Sec Form 4 Filing - CLANCY GEORGE PATRICK JR @ SAUL CENTERS, INC. - 2025-01-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person CLANCY GEORGE PATRICK JR 2. Issuer Name and Ticker or Trading Symbol SAUL CENTERS, INC. [ BFS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 7501 WISCONSIN AVENUE, SUITE 1500 3. Date of Earliest Transaction (MM/DD/YY) 01/02/2025 (Street) BETHESDA, MD20814 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12,591 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Director Stock Option $ 51.07 05/08/2015 05/08/2025 Common Stock 2,500 2,500 D Director Stock Option $ 57.74 05/06/2016 05/06/2026 Common Stock 2,500 2,500 D Director Stock Option $ 59.41 05/05/2017 05/05/2027 Common Stock 2,500 2,500 D Director Stock Option $ 49.46 05/11/2018 05/11/2028 Common Stock 2,500 2,500 D Director Stock Option $ 55.71 05/03/2019 05/03/2029 Common Stock 2,500 2,500 D Director Stock Option $ 50 04/24/2020 04/24/2030 Common Stock 2,500 2,500 D Director Stock Option $ 43.89 05/07/2021 05/07/2031 Common Stock 2,500 2,500 D Director Stock Option $ 47.9 05/13/2022 05/13/2032 Common Stock 2,500 2,500 D Director Stock Option $ 33.79 05/09/2023 05/12/2033 Common Stock 2,500 2,500 D Phantom Stock ( 1 ) 01/02/2025 A 515.463 ( 2 ) ( 2 ) Common Stock 515.463 $ 38.8 6,836.119 ( 3 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CLANCY GEORGE PATRICK JR 7501 WISCONSIN AVENUE SUITE 1500 BETHESDA, MD20814 X Signatures /s/ Carlos L. Heard, by Power of Attorney 01/02/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )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. ( 3 )Includes 95.675 shares awarded October 31, 2024 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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