Willoughby B. Laycock - 17 May 2025 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: SVP-Res. Design/Mrkt Research, Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 17 May 2025
Net transactions value: -$1,066
Form type: 4
Filing time: 21 May 2025, 16:21:36 UTC
Previous filing: 13 May 2025
Next filing: 12 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Laycock Willoughby B.	SVP-Res. Design/Mrkt Research, Director	7501 WISCONSIN AVE., SUITE 1400, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	21 May 2025	0001771496

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Tax liability	$1,238	-36	-0.88%	$34.39	4,065	17 May 2025	Direct
transaction	BFS	Common Stock	Award	$172	+5	+0.12%	$34.39	4,070	17 May 2025	Direct	F1
holding	BFS	Common Stock						250	17 May 2025	Spouse-401K

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BFS	Employee Stock Option						5,000	17 May 2025	Common Stock	5,000	$55.71	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Stock	2,500	$55.71	Direct
holding	BFS	Employee Stock Option						10,000	17 May 2025	Common Stock	10,000	$50.00	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Stock	2,500	$50.00	Direct
holding	BFS	Employee Stock Option						10,000	17 May 2025	Common Stock	10,000	$43.89	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Stock	2,500	$43.89	Direct
holding	BFS	Employee Stock Option						10,000	17 May 2025	Common Stock	10,000	$47.90	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Shares	2,500	$47.90	Direct
holding	BFS	Employee Stock Option						10,000	17 May 2025	Common Stock	10,000	$33.79	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Stock	2,500	$33.79	Direct
holding	BFS	Phantom Stock						3,935	17 May 2025	Common Stock	3,935		Direct	F3, F4
holding	BFS	Performance Shares						400	17 May 2025	Common Stock	400	$0.000000	Direct
holding	BFS	Performance Shares						500	17 May 2025	Common Stock	500	$0.000000	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2025.
F2	The options vest 25% per year over four years from the date of grant.
F3	New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.
F4	The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.