SAUL CENTERS, INC. — Director's Dealing 2021

May 13, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2021-05-12

Reporting Person: Friedman Joel Albert (Sr. VP, CAO & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-12	Common Shares	M	500	$41.82	Acquired	617.617	Direct
2021-05-12	Common Shares	S	500	$42.82	Disposed	117.617	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-12	Employee Stock Option	$41.82	M	500	Disposed	2021-05-13	Common Stock (500.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	11189.261	Indirect
Series E Preferred Stock	200	Direct
Series D Preferred Stock	100	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 (15000.0)	15000	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (20000.0)	20000	Direct

Footnotes

F1: 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.

F2: The options vest 25% per year over four years from the date of grant.

F3: On 5/13/21, Options to purchase 4,500 shares of common stock expired.