HEARD CARLOS LAWRENCE (Senior Vice President & CFO) received a stock award from SAUL CENTERS, INC.

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

A · 1 award

HEARD CARLOS LAWRENCE

Filed: 3/10/2025ACC: 0000907254-25-000032

InsiderHEARD CARLOS LAWRENCECIK 1849267

→

IssuerSAUL CENTERS, INC.CIK 907254

Officer· Senior Vice President & CFO

Since Apr 2021

+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

18.0%

3/6/2025

2.22K→2.62K

Common Stock

Direct

A · Award

+200.00

Price / share

—

Trade value

—

% of position

7.6%

3/6/2025

2.63K→2.83K

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	—	—	18.0%	2.22K	2.62K
Common Stock Direct	3/6/2025	A · Award	+200.00	—	—	7.6%	2.63K	2.83K
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)1

Series D Preferred Stock

Direct

Shares owned700.00

Total

700.00 direct700.00

Security Title	Shares Owned	Ownership Type
Series D Preferred Stock	700.00	Direct
Total	700.00	700.00 direct

Derivative Holdings (Post-Transaction)3

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

43.89

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

15K

Shares owned

15K

Exercise price

33.79

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

15K

Shares owned

15K

Exercise price

47.90

Expiration

—

Exercise window

—

Total

Underlying

40K

Owned

40K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	43.89	—	—	10K	10K
Employee Stock Option Direct	Common Stock	33.79	—	—	15K	15K
Employee Stock Option Direct	Common Stock	47.90	—	—	15K	15K
Total					40K	40K