Lotuff Patricia Saul 4

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.