FRIEDMAN JOEL ALBERT (Sr. V.P./Chief Acctng Officer) sold 98.8% of their position (10K shares) of SAUL CENTERS, INC. on the open market

Open‑market sale worth $524.5K — a major position exit. Review remaining holdings and any 10b5‑1 plan disclosures.

S · 1 sale

FRIEDMAN JOEL ALBERT

Filed: 12/28/2021ACC: 0000907254-21-000119

InsiderFRIEDMAN JOEL ALBERTCIK 1472420

→

IssuerSAUL CENTERS, INC.CIK 907254

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

Since May 2019

-10K

Net shares

Net seller

$524.5K

Total sold

Open market trades

0B · 1S

Total transactions

10K acquired · 20K disposed

Non-Derivative Transactions2

Common Shares

Direct

M · Option Exercise

+10K

Price / share

$44.42

Trade value

$444.20K

% of position

8303.9%

12/27/2021

120.43→10.12K

Common Shares

Direct

S · Sale

−10K

Price / share

$52.45

Trade value

$524.50K

% of position

98.8%

12/27/2021

10.12K→120.43

Total

Net shares

+0.00

Net value

-$80.30K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Shares Direct	12/27/2021	M · Option Exercise	+10K	$44.42	$444.20K	8303.9%	120.43	10.12K
Common Shares Direct	12/27/2021	S · Sale	−10K	$52.45	$524.50K	98.8%	10.12K	120.43
Total			+0.00		-$80.30K

Derivative Transactions1

Employee Stock Option

Direct

M · Option Exercise

Converts to

Common Stock

10K shares

−10K

Strike price

44.42

Held after

0.00

Exercisable

—

12/27/2021

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Employee Stock Option Direct	Common Stock10K shares	12/27/2021	M · Option Exercise	−10K	44.42	—	0.00

Non-Derivative Holdings (Post-Transaction)3

Series E Preferred Stock

Direct

Shares owned200.00

Common Shares

Indirect

Shares owned11.46K

Series D Preferred Stock

Direct

Shares owned100.00

Total

300.00 direct·11.46K indirect11.76K

Security Title	Shares Owned	Ownership Type
Series E Preferred Stock	200.00	Direct
Common Shares	11.46K	Indirect
Series D Preferred Stock	100.00	Direct
Total	11.76K	300.00 direct·11.46K indirect

Derivative Holdings (Post-Transaction)8

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

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

51.07

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

49.46

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

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

47.03

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

59.41

Expiration

—

Exercise window

—

Total

Underlying

105K

Owned

105K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	57.74	—	—	10K	10K
Employee Stock Option Direct	Common Stock	50.0	—	—	20K	20K
Employee Stock Option Direct	Common Stock	51.07	—	—	10K	10K
Employee Stock Option Direct	Common Stock	49.46	—	—	10K	10K
Employee Stock Option Direct	Common Stock	55.71	—	—	15K	15K
Employee Stock Option Direct	Common Stock	43.89	—	—	20K	20K
Employee Stock Option Direct	Common Stock	47.03	—	—	10K	10K
Employee Stock Option Direct	Common Stock	59.41	—	—	10K	10K
Total					105K	105K