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: 3/12/2026ACC: 0000907254-26-000018

InsiderSAUL B FRANCIS IICIK 1027551

→

IssuerSAUL CENTERS, INC.CIK 907254

DirectorOfficer10% Owner· Chief Executive Officer

Since Jul 2018

+4K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

12K acquired · 8K disposed

Non-Derivative Transactions2

Common Stock

Direct

M · Option Exercise

+8K

Price / share

—

Trade value

—

% of position

3.5%

3/11/2026

228.15K→236.15K

Common Stock

Direct

A · Award

+4K

Price / share

—

Trade value

—

% of position

1.7%

3/11/2026

236.15K→240.15K

Total

Net shares

+12K

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	3/11/2026	M · Option Exercise	+8K	—	—	3.5%	228.15K	236.15K
Common Stock Direct	3/11/2026	A · Award	+4K	—	—	1.7%	236.15K	240.15K
Total			+12K		$0.00

Derivative Transactions2

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

4K shares

−4K

Strike price

Held after

12K

Exercisable

—

3/11/2026

Performance Shares

Direct

M · Option Exercise

Converts to

Common Stock

4K shares

−4K

Strike price

Held after

16K

Exercisable

—

3/11/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Performance Shares Direct	Common Stock4K shares	3/11/2026	M · Option Exercise	−4K	0	—	12K
Performance Shares Direct	Common Stock4K shares	3/11/2026	M · Option Exercise	−4K	0	—	16K

Non-Derivative Holdings (Post-Transaction)11

Common Stock

Indirect

Shares owned2.77K

Common Stock

Indirect

Shares owned533.76K

Common Stock

Indirect

Shares owned35.06K

Common Stock

Indirect

Shares owned399.90K

Common Stock

Indirect

Shares owned146.22K

Common Stock

Indirect

Shares owned8.44M

Common Stock

Indirect

Shares owned403.73K

Common Stock

Indirect

Shares owned357.90K

Common Stock

Indirect

Shares owned6.99K

Common Stock

Indirect

Shares owned153.98K

Common Stock

Indirect

Shares owned179.54K

Total

10.66M indirect10.66M

Security Title	Shares Owned	Ownership Type
Common Stock	2.77K	Indirect
Common Stock	533.76K	Indirect
Common Stock	35.06K	Indirect
Common Stock	399.90K	Indirect
Common Stock	146.22K	Indirect
Common Stock	8.44M	Indirect
Common Stock	403.73K	Indirect
Common Stock	357.90K	Indirect
Common Stock	6.99K	Indirect
Common Stock	153.98K	Indirect
Common Stock	179.54K	Indirect
Total	10.66M	10.66M indirect

Derivative Holdings (Post-Transaction)10

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

47.90

Expiration

—

Exercise window

—

Units

Direct

Underlying security

Common Stock

Underlying shares

10.80M

Shares owned

10.80M

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

—

Phantom Stock

Direct

Underlying security

Common Stock

Underlying shares

52.73K

Shares owned

52.73K

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 Shares

Underlying shares

2.50K

Shares owned

2.50K

Exercise price

33.79

Expiration

—

Exercise window

—

Total

Underlying

10.87M

Owned

10.87M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
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	47.90	—	—	2.50K	2.50K
Units Direct	Common Stock		—	—	10.80M	10.80M
Director Stock Option Direct	Common Stock	59.41	—	—	2.50K	2.50K
Phantom Stock Direct	Common Stock		—	—	52.73K	52.73K
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 Shares	33.79	—	—	2.50K	2.50K
Total					10.87M	10.87M