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: 5/13/2025ACC: 0000907254-25-000051

InsiderSAUL B FRANCIS IICIK 1027551

→

IssuerSAUL CENTERS, INC.CIK 907254

DirectorOfficer10% Owner· Chief Executive Officer

Since Jul 2018

+40K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

40K acquired

Non-Derivative Transactions1

Common Stock

Direct

A · Award

+20K

Price / share

—

Trade value

—

% of position

10.7%

5/9/2025

187.40K→207.40K

Total

Net shares

+20K

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	5/9/2025	A · Award	+20K	—	—	10.7%	187.40K	207.40K
Total			+20K		$0.00

Derivative Transactions1

Performance Shares

Direct

A · Award

Converts to

Common Stock

20K shares

+20K

Strike price

Held after

20K

Exercisable

—

5/9/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Performance Shares Direct	Common Stock20K shares	5/9/2025	A · Award	+20K	0	—	20K

Non-Derivative Holdings (Post-Transaction)11

Common Stock

Indirect

Shares owned403.73K

Common Stock

Indirect

Shares owned399.90K

Common Stock

Indirect

Shares owned533.76K

Common Stock

Indirect

Shares owned2.77K

Common Stock

Indirect

Shares owned145.98K

Common Stock

Indirect

Shares owned6.63K

Common Stock

Indirect

Shares owned357.90K

Common Stock

Indirect

Shares owned35.06K

Common Stock

Indirect

Shares owned8.44M

Common Stock

Indirect

Shares owned169.43K

Common Stock

Indirect

Shares owned146.22K

Total

10.64M indirect10.64M

Security Title	Shares Owned	Ownership Type
Common Stock	403.73K	Indirect
Common Stock	399.90K	Indirect
Common Stock	533.76K	Indirect
Common Stock	2.77K	Indirect
Common Stock	145.98K	Indirect
Common Stock	6.63K	Indirect
Common Stock	357.90K	Indirect
Common Stock	35.06K	Indirect
Common Stock	8.44M	Indirect
Common Stock	169.43K	Indirect
Common Stock	146.22K	Indirect
Total	10.64M	10.64M indirect

Derivative Holdings (Post-Transaction)11

Director Stock Option

Direct

Underlying security

Common Stock

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

49.46

Expiration

—

Exercise window

—

Units

Direct

Underlying security

Common Stock

Underlying shares

10.24M

Shares owned

10.24M

Exercise price

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

59.41

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

55.71

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

—

Performance Shares

Direct

Underlying security

Common Stock

Underlying shares

16K

Shares owned

16K

Exercise price

Expiration

—

Exercise window

—

Phantom Stock

Direct

Underlying security

Common Stock

Underlying shares

49.76K

Shares owned

49.76K

Exercise price

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 Shares

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

33.79

Expiration

—

Exercise window

—

Total

Underlying

10.32M

Owned

10.32M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Director Stock Option Direct	Common Stock	49.46	—	—	2.50K	2.50K
Units Direct	Common Stock		—	—	10.24M	10.24M
Director Stock Option Direct	Common Stock	50	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	59.41	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	57.74	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	55.71	—	—	2.50K	2.50K
Director Stock Option Direct	Common Stock	47.90	—	—	2.50K	2.50K
Performance Shares Direct	Common Stock	0	—	—	16K	16K
Phantom Stock Direct	Common Stock		—	—	49.76K	49.76K
Director Stock Option Direct	Common Stock	43.89	—	—	2.50K	2.50K
Director Stock Option Direct	Common Shares	33.79	—	—	2.50K	2.50K
Total					10.32M	10.32M