SAUL CENTERS, INC. — Director's Dealing 2025

May 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-05-17

Reporting Person: Guevara Bettina T. (Exec. VP /Chf Legal & Adm Off)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-17	Common Stock	F	190	$34.39	Disposed	5560	Direct
2025-05-17	Common Stock	A	22	$34.39	Acquired	5582	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.89	2031-05-07	Common Stock (2500)	2500	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (3000)	3000	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (4000)	4000	Direct
Performance Shares	$0	2029-05-17	Common Stock (2000)	2000	Direct
Performance Shares	$0	2030-05-09	Common Stock (2500)	2500	Direct

Footnotes

F1: Shares acquired in an exempt transaction as dividend equivalents on filer's restricted stock award, which vested on May 17, 2025.

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