Changes in Beneficial Ownership · 4

Saul Centers, Inc.

BFSNYSEEQUITYCurrent

Changes in Beneficial Ownership

Filed May 19, 2026Accepted May 19, 2026, 4:36 PM EDTFiling CIK 907254Accession 0001771496-26-000002

wk-form4_1779222975.xml

Non-derivative transactions · 2 reported rows
Security	Transaction date	Code	Amount	A / D	Price (USD)	Owned after	Ownership
Common Stock	2026-05-17	F · Form 4	35	D	33	4,804.068	D
Common Stock	2026-05-17	A · Form 4	10^[F1]	A	33	4,814.068	D

Table key

F · Form 4: Securities delivered or withheld for exercise price or tax liability under Rule 16b-3
D: Direct
A · Form 4: Acquisition by grant, award or otherwise under Rule 16b-3(d)
A: Acquired

Non-derivative holdings · 1 reported row
Security	Amount owned	Ownership	Nature of ownership
Common Stock	249.952	I	Spouse-401K

Table key

Derivative holdings · 14 reported rows
Security	Conversion / exercise price (USD)	Exercisable	Expires	Underlying security	Underlying shares	Amount owned	Ownership
Employee Stock Option	55.71	2019-05-03^[F2]	2029-05-03	Common Stock	5,000	5,000	D
Director Stock Option	55.71	2019-05-03	2029-05-03	Common Stock	2,500	2,500	D
Employee Stock Option	50	2020-04-24^[F2]	2030-04-24	Common Stock	10,000	10,000	D
Director Stock Option	50	2020-04-24	2030-04-24	Common Stock	2,500	2,500	D
Employee Stock Option	43.89	2021-05-07^[F2]	2031-05-07	Common Stock	10,000	10,000	D
Director Stock Option	43.89	2021-05-07	2031-05-07	Common Stock	2,500	2,500	D
Employee Stock Option	47.90	2022-05-13^[F2]	2032-05-13	Common Stock	10,000	10,000	D
Director Stock Option	47.90	2022-05-13	2032-05-13	Common Shares	2,500	2,500	D
Employee Stock Option	33.79	2023-05-12^[F2]	2033-05-12	Common Stock	10,000	10,000	D
Phantom Stock	^[F3]	^[F4]	^[F4]	Common Stock	4,243.322	4,243.322	D
Director Stock Option	33.79	2023-05-12	2033-05-12	Common Stock	2,500	2,500	D
Performance Shares	0	2029-05-17	2029-05-17	Common Stock	300	300	D
Performance Shares	0	2030-05-09	2030-05-09	Common Stock	400	400	D
Performance Shares	0	2031-05-08	2031-05-08	Common Stock	500	500	D

Table key

F1: Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.↩ 1
F2: The options vest 25% per year over four years from the date of grant.↩ 1 ↩ 2 ↩ 3 ↩ 4 ↩ 5
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.↩ 1
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.↩ 1 ↩ 2