SAUL CENTERS, INC. — Director's Dealing 2025

Mar 10, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-03-06

Reporting Person: Heard Carlos Lawrence (Senior Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-06	Common Stock	M	400	—	Acquired	2622.632	Direct
2025-03-06	Common Stock	A	200	—	Acquired	2826.191	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-06	Performance Shares	$0	M	400	Disposed	2029-05-17	Common Stock (400)	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

Footnotes

F1: Represents restricted shares of Common Stock. Such shares vest, assuming continued employment, on May 17, 2029.

F2: Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2024 and ending on December 31, 2024. Such shares vest, assuming continued employment, on May 17, 2029.

F3: Balance increased by January 31, 2025 Dividend Reinvestment Plan award of 3.559 shares.

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