SAUL CENTERS, INC. — Director's Dealing 2024

May 9, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2024-05-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-05-07	Series D Preferred Stock	P	200	$20.75	Acquired	200	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	219.266	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

Footnotes

F1: Balance increased by July 31, 2023 Dividend Reinvestment Plan award, October 31, 2023, January 31, 2024 and April 30, 2024 award totaling 26.03 shares.

F2: The options vest 25% per year over four years from the date of grant.