SAUL B FRANCIS II (Chief Executive 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

SAUL B FRANCIS II

Filed: 5/16/2023ACC: 0000907254-23-000063

InsiderSAUL B FRANCIS IICIK 1027551

→

IssuerSAUL CENTERS, INC.CIK 907254

DirectorOfficer10% Owner· Chief Executive Officer

Since Jul 2018

+2.70K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

2.70K acquired

Non-Derivative Transactions1

Common Stock

Direct

A · Award

+200.00

Price / share

—

Trade value

—

% of position

0.2%

5/12/2023

113.22K→113.42K

Total

Net shares

+200.00

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	5/12/2023	A · Award	+200.00	—	—	0.2%	113.22K	113.42K
Total			+200.00		$0.00

Derivative Transactions1

Director Stock Option

Direct

A · Award

Converts to

Common Shares

2.50K shares

+2.50K

Strike price

33.79

Held after

2.50K

Exercisable

—

5/12/2023

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Director Stock Option Direct	Common Shares2.50K shares	5/12/2023	A · Award	+2.50K	33.79	—	2.50K

Non-Derivative Holdings (Post-Transaction)14

Common Stock

Indirect

Shares owned8.44M

Common Stock

Indirect

Shares owned2.77K

Common Stock

Indirect

Shares owned148.67K

Common Stock

Indirect

Shares owned3K

Common Stock

Indirect

Shares owned533.76K

Common Stock

Indirect

Shares owned8.32K

Common Stock

Indirect

Shares owned35.06K

Common Stock

Indirect

Shares owned5.77K

Common Stock

Indirect

Shares owned357.90K

Common Stock

Indirect

Shares owned399.90K

Common Stock

Indirect

Shares owned403.73K

Common Stock

Indirect

Shares owned146.22K

Common Stock

Indirect

Shares owned4.07K

Common Stock

Indirect

Shares owned127.04K

Total

10.62M indirect10.62M

Security Title	Shares Owned	Ownership Type
Common Stock	8.44M	Indirect
Common Stock	2.77K	Indirect
Common Stock	148.67K	Indirect
Common Stock	3K	Indirect
Common Stock	533.76K	Indirect
Common Stock	8.32K	Indirect
Common Stock	35.06K	Indirect
Common Stock	5.77K	Indirect
Common Stock	357.90K	Indirect
Common Stock	399.90K	Indirect
Common Stock	403.73K	Indirect
Common Stock	146.22K	Indirect
Common Stock	4.07K	Indirect
Common Stock	127.04K	Indirect
Total	10.62M	10.62M indirect

Derivative Holdings (Post-Transaction)10

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

51.07

Expiration

—

Exercise window

—

Phantom Stock

Direct

Underlying security

Common Stock

Underlying shares

43.26K

Shares owned

43.26K

Exercise price

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

49.46

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

57.74

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

50.0

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

59.41

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

55.71

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

43.89

Expiration

—

Exercise window

—

Units

Direct

Underlying security

Units

Underlying shares

8.83M

Shares owned

8.83M

Exercise price

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

47.9

Expiration

—

Exercise window

—

Total

Underlying

8.89M

Owned

8.89M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Director Stock Option Direct	Common Stock	51.07	—	—	2.50K	2.50K
Phantom Stock Direct	Common Stock		—	—	43.26K	43.26K
Director Stock Option Direct	Common Stock	49.46	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	57.74	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	50.0	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	59.41	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	55.71	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	43.89	—	—	2.50K	2.50K
Units Direct	Units		—	—	8.83M	8.83M
Director Stock Option Direct	Common Stock	47.9	—	—	2.50K	2.50K
Total					8.89M	8.89M