SAUL CENTERS, INC. — Director's Dealing 2020

Dec 30, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2020-12-30

Reporting Person: Laycock Willoughby B. (Director, Senior V.P.-Residential)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-12-30	Common Shares	P	45	$31.91	Acquired	1445	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	264.405	Indirect
Common Shares	261.154	Indirect
Common Shares	429.66	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock	$27.12		Common Stock (1238.003)	1238.003	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (5000.0)	5000	Direct
Director Stock Option	$55.71	2029-05-03	Common Stock (2500.0)	2500	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (10000.0)	10000	Direct
Director Stock Option	$50.0	2030-04-24	Common Stock (2500.0)	2500	Direct

Footnotes

F1: Balance increased by October 30, 2020 Dividend Reinvestment Plan award of 5.695 shares.

F2: Shares owned in the reporting person's spouse's 401K account. The reporting person disclaims beneficial ownership of these shares.

F3: Balance increased by October 30, 2020 Dividend Reinvestment Plan award of 5.625 shares.

F4: Shares owned directly by the reporting person's spouse. The reporting person disclaims beneficial ownership of these shares.

F5: Balance increased by October 30, 2020 Dividend Reinvestment Plan award of 9.255 shares.

F6: Shares held in a trust, of which the reporting person is the sole beneficiary.

F7: The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.

F8: The options vest 25% per year over four years from the date of grant.