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: COLLICH JOHN F (Sr. VP, Chief Acq. & Dev. Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-17	Common Stock	F	98	$34.39	Disposed	45561	Direct
2025-05-17	Common Stock	A	15	$34.39	Acquired	45576	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series E Preferred Stock	872.691	Direct
Common Stock	2098.762	Indirect
Common Stock	2717.184	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000)	20000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (20000)	20000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (20000)	20000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (20000)	20000	Direct
Employee Stock Option	$50	2030-04-24	Common Stock (20000)	20000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (20000)	20000	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (20000)	20000	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (20000)	20000	Direct
Performance Shares	$0	2029-05-17	Common Stock (1200)	1200	Direct
Performance Shares	$0	2030-05-09	Common Stock (1500)	1500	Direct

Footnotes

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

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