SAUL CENTERS, INC. — Director's Dealing 2025

May 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-05-09

Reporting Person: Laycock Willoughby B. (Director, SVP-Res. Design/Mrkt Research)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-09	Common Stock	A	500	—	Acquired	4101.068	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-09	Performance Shares	$0	A	500	Acquired	2030-05-09	Common Stock (500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	249.952	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$55.71	2029-05-03	Common Stock (5000)	5000	Direct
Director Stock Option	$55.71	2029-05-03	Common Stock (2500)	2500	Direct
Employee Stock Option	$50	2030-04-24	Common Stock (10000)	10000	Direct
Director Stock Option	$50	2030-04-24	Common Stock (2500)	2500	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (10000)	10000	Direct
Director Stock Option	$43.89	2031-05-07	Common Stock (2500)	2500	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (10000)	10000	Direct
Director Stock Option	$47.90	2032-05-13	Common Shares (2500)	2500	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (10000)	10000	Direct
Director Stock Option	$33.79	2033-05-12	Common Stock (2500)	2500	Direct
Phantom Stock	$		Common Stock (3934.656)	3934.656	Direct
Performance Shares	$0	2029-05-17	Common Stock (400)	400	Direct

Footnotes

F1: Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 9, 2025 in equal annual installments, assuming continued employment.

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

F3: New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.

F4: The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.

F5: Includes 72.670 shares awarded April 30, 2025 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.

F6: The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 9, 2025 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 9, 2030, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.