SAUL CENTERS, INC. — Director's Dealing 2020

Apr 27, 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: Laycock Willoughby B. (Director, Senior V.P.-Residential)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-04-24	Common Shares	A	200	$28.02	Acquired	1400	Direct

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
2020-04-24	Director Stock Option	$50.0	A	2500	Acquired	2030-04-24	Common Stock (2500.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	249.953	Indirect
Common Shares	406.175	Indirect
Common Shares	246.88	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock	$29.98		Common Stock (726.069)	726.069	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

Footnotes

F1: Shares owned in the reporting person's spouse's 401K account. The reporting person disclaims beneficial ownership of these shares.

F2: Shares held in a trust, of which the reporting person is the sole beneficiary.

F3: Shares owned directly by the reporting person's spouse. The reporting person disclaims beneficial ownership of these shares.

F4: 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.

F5: The options vest 25% per year over four years from the date of grant.