SAUL CENTERS, INC. — Director's Dealing 2023

May 17, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2023-05-12

Reporting Person: Sullivan Mark III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-12	Common Shares	A	200	—	Acquired	4400	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-12	Director Stock Option	$33.79	A	2500	Acquired	2033-05-12	Common Stock (2500.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	800	Indirect
Common Shares	8510.323	Direct
Common Shares	1463.092	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

Footnotes

F1: Mr. Sullivan is co-trustee of the trust. The beneficiaries of the trust are his brother and his brother's children. Mr. Sullivan disclaims any beneficial ownership in the shares held by the trust.

F2: IRA

F3: SEP IRA

F4: Self-Direct