SAUL CENTERS, INC. — Director's Dealing 2024

Oct 2, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2024-09-27

Reporting Person: Heard Carlos Lawrence (Senior Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-09-27	Series D Preferred Stock	P	200	$23.25	Acquired	400	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2219.266	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.89	2031-05-07	Common Stock (10000)	10000	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (15000)	15000	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (15000)	15000	Direct
Performance Shares	$0	2029-05-17	Common Stock (2000)	2000	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.

F2: The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 17, 2024 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 17, 2029, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.