Lori Godby - 12 May 2023 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

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

Type	Sym	Class	Transaction	Value $	Shares	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFS	Employee Stock Option	Award	$0	+5,000	$0.000000	5,000	12 May 2023	Common Stock	5,000	$33.79	Direct	F1
holding	BFS	Employee Stock Option					5,000	12 May 2023	Common Stock	5,000	$43.89	Direct	F1
holding	BFS	Employee Stock Option					5,000	12 May 2023	Common Stock	5,000	$47.90	Direct	F1

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

Id	Content
F1	The options vest 25% per year over four years from the date of grant.