SAUL CENTERS, INC. — Director's Dealing 2022

May 18, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2022-05-13

Reporting Person: Kearns Christine Nicolaides (Exec VP/Chief Legal/Admin Off)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-05-13	Employee Stock Option	$47.9	A	25000	Acquired	2032-05-13	Common Stock (25000.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$51.07	2025-05-08	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (25000.0)	25000	Direct

Footnotes

F1: The options vest 25% per year over four years from the date of grant.