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

Role: Exec. Vice Pres-Retail Leasing
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, 18:41:07 UTC
Previous filing: 17 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BFS	Series E Preferred Stock						650	12 May 2023	Direct
holding	BFS	Common Shares						737	12 May 2023	Wife-IRA	F1
holding	BFS	Common Shares						344	12 May 2023	Direct	F2
holding	BFS	Common Shares						1,745	12 May 2023	401K	F3

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	Employee Stock Option	Award	$0	+25,000		$0.000000	25,000	12 May 2023	Common Stock	25,000	$33.79	Direct
holding	BFS	Employee Stock Option						15,000	12 May 2023	Common Stock	15,000	$47.03	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$51.07	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$57.74	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$59.41	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$49.46	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$55.71	Direct	F4
holding	BFS	Employee Stock Option						20,000	12 May 2023	Common Stock	20,000	$50.00	Direct	F4
holding	BFS	Employee Stock Option						25,000	12 May 2023	Common Stock	25,000	$43.89	Direct	F4
holding	BFS	Employee Stock Option						25,000	12 May 2023	Common Stock	25,000	$47.90	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 8.079 shares, 10.458 shares, 10.263 shares and 12.240 shares, respectively.
F2	Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 3.774 shares, 4.885 shares, 4.794 shares and 5.718 shares, respectively.
F3	Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
F4	The options vest 25% per year over four years from the date of grant.