JOHN E. CHAPOTON - 01 Oct 2025 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 01 Oct 2025
Net transactions value: +$16,250
Form type: 4
Filing time: 01 Oct 2025, 14:47:46 UTC
Previous filing: 01 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
CHAPOTON JOHN E	Director	7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	01 Oct 2025	0001144844

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Stock						11,466	01 Oct 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFS	Phantom Stock	Award	$16,250	+510	+1.8%	$31.87	28,955	01 Oct 2025	Common Stock	510		Direct	F1, F2, F3
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$57.74	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$59.41	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$49.46	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$55.71	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$50.00	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$43.89	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$47.90	Direct
holding	BFS	Director Stock Option						2,500	01 Oct 2025	Common Stock	2,500	$33.79	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	New phantom shares are issuable pursuant to the Issuers Deferred Compensation Plan for Directors, as amended and restated effective May 17, 2024 (the Deferred Compensation Plan), under its 2024 Stock Incentive Plan. Phantom shares issued prior to May 17, 2024, continue to be subject to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan.
F2	The conversion of phantom shares issued on or after May 17, 2024, into shares of the Issuers common stock is governed pursuant to terms of the Issuers Deferred Compensation Plan under its 2024 Stock Plan and the reporting persons Deferred Fee Agreement. The conversion of phantom shares issued prior to May 17, 2024, into shares of the Issuers common stock is governed pursuant to the terms of the Issuers deferred compensation plan for directors in effect prior to the amendment and restatement of the Deferred Compensation Plan and the reporting persons Deferred Fee Agreement.
F3	Includes 526.084 shares awarded July 31, 2025 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.