Garland Judith K. 4

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

AI-generated summary of this filing

Updated Mar 12, 2026

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).

Form 4

Period: 2026-03-11

SVP, Office and Retail

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-03-11+500→ 3,239 total
Award
Common Stock
[F2]
2026-03-11+250→ 3,489 total
Exercise/Conversion
Performance Shares
2026-03-11−200→ 600 total
Exercise: $0.00From: 2029-05-17Exp: 2029-05-17→ Common Stock (200 underlying)
Exercise/Conversion
Performance Shares
2026-03-11−300→ 1,200 total
Exercise: $0.00From: 2030-05-09Exp: 2030-05-09→ Common Stock (300 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 (10,000 underlying)
10,000

Footnotes (3)

[F1]Represents restricted shares of Common Stock. Of these restricted shares, 200 shares vest on May 17, 2029, and 300 shares 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. Of these restricted shares, 100 shares vest on May 17, 2029, and 150 shares 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