Donald A. Hachey - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: SVP-Chief Construction Officer
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 11 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 12 Mar 2026, 17:24:23 UTC
Previous filing: 21 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hachey Donald A	SVP-Chief Construction Officer	7501 WISCONSIN AVE, SUITE 1500, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	12 Mar 2026	0001667671

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Options Exercise		+600	+18%	$0.000000^*	3,969	11 Mar 2026	Direct	F1, F2
transaction	BFS	Common Stock	Award		+300	+7.5%	$0.000000^*	4,278	11 Mar 2026	Direct	F3

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
transaction	BFS	Performance Shares	Options Exercise		-300	-25%	$0.000000^*	900	11 Mar 2026	Common Stock	300	$0.000000	Direct
transaction	BFS	Performance Shares	Options Exercise		-300	-20%	$0.000000^*	1,200	11 Mar 2026	Common Stock	300	$0.000000	Direct
holding	BFS	Employee Stock Option						5,000	11 Mar 2026	Common Stock	5,000	$57.74	Direct	F4
holding	BFS	Employee Stock Option						5,000	11 Mar 2026	Common Stock	5,000	$59.41	Direct	F4
holding	BFS	Employee Stock Option						5,000	11 Mar 2026	Common Stock	5,000	$49.46	Direct	F4
holding	BFS	Employee Stock Option						5,000	11 Mar 2026	Common Stock	5,000	$55.71	Direct	F4
holding	BFS	Employee Stock Option						7,500	11 Mar 2026	Common Stock	7,500	$50.00	Direct	F4
holding	BFS	Employee Stock Option						10,000	11 Mar 2026	Common Stock	10,000	$43.89	Direct	F4
holding	BFS	Employee Stock Option						10,000	11 Mar 2026	Common Stock	10,000	$47.90	Direct	F4
holding	BFS	Employee Stock Option						15,000	11 Mar 2026	Common Stock	15,000	$33.79	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F2	Balance increased by October 31, 2025 Dividend Reinvestment Plan award and January 31, 2026 award totaling 8.777 shares.
F3	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, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F4	The options vest 25% per year over four years from the date of grant.