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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-06	Common Stock	M	400	—	Acquired	2539.167	Direct
2025-03-06	Common Stock	A	200	—	Acquired	2745.825	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 E Preferred Stock	200	Direct
Series D Preferred Stock	100	Direct
Common Stock	13956	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$51.07	2025-05-08	Common Stock (10000)	10000	Direct
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

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, assuming continued employment, on May 17, 2029.

F3: 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.

F4: Balance increased by July 31, 2024 Dividend Reinvestment Plan award, October 31, 2024, and January 31, 2025 award totaling 6.658 shares

F5: The options vest 25% per year over four years from the date of grant.