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: Friedman Joel Albert (Exec VP, CAO & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-09	Common Stock	A	2000	—	Acquired	4348.57	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-09	Performance Shares	$0	A	2000	Acquired	2030-05-09	Common Stock (2000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series E Preferred Stock	200	Direct
Series D Preferred Stock	100	Direct
Common Stock	14178	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$57.74	2026-05-06	Common Stock (10000)	10000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (10000)	10000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (10000)	10000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (15000)	15000	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 (1600)	1600	Direct

Footnotes

F1: Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

F2: 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.

F3: Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 2.741 shares.

F4: The options vest 25% per year over four years from the date of grant.

F5: 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.