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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-06	Common Stock	M	100	—	Acquired	3551.068	Direct
2025-03-06	Common Stock	A	50	—	Acquired	3601.068	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-06	Performance Shares	$0	M	100	Disposed	2029-05-17	Common Stock (100)	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 (3861.986)	3861.986	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: The options vest 25% per year over four years from the date of grant.

F4: Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.

F5: The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.

F6: Includes 63.183 shares awarded January 31, 2025 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred
Compensation Plan.