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SAUL CENTERS, INC.·4

Mar 12, 5:24 PM ET

Garland Judith K. 4

Research Summary

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Updated

Saul Centers (BFS) SVP Judith K. Garland Exercises Options, Receives RSUs

What Happened

  • Judith K. Garland, Senior Vice President — Office and Retail at Saul Centers (BFS), reported multiple transactions on 2026-03-11. She exercised/convertered derivative awards to acquire 500 shares (reported at $0.00 per share) and was granted/awarded 250 restricted shares (also $0.00). The filing also shows two derivative dispositions of 200 and 300 shares (500 shares total), each reported at $0.00. The filing does not report cash amounts exchanged beyond the $0.00 per-share amounts.

Key Details

  • Transaction date: 2026-03-11; Form 4 filed 2026-03-12 (timely).
  • Reported transactions:
    • M (exercise/conversion of derivative): +500 shares @ $0.00
    • A (award/grant): +250 shares @ $0.00
    • M (derivative disposition): -200 shares @ $0.00
    • M (derivative disposition): -300 shares @ $0.00
  • Net reported change on that date: +250 shares (750 acquired, 500 disposed), per the filing.
  • Shares owned after the transactions: not specified in the provided filing details.
  • Footnotes:
    • F1: 500 restricted shares (200 vest 5/17/2029; 300 vest 5/9/2030) subject to continued employment.
    • F2: Performance-based restricted shares (100 vest 5/17/2029; 150 vest 5/9/2030) tied to 2025 performance period, also subject to continued employment.
    • F3: Options vest 25% per year over four years from grant date.
  • Codes explained: M = exercise or conversion of a derivative security; A = grant/award of shares. The filing does not state why the 200 and 300 derivative shares were disposed (e.g., sale vs. withholding).

Context

  • Transactions reported at $0.00 per share typically reflect awards, conversions, or settlements rather than open-market cash purchases; the filing gives no dollar value received or paid. The presence of restricted and performance-based shares means portions of the new shares are subject to multi-year vesting schedules. Because the filing does not explain the disposals, retail investors should not infer motivation (routine tax withholding or immediate sale are common reasons but not disclosed here).