SAUL CENTERS, INC. — Director's Dealing 2025

Nov 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-11-12

Reporting Person: Pearson David Todd (Director, President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-12	Common Stock	P	3348	$29.862	Acquired	50566.916	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2368.427	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$59.41	2027-05-05	Common Stock (5000)	5000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (5000)	5000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (7500)	7500	Direct
Employee Stock Option	$50	2030-04-24	Common Stock (15000)	15000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (25000)	25000	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (30000)	30000	Direct
Employee Stock Option	$33.79	2033-05-12	Common Shares (30000)	30000	Direct
Director Stock Option	$33.79	2033-05-12	Common Stock (2500)	2500	Direct
Performance Shares	$0	2029-05-17	Common Stock (14000)	14000	Direct
Performance Shares	$0	2030-05-09	Common Stock (17500)	17500	Direct

Footnotes

F1: Balance increased by July 31, 2025 Dividend Reinvestment Plan award and October 31, 2025 award totaling 90.492 shares.

F2: Balance increased by October 31, 2025 Dividend Reinvestment Plan award of 54.416 shares.

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