Godby Lori 4

4 · SAUL CENTERS, INC. · Filed Mar 12, 2026

AI-generated summary of this filing

Updated Mar 12, 2026

Saul Centers (BFS) SVP Lori Godby Exercises Options, Receives Award

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.

Form 4

Period: 2026-03-11

Senior Vice Pres.-Residential

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-03-11+200→ 1,316 total
Award
Common Stock
[F2]
2026-03-11+100→ 1,416 total
Exercise/Conversion
Performance Shares
2026-03-11−100→ 300 total
Exercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (100 underlying)
Exercise/Conversion
Performance Shares
2026-03-11−100→ 400 total
Exercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (100 underlying)

Holdings

Employee Stock Option
[F3]
Exercise: $43.89From: 2021-05-07Exp: 2031-05-07→ Common Stock (5,000 underlying)
5,000
Employee Stock Option
[F3]
Exercise: $47.90From: 2022-05-13Exp: 2032-05-13→ Common Stock (5,000 underlying)
5,000
Employee Stock Option
[F3]
Exercise: $33.79From: 2023-05-12Exp: 2033-05-12→ Common Stock (5,000 underlying)
5,000

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]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.
[F3]The options vest 25% per year over four years from the date of grant.

Signature

/s/ Carlos L. Heard, by Power of Attorney|2026-03-12

1 file