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: Pearson David Todd (Director, President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-12	Common Shares	A	200	—	Acquired	3730.4995	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
2023-05-12	Employee Stock Option	$33.79	A	30000	Acquired	2033-05-12	Common Shares (30000.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$59.41	2027-05-05	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (5000.0)	5000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (7500.0)	7500	Direct
Employee Stock Option	$50.0	2030-04-24	Common Stock (15000.0)	15000	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (25000.0)	25000	Direct
Employee Stock Option	$47.9	2032-05-13	Common Stock (30000.0)	30000	Direct

Footnotes

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