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SAUL CENTERS, INC. Director's Dealing 2023

May 17, 2023

32170_dirs_2023-05-16_7aec5fcf-60cf-4a40-a742-8bb764fa923a.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: CARACI PHILIP D (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2023-05-12 Common Shares A 200 Acquired 49416 Direct

Derivative Transactions

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

Holdings (Non-Derivative)

Security Shares Ownership
Common Shares 20564 Indirect
Common Shares 2602 Indirect
Common Shares 53187 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Phantom Stock $ Common Stock (32001.271) 32001.271 Direct
Stock Option $47.03 2024-05-09 Common Stock (2500.0) 2500 Direct
Stock Option $51.07 2025-05-08 Common Stock (2500.0) 2500 Direct
Stock Option $57.74 2026-05-06 Common Stock (2500.0) 2500 Direct
Stock Option $59.41 2027-05-05 Common Stock (2500.0) 2500 Direct
Stock Option $49.46 2028-05-11 Common Stock (2500.0) 2500 Direct
Stock Option $55.71 2029-05-03 Common Stock (2500.0) 2500 Direct
Stock Option $50.0 2030-04-24 Common Stock (2500.0) 2500 Direct
Stock Option $43.89 2031-05-07 Common Stock (2500.0) 2500 Direct
Stock Option $47.9 2032-05-13 Common Stock (2500.0) 2500 Direct

Footnotes

F1: Self-Trust. Reporting person is a Trustee

F2: 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.

F3: 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.

F4: Includes a combined 1,782.794 shares awarded as as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and shares of phantom stock issued under the issuer's Deferred Compensation Stock Plan for Directors July 29, 2022, October 31, 2022, January 31, 2023 and April 28, 2023.