Lotuff Patricia Saul 4
4 · SAUL CENTERS, INC. · Filed Mar 12, 2026
Research Summary
AI-generated summary of this filing
Saul Centers (BFS) Vice Chair Patricia Lotuff Exercises Options & Receives Award
What Happened
Patricia Lotuff, Vice Chair and Director of Saul Centers (BFS), reported derivative conversions and an award on 2026-03-11. The filing shows 800 shares acquired via exercise/conversion of derivatives (M) and an additional 400 shares received as an award/grant (A), while two derivative dispositions (each 400 shares) were also reported the same day. All transactions list $0.00 as the price, so no cash purchase or sale proceeds are reported; the net change from these entries is +400 shares (1,200 acquired less 800 disposed).
Key Details
- Transaction date: March 11, 2026; Form filed March 12, 2026.
- Reported entries: 800 shares (exercise/conversion, acquired); 400 shares (award/grant, acquired); two disposals of 400 shares each (exercise/conversion, disposed). All at $0.00 per share.
- Net reported change from these entries: +400 shares.
- Shares owned after the transaction: Not specified in the provided filing excerpt.
- Notable footnotes:
- F1: Represents restricted common shares; 50% vest May 17, 2029 and remaining 50% vest May 9, 2030, subject to continued employment.
- F3: Additional restricted shares tied to 2025 performance; same vesting schedule as F1.
- F2: Balance was increased by dividend reinvestment awards (July, Oct, Jan) totaling 410.113 shares.
- No indication in the excerpt of a 10b5-1 plan, tax withholding, or late filing.
Context and simple explanation
- “M” entries (exercise/conversion of derivative) typically mean options, stock units or other derivatives were converted into common shares. “A” is an award/grant of shares. Because the reported price is $0.00, these entries reflect conversion/grant activity rather than an open-market cash purchase or sale.
- Some of the shares are restricted and subject to multi-year vesting (see F1 and F3), so portions of the reported shares may remain subject to employment and vesting conditions despite appearing as acquired.
- These filings are factual records of transfers/awards and do not, by themselves, indicate insider sentiment or intent.
Insider Transaction Report
Form 4
Lotuff Patricia Saul
DirectorVice Chair
Transactions
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-11+800→ 21,433.641 total - Award
Common Stock
[F3]2026-03-11+400→ 21,833.641 total - Exercise/Conversion
Performance Shares
2026-03-11−400→ 1,200 totalExercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (400 underlying) - Exercise/Conversion
Performance Shares
2026-03-11−400→ 1,600 totalExercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (400 underlying)
Holdings
- 2,500
Director Stock Option
Exercise: $33.79From: 2023-05-12Exp: 2033-05-12→ Common Stock (2,500 underlying)
Footnotes (3)
- [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 July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award, and January 31, 2026 award totaling 410.113 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.
Signature
/s/ Carlos L. Heard, by Power of Attorney|2026-03-12