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: COLLICH JOHN F (Sr. VP, Chief Acq. & Dev. Off.)

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	2388	Indirect
Common Shares	37046	Direct
Common Shares	1846	Indirect
Series E Preferred Stock	872.691	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 (20000.0)	20000	Direct
Employee Stock Option	$57.74	2026-05-06	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$59.41	2027-05-05	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$49.46	2028-05-11	Common Stock (20000.0)	20000	Direct
Employee Stock Option	$55.71	2029-05-03	Common Stock (20000.0)	20000	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: Balance increased by January 31, 2023 Dividend Reinvestment Plan award and April 28, 2023 award of 33 shares and 39 shares, respectively.

F2: Balance increased by January 31, 2023 Dividend Reinvestment Plan award and April 28, 2023 award of 515 shares and 615 shares, respectively.

F3: Balance increased by January 31, 2023 Dividend Reinvestment Plan award and April 28, 2023 award of 25 shares and 30 shares, respectively.

F4: The options vest 25% per year over four years from the date of grant.