George Patrick Clancy Jr - May 7, 2021 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: Carlos L. Heard, by Power of Attorney
Stock symbol: BFS
Transactions as of: May 7, 2021
Transactions value $: $118,503
Form type: 4
Date filed: 5/11/2021, 12:41 PM
Next filing: Jul 2, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Shares	Award	$8.78K	+200	+3.36%	$43.89	6.15K	May 7, 2021	Direct

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	Stock Option	Award	$110K	+2.5K		$43.89	2.5K	May 7, 2021	Common Stock	2.5K	$43.89	Direct
holding	BFS	Phantom Stock						5.22K	May 7, 2021	Common Stock	5.22K	$43.17	Direct	F1, F2, F3, F4
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$39.29	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$44.42	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$47.03	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$51.07	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$57.74	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$59.41	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$49.46	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$55.71	Direct
holding	BFS	Stock Option						2.5K	May 7, 2021	Common Stock	2.5K	$50.00	Direct

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

Explanation of Responses:

Id	Content
F1	Pursuant to the issuer's Deferred Compensation Plan under its 2004 Stock Plan and the Deferred Fee Agreement executed by the reporting person, the reporting person has elected to defer receipt of his director's fees, and receive phantom stock, the amount of which is calculated as the quotient of the dollar value of fees deferred, divided by the fair market value of the issuer's shares on the date the phantom stock is received.
F2	1 for 1
F3	The conversion of phantom stock into shares of the issuer's common stock is governed pursuant to terms of the issuer's Deferred Compensation Plan under its 2004 Stock Plan, as amended, and the reporting person's Deferred Fee Agreement.
F4	Includes 65.228 shares ($41.8749/share) awarded April 30, 2021 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.