David Todd Pearson - 17 May 2025 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: President & COO, Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 17 May 2025
Net transactions value: +$8,954
Form type: 4
Filing time: 21 May 2025, 16:21:48 UTC
Previous filing: 13 May 2025
Next filing: 13 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Pearson David Todd	President & COO, Director	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	21 May 2025	0001804456

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Tax liability	$41,474	-1,206	-2.6%	$34.39	45,642	17 May 2025	Direct
transaction	BFS	Common Stock	Award	$5,537	+161	+0.35%	$34.39	45,802	17 May 2025	Direct	F1
transaction	BFS	Common Stock	Purchase	$44,892	+1,362	+3%	$32.96	47,164	21 May 2025	Direct
holding	BFS	Common Stock						2,278	17 May 2025	Spouse IRA

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	$59.41	Direct	F2
holding	BFS	Employee Stock Option						5,000	17 May 2025	Common Stock	5,000	$49.46	Direct	F2
holding	BFS	Employee Stock Option						7,500	17 May 2025	Common Stock	7,500	$55.71	Direct	F2
holding	BFS	Employee Stock Option						15,000	17 May 2025	Common Stock	15,000	$50.00	Direct	F2
holding	BFS	Employee Stock Option						25,000	17 May 2025	Common Stock	25,000	$43.89	Direct	F2
holding	BFS	Employee Stock Option						30,000	17 May 2025	Common Stock	30,000	$47.90	Direct	F2
holding	BFS	Employee Stock Option						30,000	17 May 2025	Common Shares	30,000	$33.79	Direct	F2
holding	BFS	Director Stock Option						2,500	17 May 2025	Common Stock	2,500	$33.79	Direct
holding	BFS	Performance Shares						14,000	17 May 2025	Common Stock	14,000	$0.000000	Direct
holding	BFS	Performance Shares						17,500	17 May 2025	Common Stock	17,500	$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.