SAUL B FRANCIS II

Filed: 7/5/2023ACC: 0000907254-23-000071

InsiderSAUL B FRANCIS IICIK 1027551

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IssuerSAUL CENTERS, INC.CIK 907254

DirectorOfficer10% Owner· Chief Executive Officer

Since Jul 2018

+199.25

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

199.25 acquired

Non-Derivative Transactions0

No non-derivative transactions reported

Derivative Transactions1

Phantom Stock

Direct

A · Award

Converts to

Common Stock

199.25 shares

+199.25

Strike price

Held after

43.46K

Exercisable

—

7/3/2023

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Phantom Stock Direct	Common Stock199.25 shares	7/3/2023	A · Award	+199.25		—	43.46K

Non-Derivative Holdings (Post-Transaction)15

Common Stock

Indirect

Shares owned148.67K

Common Stock

Indirect

Shares owned5.78K

Common Stock

Indirect

Shares owned8.44M

Common Stock

Indirect

Shares owned399.90K

Common Stock

Indirect

Shares owned2.77K

Common Stock

Indirect

Shares owned4.07K

Common Stock

Indirect

Shares owned146.22K

Common Stock

Direct

Shares owned114.17K

Common Stock

Indirect

Shares owned8.32K

Common Stock

Indirect

Shares owned127.35K

Common Stock

Indirect

Shares owned35.06K

Common Stock

Indirect

Shares owned533.76K

Common Stock

Indirect

Shares owned3K

Common Stock

Indirect

Shares owned357.90K

Common Stock

Indirect

Shares owned403.73K

Total

114.17K direct·10.62M indirect10.73M

Security Title	Shares Owned	Ownership Type
Common Stock	148.67K	Indirect
Common Stock	5.78K	Indirect
Common Stock	8.44M	Indirect
Common Stock	399.90K	Indirect
Common Stock	2.77K	Indirect
Common Stock	4.07K	Indirect
Common Stock	146.22K	Indirect
Common Stock	114.17K	Direct
Common Stock	8.32K	Indirect
Common Stock	127.35K	Indirect
Common Stock	35.06K	Indirect
Common Stock	533.76K	Indirect
Common Stock	3K	Indirect
Common Stock	357.90K	Indirect
Common Stock	403.73K	Indirect
Total	10.73M	114.17K direct·10.62M indirect

Derivative Holdings (Post-Transaction)10

Director Stock Option

Direct

Underlying security

Common Shares

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

33.79

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

—

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

55.71

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

51.07

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

43.89

Expiration

—

Exercise window

—

Total

Underlying

8.85M

Owned

8.85M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Director Stock Option Direct	Common Shares	33.79	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	47.9	—	—	2.50K	2.50K
Units Direct	Units		—	—	8.83M	8.83M
Director Stock Option Direct	Common Stock	55.71	—	—	2.50K	2.50K
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	51.07	—	—	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	43.89	—	—	2.50K	2.50K
Total					8.85M	8.85M