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: Friedman Joel Albert (Sr. VP, CAO & Treasurer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-12	Employee Stock Option	$33.79	A	20000	Acquired	2033-05-12	Common Stock (20000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	12338	Indirect
Series E Preferred Stock	200	Direct
Series D Preferred Stock	100	Direct
Common Shares	130.387	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$47.03	2024-05-09	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$51.07	2025-05-08	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (10000.0)	10000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$47.9	2032-05-13	Common Stock (20000.0)	20000	Direct

Footnotes

F1: 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.

F2: Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 7.256 shares combined.

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