GARLAND JUDITH K. (SVP, Office and Retail) received a stock award from SAUL CENTERS, INC.

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

A · 1 award

GARLAND JUDITH K.

Filed: 3/12/2026ACC: 0000907254-26-000016

InsiderGARLAND JUDITH K.CIK 1849366

→

IssuerSAUL CENTERS, INC.CIK 907254

Officer· SVP, Office and Retail

Since May 2021

+250.00

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

750.00 acquired · 500.00 disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+500.00

Price / share

—

Trade value

—

% of position

18.3%

3/11/2026

2.74K→3.24K

Common Stock

Direct

A · Award

+250.00

Price / share

—

Trade value

—

% of position

7.7%

3/11/2026

3.24K→3.49K

Total

Net shares

+750.00

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	3/11/2026	M · Option Exercise	+500.00	—	—	18.3%	2.74K	3.24K
Common Stock Direct	3/11/2026	A · Award	+250.00	—	—	7.7%	3.24K	3.49K
Total			+750.00		$0.00

Derivative Transactions2

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

200.00 shares

−200.00

Strike price

Held after

600.00

Exercisable

—

3/11/2026

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

300.00 shares

−300.00

Strike price

Held after

1.20K

Exercisable

—

3/11/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Performance Shares Direct	Common Stock200.00 shares	3/11/2026	M · Option Exercise	−200.00	0	—	600.00
Performance Shares Direct	Common Stock300.00 shares	3/11/2026	M · Option Exercise	−300.00	0	—	1.20K

Non-Derivative Holdings (Post-Transaction)0

No non-derivative holdings reported

Derivative Holdings (Post-Transaction)3

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

47.90

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

33.79

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

43.89

Expiration

—

Exercise window

—

Total

Underlying

20K

Owned

20K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	47.90	—	—	5K	5K
Employee Stock Option Direct	Common Stock	33.79	—	—	10K	10K
Employee Stock Option Direct	Common Stock	43.89	—	—	5K	5K
Total					20K	20K