George Patrick Clancy Jr - Jul 8, 2022 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Director
Signature: /s/ Carlos L. Heard, by Power of Attorney
Stock symbol: BFS
Transactions as of: Jul 8, 2022
Transactions value $: $2,400
Form type: 4
Date filed: 7/12/2022, 05:23 PM
Previous filing: Jul 6, 2022
Next filing: Oct 5, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Common Shares						7.55K	Jul 8, 2022	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	Phantom Stock	Award	$2.4K	+49.9	+0.95%	$48.10	5.33K	Jul 8, 2022	Common Stock	49.9		Direct	F1, F2, F3, F4
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$44.42	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$47.03	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$51.07	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$57.74	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Director Stock Option	2.5K	$59.41	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$49.46	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$55.71	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$50.00	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Stock	2.5K	$43.89	Direct
holding	BFS	Director Stock Option						2.5K	Jul 8, 2022	Common Shares	2.5K	$47.90	Direct

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

Explanation of Responses:

Id	Content
F1	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.
F2	On July 8, 2022, the Issuer granted 49.896 phantom shares ($48.10/share) to compensate the reporting person for phantom shares the Issuer should have awarded to the reporting person on April 1, 2022 pursuant to the Deferred Compensation Plan.
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 0.568 phantom shares ($50.0617/share) granted on July 8, 2022 to compensate the reporting person for a lost dividend reinvestment that would have been awarded on April 29, 2022 on phantom shares the Issuer should have awarded to the reporting person on April 1, 2022 pursuant to the Deferred Compensation Plan.