SAUL CENTERS, INC. — Director's Dealing 2024

Jan 4, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2024-01-02

Reporting Person: Laycock Willoughby B. (Director, SVP-Res. Design/Mrkt Research)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-01-02	Phantom Stock	$	A	30.503	Acquired		Common Stock (30.503)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2045	Direct
Common Stock	308.952	Indirect
Common Stock	312.798	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$55.71	2029-05-03	Common Stock (5000)	5000	Direct
Director Stock Option	$55.71	2029-05-03	Common Stock (2500)	2500	Direct
Employee Stock Option	$50	2030-04-24	Common Stock (10000)	10000	Direct
Director Stock Option	$50	2030-04-24	Common Stock (2500)	2500	Direct
Employee Stock Option	$43.89	2031-05-07	Common Stock (10000)	10000	Direct
Director Stock Option	$43.89	2031-05-07	Common Stock (2500)	2500	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (10000)	10000	Direct
Director Stock Option	$47.90	2032-05-13	Common Shares (2500)	2500	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (10000)	10000	Direct
Director Stock Option	$33.79	2033-05-12	Common Stock (2500)	2500	Direct

Footnotes

F1: Balance increased by October 31, 2023 Dividend Reinvestment Plan award of 5.370 shares.

F2: Shares owned directly by the reporting person's spouse. The reporting person disclaims beneficial ownership of these shares.

F3: Balance increased by October 31, 2023 Dividend Reinvestment Plan award of 5.437 shares.

F4: Shares owned in the reporting person's spouse's 401K account. The reporting person disclaims beneficial ownership of these shares.

F5: 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.

F6: 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.

F7: Includes 61.501 shares awarded October 31, 2023 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred
Compensation Plan

F8: The options vest 25% per year over four years from the date of grant.