Philip D. Caraci - 01 Jul 2022 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 01 Jul 2022
Net transactions value: $0
Form type: 4
Filing time: 06 Jul 2022, 17:54:43 UTC
Previous filing: 17 May 2022
Next filing: 16 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Shares						20,564	01 Jul 2022	Wife's-Trust
holding	BFS	Common Shares						2,602	01 Jul 2022	Wife's IRA
holding	BFS	Common Shares						53,187	01 Jul 2022	Self-Trust	F1
holding	BFS	Common Shares						49,216	01 Jul 2022	Direct	F2

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
holding	BFS	Phantom Stock						30,218	01 Jul 2022	Common Stock	30,218		Direct	F3, F4, F5
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$44.42	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$47.03	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$51.07	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$57.74	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$59.41	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$49.46	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$55.71	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$50.00	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$43.89	Direct
holding	BFS	Stock Option						2,500	01 Jul 2022	Common Stock	2,500	$47.90	Direct

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

Explanation of Responses:

Id	Content
F1	Self-Trust. Reporting person is a Trustee
F2	Self-IRA
F3	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.
F4	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.
F5	Includes 340.193 shares ($50.0617/share) awarded April 29, 2022 as dividend reinvestments on shares of phantom stock held by the reporting person pursuant to the Deferred Compensation Plan.