GEORGE PATRICK CLANCY JR - 05 Jan 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 05 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 06 Jan 2026, 13:19:29 UTC
Previous filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CLANCY GEORGE PATRICK JR	Director	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	06 Jan 2026	0001216742

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Options Exercise	$116,235	+3,690	+22%	$31.50	20,605	05 Jan 2026	Direct

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	Phantom Stock	Options Exercise	$116,235	-3,690	-50%	$31.50	3,690	05 Jan 2026	Common Stock	3,690		Direct	F1, F2
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$57.74	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$59.41	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$49.46	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$55.71	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$50.00	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$43.89	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$47.90	Direct
holding	BFS	Director Stock Option						2,500	05 Jan 2026	Common Stock	2,500	$33.79	Direct

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

Explanation of Responses:

Id	Content
F1	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.
F2	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.

Content

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.

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.