SAUL CENTERS, INC. — Director's Dealing 2020

Apr 28, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2020-04-24

Reporting Person: SHERREN CHARLES W JR (Sr. VP- Property Management)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-04-24	Employee Stock Option	$50.0	A	10000	Acquired	2030-04-24	Common Stock (10000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	11186.43	Indirect
Common Shares	697.357	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$44.42	2023-05-10	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$47.03	2024-05-09	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (10000.0)	10000	Direct

Footnotes

F1: Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 110.585 shares and 121.460 shares, respectively.

F2: Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.

F3: Balance increased by October 31, 2019 Dividend Reinvestment Plan award and January 31, 2020 award of 6.863 shares and 7.538 shares, respectively.

F4: The options vest 25% per year over four years from the date of grant.