SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COLLICH JOHN F

(Last)

(First)

(Middle)

7501 WISCONSIN AVENUE

15TH FLOOR

(Street)

BETHESDA

20814

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. VP, Chief Acq. & Dev. Off.

3. Date of Earliest Transaction (Month/Day/Year)
05/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series E Preferred Stock								872.691	D
Common Stock								2,098.762⁽¹⁾	I	IRA
Common Stock								2,717.184⁽²⁾	I	Wife
Common Stock	05/09/2025		A		1,500⁽³⁾	A	$0	45,659⁽⁴⁾	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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option	$57.74							05/06/2016⁽⁵⁾	05/06/2026	Common Stock	20,000		20,000	D
Employee Stock Option	$59.41							05/05/2017⁽⁵⁾	05/05/2027	Common Stock	20,000		20,000	D
Employee Stock Option	$49.46							05/11/2018⁽⁵⁾	05/11/2028	Common Stock	20,000		20,000	D
Employee Stock Option	$55.71							05/03/2019⁽⁵⁾	05/03/2029	Common Stock	20,000		20,000	D
Employee Stock Option	$50							04/24/2020⁽⁵⁾	04/24/2030	Common Stock	20,000		20,000	D
Employee Stock Option	$43.89							05/07/2021⁽⁵⁾	05/07/2031	Common Stock	20,000		20,000	D
Employee Stock Option	$47.9							05/13/2022⁽⁵⁾	05/13/2032	Common Stock	20,000		20,000	D
Employee Stock Option	$33.79							05/12/2023⁽⁵⁾	05/12/2033	Common Stock	20,000		20,000	D
Performance Shares	$0							05/17/2029	05/17/2029	Common Stock	1,200		1,200	D
Performance Shares	$0	05/09/2025		A		1,500⁽⁶⁾		05/09/2030	05/09/2030	Common Stock	1,500	$0	1,500	D

Explanation of Responses:

1. Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 38.762 shares.

2. Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 50.184 shares.

3. Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 9, 2025 in equal annual installments, assuming continued employment.

4. Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 779 shares.

5. The options vest 25% per year over four years from the date of grant.

6. The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 9, 2025 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 9, 2030, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.

Remarks:

	/s/ Carlos L. Heard, by Power of Attorney	05/13/2025
	** Signature of Reporting Person	Date
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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Sr. VP, Chief Acq. & Dev. Off. Collich John F was granted 1,500 shares, increasing direct ownership by 3% to 45,659 units (SEC Form 4)