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: 3/10/2025ACC: 0000907254-25-000033

InsiderSAUL B FRANCIS IICIK 1027551

→

IssuerSAUL CENTERS, INC.CIK 907254

DirectorOfficer10% Owner· Chief Executive Officer

Since Jul 2018

+2K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

6K acquired · 4K disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+4K

Price / share

—

Trade value

—

% of position

2.3%

3/6/2025

175.82K→179.82K

Common Stock

Direct

A · Award

+2K

Price / share

—

Trade value

—

% of position

1.1%

3/6/2025

182.42K→184.42K

Total

Net shares

+6K

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	+4K	—	—	2.3%	175.82K	179.82K
Common Stock Direct	3/6/2025	A · Award	+2K	—	—	1.1%	182.42K	184.42K
Total			+6K		$0.00

Derivative Transactions1

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

4K shares

−4K

Strike price

Held after

16K

Exercisable

—

3/6/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Performance Shares Direct	Common Stock4K shares	3/6/2025	M · Option Exercise	−4K	0	—	16K

Non-Derivative Holdings (Post-Transaction)11

Common Stock

Indirect

Shares owned403.73K

Common Stock

Indirect

Shares owned146.22K

Common Stock

Indirect

Shares owned533.76K

Common Stock

Indirect

Shares owned166.30K

Common Stock

Indirect

Shares owned8.44M

Common Stock

Indirect

Shares owned35.06K

Common Stock

Indirect

Shares owned357.90K

Common Stock

Indirect

Shares owned143.70K

Common Stock

Indirect

Shares owned2.77K

Common Stock

Indirect

Shares owned399.90K

Common Stock

Indirect

Shares owned6.52K

Total

10.64M indirect10.64M

Security Title	Shares Owned	Ownership Type
Common Stock	403.73K	Indirect
Common Stock	146.22K	Indirect
Common Stock	533.76K	Indirect
Common Stock	166.30K	Indirect
Common Stock	8.44M	Indirect
Common Stock	35.06K	Indirect
Common Stock	357.90K	Indirect
Common Stock	143.70K	Indirect
Common Stock	2.77K	Indirect
Common Stock	399.90K	Indirect
Common Stock	6.52K	Indirect
Total	10.64M	10.64M indirect

Derivative Holdings (Post-Transaction)11

Units

Direct

Underlying security

Common Stock

Underlying shares

10.06M

Shares owned

10.06M

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

43.89

Expiration

—

Exercise window

—

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

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

51.07

Expiration

—

Exercise window

—

Phantom Stock

Direct

Underlying security

Common Stock

Underlying shares

48.84K

Shares owned

48.84K

Exercise price

Expiration

—

Exercise window

—

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

47.90

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

—

Total

Underlying

10.13M

Owned

10.13M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Units Direct	Common Stock		—	—	10.06M	10.06M
Director Stock Option Direct	Common Stock	55.71	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	43.89	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	50	—	—	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
Phantom Stock Direct	Common Stock		—	—	48.84K	48.84K
Director Stock Option Direct	Common Shares	33.79	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	47.90	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	59.41	—	—	2.50K	2.50K
Total					10.13M	10.13M