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: Heard Carlos Lawrence (Senior Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-17	Common Stock	F	131	$34.39	Disposed	4699.252	Direct
2025-05-17	Common Stock	A	20	$34.39	Acquired	4719.252	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series D Preferred Stock	700	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 (1600)	1600	Direct
Performance Shares	$0	2030-05-09	Common Stock (2000)	2000	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.