale.

Form 4

Period: 2026-03-11

Senior Vice President & CFO

Transactions

Exercise/Conversion
Common Stock
[F1][F2]
2026-03-11+800→ 5,530.835 total
Award
Common Stock
[F3]
2026-03-11+400→ 5,930.835 total
Exercise/Conversion
Performance Shares
2026-03-11−400→ 1,200 total
Exercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (400 underlying)
Exercise/Conversion
Performance Shares
2026-03-11−400→ 1,600 total
Exercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (400 underlying)

Holdings

Series D Preferred Stock
4,000
Employee Stock Option
[F4]
Exercise: $43.89From: 2021-05-07Exp: 2031-05-07→ Common Stock (10,000 underlying)
10,000
Employee Stock Option
[F4]
Exercise: $47.90From: 2022-05-13Exp: 2032-05-13→ Common Stock (15,000 underlying)
15,000
Employee Stock Option
[F4]
Exercise: $33.79From: 2023-05-12Exp: 2033-05-12→ Common Stock (15,000 underlying)
15,000

Footnotes (4)

[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.

Signature

Carlos L. Heard|2026-03-12

1 file