FRIEDMAN JOEL ALBERT (Sr. V.P./Chief Acctng Officer) sold 81.0% of their position (500.00 shares) of SAUL CENTERS, INC. on the open market

Open‑market sale worth $21.4K — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 1 sale

FRIEDMAN JOEL ALBERT

Filed: 5/13/2021ACC: 0000907254-21-000074

InsiderFRIEDMAN JOEL ALBERTCIK 1472420

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IssuerSAUL CENTERS, INC.CIK 907254

Officer· Sr. V.P./Chief Acctng Officer

Since May 2019

-500.00

Net shares

Net seller

$21.4K

Total sold

Open market trades

0B · 1S

Total transactions

500.00 acquired · 1K disposed

Non-Derivative Transactions2

Common Shares

Direct

M · Option Exercise

+500.00

Price / share

$41.82

Trade value

$20.91K

% of position

425.1%

5/12/2021

117.62→617.62

Common Shares

Direct

S · Sale

−500.00

Price / share

$42.82

Trade value

$21.41K

% of position

81.0%

5/12/2021

617.62→117.62

Total

Net shares

+0.00

Net value

-$500.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Shares Direct	5/12/2021	M · Option Exercise	+500.00	$41.82	$20.91K	425.1%	117.62	617.62
Common Shares Direct	5/12/2021	S · Sale	−500.00	$42.82	$21.41K	81.0%	617.62	117.62
Total			+0.00		-$500.00

Derivative Transactions1

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

500.00 shares

−500.00

Strike price

41.82

Held after

0.00

Exercisable

—

5/12/2021

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option Direct	Common Stock500.00 shares	5/12/2021	M · Option Exercise	−500.00	41.82	—	0.00

Non-Derivative Holdings (Post-Transaction)3

Series E Preferred Stock

Direct

Shares owned200.00

Series D Preferred Stock

Direct

Shares owned100.00

Common Shares

Indirect

Shares owned11.19K

Total

300.00 direct·11.19K indirect11.49K

Security Title	Shares Owned	Ownership Type
Series E Preferred Stock	200.00	Direct
Series D Preferred Stock	100.00	Direct
Common Shares	11.19K	Indirect
Total	11.49K	300.00 direct·11.19K indirect

Derivative Holdings (Post-Transaction)9

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

44.42

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

20K

Shares owned

20K

Exercise price

43.89

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

57.74

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

59.41

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

51.07

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

15K

Shares owned

15K

Exercise price

55.71

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

47.03

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

20K

Shares owned

20K

Exercise price

50.0

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

49.46

Expiration

—

Exercise window

—

Total

Underlying

115K

Owned

115K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	44.42	—	—	10K	10K
Employee Stock Option Direct	Common Stock	43.89	—	—	20K	20K
Employee Stock Option Direct	Common Stock	57.74	—	—	10K	10K
Employee Stock Option Direct	Common Stock	59.41	—	—	10K	10K
Employee Stock Option Direct	Common Stock	51.07	—	—	10K	10K
Employee Stock Option Direct	Common Stock	55.71	—	—	15K	15K
Employee Stock Option Direct	Common Stock	47.03	—	—	10K	10K
Employee Stock Option Direct	Common Stock	50.0	—	—	20K	20K
Employee Stock Option Direct	Common Stock	49.46	—	—	10K	10K
Total					115K	115K