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: Saul Andrew M. II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-06-26	Common Stock	J	3000	—	Acquired	6800	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option	$51.07	2025-05-08	Common Shares (2500)	2500	Direct
Stock Option	$57.74	2026-05-06	Common Stock (2500)	2500	Direct
Stock Option	$59.41	2027-05-05	Common Stock (2500)	2500	Direct
Stock Option	$49.46	2028-05-11	Common Stock (2500)	2500	Direct
Stock Option	$55.71	2029-05-03	Common Stock (2500)	2500	Direct
Stock Option	$50	2030-04-24	Common Stock (2500)	2500	Direct
Stock Option	$43.89	2031-05-07	Common Stock (2500)	2500	Direct
Stock Option	$47.90	2032-05-13	Common Stock (2500)	2500	Direct
Stock Option	$33.79	2033-05-12	Common Stock (2500)	2500	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.