FRIEDMAN JOEL ALBERT (Sr. V.P./Chief Acctng Officer) received a stock award from SAUL CENTERS, INC.

Compensation award — not an open‑market transaction. Less informative as a directional signal.

A · 1 award

FRIEDMAN JOEL ALBERT

Filed: 3/10/2025ACC: 0000907254-25-000030

InsiderFRIEDMAN JOEL ALBERTCIK 1472420

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IssuerSAUL CENTERS, INC.CIK 907254

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

Since May 2019

+200.00

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

600.00 acquired · 400.00 disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+400.00

Price / share

—

Trade value

—

% of position

18.7%

3/6/2025

2.14K→2.54K

Common Stock

Direct

A · Award

+200.00

Price / share

—

Trade value

—

% of position

7.9%

3/6/2025

2.55K→2.75K

Total

Net shares

+600.00

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	3/6/2025	M · Option Exercise	+400.00	—	—	18.7%	2.14K	2.54K
Common Stock Direct	3/6/2025	A · Award	+200.00	—	—	7.9%	2.55K	2.75K
Total			+600.00		$0.00

Derivative Transactions1

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

400.00 shares

−400.00

Strike price

Held after

1.60K

Exercisable

—

3/6/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Performance Shares Direct	Common Stock400.00 shares	3/6/2025	M · Option Exercise	−400.00	0	—	1.60K

Non-Derivative Holdings (Post-Transaction)3

Series E Preferred Stock

Direct

Shares owned200.00

Series D Preferred Stock

Direct

Shares owned100.00

Common Stock

Indirect

Shares owned13.96K

Total

300.00 direct·13.96K indirect14.26K

Security Title	Shares Owned	Ownership Type
Series E Preferred Stock	200.00	Direct
Series D Preferred Stock	100.00	Direct
Common Stock	13.96K	Indirect
Total	14.26K	300.00 direct·13.96K indirect

Derivative Holdings (Post-Transaction)9

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

20K

Shares owned

20K

Exercise price

47.90

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

20K

Shares owned

20K

Exercise price

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

20K

Shares owned

20K

Exercise price

33.79

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

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

49.46

Expiration

—

Exercise window

—

Total

Underlying

135K

Owned

135K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	59.41	—	—	10K	10K
Employee Stock Option Direct	Common Stock	47.90	—	—	20K	20K
Employee Stock Option Direct	Common Stock	50	—	—	20K	20K
Employee Stock Option Direct	Common Stock	33.79	—	—	20K	20K
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	43.89	—	—	20K	20K
Employee Stock Option Direct	Common Stock	57.74	—	—	10K	10K
Employee Stock Option Direct	Common Stock	49.46	—	—	10K	10K
Total					135K	135K