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: NETTER CHRISTOPHER (Exec. Vice Pres-Retail Leasing)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-07	Employee Stock Option	$43.89	A	25000	Acquired	2031-05-07	Common Stock (25000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	663.472	Indirect
Common Shares	309.932	Direct
Series E Preferred Stock	650	Direct
Common Shares	1580.854	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$47.03	2024-05-09	Common Stock (15000.0)	15000	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, 2021 Dividend Reinvestment Plan award of 8.292 shares.

F2: Balance increased by April 30, 2021 Dividend Reinvestment Plan award of 3.874 shares.

F3: Balance increased by April 30, 2021 Dividend Reinvestment Plan award of 19.758 shares.

F4: 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.

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