Philip D. Caraci - 12 May 2023 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: 12 May 2023
Net transactions value: $0
Form type: 4
Filing time: 16 May 2023, 18:37:17 UTC
Previous filing: 06 Jul 2022
Next filing: 21 May 2024
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	$0	+200	+0.41%	$0.000000	49,416	12 May 2023	Direct
holding	BFS	Common Shares						20,564	12 May 2023	Wife's-Trust
holding	BFS	Common Shares						2,602	12 May 2023	Wife's IRA
holding	BFS	Common Shares						53,187	12 May 2023	Self-Trust	F1

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	$0	+2,500		$0.000000	2,500	12 May 2023	Common Stock	2,500	$33.79	Direct
holding	BFS	Phantom Stock						32,001	12 May 2023	Common Stock	32,001		Direct	F2, F3, F4
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$47.03	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$51.07	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$57.74	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$59.41	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$49.46	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$55.71	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$50.00	Direct
holding	BFS	Stock Option						2,500	12 May 2023	Common Stock	2,500	$43.89	Direct
holding	BFS	Stock Option						2,500	12 May 2023	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	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.
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 a combined 1,782.794 shares awarded as 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 July 29, 2022, October 31, 2022, January 31, 2023 and April 28, 2023.