SAUL CENTERS, INC. — Director's Dealing 2023

Oct 4, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2023-10-02

Reporting Person: CLANCY GEORGE PATRICK JR (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-10-02	Phantom Stock	$	A	284.435	Acquired		Common Stock (284.435)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9112	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$47.03	2024-05-09	Common Stock (2500.0)	2500	Direct
Director Stock Option	$51.07	2025-05-08	Common Stock (2500.0)	2500	Direct
Director Stock Option	$57.74	2026-05-06	Common Stock (2500.0)	2500	Direct
Director Stock Option	$59.41	2027-05-05	Common Stock (2500.0)	2500	Direct
Director Stock Option	$49.46	2028-05-11	Common Stock (2500.0)	2500	Direct
Director Stock Option	$55.71	2029-05-03	Common Stock (2500.0)	2500	Direct
Director Stock Option	$50.0	2030-04-24	Common Stock (2500.0)	2500	Direct
Director Stock Option	$43.89	2031-05-07	Common Stock (2500.0)	2500	Direct
Director Stock Option	$47.9	2032-05-13	Common Stock (2500.0)	2500	Direct
Director Stock Option	$33.79	2033-05-12	Common Stock (2500.0)	2500	Direct

Footnotes

F1: Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.

F2: The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.