SAUL CENTERS, INC. — Director's Dealing 2025

Feb 7, 2025

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2024-12-31

Reporting Person: Lotuff Patricia Saul (Director, Vice Chair)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-06-26	Common Stock	J	8320.623	—	Acquired	17410.269	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$33.79	2033-05-12	Common Stock (2500)	2500	Direct
Performance Shares	$0	2029-05-17	Common Stock (2000)	2000	Direct

Footnotes

F1: Shares received from a trust in which the reporting person was a beneficiary but not the trustee. The transfer reflects a change in the form of ownership, with the reporting person now directly holding the shares. No consideration was paid by the reporting person in connection with transaction.

F2: Balance increased by July 31, 2024 and October 31, 2024 Dividend Reinvestment Plan awards totaling 289.646 shares.

F3: The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 17, 2024 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 17, 2029, 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.