SAUL CENTERS, INC. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2021-05-07

Reporting Person: COLLICH JOHN F (Sr. VP, Chief Acq. & Dev. Off.)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-07	Employee Stock Option	$43.89	A	20000	Acquired	2031-05-07	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	35564.95	Direct
Common Shares	2139.751	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$39.29	2022-05-04	Common Stock (2545.0)	2545	Direct
Employee Stock Option	$44.42	2023-05-10	Common Stock (5000.0)	5000	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 (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (20000.0)	20000	Direct

Footnotes

F1: Balance increased by April 30, 2020 Dividend Reinvestment Plan award, July 31, 2020 award, October 31, 2020 award, January 31, 2021 award and April 30, 2021 award of 24.902 shares, 28.141 shares, 34.497 shares, 28.776 shares and 20.634 shares, respectively.

F2: Balance increased by April 30, 2020 Dividend Reinvestment Plan award, July 31, 2020 award, October 31, 2020 award, January 31, 2021 award and April 30, 2021 award of 31.958 shares, 36.108 shares, 44.256 shares, 36.908 share and 26.461 shares, respectively.

F3: The options vest 25% per year over four years from the date of grant.