Mark Sullivan III - 07 May 2021 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 07 May 2021
Net transactions value: +$118,503
Form type: 4
Filing time: 11 May 2021, 11:30:20 UTC
Next filing: 23 Dec 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Shares	Award	$8,778	+200	+5.3%	$43.89	4,000	07 May 2021	Direct	F4
holding	BFS	Common Shares						800	07 May 2021	Co-trustee of Trust	F1
holding	BFS	Common Shares						8,510	07 May 2021	Direct	F2
holding	BFS	Common Shares						1,463	07 May 2021	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFS	Director Stock Option	Award	$109,725	+2,500		$43.89	2,500	07 May 2021	Common Stock	2,500	$43.89	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$41.82	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$39.29	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$44.42	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$47.03	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$51.07	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$57.74	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$59.41	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$49.46	Direct
holding	BFS	Stock Option						2,500	07 May 2021	Common Stock	2,500	$55.71	Direct
holding	BFS	Director Stock Option						2,500	07 May 2021	Common Stock	2,500	$50.00	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Mr. Sullivan is co-trustee of the trust. The beneficiaries of the trust are his brother and his brother's children. Mr. Sullivan disclaims any beneficial ownership in the shares held by the trust.
F2	IRA
F3	SEP IRA
F4	Self-Direct