Heard Carlos Lawrence 4

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.