Godby Lori 4

What Happened

• Lori Godby, Senior Vice President — Residential at Saul Centers (BFS), reported multiple equity transactions dated 2026-03-11 and filed on 2026-03-12. She shows:
  • Acquisition by exercise/conversion of derivative securities: 200 shares at $0.00.
  • Grant/award/acquisition: 100 shares (performance-based) at $0.00.
  • Two derivative dispositions: 100 shares each at $0.00 (each reported as "Derivative" disposals).

Key Details

• Transaction date: 2026-03-11; Form 4 filed: 2026-03-12 (appears timely).
• Prices: all transactions reported at $0.00 per share (typical for conversion/RSU settlement entries).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes from the filing:
  • F1: Restricted shares — 50% vest May 17, 2029; remaining 50% vest May 9, 2030, subject to continued employment.
  • F2: Performance-based restricted shares (performance period Jan 1–Dec 31, 2025); vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment.
  • F3: Options vest 25% per year over four years from grant date.
• The filing labels the two 100-share disposals as "Derivative" at $0.00; the form does not state the reason for these dispositions (e.g., tax withholding or net settlement).

Context

• These entries look like a mix of option/derivative conversions and an award of restricted stock units (RSUs) rather than open-market buys or sales. Because the reported price is $0.00, no cash was exchanged in the form shown; such filings often reflect conversion/settlement mechanics or grant deliveries rather than market trades.
• Grants and exercised/conversion events are common compensation actions and do not by themselves signal the insider's view of the stock price.